Distance Property Manager-Single Family-Small College Town

[Francis Dayamba]

I am considering buying a Single Family residence in Ames, Iowa and I have a few questions:

1. What rate would you charge for a Property Manager?
2. What services would you ask them to provide?
3. As an owner that is not on the ground, what sort of things should I take care of myself?

[Grant Berthold]

I self-manage my properties in Ames, but this is what know of property management in Ames, IA:

1. For a single family residence, you'll be looking at about 10% of Gross rents for a management fee in the Ames area, especially for a single family. Multi-units properties may be able to negotiate to 8-9%

2. The 10% usually covers leasing/management, Repairs/cleaning between tenants are usually billed to you separately.

3. You could possibly take of getting the place leased yourself (via craigslist, zillow, etc) and negotiate a little bit better management rate. If you're able to visit the property periodically, you may be able to check on things/do repairs yourself if you're handy. 

Feel free to PM me if you have any other questions about the Ames market!