Property Management in Northeast LP Michigan

[Kevin Ehlert]

Hello,  

I've been reading and listening to podcasts to learn about real estate investing over the past few years.  I had an Airbnb rental/flip for about a year that I self managed, but ended up selling because of the time commitment not fitting well at this point in my life with a young family.  I wouldn't be opposed to vacation rentals going forward, but more interested in long term rentals.  Whichever route I go, I am leaning toward using property management to make it more sustainable.  All of the Northern Michigan Property Managers I've found seem to be on the West side of the state, near Traverse City/Boyne/Petoskey. 

Before I make any offers, I want to make sure I'll have options available for my location.  I'm looking for any recommendations on reputable companies that would be good to talk to.  Discussing fee structures would be beneficial to help me predict the associated cost when evaluating deals.  I seem to hear a lot that 10% of gross rent is a safe assumption, but if there is limited competition, I want to make sure that's still a reasonable estimate here.  Also, I'm sure there would be higher fees on short term rental management so would like to get an idea if I ended up going that route again. 

[Joshua B.]

Originally posted by @Kevin Ehlert:

Hello,  

I've been reading and listening to podcasts to learn about real estate investing over the past few years.  I had an Airbnb rental/flip for about a year that I self managed, but ended up selling because of the time commitment not fitting well at this point in my life with a young family.  I wouldn't be opposed to vacation rentals going forward, but more interested in long term rentals.  Whichever route I go, I am leaning toward using property management to make it more sustainable.  All of the Northern Michigan Property Managers I've found seem to be on the West side of the state, near Traverse City/Boyne/Petoskey. 

Before I make any offers, I want to make sure I'll have options available for my location.  I'm looking for any recommendations on reputable companies that would be good to talk to.  Discussing fee structures would be beneficial to help me predict the associated cost when evaluating deals.  I seem to hear a lot that 10% of gross rent is a safe assumption, but if there is limited competition, I want to make sure that's still a reasonable estimate here.  Also, I'm sure there would be higher fees on short term rental management so would like to get an idea if I ended up going that route again. 

Hi Kevin,

I was recently looking at a multi-family in Cheboygan and searched for a property manager. I called around and the word I got was that there was exactly one person in town who would do it. In calling around, I learned that there were a few places that handled vacation rentals but not much in the way of year-round property managers for regular rentals. If you're focusing on a lakefront house for short-term stays I think you'll have a much easier time than if you're doing a SFH and trying to be a remote landlord.

Hope that helps.