No no. When a new lease is signed they get a $99 one off fee....

No no. When a new lease is signed they get a $99 one off fee. They will also then get a transaction fee being either a base fee of 1-3%, OR 25% of any increase. It's more likely we'll be working on a base commission of 1-3%. My calcs assumed the mean of 2% so for example we rent for $800/m we'll get 2%x$800 = $16/m or $192/yr if I understand how the transaction fees work but I'll confirm this with them and let you know as I may not have this correct.

Assuming this is right then each unit (based on 1 bed average us $800/month and 50% turnover):
1 unit = $99 one off lease fee (up front) + $384 transaction fees (over 2yrs) = $483 per 2 yrs period
NOTE: my previous post assume zero vacancy rate, however if we assume 4022 units (i.e. 50% vacancy) = $483 x 4022 = $1.94 million/2yrs.

1% transaction fee = $1.2million/2yrs
3% transaction fee = $2.7million/2yrs

The calcs are on a 1 bedroom, obviously 2/3/4 rent for much more I've tried to be conservative, please correct me if I have made any incorrect assumptions. Thanks