My first choice for property management did not work out, so I've signed up with another property management company. The terms are almost identical to what I had planned on with my first choice: the monthly fee is 10% of the monthly rent, there is no fee when the property is empty, and when a new tenant is put in place, there is a charge of 75% of the first month's rent. The only difference between my original PM choice is that the new tenant fee would have been 50% of the first month's rent. I need to send in $250 to be held in a contingency account for any repairs (which I would have had to do, no matter which PM I used).
I wanted to get all this done this week, before the first of the month so that the tenants could start sending their rent to the new manager.