Re: choosing a property manager - Landlord Forum thread 356866

Re: choosing a property manager by dave on April 16, 2018 @18:03

typically property managers get between 3 to 10 percent of your rent, on going. Realtors who deliver a tenant only, typically get a commission due from LL of one month's rent.

Often PM's delivering a tenant will collect the commission also in addition to the ongoing management fee.

Don't depend on the PM or realtor properly screening your prospect.
plan on closer to 10 than 3 for the PM as you are a small guy. You'll be paying top dollar for repairs thru PM,... AND they replace stuff,.....not fix it.

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Re: choosing a property manager by lamac66 (ga) on April 17, 2018 @07:19	[ Reply ]

I would really focus on how they communicate and what triggers getting your approval for certain situations vs. them making the decision. Find out how accountable they are for mistakes and how they deal with that. I really don't care for PM for my properties. I have one rental out of state. I have systems in place to handle issues. Dependable, trustworthy and competent people are a must. Good luck.

Re: choosing a property manager by anon (CA) on April 18, 2018 @14:35	[ Reply ]

Maybe you could briefly outline your 'systems' to help her out. I do residential property management for an in-law. I turn down lots of potential applicants before we get to the 'fill in the application and pay $20' stage. I try to stay ahead of trouble and always thank tenants for calling or texting me for maintenance and problems. I get a repairman in as soon as I can when tenants call. It's only two houses now, single family. I am nice to repairmen and pay ASAP with thanks to them. I am fortunate to have one good 'handyman' now. I make multiple calls if I need to for service on a Saturday. For a Sunday problem, I ask if they can deal with it and tenants are fine with that so far. To sum, I feel like I act like a customer service manager, not an adversary. (Except with next-door neighbors who are jerks. That's my weak spot.) I charge 10% a month and $300-$500 for new tenant screenings. I use a contract, even with in-laws. I don't do any shenanigans with skimming money for repairs. Call a handful of managers and ask for a copy of their agreement. Then a very big problem is nailing down WHO is actually doing the hands-on management. These real estate companies are sharks.