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

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?

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.

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

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

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.

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.

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).

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 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.

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.

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.

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

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.

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.

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.

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

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

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

I'm paying 6.5% they handle everything:thumbsup