.- Expected renovation costs $1MM.

When evaluating a property management company, it's important to look beyond just the management fee and consider the full scope of services and costs involved.For example, at our company, we charge a 10% monthly management fee, a $250 lease renewal fee (unless it’s a takeover tenant, which requires additional effort to establish a strong relationship - because usually people are changing pm companies for a reason), and the first month’s rent as a leasing fee.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

However, one nice thing about this community is a one-time cost and it doesn't require additional payments.

Support has gone down substantially imo while costs have gone up. big issue for us was the announcement lady year that tenant ACH payments were going from free to $2.50/pop, or you can cover it for $1/unit but you have to do all doors and can’t pick and choose (despite there being a beta that they announced, told me I could join, then later told me I couldn’t join bc it was too late and blamed me for not asking sooner when I literally asked right away and followed up repeatedly).

I have found that they worked really well when it comes to getting better tenants and better rents, and having less hassle, less headaches, and then getting a higher sales price; without paying closing costs or realtor fees.

Without this workout, the down payment requirements, current levels of interest rates and cost of the transaction would not be incentivizing enough to for investment. 

They have carrying costs.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

You may run into issues with re-tenanting and it may take longer than you expect or cost more.