Residential property management means operating rental properties on behalf of owners, handling tenant placement, rent collection, maintenance coordination, compliance, and accounting, in exchange for a fee, typically 8 to 12 percent of monthly rent plus assorted leasing and service charges.
Log in to followI've been talking to two people on opposite ends of this and I can't tell which one is the harder road. One runs a shop that started with four doors from a friend's rental and gre…
I've had the same conversation three times this month with owners and managers and nobody agrees. Percent of collected rent is the default. Eight to twelve percent depending on ma…
I've been sitting in on pricing conversations at two shops in the same metro, similar door counts, and they've gone opposite directions on the same math. Shop A charges 10.5% of c…
Turned a unit last month where the dog had worked on the base of every door frame in the place, plus the carpet, plus a section of the vinyl in the kitchen. Total scope came in ar…
I do renovations, so I figured the operating part was the easy part. Five units, two duplexes and a single family, all freshly turned by me, average rent $920. Full management quo…
I came from the trades and I've been circling the investing side for a while. The thing that actually changed my year was going after property managers as customers instead of hom…
I've been reading acquisition decks for management companies because the paper side of consolidation interests me, and the same slide keeps appearing in different fonts. Current p…
Nine units, three of them under a manager I brought on last year for the ones furthest from me. Her written criteria say gross income at 3x monthly rent, no evictions in seven yea…
Been looking at property management as the thing I actually do rather than buying anything, and I've gotten three different answers about licensing. One person told me you need a…
I'm still on the list-building side, no purchase yet. I decided to interview managers in the two submarkets I was choosing between, before I bought, because I kept reading that ma…
Got two management proposals on a small portfolio and I can't make them line up. First one: 8 percent of collected rent, $0 setup, one full month for a new tenant placement, $200…
Every unit teaches something and this one is teaching me about my own time. 22 units across three small multifamily buildings, all within nine miles. Gross scheduled $24,500 a mon…
I do the paperwork for a family LLC that owns a nine unit brick walk-up in an inner-ring suburb, and last spring I redlined the management agreement myself. One of my changes was…
Renovation is my side of the business, so I assumed I'd be the last person to get taken on turn costs. Wrong in an instructive way. Setup: I finished a heavy rehab on an 8 unit an…
Trying to understand these companies as businesses and I keep running into the software question without a straight number attached. Everything points at AppFolio or Buildium, and…
I've narrowed to two shapes for a first purchase and they point in opposite directions. Shape one is a duplex about 50 minutes from me. Prices are higher, rent to price is worse,…
I wanted the boring version that works, and I talked myself into believing the cheapest option was the boring one. One single family rental, market rent around $1,650. I got quote…
I'm writing positioning for a management arm and I've got two versions of the same page. Version one leads with compliance. Local registration and inspection regimes, notice requi…
I put $180,000 into a private note secured by an 18 unit built in the seventies in a soft secondary market, second position behind a small bank first, paying 10% interest only. Sp…
Construction is what I know, so when I bought into a 31 door scattered portfolio with a partner I looked at the manager's fee sheet and saw a 10% base plus a maintenance coordinat…