The interest earned by the operating account generally goes to the management to cover banks fees. I don't feel that it is fair so I have a interest free operating account. No interest from the bank and no interest paid to the owners or myself.
I never heard of a "per tenant fee" being charged outside of rooming houses or boarding houses.
Read the management agreement carefully before you sign. Good luck.
My savings account pays 0.05% interest. Unless you have an apartment building, the interest on your operating account must be pennies a month.
For example, if your operating account is $5,000, the annual interest on it is $2.50. The monthly interest is 20 cents.
I never heard of a per tenant fee. Do you mean a per property fee? How much is it?
If this is the worst complaint you have about your property manager, you are fortunate. Please tell me the name of the company because my clients are always asking me for referrals to good property managers.
Tierra Antigua Realty
Best of luck.