Property Management Selection
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!
Most Popular Reply
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