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Updated almost 9 years ago,
Starting a property management company suggestions please
In the last few years me and my wife got into the real estate investment world, me with flips her with property management and getting her real estate license. She managed 45 properties for a guy in town but recently more and more kept getting added on the table and he was using her as a office manager for his personal business ventures not just rentals.
My business flipping homes has started to take flight lately and we see this as a good time to make a move and open our own property management company. I was hoping to hear some suggestions from people what they have liked and disliked from management companies in the past.
We live in Salisbury, md and college rentals are huge here as they bring in the largest return ($1350-2000 a month on 80-90k property) even though she specialized in college rentals we are willing to take on SFR as well.
Rates we are thinking would be 9% of collected rent unless a certain number of properties are brought to the table we would lower this percentage based on how many homes they have. Since I've built a crew of workers and friends in all trades all work can be handle in house from plumbing/electrical/hvac/carpentry etc. thus saving a ton of cost on the major issues which we would pass on to our clients. $25 flat hourly fee for basic maintence calls and $40 flat fee for any mechanical type calls with 0 markup on any parts.
Flat fee of $250 for any college rentals as they are often high turnover rates and don't want to charge the homeowner every year a months rent , on SFR would be first months rent.
My thing is we don't have any local real estate investment groups to network with so getting our name out I am concerned about so any and all input would be great to hear.