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Updated over 11 years ago, 06/17/2013
Iffy about getting rid of property mgt co
Spouse and I own a townhome rental about a mile from where we live. We utilize a property mgt co. There are things the company does that drive me batty. When I get the monthly statement as I am opening it I think "what are they going to take money from me for this month?" The regular management fees are not horrible 8%. But they spent around $100 to fix a leaky sink sprayer. Had I known I would have upgraded kitchen faucet, $75 to change out a light switch...really?.
We opted for the townhome as the price was right. I thought it would be easier to manage IF we did it ourselves, but then hired a co to do the management.
Finding tenants and qualifying them scares me however, I feel I can market it better than they do. (They are in love with the word quaint...shiver, and lovely in their ads)
Do I suck up, get rid of that 8% expense and try to manage it myself? Really hate the thought of midnight calls which I don't think ever happen, but really want to be in the loop of what is going on in my property and if something happens want the opportunity to upgrade for a little more than repair.
We are hoping to move into the townhome when kids graduate and make our primary home our rental.
Thank you for any info/advice you can provide me.