Property managment companies - help - GoFuckYourself.com

SleazyDream · 03-25-2006, 11:05 AM

looking at checking out a few property managment companies for managing some real estate. Don't want to have to deal with tenents directly. For individual houses to rent out.

What kind of rates should I look for?
What about lawn care?
What questions should I ask them?

please help - any info would be greatly appreciated

JFK · 03-25-2006, 11:10 AM

they will handle everything on your behalf, rates vary from place to place. The maintenance aspect of the property is over and above the managmenet fees. They will hire people to cut grass and snow removal , repairs etc. then they will bill you that amount in the montly's.

SleazyDream · 03-25-2006, 11:14 AM

Quote:

Originally Posted by JFK

they will handle everything on your behalf, rates vary from place to place. The maintenance aspect of the property is over and above the managmenet fees. They will hire people to cut grass and snow removal , repairs etc. then they will bill you that amount in the montly's.

got any idea of rate ranges?

wyldblyss · 03-25-2006, 11:20 AM

I would consider hiring companies privately or at least get estimates for things like lawn cutting and snow removal. One local company was charging clients 3x what they were paying for it as just an additional money grab. So be prepared to question what the management company quotes for lawn care and snow removal etc.

SleazyDream · 03-25-2006, 11:28 AM

still like to knwo rates of what some people pay........

Sosa · 03-25-2006, 11:37 AM

I would talk to DrinkingHard about this.

SleazyDream · 03-25-2006, 11:38 AM

Quote:

Originally Posted by Sosa

I would talk to DrinkingHard about this.

called him - he's not answering today. know a few others too but i'm seriously looking at buying 5-8 more proterties in the next 6 months to a year

zigx · 03-25-2006, 11:44 AM

I have heard that 20% is normal but i have no put much research into it... if you do find some solid information please post it.

chadglni · 03-25-2006, 11:53 AM

The one we use charges 10%. The deposit renters pay goes into an account in case they need to fix anything that is important. We can also add money to the account if we want so they don't have to call. They handle lawn care and all that and just take it out of the money on hand.

Peaches · 03-25-2006, 11:53 AM

Around here it's 15-20%. Lawn care is usually the responsiblity of the tenant and is written so in the lease. Or the owner will have someone do it and include it in the rent (easier, IMO, especially if you have several properties and can get a discounted rate).

WiredGuy · 03-25-2006, 12:17 PM

We recently starting using another one and I believe (don't quote me on this) is that it was 5% of gross + GST + incidentals (cost of equipment). Mind you this is a 33 unit property building so we are getting a lower rate for the volume.
WG

p1mpdogg · 03-25-2006, 12:20 PM

i see you finally got your 1st property. let me help faggot..

7% for the rate, they do all the manitence, they want 500 upfront to cover expenses, and they require a year contract atleast. you have to pay for all fixes, but they do all the collections.

pornguy · 03-25-2006, 12:22 PM

Hey SD. why not try and find a tenant that can do it. most of the managment companies that I have ever dealt with have been a total fucking rip off.

SleazyDream · 03-25-2006, 12:40 PM

Quote:

Originally Posted by p1mpdogg

i see you finally got your 1st property. let me help faggot..

7% for the rate, they do all the manitence, they want 500 upfront to cover expenses, and they require a year contract atleast. you have to pay for all fixes, but they do all the collections.

actually i'm looking at buying my 7th now.....

PostWhore · 03-25-2006, 12:41 PM

I am sorry, but we do not deal with Imbeciles!

p1mpdogg · 03-25-2006, 12:42 PM

Quote:

Originally Posted by SleazyDream

actually i'm looking at buying my 7th now.....

then you wouldnt be asking this question on gfy you broke bitch.

you would have learned from your first or 2nd how this works.

a real player gets all their property managed by professionals.

chowda · 03-25-2006, 12:44 PM

dont forget to see if they are willing to go to the bank and cash in the checks, kick deadbeats etc..
also be sure to see whether they will act as janitor/consierge.. and have rights to do minor fixes

SleazyDream · 03-25-2006, 12:48 PM

Quote:

Originally Posted by p1mpdogg

then you wouldnt be asking this question on gfy you broke bitch.

you would have learned from your first or 2nd how this works.

a real player gets all their property managed by professionals.

ummm ok. Never said I was a real player. I just fuck around and have fun.

