Fort Collins, CO · Member since 2013 · 4 posts · 2 votes
Evening everyone -
I'm a Fort Collins resident with a current rental property and working on my second. My current Property Management company is renewing contracts and in the new contract, there are all sorts of new fees - lease renewal, 'one-time' setup, and a 2% (now 9%) bump in monthly management fees. Needless to say, what was once a small company that I started with is now assessing nearly every fee out there.
Needless to say, I'm looking for recommendations on other Property Management firms in the N. Colorado area. With a 1.7% vacancy rate in Fort Collins, I'm not worried about finding tenants at a competitive price, but am now questioning appropriate compensation for this service in a very hot market.
Should I grin and bear it, or find another 'small' company?
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
12y
Welcome @Jordan Fritts , you might chat with @Mark Ferguson , he is a realtor over in Greeley. He is pretty sharp and may be able to give you some tips on managers or what rates are reasonable for the area. I used to love going to Ft Collins when I lived in Colorado for high school competitions.
Fort Collins, CO · Member since 2013 · 109 posts · 36 votes
12y
Welcome to Biggerpockets Jordan Fritts
I'm a Ft Collins resident also. I am trying to acquire my first multi unit.
Sorry I don't have any info on local property management firms but definitely check with Mark Ferguson. He seems to have a good handle on the real estate market around the Greeley area.
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
12y
I know a couple managers in the greeley area and one in Loveland ft Collins. I don't know of they will be much cheaper. Maybe 8% with leasing fee. Its pretty hard to make money in property management charging 7% with no other fees. That will be virtually impossible.
Fort Collins, CO · Member since 2013 · 4 posts · 2 votes
12y
Thanks for the replies. I'll be calling a few local firms looking for something of a smaller business, since that's why I was getting 7% before - they were just starting up and building clients.
It's an extra ~$500 each year which begins to make me think about managing on my own. I thought a little bit of loyalty would be in play, but I guess not.
Property Manager · Gilbert, AZ · Member since 2009 · 1k+ posts · 451 votes
12y
Jordan Fritts if you want good responsible management you'll need to plan on paying them. If they can't make a living they won't be a good and reputable PM very long.
I believe 8-10% monthly is the average and 6% of lease - 1 months rent on a new lease is also the average.