Property Management without Tenant Placement

[Christopher Boggs]

Can you get property management, but place the tenants yourself. I am starting a small single-family rental portfolio. I am not worried about interviewing tenants, and placing them, but I do not want to manage the properties day-to-day (collecting rent, calling repair people, etc.) Also I don't want to give up one months rent for placing a tenant which seems to be what most companies do. I also don't think that paying them a months rent is conducive to them finding a long term tenant.

Any idea if there are companies that do this? Know of any in the Cleveland Area? Cost?

[Rob K.]

In my opinion, finding quality tenants is the hardest part and the day to day management is fairly simple. If you're going to do the hard part of showing the property, qualifying tenants, and signing the lease, why would you then pay 8-10% each month for the easy part?

I think you could find someone you know (maybe a stay at home mom that has some free time) to take calls from tenants and arrange for any repairs. Collecting rent is as easy as going to the PO box and grabbing the checks. If the tenant doesn't pay, a notice to quit can be filled out in one minute and placed in the mail. I think if you found someone who wanted a (very) part time job, you could pay them hourly for the time that they worked and come out way ahead. I bet it would cost you less than 2% of the rent on average.