TOPIC #2 Contracts, Deposits, and Fees
Q. What are the fees charged by 77th Meridian for property management services?
A. There is a small one-time account set-up fee for all clients.
Q. Is there a management contract? What are its terms?
A. There is a management contract. Contact us to review the agreement in detail. For most À La Carte services the term is negotiable, can be restricted to a specific action, and can be automatically renewed. In contrast, Rent Collection and General Management requires a minimum term of six-months, and there is an early termination fee.
Q. Is there an escrow required from the Owner?
A. Yes. 77th Meridian requires an escrow that is used to pay outstanding invoices. It may replenished by the collected rent or directly by an Owner payment. The balance of the escrow is returned to the Owner when the management contract is terminated.
A. There is a small one-time account set-up fee for all clients.
- The tenant selection and placement fee is 100% of one-month's rent.
- Charges for Tenant Eviction include our cost burdened by a percentage of the property's rent.
- Rent Collection and General Management is billed at 7.7% of the collected monthly rent.
- Maintenance & Project Management is the project cost burdened by a small percentage.
Q. Is there a management contract? What are its terms?
A. There is a management contract. Contact us to review the agreement in detail. For most À La Carte services the term is negotiable, can be restricted to a specific action, and can be automatically renewed. In contrast, Rent Collection and General Management requires a minimum term of six-months, and there is an early termination fee.
Q. Is there an escrow required from the Owner?
A. Yes. 77th Meridian requires an escrow that is used to pay outstanding invoices. It may replenished by the collected rent or directly by an Owner payment. The balance of the escrow is returned to the Owner when the management contract is terminated.