I havn't had to farm it out yet so I'm asking questions so I can buy a lot more....

Far as I'm concerned I'm a little guy - course I compare myself in my head to people like Andrew Conru, Lars Mapstead, Ron Cadwell, Chris Mallic, JB, David Vanderpool, etc.

After Shock Media · 03-25-2006, 01:22 PM

Sleazy if you can really consider avoiding them all together. More often than not they are not only a waste but will fuck you over time and time again. Just so you know I also operate rental properties and I no longer deal with these leaches so I am speaking for experience.

Lets answer a few of your questions first though.

Rates typically range from ten to twenty percent based on volume as well as rental rates.
Lawn care is typically not their issue, neither are janitorial services, handyman work, or the like. If they must do this or enforce this they often will charge you a surcharge well above the costs you would typically pay.

Questions to ask them:
Will they appear in court to handle tenant issues?
Will they do property inspections, if so how often and will they document them with video or photographs?
Are there additional charges for court appearances, property inspections, and the like?
What are their tenant screening policies?
Do they handle all advertising to fill vacancies? Is there an additional charge?
Do they provide both the tenant and you with an itemized breakdown of security deposit charges when a tenant leaves?
Are they properly licensed?
Are they insured?
How do they handle repairs and repair costs?
Will they provide you with a list of at least ten references? (follow up with landlords as well as the tenants)
What is their rent collection process? Late fee policies?
Do they sub contract out work, if so to whom and what are the charges?
Do they have stock rental forms or can you use your own and if so will all portions be enforced?
Who pays evictions costs and are there surcharges involved?
What is their eviction policy?

That all said I really suggest you still not use them and use another process that will be much more affordable and cause less headaches.

slapass · 03-25-2006, 01:33 PM

I agree they are a bad idea. In our area, you would pay 10% or so. Tenant would cut the grass.

The keys to this business is the screening of the prospective tenant. So ask how they do this. What is their overall vacancy? What is their eviction %? Look at a few they manage.

They just seem to care less than an owner so the properties reflect over this.

GTS Mark · 03-25-2006, 01:37 PM

Hey Scott, sorry I was sleeping all day today, had a very busy week

Usually property managers take a gross percentage of your rent between 5-10% or if it's recreational (such as a cottage or ski chalet) the rates are 20-40% of the gross.

As for maintenance a good property management company will have contacts within the local community for a good lawncare/maintenance company and can arrange that for you.

If you have any other questions give me a call

DH

After Shock Media · 03-25-2006, 01:44 PM

My key issues against them are:

They nickle and dime you to death.
They do not give a rats ass about your property as long as it is rented. The place could become a crack house as long as rent is paid.
They often leave you high and dry when it comes to court and have this terrible tendancy to loose cases left and right.
They act as if they are doing you this huge favor and that you are not paying for their damn services.
They have this tendancy to push the higher rent properties harder than those with a lower rent.
Their screening processes are often ify at best.
They are terribly slow when it comes to dealing with the renters issues and this only leads to bad places.
Often assorted companies will not touch your property if it is managed by certain property management companies - bad track records.
They can not think on their own and will call you as often as a renter would.

GTS Mark · 03-25-2006, 01:48 PM

Quote:

Originally Posted by After Shock Media

My key issues against them are:

They nickle and dime you to death.
They do not give a rats ass about your property as long as it is rented. The place could become a crack house as long as rent is paid.
They often leave you high and dry when it comes to court and have this terrible tendancy to loose cases left and right.
They act as if they are doing you this huge favor and that you are not paying for their damn services.
They have this tendancy to push the higher rent properties harder than those with a lower rent.
Their screening processes are often ify at best.
They are terribly slow when it comes to dealing with the renters issues and this only leads to bad places.
Often assorted companies will not touch your property if it is managed by certain property management companies - bad track records.
They can not think on their own and will call you as often as a renter would.

Wow you have had some bad luck with property management companies, sorry to hear that.

