All Forum Posts by: Chris F.

Thank you both so much for the detailed replies

A few questions related to Accounting if you don’t mind

1. Do you recommend separate bank accounts for each property, or does a single account work better?

2. For purchases made on a credit card, is it best to use separate cards, or are there good methods for tracking expenses by property?

3. Are there any banks you’d recommend that make it easy to manage multiple accounts or integrate with property management software?

Hi everyone

I’m planning to start a property management company and would appreciate some advice on setting up my fee structure. I’m looking to understand industry standards and best practices. Here are some of the main questions I have:

1. Percentage of Income: What percentage of monthly rental income do property managers typically charge? Does it vary depending on property type and unit count (SFR vs Multifamily, vacation rentals vs. long-term rentals)?

2. Placement Fee: Do you recommend charging a full month’s rent for new tenant placements? If so, how has this worked for you in terms of value to the owners and as part of your overall fee structure?

3. Additional Fees: Are there other fees I should consider, such as maintenance coordination, lease renewal fees, or vacancy fees? Any insight into what’s commonly accepted would be great.

Thanks in advance for any tips or experiences you can share. I want to ensure I’m offering fair pricing for owners while building a sustainable business.

 Interesting! Where do you track that?

If you were to prioritize the following list from most important to least in any given time period:

• Mortgage rates
• Count of Properties for Sale
• Average Property Sale Price
• Average Property List Price
• Average Sale to List Price Ratio
• % of Sales Over/Under List
• Days to Close (DOM)
• Count of Properties Sold
• Count of Properties with a Price Cut

As a second question. Do you track these on the daily, weekly, monthly, or annual timeline?

Also if I am missing anything please add it in as a new metric!

Thank you. Does he work on a % of collected money or retainer?

We have a tenant who has skipped rent and caused damage. We are looking to work with a collections company to recover owed money from them. Unfortunately most collections companies only work with large corporations that provide consistent business. Does anyone know of a smaller time company we could work with?

As the title states how much is it usually to go through an eviction with an attorney? Specifically for unpaid rent. 

I have a potential couple looking to rent a unit. They provided identification and bank statements, but were unable to be verified by Transunion ShareAble. What can I do to get them verified? The employment referral had nothing but great things to say about the man (I called the employer directly instead of using the number they provided). And they are willing to do 2 months security deposit plus first months rent up front.

 Yep makes sense. Tried and no luck. Do you have a collection agency that knows the columbia heights area well?

Had a tenant skip after delinquency of two months unpaid rent. Are there collection agencies that can go after them?