Would you pay a property manager 12%?
We have been doing a lot of research on local property managers and the fees they charge here in Seattle. For the most part we are seeing an 8% to 10%, with lease up fees, renewal fees, minimum fees, etc. I'm assuming this is pretty standard in many markets.
Would you consider a property manager who is charging a 12% management fee? They promote that they charge the higher fee because they will not be "nickel and diming" with any other fees; no lease up fees, no renewals, no minimums. They are very professional and we are confident they would be at least as good as other managers.
I find it a little refreshing to not have the multitude of different fees. I would also think this encourages my manager to find the right tenant and keep them in the property with little turnover.
Which manager would you choose and why?
Thanks,
Tim