DH

After Shock Media · 03-25-2006, 01:51 PM

Quote:

Originally Posted by DrinkingHARDEST

Wow you have had some bad luck with property management companies, sorry to hear that.

DH

Im sure some good ones are out there. They just sure in hell are not around here.

JFK · 03-25-2006, 02:21 PM

Quote:

Originally Posted by SleazyDream

still like to knwo rates of what some people pay........

I'm paying 6.5% they handle everything

03-25-2006, 11:05 AM	#1
SleazyDream I'm here for SPORT Industry Role: Join Date: Jul 2001 Location: Phone # (401) 285-0696 Posts: 41,470	Property managment companies - help looking at checking out a few property managment companies for managing some real estate. Don't want to have to deal with tenents directly. For individual houses to rent out. What kind of rates should I look for? What about lawn care? What questions should I ask them? please help - any info would be greatly appreciated __________________ This dog, is dog, a dog, good dog, way dog, to dog, keep dog, an dog, idiot dog, busy dog, for dog, 20 dog, seconds dog! Now read without the word dog.

03-25-2006, 11:10 AM	#2
JFK FUBAR the ORIGINATOR Industry Role: Join Date: Jan 2002 Location: FUBARLAND Posts: 67,374	they will handle everything on your behalf, rates vary from place to place. The maintenance aspect of the property is over and above the managmenet fees. They will hire people to cut grass and snow removal , repairs etc. then they will bill you that amount in the montly's. __________________ FUBAR Webmasters - The FUBAR Times - FUBAR Webmasters Mobile - FUBARTV.XXX For promo opps contact jfk at fubarwebmasters dot com

03-25-2006, 11:28 AM	#5
SleazyDream I'm here for SPORT Industry Role: Join Date: Jul 2001 Location: Phone # (401) 285-0696 Posts: 41,470	still like to knwo rates of what some people pay........ __________________ This dog, is dog, a dog, good dog, way dog, to dog, keep dog, an dog, idiot dog, busy dog, for dog, 20 dog, seconds dog! Now read without the word dog.

03-25-2006, 11:44 AM	#8
zigx Confirmed User Join Date: Sep 2003 Location: Burlingame CA Posts: 1,430	I have heard that 20% is normal but i have no put much research into it... if you do find some solid information please post it. __________________ _,.:'`- Club JK . com --> 60% payouts RSS, Hosteds, POTD, Your Mother, etc... CCBill

03-25-2006, 11:53 AM	#9
chadglni Confirmed User Join Date: Dec 2002 Location: PEI, Canada Posts: 6,924	The one we use charges 10%. The deposit renters pay goes into an account in case they need to fix anything that is important. We can also add money to the account if we want so they don't have to call. They handle lawn care and all that and just take it out of the money on hand. __________________ Sign up here - Dating Site affiliate program

03-25-2006, 11:20 AM	#4
wyldblyss Confirmed User Join Date: Nov 2003 Location: The Buck Starts Here Posts: 5,779	I would consider hiring companies privately or at least get estimates for things like lawn cutting and snow removal. One local company was charging clients 3x what they were paying for it as just an additional money grab. So be prepared to question what the management company quotes for lawn care and snow removal etc.

03-25-2006, 11:37 AM	#6
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	I would talk to DrinkingHard about this.

03-25-2006, 11:53 AM	#10
Peaches Old broad Join Date: Oct 2002 Location: Away Posts: 13,933	Around here it's 15-20%. Lawn care is usually the responsiblity of the tenant and is written so in the lease. Or the owner will have someone do it and include it in the rent (easier, IMO, especially if you have several properties and can get a discounted rate).

03-25-2006, 12:17 PM	#11
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,504	We recently starting using another one and I believe (don't quote me on this) is that it was 5% of gross + GST + incidentals (cost of equipment). Mind you this is a 33 unit property building so we are getting a lower rate for the volume. WG __________________ I play with Google.

03-25-2006, 12:20 PM	#12
p1mpdogg Too lazy to set a custom title Join Date: Nov 2002 Posts: 16,714	i see you finally got your 1st property. let me help faggot.. 7% for the rate, they do all the manitence, they want 500 upfront to cover expenses, and they require a year contract atleast. you have to pay for all fixes, but they do all the collections. __________________ A fast fortune is easy to earn! Just go with a winner!

