I’ve been thinking about giving my properties to a property management company. Any input would be great.
My philosophy as a (part time) manager is to make sure that I make money when the owner does. I charge a high % of rent for my fees but nothing for leasing or a vacant house even though they suck up my time. Since they suck up so much time, I want to find a good tenant who is stable and will stay there. When they don’t pay I want them out quickly. I think it’s important that you reward people for the actions that you want them to perform. Most managers want a leasing fee and vacant house fee, but I fail to see what the owner gets for these things.
Over the past two years we have been converting our rentals to furnished rentals. I talked to two different property managers last year about going to them to manage our rentals. They could not or did not want to learn how to market to companies to get the top dollar. When things are paid off and I am ready to retire I will try again.
Good Luck!
randyscott
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