Property Management Fees
GAP Property Management charges monthly fees to manage your property and provide all the services listed previously. The fee is based on a percentage of the rent collected and is typically 8% for single-family homes and plexes in the Portland area.
Start Up Costs
We don’t charge you any fees until your property is making money for you! The Lease Up Fee and first Property Management Fee (8% commission) will be paid out of the first month’s rent.
The only out-of-pocket costs you would have prior to renting your property is if there are substantial repairs or cleaning needed to make the property habitable. If this is the case, after we have performed our preliminary inspection, we will provide you with a bid for the labor and materials required to accomplish the work and the amount that will need to be paid up front.
Lease Up Fee
When a property becomes vacant, we will find a great new tenant for you. This service includes marketing your property on over 20 rental websites, our own web site, and Craigslist; showing the unit to prospective tenants; collecting and reviewing electronic applications; running criminal and credit background reports; checking references and employment; overseeing turnover cleaning and repair, and processing move-out and move-in electronic account administration. For this service, GAP will charge 50% of one month’s rent. If you would like us to use other paid advertising (in addition to our contracted sources, advertising sources), those charges will be in addition to this fee.
Our goal is to find long term, responsible tenants for you who will respect your property as you would yourself. We endeavor to only charge the lease up fee at most, once a year. If a tenant stays on past one year, we only charge you a lease renewal fee for administration of new contracts of $75.
We keep $150 of your money in a Client Trust Account to be used in case of repair or maintenance required to be paid before rents are collected. Initially, we will take this out of the first month’s rent. On your monthly owner’s statement we will bill you for the repair by deducting that amount from the rent, which is then used to replenish the reserve.
Security Deposit Monies
According to State law, deposit monies must be kept in a separate bank account from rental income. GAP collects deposit monies prior to move in and keeps the monies in a separate escrow account at a major community bank. The tenant lease agreement documents the deposit monies collected. Upon move out GAP recommends to owners how much of deposit monies should be retained for turn over costs.