West Palm Report post Posted March 7, 2015 Need some help. I may be transitioning to a new area and don't want to sell my house. It's managed by an HOA outside so I don't think I need a property manager to handle the inside stuff. I will be 500 miles away so I could be wrong since I can't just pop by and fix stuff. Do I need a property management company, what do they do/charge? Do I just contact a real estate agency to handle the rental contracts and renter interviews? I don't think I'm going to have a lot of time once this ball starts rolling so any advice is greatly appreciated. Quote Share this post Link to post Share on other sites More sharing options...
Roman Report post Posted March 7, 2015 Need some help. I may be transitioning to a new area and don't want to sell my house. It's managed by an HOA outside so I don't think I need a property manager to handle the inside stuff. I will be 500 miles away so I could be wrong since I can't just pop by and fix stuff. Do I need a property management company, what do they do/charge? Do I just contact a real estate agency to handle the rental contracts and renter interviews? I don't think I'm going to have a lot of time once this ball starts rolling so any advice is greatly appreciated. A management company is typically going to want 10% of the rent. Its tough to do yourself if youre not local or dont have somebody local you can have run over there when SHTF... and it will. Quote Share this post Link to post Share on other sites More sharing options...
Fortis Report post Posted March 7, 2015 You need to add a "layer" between you and the tenant, find a good RE agency and let them handle everything, good luck! Quote Share this post Link to post Share on other sites More sharing options...
emanon Report post Posted March 8, 2015 What area? Lots of real estate agencies handle rentals and have their own maintenance guys, etc. like RD said, they charge 10% plus a markup on any repairs done. Check around and find someone reasonably fair and forget.about it. You can't possibly manage this from 500 miles away, It's way too hands on. I'm 30 miles from one of my rentals and find it irritating at times lol. Quote Share this post Link to post Share on other sites More sharing options...
sprite Report post Posted March 8, 2015 What area? Lots of real estate agencies handle rentals and have their own maintenance guys, etc. like RD said, they charge 10% plus a markup on any repairs done. Check around and find someone reasonably fair and forget.about it. You can't possibly manage this from 500 miles away, It's way too hands on. I'm 30 miles from one of my rentals and find it irritating at times lol. Is 10% industry standard for companies that handle short term rentals too? Quote Share this post Link to post Share on other sites More sharing options...
emanon Report post Posted March 8, 2015 Is 10% industry standard for companies that handle short term rentals too? Like fully furnished vacation properties? I think that really varies with the area and total rent, but no, as I understand it since the turnover is much higher their fees are a lot higher. I don't have a ton of experience in this area, but as I recall it was 20%+ Quote Share this post Link to post Share on other sites More sharing options...
West Palm Report post Posted March 8, 2015 What area? Lots of real estate agencies handle rentals and have their own maintenance guys, etc. like RD said, they charge 10% plus a markup on any repairs done. Check around and find someone reasonably fair and forget.about it. You can't possibly manage this from 500 miles away, It's way too hands on. I'm 30 miles from one of my rentals and find it irritating at times lol. moving from Jupiter, FL to S Atlanta (not sure where yet) Quote Share this post Link to post Share on other sites More sharing options...
Blacksun Report post Posted March 8, 2015 moving from Jupiter, FL to S Atlanta (not sure where yet) I live in TN and have rented my house in FL for almost 5 years. I use a management company to screen all potential tenants, do the showings, etc, and pay her a fee for her services. After the papers are signed, the tenants mail me the the lease check monthly. If they are in need of any repairs, they contact me directly, usually by email, and I'll contact the repair man to take care of it. I even used Home Depot to do small things like switching out the garbage disposal. I go down once a year to see the house to make sure nothing crazy is going on and that the house is being kept up, plus I still have friends down there so it makes a good excuse to get away. I've never had any big or bad issues and it's been fairly easy to manage my self. The easier way of course is to use a management company to do everything, but as RomanDad already stated, they tend to charge you a nice fee. Quote Share this post Link to post Share on other sites More sharing options...
sprite Report post Posted March 8, 2015 moving from Jupiter, FL to S Atlanta (not sure where yet) S Atlanta? Like by the airport? That's in the ghetto. Quote Share this post Link to post Share on other sites More sharing options...
West Palm Report post Posted March 8, 2015 S Atlanta? Like by the airport? That's in the ghetto. I would be working really close to the airport. need to find somewhere decent to rent for a while until I get my bearings and wife get's a job. Recommendations? Can't break the bank but need to avoid graffiti and 24" wheeled Camry's. Quote Share this post Link to post Share on other sites More sharing options...
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