The guidelines I’ve read indicate 5-8 % management fees are the norm. In the area where I am investing ,all the management cos. state a 10 % fee. It’s a rural area in middle Tn. There are no ‘hidden fees’; they do the advertising, screening, showing, lease preparation and signing, collections and disbursements. They will bill out the maintaianance at the hourly rate as needed. Yes, I am an abseetee owner, and don’t see how to lower the rate.
What rates are prevailing in your area?
Howdy Nawkaw:
My friend is paying 10% in Killeen to manage the 31 units I sold him. I paid 6% I believe plus 50% of a months rent for finding a new tenant. Depending on turn over this may be a better deal if you can find it.
Howdy Nawkaw:
My friend is paying 10% in Killeen to manage the 31 units I sold him. I paid 6% I believe plus 50% of a months rent for finding a new tenant. Depending on turn over this may be a better deal if you can find it.
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Good luck and thank you,
Ted P. Stokely Jr
Thanks, Ted
After negotiating, the pm agreed to lower it to 8%.
i’ve met hima few times now and he really does go the extra mile. He too, gets 1/2 of the first months rent for a new placement to defray some of the extra ad costs.
So far so good- we go to close today on the triplex.
Oh yeah, when we went for the final walkthrough , we found that there was a new tenant in the empty unit!
We will note him of the new rental rate and review his rental application. Seems as if all these folks have been on month to month, so we will try to induce them to sign longer with a bit lower rate///
Wish us luck!
Thanks.
10% and $200 to place a new tenant (in SoCalif)