Fee mix beyond the management fee

Definition

Leasing fees, renewals, markups and admin charges, which often beat the headline fee.

Why It Matters

The percentage of rent everybody quotes is rarely most of the money, and the rest of it is far more fragile: leasing fees depend on turnover, markups depend on a maintenance arrangement an owner can refuse, and some of it may not survive a state's own rules on what a manager may charge. Split the revenue by fee type for two years before pricing a door count, because two books at the same doors can differ by half on this alone.