Property managment company - Posted by Craig (IL)

Posted by RichV(FL) on August 03, 2003 at 18:01:01:

Wayne,

I’m in the Sarasota area. I manage my own also. I dont blame anyone for having a managmet company long distance. Its impossible to manage properties being out of state.

Last managment company I spoke to in Venice wanted 20% for full managment services. IMHO thats just way to much.

I invest in Pinellas also(Clearwater, Tarpon Springs).

We have seen a nice jump in values here. Best of luck with your new investment.

Regards,

RichV(FL)

Property managment company - Posted by Craig (IL)

Posted by Craig (IL) on August 02, 2003 at 16:27:58:

I’ve never used management company for my rentals, in part because I hear that some management companies give poor service. But I will have to find one if I move into an area I am looking at. Those of you who have experience in this area: what are the do’s and dont’s, what should I look for in a managment company?

Thanks ahead for any good input.

Re: Property managment company - Posted by BrokerScott (Mich)

Posted by BrokerScott (Mich) on August 02, 2003 at 18:22:26:

From my somewhat limited experiences- Train and hire your own person. At the very least, if you have mortgage payments, keep those your own responsibility. With a managment Co, if there are vacancies, count on them taking their 10% first, but if not enough left over for timely payments- oh well. Oh, and I found this out the hard way- You are the boss. If you are being asked to compromise your established practices (so they can do things THEIR way- One size fits all) go elsewhere. Best, Scott

Re: Property managment company - Posted by RichV(FL)

Posted by RichV(FL) on August 02, 2003 at 19:58:29:

Scott,

Oh yeah…I hear you. Some of the companies here in Florida are taking 20% now. Thats why I manage my own.

It eats to much into your cash flow, and no one takes better care of your properties than you can.

Great Success,

RichV(FL)

Re: Property managment company - Posted by Wayne-NC

Posted by Wayne-NC on August 03, 2003 at 10:25:37:

I just hired one in Largo for 2 duplex’s. Their charge is 10%. When they fill a vacancy they charge half of the first months rent. Let’s see how this works out. I manage my own here in NC. Where are you located?