All Forum Posts by: William Stubbs

@Charlie McCurry . Thanks for the response, I've sent a colleague request ( I think that's what i need to message you).

@Lynn McGeein, I've requested an agent to contact me. Thanks for the advice!

@Dawn Brenengen,

Thanks for confirming the rates.  They agreed to strike the maint. charges and terms.  They have been extremely responsive in all my interactions, which is what made me interested in using them.  I've tried to make sure to structure the contract in a way that if the arrangement is not beneficial to us both, we can leave.  That was the primary reason for my concerns on term.  They've advised they have no issue removing the term commitment, so I'm going forward.  I still believe the renewal cost is high, but i'm going to go forward with the hope that it will result in finding tenants who renew.

Thanks!

William

I have a property near Winston-Salem, NC that I previously occupied.  I am in the process of renting it out, but I'm trying to locate a good insurance company/broker/etc and not sure exactly the best way to approach this. 

Can anyone recommend a company or insurance broker in the area?

@Andrew Syrios Thanks for the feedback.  The renewal portion and maintenance fees seemed odd to me as well.  Thanks for the advice! 

It is customary for owners to get the late fees? I had not considered this portion at all really.  It makes sense that I would, as it affects me much more than missing 8% affects them.

I have a property that I previously occupied in NC that I have decided to rent out.  I currently live out of state.  I have received a quote from a property management company, and I'm not sure if the terms are typical for this type of deal.  I would appreciate any information that you guys would be willing to share from your experience.

Details:

Property Value ~ 130k SF home 3BRx2.5Bath

Potential Rental Range - $1050- $995/mo ($995 seems more realistic)

Term: Contract has a term of 1 year of management, with autorenews for a year.  

Fee: 8% total gross rental income. 50% first months rent each time tenant is procured and $375 on renewal.

Maintenance fee: 10% of repair cost on all maintenance coordinated & 20% on all renovation costs coordinated.

NSF/Late Fees: Split equally

Interest on Deposits: To property management company

I don't want to pinch pennies on this, but I certainly don't want to overpay when it may not necessarily assure me better service.  

1.) My primary concern is the term.  Auto-renewal will not be in the contract. I don't sign service contracts that include them, because I feel good quality work doesn't require one.  Is it typical to include a performance clause, ie: If not rented for x months or something to that effect contract is void?

2.) Are the costs typical?  With the tenant acquisition fees, it comes out to about 12% for new tenants and 11% for renewals?  

3.) I'm not sure what else I'm missing.  Any suggestions?

Thanks so much in advance!