Property Management Advice

[James N. Jones III]

Quick question for investors in the Cleveland market.

I’m evaluating a small multifamily deal and trying to get a realistic understanding of property management costs in the area.

For those currently using a property manager:

• What percentage are you paying monthly?

• What are your tenant placement fees?

• Do they mark up maintenance or charge additional admin fees?

I’d also love to hear if anyone has property managers they recommend (or ones to avoid).

Just trying to make sure I’m underwriting the deal correctly and getting a clear picture of operating expenses. Appreciate any insight.