This week’s question comes from Lisa on the Real Estate Rookie Facebook Group. Lisa is asking all about property management this week: I’ve never had a property manager, what are the responsibilities of one? I was recommended a manager and was told he charges 10%. What is the average pay for a manager? What questions should I ask when I speak with him?
While there is no standard on fees or responsibilities across all property managers, they tend to follow certain averages. Both Tony and Ashley have hired property managers as well as self-managed, here’s what they’ve found through their experiences:
Use your property managers as a means to find out more about a market
Property managers not only are in contact with your tenants, but they’ll also issue repairs and contractor bids when needed
If you’re new to real estate, it’s useful to have a property manager who can help educate you
Property management fees are around 10% (of rent) a month, but can be as low as 5%
Property managers will also charge fees for filling vacant units or performing maintenance
Ask about fees, thresholds for maintenance, and their experience with local investors
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://biggerpockets.com/rookie96
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