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What are the typical management fees involved in rental properties?

I want to buy a rental property and it will be my first. 
I really have no idea regarding the rental management fees I would be expected to pay.
Could someone help me out with industry standards/averages?

Any suggestions as far as books go?
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April 14 - Gainesville
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Answers (2)

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Management fees for a rental property are typically 10% (sometimes 12%) of the rent, with added fees for inspections, etc.  This is especially high for condos because it comes on top of the condo fees.  Some managers are good, some, not so good.  I would recommend looking into LeaseRunner and considering DIY.  LeaseRunner allows you to do credit checks and check against the blacklist for tenants, and presents a very businesslike management interface to your tenants.  You can have it manage rent collection, send out late notices, etc. etc.
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April 21
Typically there is a set up charge to cover the inspection, pictures, and listing of the property with the management company.  That varies with the size, type, and location.
When rented most fees are about 10% of the rent collected.
Extra services like evictions and arranging repairs, when necessary, vary depending on the situation.
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April 16
 
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