Question about fees for those that rent their home

That “resident benefit package” sounds ridiculous to me. As to the pet fees, it’s YOUR property. If you don’t want tenants with pets, just say no

The application fee and fee charged by the condo are fairly standard. The administrative fee paid by the tenant sounds strange to me as the administrator is working for you so you should be the one paying him, not the tenant. The resident fee sounds like a rip off honestly. Who needs monthly filters and where?

Personally I feel like what you've outlined is very fee heavy and I would pass on looking at your condo.  An administrative fee, an application fee AND a condo fee?   And this is all before you know if you even have the apartment!   I would also balk at the monthly 'resident benefit package'.   By letting the property manager obtain the rental insurance I would have no control over the type/quality/amount of rental insurance.  You can require a tenant to carry rental insurance (at least here) and provide proof of coverage to the landlord (you).   DD is required to do this with her apartment and it works fine.   We also required it when we rented out our house twice.  As for filters, that is something that the rent should be covering.  I understand that one of the fees most likely covers the cost of a background check (or would hope that's not an additional fee!), but it's still way too many fees IMO.  

As for the pet deposit and monthly fee, those sound normal to me (in line with what DD is paying).  But honestly, if you don't want pets & damage (pretty much a given), then just say No Pets.  It's not the end of the world and will help keep your damages in check.  

Also, you don't mention, but how much of the monthly rent received are you having to pay the management company?  It's been 15 years since I've hired a property manager so things may have changed, but so far this all sounds excessive.

We have rental homes that we manage ourselves. All that we ask is for them to fill out an application and supply a credit report. No other fees involved. We select the renter we want and they move in. We charge below market rent and we maintain the landscaping. We pay the monthly HOA dues, we don't allow pets (we had to evict a longtime tenant after we found out he had a big dog who was previously his mothers.) Our tenants typically stay for a long time because they know they are getting an incredible deal for a nice home.

I think the fees you've outlined are excessive.

We would pass as those fees are excessive.

There is no way I'd allow someone else to obtain insurance foe MY belongings nor would I pay multiple application fees or extra monthly for filters that only need to be changed every 6 months.

That's why apartments here require you provide proof of insurance each year.  Very common for your insurance company to provide it.  Sounds like they just don't want to do the follow up work and take the easy way out.

As for the insurance covering damage to your condo, don't you already carry insurance for that?  Can they claim on their policy as well as you claiming damages on your policy?   Red flag there for me.   Also, are they being up front with the renters that the insurance is coverage for the building and NOT for their belongings?  Credit building sounds like a scam and ID protection does too.   Makes me wonder what types of renters they are vetting for your place that need these services.

Very excessive fees.

The part about renters insurance feels super scammy to me. I wouldn’t let someone else pick my insurance coverage.

They are telling you some very questionable things about the insurance issue. I would ask to see the policy in writing.
*You* should have an owners policy that covers damage to the condo and the *tenants* should have a policy that covers their belongings.
The manager doesn’t need to be involved in (or charging a fee for) either.

I agree. HUGE red flag. Renters insurance covers the renters personal property. Home Owners insurance would cover the actual building/property.

I manage my rental houses myself.

The only fees I charge are:

- credit check cost (sometimes) It’s cheap - collecting the fee is sometimes more trouble than it’s worth.
- renters insurance - only for new tenants - I don’t enforce on long term tenants
- pet deposit or pet rent -I lean against having pets but I decide on a case by case basis if I allow them. I charge $25 per month or $500 (fully refundable) deposit. I also require a pet lease addendum

Just a tip about your rent being high - charge a fair rent but don’t over charge. Your tenants will be happier and thus make your life easier.

As cadoodlebug said - a better deal will get you l potentially long term tenants which is ideal.

I want to clarify insurance for condos.

If I was to rent my condo there would be 3 policies paid by 3 entities.

1. Building coverage by HOA (and part of one’s monthly assessment).
2. Wall and interior features (pipes, lighting, heat, etc) by condo owner.
3. Belongings, paid by renter (renter’s insurance).

If the unit is owner occupied there will be 2 policies as numbers 2 & 3 would be a single policy.

Hope this helps.

I have never heard of an administrative fee that a renter had to cover and $75 is high for an application fee in my opinion. As someone who has rented in the past in a place where rentals were scarce, you can easily spend $100’s on prospective rentals that over 300 other people have applied for. The chances of getting the rental are slim to none but you won’t even be considered without the fee. I know some states have passed legislation that limits how much a landlord can charge for an application fee. I believe it is $45 max in my state. But $75 application fee then another $100 application fee to the condo? I wouldn’t even bother as a renter.

I think the pet deposit and extra rent are very fair. The condo fees are ridiculous in my opinion. You can get renters insurance for like $10 a month.