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Updated almost 6 years ago,
Thinking about ditching property manager - need advice
I am looking to ditch my property manager in the near future. Looking to find something halfway between me 100% managing and a property manager....
My portfolios consists of 26 single family - most are fully rehabbed using the BRRR strategy so they rent quick. Right now they are managed by Howard Hanna Property management who I have been with from the start - 5 years + years. I never wanted to deal directly with showings/accounting/collections/evictions/legal so a PM was a good fit.
My business has changed over the years - its grown and expanded into flipping so I have multiple full time crews working daily. For that reason I dont have the PM handle any maintenance issues because my guys do much it cheaper. I also have my photographer take photos and I send the PM photos and a description for each new listing because they dont do a good job with either.
I have negotiated 8% of rents - They take 1st month rent on a new lease - no renewal fees. I now understand that my PM who will never care about my properties and tenants like I did. All in all she is pretty solid but I have a few gripes. I dont think they are worth the 36K I paid them last year.
At the very least I am considering marketing the properties on my own to save on the leasing fee. But eventually I think I can phase them out all together and find someone like my PM to manage them at a fraction of the cost.
I have 2 businesses so I am too busy to manage the whole thing. I would like to continue with repair requests and listings. What I dont want to do is showings/accounting/collections/evictions/legal.
Any ideas on a good route to take? And is there a go to PM software for something like this?