Hello everyone,
I am about to start making offers on what will hopefully become my first deal. This means I will need to pick a property manager soon in Wilmington NC. There are three price models I've seen from various companies.
1. 10% of rent, $250 to find and place a tenant.
2. 12% of rent, $300 to find and place a tenant, $160 per year for a semi annual home inspection.
3. 10% of rent, 50% of one months rent to find and place a tenant, $160 per year for a semi annual home inspection.
The big company in the area offers the second two options, and the smaller companies offer the first. Market rent on the properties I am looking at is <$1200, so option 2 and 3 cost about the same per month for the first year.
The big company is easy to work with, responds quickly, and has excellent reviews.
What I am wondering is if they are worth the extra money each year. I've heard a good property manager is worth their weight in gold, but are they worth an extra $25 a month on a single property? Especially when the rent is only $1200.
Any thoughts or advice would be greatly appreciated.
Thanks,
Jack Center