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Property management companies and landlords

How much do property management companies really take on from landlords?  Also, what have your experiences with them been like?
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Most property management companies charge a monthly fee of between 8% – 12% of the monthly rent collected. If the rent on your home is $1,200 per month the property management fee would be $120 based on an average fee of 10%. I have good experience with them.
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