I am looking for a PM in St. Louis MO area to handle rentals.
In MO is there a PM certification required of companies ? (In addition to a brokers license).
Also running into a lot of 15%, I am used to 10% plus first month for new renters. Is 15 the new going rate in this region ?
PM's feel free to connect - still looking
@Mark Guest No additional certification is necessary other than the broker's license, or agent working under broker, you mentioned. I would, however, suggest any management company you deal with is city licensed, bonded, and insured. Member of NARPM and BBB is always a plus too.
The 15% might be related to location or area.
I personally charge 10% gross rents for my PM services. I've heard of people charging anywhere between 8% to 15%, but those have been rare, especially for the higher rates -- they'll have to justify that extra 5%. Most common, as far as I know, is 10% here. @JJ Pawlowski is right about the further certifications, nothing else required beyond the broker's license in MO. I wouldn't advise anyone to deal with a PM that's not licensed, bonded, and insured.
Feel free to reach out if you'd like to talk more!
I agree, with a few of the earlier posts.. I would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.
Questions to Ask prospective management companies
- What are your average days on market for vacant homes?
- What is your average rent amount for all properties managed?
- What is your average work order cost for the owner?
- What is your average make ready cost for the owner?
- Are all my invoices uploaded to my owner portal?
- How do you advertise your vacant units?
- Do I receive video of my pre and post make ready?
- Do you have a setup fee?
- Do you upcharge on maintenance?
- When do you make owner payments? How often?
- Are you a Certified Property Manager?
- Are you a member of NARPM?
- What is your Guarantee?