Need OKC Property Management recommendation
My property manager retired and sold my account to Leria Group. Leria Group, while bigger, has been only a marginal property manager. Several months after the fact they send us a contract with a 12% rate and $50/month vacancy rate.
12% is ridiculous. I have an SFR in Norman, OK that always rents and the families pay on time. I've never heard of getting charged $50/month for an empty house. That's like rewarding failure.
I read another thread where I see that 7-10% is still the norm and 12% is for labor intensive properties.
Any help or recommendations would be greatly appreciated.
Here is the juicy stuff from the contract...
3. Compensation of Manager. Owner agrees to compensate Manager as follows:
Owner agrees to pay the Manager ___12 (twelve)_ percent of all gross receipts and income collected, as a fee for managing the Property (gross receipts are defined as all revenues of any type or nature collected from the operation of the Property), including but not limited to refundable deposits; which fees, plus all other expenses of any kind or nature, direct or indirect, as to the Property and management thereof, shall be deducted by the Manager from gross receipts and income, and further agrees to abide by the conditions set forth by the Manager to the tenant on the Owner’s behalf. $50 monthly fee on months of vacancy. A leasing fee, upon new tenants, will be charged of (1/2) one half of the first full month’s rent. To the extent there are insufficient funds available from revenues received from the operation of the Property to reimburse Manager for expenses incurred, owner shall directly reimburse Manager within ten (10) days after demand by Manager for reimbursement. Manager shall not be responsible or liable to Owner for any act, default or negligence of on-site personnel, or for any error of judgment or mistake of law or fact in connection with their employment, conduct or discharge, so long as Manager exercised good business judgment in Manager’s actions.
Hi, Fred
Realtor with KW. This company is located inside the KW southside location. Ask for Linda. Hope they treat you good. Good day.
IWC Property Management, LLC
Address: 1624 S.W. 122nd, Oklahoma City, OK 73170Phone:(405) 735-9220
Hours:Open today · 9:00 am – 5:00 pm
@Fred Maul feel free to contact me if you like. I manage about 300 around okc metro, approx 15 in norman area. we are at 8.33% per month no other fees. be happy to help if you need.
Yes you are correct about the fees being ridiculous. I use 2 different companies that both charge 10% and no vacancy fees. The 1/2 months rent seems to be the norm when placing a tenant though. Good luck, looks like you have a couple of suggestions here offering good alternatives.
Isn't capitalism great? There's a ton of great property managers here, shop around.