DIY Landlords What would it take for you to turn your property over to a Manager

[Nicholas Cotroneo]

Hey Folks,

I have several friends who have properties that they manage themselves.  I am trying to build my portfolio as a property manager but most are unwilling to turn over their properties because they do not see the value in having a property manager.  Even as a licensed real estate agent I have a property manager for my property in Washington State given I live in Florida.  The convienence of not having to worry about it is worth the 8% monthly fee.  My company here in Jacksonville charges 10% but that comes with the appfolio web access and a trusted list of vendors and handymen.  I truly believe that our setup is worth it but most folks are unwilling to turnover their properties.  What would it take as DIY landlords for you to turn over your place.  Honestly is having a property manager worth your money?

Thanks,

Nick

[David Light]

Good topic Nick, I struggle with the fee model. Most get paid when there is turnover and they find new tenants. That leaves no incentive to keep tenants in my units. 

On a recent bigger pockets podcast the guest talked about paying her property manager a percentage of gross rent with bonuses for low turnover. No additional fee for finding a tenant. That would be something I'd be more interested in because the property managers goals wild be aligned with mine.