03-25-2006, 12:22 PM	#13
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	Hey SD. why not try and find a tenant that can do it. most of the managment companies that I have ever dealt with have been a total fucking rip off. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

03-25-2006, 12:41 PM	#15
PostWhore Confirmed User Industry Role: Join Date: Jan 2003 Posts: 4,720	I am sorry, but we do not deal with Imbeciles!

03-25-2006, 12:44 PM	#17
chowda Confirmed User Join Date: Jun 2003 Location: Gooch city Posts: 9,527	dont forget to see if they are willing to go to the bank and cash in the checks, kick deadbeats etc.. also be sure to see whether they will act as janitor/consierge.. and have rights to do minor fixes __________________ Someone finds you... 2007 PS: Nationalnet is the best host I've ever had. And i tried alot of them.

03-25-2006, 01:22 PM	#19
After Shock Media It's coming look busy Join Date: Mar 2001 Location: "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn". Posts: 35,299	Sleazy if you can really consider avoiding them all together. More often than not they are not only a waste but will fuck you over time and time again. Just so you know I also operate rental properties and I no longer deal with these leaches so I am speaking for experience. Lets answer a few of your questions first though. Rates typically range from ten to twenty percent based on volume as well as rental rates. Lawn care is typically not their issue, neither are janitorial services, handyman work, or the like. If they must do this or enforce this they often will charge you a surcharge well above the costs you would typically pay. Questions to ask them: Will they appear in court to handle tenant issues? Will they do property inspections, if so how often and will they document them with video or photographs? Are there additional charges for court appearances, property inspections, and the like? What are their tenant screening policies? Do they handle all advertising to fill vacancies? Is there an additional charge? Do they provide both the tenant and you with an itemized breakdown of security deposit charges when a tenant leaves? Are they properly licensed? Are they insured? How do they handle repairs and repair costs? Will they provide you with a list of at least ten references? (follow up with landlords as well as the tenants) What is their rent collection process? Late fee policies? Do they sub contract out work, if so to whom and what are the charges? Do they have stock rental forms or can you use your own and if so will all portions be enforced? Who pays evictions costs and are there surcharges involved? What is their eviction policy? That all said I really suggest you still not use them and use another process that will be much more affordable and cause less headaches. __________________ [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected] Last edited by After Shock Media; 03-25-2006 at 01:23 PM..

03-25-2006, 01:33 PM	#20
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	I agree they are a bad idea. In our area, you would pay 10% or so. Tenant would cut the grass. The keys to this business is the screening of the prospective tenant. So ask how they do this. What is their overall vacancy? What is their eviction %? Look at a few they manage. They just seem to care less than an owner so the properties reflect over this.

03-25-2006, 01:37 PM	#21
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	Hey Scott, sorry I was sleeping all day today, had a very busy week Usually property managers take a gross percentage of your rent between 5-10% or if it's recreational (such as a cottage or ski chalet) the rates are 20-40% of the gross. As for maintenance a good property management company will have contacts within the local community for a good lawncare/maintenance company and can arrange that for you. If you have any other questions give me a call DH

03-25-2006, 01:44 PM	#22
After Shock Media It's coming look busy Join Date: Mar 2001 Location: "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn". Posts: 35,299	My key issues against them are: They nickle and dime you to death. They do not give a rats ass about your property as long as it is rented. The place could become a crack house as long as rent is paid. They often leave you high and dry when it comes to court and have this terrible tendancy to loose cases left and right. They act as if they are doing you this huge favor and that you are not paying for their damn services. They have this tendancy to push the higher rent properties harder than those with a lower rent. Their screening processes are often ify at best. They are terribly slow when it comes to dealing with the renters issues and this only leads to bad places. Often assorted companies will not touch your property if it is managed by certain property management companies - bad track records. They can not think on their own and will call you as often as a renter would. __________________ [email protected] ICQ:135982156 AIM: Aftershockmed1a MSN: [email protected]