I'm still learning about Property managers

[Mark K.]

No. of Recommendations: 0

I have 6 doors now. They include 3 single family homes and a triplex.

All are local to me except for one house that is 600 miles away. I inherited a property manager with this one. The seller told me it's the best one they have found.

I've not really looked into property managers.

This is how they work.

They get 1/2 of first months rent for a new tenant and charge 10% of the monthly rent.

They hold the rent until the last week in the month and then send it to you. This way, they say, they have funds in case repairs are needed.

They charge an extra 10% on labor and materials if they have to get maintenance done.

They have one main contractor they use. He does good work from what I can tell.

How does that seem for those of you that use property managers?