Is It Worth It To Get A Property Managmet
to manage your property. How much do these places usually charge?
to manage your property. How much do these places usually charge?
I recently made some calls here, trying to get a handle on services offered and costs.
In general, it varies greatly depending on what you want the management company to do. If its "full service", including all maintenance, tenant services, and financial accounting it could run anywhere from 10 to 15% of the monthly gross. If you only wanted selected services, say like maintenance only, it may run 5 to 8% of the gross. I also found some companies that charge fixed fees for certain services (like filling a rental vacancy or even routine maintenance between rents like painting, carpet cleaning)
Also, some companies would only do 6+ unit buildings and didn't want to be bothered with the smaller guy.
I guess your best bet is to make some call and see what you find. Lets us know
-- Mark
I would highly recommend a property manager with a good reputation. Mine has paid for himself . I increased the rents so that the 10% didn't effect my bottom line and he made sure I was not in any violations. Additionally, I have access to his resources for licensed and insured professionals. They have always been less expensive than the ones I used in the past. Initially, i would have my guys give a bid too. They file all the eviction notices and letters . Then I can get on with what I do best.
how do I find these places. When I look under property managment in my area all I find is places that own a lot of places on their own.
I have a very good friend who runs a property management firm, so i am biased on this topic. However, I have seen first hand the type of service she provides and I definitely think it's worthwhile to have managers on your side.
You can reach out to some home owners associations in your area. They can refer you to some good managers. Also, reach out to the owners of similar properties and ask who they use. (if they use a manager)
Better business bureau can point you in the right direction, as well as a local chamber of commerce.
If they are a registered business, they will be listed with your state, county, and probably city. Check there as well.
good luck.
check with some local real estate offices...some offer property mgt services...my friend uses one for his townhome from Century 21 and has been very pleased