10% is accurate in our market.
I've been considering hiring a PM firm form my 8 doors in Lakewood. Any recommendations? I need someone that has relationships with Metro West and Jeffco Housing Authority. I have a number of duplexes that are doing well, but the overhead is killing me.
@Collin Tilbe in addition to monthly percentage some managers charge a turnover fee (when tenants change) of up to one months rent. There are a number of business models for PM out there so it might be worth exploring how you want them managed so you don't over or undershoot your costs. It'll kill your deal if you are too high in this competitive marker. It'll kill you if it's too low.
@Rob Withers I know Inlive many states away, however; I own a PM company and if someone came with 8 doors I will give a discount, and I'm sure you can get one as well.
PM fees are negotiable. If you're bringing multiple doors to the table I can guarantee that someone will negotiate a lower rate.
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