Prop Management Question
If you are using a property management company and pay them say 10% a month per prop. When they have to advertise the property, do they make you reimburse their costs or is that part of the 10%?
thanks
Nick
Ray, how many properties do you manage and is this your only business or part of a larger entity?
Thank You.
Yes owners should pay for advertising. It is not the companys fault that it is vacant. Some companys charge a vacancy fee while the unit is empty. It is best to cover as many expenses as possible.
I have several properties being managed. The most expensive one is costing me 15% plus advertisment fees. It is in a rough part of a town and i made the mistake of telling the manager i had been turned down 3 times already. So he made the price right for him. I needed it managed and with little choice I signed the dotted line.
It comes down to what the market will bear. or in other words, if you are over a barrel you will pay what is required. Or keep shoping until you find the terms you can live with
John