Services and Fees
Rental and Property Management:
Secure Tenant for Annual Rental with Ongoing Property Management:
- Advertising and Document Preparation:" One-half (½) month's rent to be deducted from the first month rental proceeds.
- Rental Fee: One-half months rent to be deducted from the first month rental proceeds.
- Property Management Fee: 10% of gross collections or $100 per month, whichever is greater, to be deducted from monthly rental proceeds and 50% of any collected late fees.
- Maintenance Reserve: A maintenance reserve of $500 is required with the property management agreement to pay for electricity, lawn care, pool cleaning, utilities, and other maintenance items during the vacancy or non-rental periods.
- Cancellation Fee: If a signed lease is secured, and the investor chooses to cancel the Property Management Agreement, the Agreement may be cancelled with 30 days written notice and a payment equal to one and one-half (1 ½) month's rent.
Secure Tenant for Annual Rental without Property Management Services:
- Advertising and Document Preparation: One-half (½) month's rent to be deducted from the initial funds collected or paid prior to funds and document transfer.
- Rental Fee: One and one-half (1 ½) month's rent to be deducted from the initial funds collected or paid prior to funds and document transfer.
Sales and Rent to Own Options (Lease-Purchase):
- Property Sale to Tenant within 24 Months of a signed lease, lease extension, or lease-option: 4% of sales price due to WPS at closing.
- Property Sale Prior to Property Being Leased:
4% of sales price due to WPS at closing (home under construction and sold by WPS - no tenant in place).
- Lease Purchase Option Agreement: $150 document preparation fee and $350 Lease Purchase Option Fee to be deducted from $1,000 Rent to Own Fee paid by Tenant/Purchaser, plus 4% sales commission due at closing.
- Co-broke Arrangement: If the owner (at owner's option) elects to accept an offer from another broker (other than WPS) and desires WPS to compensate the other broker, 5% sales commissions will be due upon closing with 3% payable to the other broker and 2% payable to WPS. This only applies if a purchase offer is presented by a broker, other than WPS, and accepted by the owner while a WPS Management Agreement is in place, or the property is marketed for sale by WPS.
Fee Summary is provided for information purposes. Actual terms may vary based on a Property Management Agreement to be executed by both parties.
