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Tilted Cat Head
Administrator
Location: Manhattan, NY
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Quote:
Originally Posted by passthru
That is a sucky situation, but remember only one party can get screwed. It will be unfortunate if it's your tenants, but how bad will it be if it's you?
"we can't afford" - you can't be sad for too long..
Cynthetiq, how'd you find a property manager? I've wondered how that works and how much of a cut they take.
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Found them through the Yellow Pages. I interviewed and looked at many contracts before I signed up with these fellows. I've been with them for 8 years.
Quote:
Originally Posted by GreyWolf
Around here, most of the large real estate firms have a property manager function. For a percentage of the rent, they will manage the property, including rent collection, maintenance contracts, advertising for new tenants, etc. The more properties you let them manage, the lower the percentage (but I think it can be fairly steep if you only have a single or few apartments/houses). They have the advantage of economies of scale because they manage a lot of properties, and get competitive bids for maintenance and such, and it gives them a steady cash flow.
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Exactly. 10% is what I pay him. No renter, no payment. Because I bought my last property through him, and I referred another person to him who bought a property, I got a 2% discount for 1 year. The week before Thanksgiving I got a call because a pipe burst in the bathroom, they let me know just in case they needed additional authorization over $250, and to find out if I had a home warranty which covers most issues. Since I do not have one any longer as they are about $200/year, I pay out of pocket for damages for one property. The other I have a warranty because it's a large house and there's more to go wrong.
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