When I’m calculating my property’s NOI %, do I include property management fees as OpEx?

Yes. Property management fees are a standard operating expense and must be subtracted from revenue when calculating net operating income.

These fees, usually 8–12% of collected rent, cover day-to-day tasks such as tenant communication, maintenance coordination, and rent collection. Including them in your OpEx gives you an accurate, real-world picture of your property’s profitability.