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Age: Must be at least 18 years old. Education: proof of successful completion of education requirement. Exam: must pass the broker licensing examination. Insurance: provide proof of mandatory surety bond.
Most property management companies charge a monthly fee of between 8% 12% of the monthly rent collected. If the rent on your home is $1,200 per month the property management fee would be $120 based on an average fee of 10%.
In Minnesota, renting and managing property are considered real estate activities under the law. As such, those engaged in these practices are required to have a valid real estate broker license.
Letting Agent Property Management Fees In most cases, the letting agent will charge the landlord a flat fee or a percentage of the rent and for a fully managed service, they will usually charge between 10-15% of the rent, which they will take in monthly payments.
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