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.
I do some property management aside from my normal Realtor/Broker buying and selling.
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.
I am not a property manager, but one way to find out what other property managers charge is to call and ask. Try Google, Tucson Property Management Company's for a list. Pick up a phone, give them a call and that way you can compare apples to oranges. Might be time to change, or maybe you are getting charged less than others out there.
This all depends on what was agreed on in the language of the property management agreement that was signed by you and the PM company. If the terms and conditions stipulate that they keep the interest earned, then that is in fact the agreement.