What PM Fees for holding keys & turnover? (Self-managed & remote)

Question

I am a remote and self-managed owner. Insanity, I know. But there is an onsite contact person who I'd like to have manage the keys and showings while I continue to manage the listings, tenant vetting, maintenance (through my contacts), and payments. As yet, I do not see this situation addressed on the boards, but please direct me to the post if you know of one-- Suggestions on what should the fee structure should be for my key-holder? Thank you for your thoughts. (Please I'd like to address the question itself and not directions to get a full-service property manager. That is something I'm already considering.)

Anthony Angotti · Answer

@R.G. Pham it sounds like you just need a leasing agent.

Typically one month's rent for leasing is what people in my market charge. We also have a startup in my area called Ikos that does this.

As far as managing keys, just move everything over to keypad locks. We've been doing that and it's pretty sweet since all you need to do is change the code between tenants.

Andy Mejia · Answer

Hey man,

Another suggestion is to make a digital copy of the key in Home Depot and you can just text them the key. They would just have to pick it up. You can doc the $5 from the first months rent if need be. I would also do the code thing as suggested.

R.G. Pham · Answer

Thank you Anthony and Nicole, that gives me two numbers I can propose, and I like the keypad idea, I've done that at my other property.

Nicole Heasley Beitenman · Answer

A PM usually makes 10%. What percentage of the PM work do you feel the key holder is taking over? If it's 50%, give them 5% and yourself the other 5%.

R.G. Pham · Answer

Thank you Cameron, we would prefer not to rely on the tenants as we have the realtor/contractor who has been working on the property to hold the keys and do showings/turnover, but since he does not live on the property we are not sure what the fee structure should look like. I'm considering a high percentage of rent during turnover months and a smaller fee for holding the keys when leases are in place.

Cameron Tope · Answer

Have you asked any of the tenants what they would like to receive for being a key-holder? You might be surprised by the answers...

I think it's really location and person dependent.

I've heard everything from $100/mo to rent free.

Congrats on self-managing and best of luck!

What PM Fees for holding keys & turnover? (Self-managed & remote)

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