Property Management in Western Mass

[Ryan Jopson]

Good Evening fellow BP members;

Looking to obtain some general feedback in regard to property management in the Western MA area. Specifically Hamden and Hampshire county.

What rate are you paying your PM company. I've found the average to be between 6-10% but looking for honest verification on this. Does your rate, or quote on rates; increase if the property is larger (4+ units) or does it stay the same if the property is a smaller multi (1-3 units) ?

What hourly rate are you paying for general maintenance and repair jobs? Does your PM call you for the "go-ahead" before the work is done?

Are you paying the standard leasing rate of "1/2  the list price"; for your PM to find a tenant for a rental? Are the quality of tenants found by your PM company up to standard? Or have there been issues

If you had to rate your PM company on a scale of 1-10; without using the number 6--what would it be?

Eager to hear what people have to say. As always; thank you for your time and contribution to the forum.

[Filipe Pereira]

I know this post is a year old, but thanks for resurrecting it @Ryan Breen. Here is what I have seen in Springfield and Western MA. Here goes:

What rate are you paying your PM company? 

 10% of the collected rents, and 1 month's rent to fill a vacant unit.

No up charge any repair or maintenance work. No renewal fees, mailing fees, doc prep fees, or any of the other "B.S." fees that a lot of management companies pull out of their you-know-what.

Find a PM company that will strive to sign a 2 year lease with tenants, but will only bill the investor for 1 month (rather than 2 as it is typically 1 month's rent per 12 month lease).

What hourly rate are you paying for general maintenance and repair jobs? Does your PM call you for the "go-ahead" before the work is done?

Depends on the job. Mot plumbers / electricians are around $100/hr. Around 30-50/hr for quality handyman.

Are the quality of tenants found by your PM company up to standard? Or have there been issues?

50+ tenants placed in the last 2 years, zero have resulted in evictions. Vacancy rates around 4% for the YEAR. That's 14 days out of 365... 100% of rents have come in before and during Covid.