What are my fees and costs?
- Management fee: Peak charges the industry standard management fee of 7% of collected rents each month. The management fees are deducted from the monthly rent proceeds.
- Commissions: If Peak rents your property, we charge the industry standard rate of 1 months rent as commission. For leases 18 months and over, we charge 1.5 months rent.
- Renewals: Peak charges a flat fee for renewals. This fee includes the market rate comp that we run when we suggest the renewal rent, dealing with the tenants on the renewal and all the paperwork/lease signing. Renewal fees are established yearly, but have been $150 for the past several years.
- Maintenance costs: As owner, you are responsible for all maintenance costs. Invoices received by vendors for services performed are deducted from the monthly rent proceeds prior to our wiring the funds into your bank account each month. These expenses are reflected in your monthly and annual statements for tax purposes. Larger priced repairs approved by you may require payment from you if the next monthly rent will not cover the full invoice.