Bungalow.com - anyone working with them?

[Elliot Danforth]

Hi folks,

I self-manage a single-family home I own in Vallejo, CA. My most recent tenants (who were wonderful) moved out and I'm in the process of finding a new renter. I was contacted by a salesperson from Bungalow.com, and they're interested in managing my property for me / signing a lease with me. They charge a 50% placement fee and then 7% of the rent thereafter. Their main selling point seems to be that they themselves hold the lease and then (from what I can tell) essentially sublease the place to tenants, so the rent is guaranteed, and it's (supposed to be) totally turnkey.

I haven't yet, but I'll probably at least take them up on their free property inspection.

They're managing about 800 unites countrywide at the moment, and I haven't heard a ton about them. Nothing on these forums about them for the last 2 years. Anyone on BP working with them? Any thoughts as to whether it's a worthwhile alternative to traditional property management?

Cheers,
Elliot