Real Estate Agent · Rockville, MD · Member since 2016 · 39 posts · 7 votes
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?
Rental Property Investor · Ames, IA · Member since 2014 · 37 posts · 20 votes
9y
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!
Rental Property Investor · Ames, IA · Member since 2014 · 37 posts · 20 votes
9y
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!
Rental Property Investor · Ames, IA · Member since 2016 · 7 posts · 1 vote
9y
Hello Francis,
Do you have a child that's going to go to ISU? I'm curious why you would be interested in a property in Ames. I see you live in Maryland. Grant is in the ballpark on baseline fees.
Please feel free to contact me if you need any detailed help. I'm a Realtor her in Ames and also own 98 rentals. I've got a good pulse on the market here.
Real Estate Agent · Rockville, MD · Member since 2016 · 39 posts · 7 votes
9y
Thanks Jon,
I will definitely reach out to you. I graduated from Iowa State with my Masters in Civil Engineering 3 years ago. Throughout my time at Iowa State, enrollment at ISU increased significantly to the point where my friends were struggling to find housing. I have kept in contact with some friends and a number of them said rent has significantly increased in the area.
So to answer your question, I am looking at buying property in Ames because it is more affordable than DC, the market seems to be on the rise and I am familiar with the Ames.
Professional · Grants Pass, OR · Member since 2016 · 89 posts · 77 votes
9y
For a long distance landlord, it is essential that you inquire about regular/routine inspections with in your management agreement. These are standard in most pm services, but you will benefit from making sure they follow through with reports and photos.
You will be relying on your manager to be your eyes at the property to identify any maintenance issues before they become expenses problems. The best way to do this is with regular/seasonal inspections built into the lease. It also allows the manager to check in with the tenants, and reminds them to at least deep clean the place each quarter (essential for a college aged tenant!)