All Forum Posts by: Soh Tanaka

Even if it's not intended, the antitrust law is strict that people who say something like "standard," "typical" or "average" fee is XYZ could get into trouble. For that reason, I would suggest to look for a property manager and contact them directly and get the feel, as some property managers may be uncomfortable to post here.

As @Pete Schmidt mentioned, I would look for the total fees, not just the management fee.

Soh (Disclaimer: property manager)

"because of the nature of property management and the lower margins, I would probably manage other properties as well in order to up the volume and therefore bettering my chances of turning a profit."

The above statement sounds like saying, "Just investing/managing my own properties is not profitable enough, so I will manage other people's properties also to make more money." 

Done right, you can easily make money just with your own rental properties. Actually, it's probably easier to make money form your own investment properties than starting a property management company. Starting a property management company to manage other people's properties is a completely different animal. 

Regarding managing your properties on your own vs hiring a property manager will depend on the answer of the following questions.

Do you like (the idea of) managing properties?

Do you have time to manage properties?

Do you have the (desire to gain) knowledge of how to manage properties?

If the answers to the above 3 questions are yes, then go ahead and manage yourself. 

Soh (Disclaimer: property manager)

There are no set "standard" days you should be able to rent your home. That said, 5 days with one application doesn't mean much, one way or another. What I do for the properties I manage is to follow up with the people who came but didn't apply and ask why they haven't applied. 

Soh

@Andrew Qu - Did you find anyone good?

What is your reasoning behind that thought process?

I personally don't know any of these people, but you can try NARPM.

https://www.narpm.org/find/property-managers

Try Property Boss or Olson Property Services.

It's not free, but QB Desktop is the way to go, IMO.

@Gina Carter I think checking more than once a month is too much. If I'm a tenant, I don't want my PM/landlord checking on my house even just from outside more than once a month.

One reason I think is when there's an issue with an insurance (gap, etc.), the PM will be notified.