What Fees Do You Charge
to Manage a Rental Property?
DMS Properties, LLC Residential Real Estate Services charges fees for services that we provide. First of all, there is a flat fee of 8% of the monthly rent to manage a residential property. This is outlined in our Property Management Agreement. We feel that the 8% fee is a fair price to charge for the management services we provide to our homeowners. The management fees are due each month even if the tenants don’t pay their rent.
If tenants are late with their rent payments, a late fee of 5% of the monthly rent is due. It is paid by the tenants and we retain it. That compensates us for the additional rent collection activities. If a homeowner elects to receive the late fee themselves, however, we would charge them a fee of $100 per hour for all rent collection activities.
As the homeowner, you are responsible for fees for any maintenance or repairs that are NOT caused by neglect of the tenants. We handle those through our Homeowner Concierge Service Program and the fees are reflected in the owners’ statement. You would also reimburse us for the legal fees charged by Maryland District Court for rent collection (Failure to Pay Rent) filings and eviction (Warrant of Restitution). Finally, you would pay the fees incurred for the physical eviction of the tenants. These fees and procedures are somewhat different in each County. We will gladly discuss those with you in greater detail if they are needed.
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Our upcoming sessions are scheduled for January 2 and January 16 at 5:30 pm. The Zoom Chat Session is a $50 value! It is possible that multiple people will attend, so privacy cannot be guaranteed. Alternatively, you can request a personalized chat session at your convenience. As a bonus, attendees will receive a FREE copy of our E-Book, “Investment Real Estate: Your Best Hedge Against Inflation.” This is a $100 value! Registration is required to receive the session invitation. Don’t miss out. Register now and take the first step toward optimizing your rental property investments! |
Are There Other Fees?
If tenants are late with their rent payments, a late fee of 5% of the monthly rent is due. It is paid by the tenants and we retain it. That compensates us for the additional rent collection activities. If a homeowner elects to receive the late fee themselves, however, we would charge them a fee of $100 per hour for all rent collection activities.
As the homeowner, you are responsible for fees for any maintenance or repairs that are NOT caused by neglect of the tenants. We handle those through our Homeowner Concierge Service Program and the fees are reflected in the owners’ statement. You would also reimburse us for the legal fees charged by Maryland District Court for rent collection (Failure to Pay Rent) filings and eviction (Warrant of Restitution). Finally, you would pay the fees incurred for the physical eviction of the tenants. These fees and procedures are somewhat different in each County. We will gladly discuss those with you in greater detail if they are needed.