I just talked to a local property manager about their fees and services. They are charging the first month's rent plus 10% of rent per month thereafter for SFR rentals. They market the property, manage payments, and hire out repairs/maintenance (after owner's approval).
Is this a reasonable fee?
What other questions should I ask them?
Any "red flags" I should watch out for?
Thanks for all your guys help!
The charge seems a little high to me. But this can be local so talk to a few more to figure things out. Usually PMs charge a certain amount for lease-up (70% - 90%), renew (25% - 35%), and monthly 7% - 10%, to give you a reasonable range.
Low cost is important, but finding a good professional is more important!!! you can loose money to get a lousy PM working for free. But still, the charge you provide seems too high.
@Joseph Molander Is the property rented currently? Make sure you set a limit on what they can repair without approval. I agree with Zach that having a good property manager is more times than not the difference between making money and losing money.
Thanks, I'll shop around. There are a couple companies in there area, hopefully I'll learn a little something. I don't have a property yet, still looking for that good deal. I I'm closer having the property I'll see if they are willing to negotiate a little. Thanks again.
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