Posted by JPiper on December 09, 1999 at 08:31:37:
Here?s a personal viewpoint.
First, I think the 10% fee is reasonable for rental houses ?.you might be able to find it for a little less or a little more. (Is this person licensed? Property management for others is an activity that requires a license).
Second, I think that management fees can rarely be justified from a cost standpoint on small rental properties.
Third, it?s rare that you find competent management in small rental properties. Let?s face it, the competent ones have bigger fish to fry than small rental properties.
My opinion is that you should learn how to manage yourself. No one else will ever care more about your property and your finances than YOU. If this means you have to learn a few new talents, so be it. Maybe you?ll need to learn how to be more organized (I understand this one?organization is not my strong point). Maybe you need to learn how to screen tenants. But understand that NONE of these tasks are unachievable.
IF these properties are houses, you might consider lease/optioning rather than renting. It cuts down significantly the time spent on management.