All Forum Posts by: Eric W.

@Sandy Franklin Many times the percentage that vacation rental property managers charge depends on their market and competition. For example, in busy resort type communities that have vacationers regularly, I have seen the percentage at 40%! Which in my opinion is outrageous. In your situation you may want to shop around, or give it some time and look at your results over a longer period of time. I do not know the location of your property, but vacation rental prices are adjusted by the property managers to reflect what is going on in the area on any given time. If it is a slower time, the will lower the price and vice versa during busier times. Personally, I would give it some to really get a good feel for the management company (6 to 8 months), and during that time I would call them to check in once a week. Ask questions about the property, last weeks renters, events going on in town, etc. It shows them you are paying attention and you get a good feel for them.

@Account Closed you mentioned a keyless entry, I have seen several management companies and vacation rental owners doing this. This will definitely be the norm in the near future. Each new vacationer gets a new code that works for the duration of their stay only. Codes are updated from a computer in the office.

That is definitely a reasonable expectation. Since you mentioned that you don't use a management company, I am interested in responses of those who use a management company and those who don't.

A vacant unit that is not renting can depend on a number of variables, but I'm curious as to the thoughts on this.

As an investor how long do you expect a property or a unit to be vacant in rent ready condition when managed by a property management company?

@Account Closed please add me to your list. I just sent you a colleague request. Also, my office is right down the street from the PPG main office. Let me know if you ever want to grab coffee and talk real estate.

Hi @Josh Little , I own and operate a property management company in the Portland metro area and 2 to 4 unit plexes happen to make up most of our accounts. I'd be happy to talk to you about your needs and answer any questions that I can. Feel free to email or call.

@Cindy Margheim my company manages other properties in that area and my initial thought is that there may be room for a slight rent increase in addition to negotiating a slightly lower management rate. Also, your cash flow might not meet the standards of a lot of the investors on this site, but in your situation it looks like you have a tenant that is paying down the mortgage while you your siblings are gaining equity. If you are ever interested in talking about your property management options, feel free to message me or give me a call; number is on our web site.

@Chad Stubblefield welcome to biggerpockets. Are you planning on building a property to hold and rent or a house to resell? If you are planning on building it to hold and rent, have you considered a small multi-family (1-4 units)? Also, there is a monthly development seminar here in Portland put on by the local REIA, message me for details if you're interested.

@Bryan Brashear , welcome to Biggerpockets. I'm jealous that you live in Bend, especially if Bachelor would get just a little more snow sometime soon :)

As far as the property management agreement with your investor/mentor, it sounds like it could be a great way to learn the ins and outs of property management while making some money too. By being involved with him on the property management side of things you will no doubt get into conversations about investing and pick up knowledge along the way.

Experience in property management is a great asset even if your ultimate goal is to be an investor and hire property managers in the future.

Welcome to Biggerpockets and welcome to Portland.