Why do property managers charge 8-10%?

[Jordan Meyer]

In a day where technology is pushing down transaction fees for purchases (i.e. Redfin, Homie, etc.) is this happening in property management anywhere? It seems like there should be a tech-first property management company out there that charges a lower, flatter price (i.e. 5%). Does this exist?

[Kim Meredith Hampton]

Jordan,

As a professional property manager with over 1000 units, that 8-10% comes out to about $3 to $5 a day to pay for technology, staff, rent, insurance (which is outrageous), MLS (also outrageous), lockboxes, gas, telephone, software, computers, inspections, payroll, taxes, health insurance, I could go on and on...... but its not ok for us to make $3 to $5 a day to care for one of your most important assets 24/7, 365. I think I missing something. We actually dont get paid enough for everything we deal with on a daily basis.