Property Management Selection

[Andrew Moran]

At what size is it necessary to find a property manager to run the property for you? Also, what is a typical rate/what are their responsibilities? (I've seen 10-15% of NOI but not sure if that's true). How do you go about finding property managers that are reliable and experienced?

Thank you!

[Bruce Morris]

Andrew, You can get a management company to manage as little as one door.  I have a management company handle my SFHs and it is worth it to me.  Yes, they take a percentage of the gross rent/month but I do not have to deal with the showings/evictions etc.  Most management companies in my area are around 10%, and I think that is about standard, but you can negotiate them down if you have more than one property.   I would ask for referrals to get a good company.  You can ask around and see what other landlords are doing in your area.  Once you find a few good management companies, call them and see what kind of rate they will give you.

I hope this helps

Bruce Morris