Property Manager or Managing Through Software from a Distance

[Sheldon Peart]

I am looking for some advice or feedback on how to go about setting up our rentals to be managed from a distance. I recently got a job offer that was too tough to turn down, so we are looking at moving in the next year, which is 8 hours away. We have two four-plex's side by side where we currently live and just do not want to give them up as they produce really strong cash flows. I am trying to decide if 1.) Do we hire a property manager or 2.) Do we use a software like Tenant Cloud to manage the properties and just hire someone to do things like showings, tenant turnover, and maintenance runs. I just don't have much to go by to compare the costs. 

I have not used a property manager before and am concerned that their incentives are not really aligned with ours, for example they get paid even if there is vacancy, or they charge a fee for filling a unit but not for renewing a lease. In anyone's experience how open are property managers to making changes their terms and conditions to better align our interests? I know we don't have a large amount of units, which means we don't have as much leverage negotiating but it would make more sense to me to incentivize the property manager in ways that are in our interest also.

The second option of managing through a software and just having contractors respond to the maintenance and issues that come up. Looking for feedback, or advice on this option and if it was worth the headache of being the facilitator essentially. 

Thanks for any advice or feedback.

Sheldon

[Account Closed]

i have a student rental in kingston...managed it myself for a couple years then handed it over to a PM for the past 7 years or so...its gone smoothly, no problems. they take around 8% of the gross rent (collected)...sometimes the expenses are a bit higher than i expect but the property still cashflows nicely and i get peace of mind knowing i don't need to every worry about taking calls or dealing with tenants.

once i have enough doors here in sherbrooke, i plan to hire a PM even though i'm literally 2km from the properties i own...to me, real estate is an investment, not a job, so i like to spend as little time as possible (besides looking for and negotiating deals, which is fun).