I'm still a new bird in property investment. After doing a lot of research, I recently purchased an apartment in Winston Salem, NC but now seems to have trouble finding a great PM company. I've talked to a few companies but they all seem to charge unreasonable high management fees. Does anyone has a recommendation?? I'm doing it long distance from NY btw.
What do you consider reasonable? What rate did you put in your budget plan before making the purchase.
I self manage but have talked to property managers inWinston Salem and I suspect with one rental unit you will not have bargaining power thus I suspect your fees would be 8% to 10% plus specific fees and added charges for third party services.
What do you consider reasonable? What rate did you put in your budget plan before making the purchase.
I self manage but have talked to property managers inWinston Salem and I suspect with one rental unit you will not have bargaining power thus I suspect your fees would be 8% to 10% plus specific fees and added charges for third party services.
What fees did you build into your budget?
Good luck!
Hi Richard,
I originally built a 8% fee in to the model with $800 maintenance cost, which still give me a great ROI. The PM companies I've contacted so far charges a 50% - 65% first month rent for every new move ins on top of 8% - 10% monthly fee. And there's also additional ~$200 annual charge on marketing/advertising and ~$200 on boarding fee etc. Adding everything together, property management fee will at least over ~12%. Not sure if this is a reasonable fee in NC but it's def higher than I expected.
Hello, Rental rates are a negotiable item and you can often gain leverage on your rates by having multiple doors or properties. Feel free to give me a call or text and I will pass you along to our property manager to discuss rates with you for your specific situation. We do not charge the additional annual or marketing fees you mention in your post.