The short answer
A management fee usually covers routine operations: rent or dues collection, bill payment, financial reporting, handling resident calls and maintenance requests, vendor coordination, and regular inspections. Leasing new tenants, major project supervision, legal actions, and extra meetings are often billed separately. Always ask for a written list of what's included and what isn't.
Often included
- Collections and accounting
- Monthly reports
- Maintenance coordination
- Routine inspections
- A set number of board meetings
Often extra
- Leasing fees for new tenants
- Capital project supervision
- Collections attorney costs
- Copying, mailing, and extra meetings