property management pricing and scope

[Mike Savage]

Hi,

I was recently asked to manage a friend's vacant rehabbed property in NE Portland since he lives in L.A.  Not sure how to price this out.  I plan on taking the pictures, posting  property to Craigs and Zillow rentals, pre screening tenants, showing the property, providing the application and lease forms and getting the lease agreement signed.  Having the rent sent electronically to the owners' bank account.  Light maintenance on the property for 1 yr. term. and maybe longer.  Can someone let me know how much to charge for this effort and if there is any PM documentation templates that I could use to sign for scope understanding agreement?  I currently manage my own 4 properties and will leverage my 17 yrs of experience owning property and my list of vendors and contractors.  I feel confident I can get him a great tenant since the house is in good condition in a great area.

Thank you for any advice

[Scott Radetich]

Mike

I did this type of deal a few years ago.   We agreed on a fixed price per property that i would get each month ($75 per home, again this was a few years ago).  I then received an hourly rate for any work i did for the property.  Since you have properties you know most of the months you end up not doing any work. The majority of time i spent working on the homes was during a turn. Lots of times i just did the work myself, other times i was busy and hired it out.  

It worked out well for both of us, they got a competent manager and i got a few extra bucks a month as spending money.  My wife and i often lament letting this deal go, (we had to move across the country).  Ha,  so if anyone is reading this and wants a deal like this i could be available!