Property Mgmt Fees?

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6/17/2018 4:47 PM

Live in a town home where the association takes care of everything external. What should I be looking for when interviewing and discussing fees with property management? I may be renting it out and not sure if I want to handle it myself. I’m located in Southern California

Looking for general guidelines. Thanks and advance for any positive feedback

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6/17/2018 5:37 PM

In an area where it could be used as a vacation rental or just renting out on an annual lease?

Out beach house is leased through a realtor and they charge 20% which also covers cleaning and make ready for the next renter.

Locally, our townhouses we rent some ourselves and some through a local property management company. She only charges 5% monthly which is a bargain and 50% of the first months rent. She advertises them, keeps a waiting list, screens past rental history, background and credit. She also handles any evictions if necessary. I am still responsible for paying any notes, taxes, insurance and association dues. Just make sure you can cover all your bases. No smoking and no pets and get as big of a deposit as possible.

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6/18/2018 4:31 PM

I handle my rental house, the couple of companies i talked to wanted 10% and 1st months rent. Glad I made the decision 5 years ago to do it myself.

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"So you're telling me there's a chance!!"

6/19/2018 6:56 AM

rucka356 wrote:

I handle my rental house, the couple of companies i talked to wanted 10% and 1st months rent. Glad I made the decision 5 years ago to do it myself.

10% is pretty standard around here and wasn't something I was willing to give up for my local stuff. 5% was a no brainer being that the wife and I both work 50-60 hours a week at our regular jobs. We still have a dozen or so that we continue to manage ourselves but as they come vacant they get turned over to the management company. Eventually she will have all 26 of them and I will just walk out to the mailbox once a month and get my money. That's the best part about townhouses, someone is always there maintaining the exterior. All I have to worry about is what is inside those four walls.

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6/19/2018 1:33 PM

i get charged 7.9% doen here, that covers inspections and everything,
the tennant pays a weeks rent plus sales tax up front to the property manager to move into the property which covers the credit check etc, although they are trying to ban that practice at the moment,.

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6/19/2018 8:07 PM

newmann wrote:

10% is pretty standard around here and wasn't something I was willing to give up for my local stuff. 5% was a no brainer being that the wife and I both work 50-60 hours a week at our regular jobs. We still have a dozen or so that we continue to manage ourselves but as they come vacant they get turned over to the management company. Eventually she will have all 26 of them and I will just walk out to the mailbox once a month and get my money. That's the best part about townhouses, someone is always there maintaining the exterior. All I have to worry about is what is inside those four walls.

Yeah, I only have 1, and it's 10 minutes down the road from where i live. The house is only 10 years old so i'm just now about to start reinvesting in it: HVAC, carpet, etc.... Other than that it's in great shape. I couldn't stand giving up that first months rent.... Hoping one day i can be in the position you are in. At this point i just don't want to go in debt anymore or tie the assets to my personal stuff....

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"So you're telling me there's a chance!!"