First time dealing with PM companies
I am getting close to purchasing my first SFH to begin my buy and hold investment strategy. My financing is in place and I have spent many months learning about different rental areas and analyzing the most probable cash flow scenarios.
The next step for me is to hire a PM company. I want to focus on investing and I have a 8-5 job so being a landlord with my current schedule would not be ideal.
In talking with PM companies it seems the norm for my area (Pittsburgh) is 10%. However, a number of PM companies also charge a months rent to fill a vacant property. Since the properties that fit my criteria are all owner occupied they would be filling each one, thus charging the full first months rent. This seems extremely high to me and kills my cash flow projections. Is this normal in your area and if so do you negotiate around it?