Seeking Insight: Review of Property Management Account Expenses

[Artur A.]

Hello BiggerPockets Community!

I hope this post finds you all in good spirits. I'm currently working with a property management company in Cincinnati, Ohio and I've noticed a few discrepancies in my account statements. Before jumping to any conclusions, I thought I'd reach out to this knowledgeable community for guidance.

Would anyone here be willing to go through my property management account, scan all the expenses, and share their opinion? I'm trying to determine if my current management company is genuinely legit and efficient or if I might be better off looking elsewhere.

Some things I'm curious about:

1. 1. Are there common "red flags" to watch out for in such accounts?
2. 2. How do the expenses of my current company compare with industry norms?
3. 3. What experiences have you had with property management companies, and what should I be wary of?

I genuinely appreciate any advice or recommendations. Switching to a new company is not a light decision, and your insights will be instrumental in helping me make an informed choice.

Thank you in advance!

Best,

Artur

[Bill B.]

You could/should just list them in your post. The type of expenses vary by location and property type. For me personally it’s…

$300 commission to find a tenant. 
8% of received rents in management fees

1/2 of late fees

And $150 renewal fee. 

That’s it, other than repairs (with my approval over $250)

But, that's SFR in Vegas. It doesn't tell you anything about condos in NYC or a four Plex in Minneapolis.

With a dozen properties and an average tenancy of 4-6 years I usually have 1 repair per month, a renewal every few months and a new tenant every couple years.