Hey guys I am new to Atlanta and looking to buy a duplex in the next few months around the area. I was wondering what the average cost for property management is in Atlanta so I can factor it into my property analysis?
Let me know what you guys think and if you have any recommendations for me.
It is very dependent on area and rental rates. The bigger outfits charge 8-12% on income plus 1 month rent for new tenants plus a mark up for repairs. There is usually a fee for lease renewals and I have seen several firms keep all late fees collected.
Thanks Stan! So on a small duplex with lets say rental income of 2 grand, I can expect the management fee to be around 200-300 a month right?
I would recommend you do it yourself, it can really understand and learn the business of owning investment real estate. If you wanna talk I can give you some other pointers I've owned rental real estate in Atlanta metro since 2004.
It's a case by case basis for me. I would likely be somewhere south of $165, depending on the asset location and condition.
1st months rent for leasing fee is pretty typical throughout Atlanta.
8%-10% monthly mgmt fee is typical throughout Atlanta. If your duplex is in a bad area then expect it to be on the 10% side.
In my opinion you should only be hiring a NARPM credentialed property manager so you avoid the pretenders and wanna-be managers. You want someone with LOTS of experience and who does management full time and not as a side line to real estate sales.
If you need further assistance then PM me.
If you are new at the landlording business and are serious about being a Real Estate Investor the best way to learn is by doing. Read the Bigger Pockets books on investing and landlording, listen to the webinars and go out on Zillow and find the best for rent ad copy. You are making a big investment and it's important to screen your tenants..hand pick them..at least your first time through. Once you see what it takes after a year or so then maybe decide to use a management company. Just my 2 cents. Good Luck.
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@Mason Mccullough It is one month rent to find a tenant if you don't already have one, then 8-10% a month. If you need a recommendation on a good PM please feel free to reach out to me. Cheers,
Does anyone have recommendations for Multifamily property management companies in Georgia? In the 80-200 unit range. I'm looking for someone who specifically manages in the Augusta Metro Area, but if they are in Atlanta they might also do work in Augusta. Thank you!! :)
Others had gave you an general idea how much property managements costs are already. I will throw in my own suggestions; when the managers are looking after your properties. Be prepared to learn how to manage your managers. Do not forget companies hires employees to look after day to day operation. Often times there are oversight on details. Know your area HOA's. Don't let your tenant violate the HOA rules by regularly communicate with your managers. Check revenue & expenses. Look where to look up court records if eviction is filed & court schedule. Also know what kind of rehabs or repair that you want at times when there are tenant turnovers. Expenses can add up very quickly & eat away your whole year's revenue.
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