The fee charged to a landlord by the letting agency for ongoing management of a property is referred to as the management fee. This is commonly expressed as a percentage of the rent collected, e.g. 10% of rents collected, although other models are also in operation with different agencies. It may also be specified as a fixed monetary value, e.g. £50 per month. This setting is defined on the RentPro account during setup. If your account is not applying the correct management fee model then please raise a support request to have your configuration updated.
The management fee is defined on the property's summary tab.
- From the main menu select Properties > List Properties.
- Identify the relevant property and click the address link to edit that property.
- On the Summary tab there is a table defined (bottom-right) outlining the management fee to be applied from an effective date.
- This effective date allows the management fee to be varied over time. The default fee is applied from that property's opening balance date, the date that property was added to the RentPro system.
- Click Add to add the new fee, or Update to update an existing fee.
IMPORTANT: Updating a existing management fee will cause the fee to be applied retrospectively, and this may have a significant effect on landlord balances.