Property Management Services

[Mike W.]

I'm purchasing my first multi-family and plan to have a property manager oversee the property. He's requesting 10% monthly fee. What services should I expect from him for this 10% monthly fee?

[Joel Owens]

Whatever you do have a termination notice built in that you can exercise fast if things do not work out. PM's like to put in long term agreements when they haven't proven themselves yet and it can be hard and expensive to get out of them. They need to know they can be replaced at anytime if they do not perform and sustain that performance at a high level to earn their ongoing fees.