Personal experience with property managers, what a horror story?
Every where you read property managers charge you 10 percent of the rents to manage a propterty for you. What they don't tell you is:
1) That's ten percent before expenses get taken out.
2) Sure they manage the property for you, but they also add a 100 to 300 percent premium on anything they do for you.
-Example you need grass cut, cost 40 to 75 dollars. Property management company charges 300 if you say, "yeah take care of it, cut the grass".
3) You need someone to show the place for a new tenant. That's a 100 dollar charge for someone from the management company to show the apartment each time they come out.
4) You use the company to find you tenants. They give you no screened applications and leave you vacant for months, while looking for the diamond in the ruff tenants.
5) They ask you to put money in a reserves account for any maintenance that comes up. They will try there very best to exhaust every dollar so they can make money and ask you to add more reserves.
Can't see how anyone makes money with property managers. Could I possibly get a response from anyone who isn't a property manager? Would really love and appreciate any feed back.