Posted by joe on October 11, 2003 at 12:58:36:
I have experienced one incredibly bad property management company and one incredibly good property management company.
The main reason the bad one was so bad was that the primary person managing my properties wasn’t an owner of the company and was just a worker bee. She could care less if the property was rented or not or even if the current rents were at market rates or not.
The incredibly good property management company was directly run by the owner (w/ an assistant). The owner naturally had an incentive to get my cash flow going so they take their cut.
They also only charge 5%. I have no choice but to use property management since I live 300 miles away from my investments. However, even if I lived in the same town, I would choose to continue using the “good” property management company since my time is worth more than the 5% they charge.