Property Management Cost

[Erin Weiss]

I'm looking into hiring a property manager. I've seen several places that charge 10-12% of monthly rent for their services. Is 10-12% an average price from your experience?

[Angie W.]

@Erin Weiss I agree with you. It didn't sound like something I was interested in either. If you have the time and patience to do it yourself I would recommend it.

I am in a position where my husband and I currently don't have the time to market and show the property when people are available, in addition to screening. It's not hard, just time consuming and at times will try your patience.

If you decide to do it yourself make sure to do your research to CYA and screen your applicants well.

It wouldn't hurt to interview a few PM's or even leasing agents, if you just want help getting it leased. Some offer things other than full service that you may be comfortable with. I have just been given a recommendation for another PM which I am going to call tomorrow just to see if they operate any differently than the first one I spoke with.

I also recommend consulting an attorney that specializes in this area just to make sure you have everything in line. Most initial consults are free and can save you a lot of headache down the line.

Good Luck to you!