Real Estate Investor · American Fork, UT · Member since 2014 · 18 posts · 2 votes
I met with "Real Property Management" yesterday. I'm considering using them to manage my first property. Does anyone in Utah have experience using them and what are you thoughts about them?
Broker · Logan, UT · Member since 2013 · 1k+ posts · 1k+ votes
12y
RPM is a franchise company based in Ogden. Their corporate model is to sell franchises--so their fee structure is built to benefit the property manager not the property owner. We have seen many people try RPM (in Logan) and leave because of the incessant fees. Different franchises might vary greatly in quality of services. Many owners are drawn to them because of their market reach, technology, and corporate branding.
I've found that the best property management companies are companies founded by investors who grow to a size where they have to implement a formal property management structure to manage their own holdings. It only requires a license for them to offer their infrastructure to third parties. And their management goals are most closely aligned with other property owners.
Broker · Logan, UT · Member since 2013 · 1k+ posts · 1k+ votes
12y
RPM is a franchise company based in Ogden. Their corporate model is to sell franchises--so their fee structure is built to benefit the property manager not the property owner. We have seen many people try RPM (in Logan) and leave because of the incessant fees. Different franchises might vary greatly in quality of services. Many owners are drawn to them because of their market reach, technology, and corporate branding.
I've found that the best property management companies are companies founded by investors who grow to a size where they have to implement a formal property management structure to manage their own holdings. It only requires a license for them to offer their infrastructure to third parties. And their management goals are most closely aligned with other property owners.
You pretty much nailed it on the head. After speaking with them I was a bit concerned. I think they would do a excellent job, in getting tenants screened and placed. Their commission seemed a bit higher than what I've been told to expect, and they were a bit vague on maintenance costs.
Like the many in Logan you mentioned, I was drawn to their technology and market reach, but left feeling quite concerned about what my real cost with them would be. Thanks for the quick reply.
I've found that the best property management companies are companies founded by investors who grow to a size where they have to implement a formal property management structure to manage their own holdings.
Very true I have had similar experience.
Investor · Salt Lake City, UT · Member since 2013 · 11 posts · 1 vote
12y
Property Management fees can vary in rate, but from my experience are most often based on a percentage of rent collected. This can often be between 7-10%. There are many property management options in the market so I won't give any specific recommendations. Other options are to self manage and use a company that just finds qualified tenants for you. Best of luck on your first property!