Finding a Property Management Co & Expectations

[Yogesh Bhadane]

I am sure some of the landlords who are working with property management companies have experienced this before; just trying to get a feel if my expectations are different than others. One thing for sure, everyone will agree that finding the right people/team is more difficult than finding an investment property.

My criteria for buying investment property is simple: Single family home In a B+/A type of neighborhood in a ready to move in condition. Where there will less repairs and turnovers. (Hopefully)

1. Property management companies are asking extra charge for initial setup

2. Extra charge for any maintenance calls 5-10% markup of the expense

3. They have right to choose who the tenant would be and what to charge them

4. Any visits- inspections or incidental fees (not talking about fire/ weather related)

5. They get to keep any discounts given my contractors/ 3 rd parties

All above are after paying 10% fees of monthly gross rent.

Can you as a landlord negotiate the lease agreement? What is your criteria choosing PM? Is it not normal to negotiate terms upfront and change the agreement for mutual benefit?

Thanks all for your feedback!