I have a client that I've listed her property. Because of the slow moving market and the many calls as to whether my client would be interested in leasing her property is beginning to soak in. With 6 people ready to lease her house, she's now thinking of leasing the property, but she asked me to manage it, get a lease signed, pickup the monthly checks, keep the lawn mowed and track the repairs, etc. It's just I've not done property management before. It can't be rocket science but having the extra time to do it might be the question. Thoughts anyone....?
Redfin - Lutherville Timonium, MD
I can't wait to see the responses for this one, because I am dealing with the EXACT situation! My client wants property management, for free. And I have even entertained it, for a 10% fee per month, of the rent. I found a "property management" contract on Google, that he is signing. It explains how liability of ANYTHING is not on me. But I still keep saying to myself, "what am I doing?" I should just say, nope, not my department. I can help you sell, I can help you rent, but here is the number of a great Property Management company you should talk to....bye bye, call me when you want to sell again. WHICH sounds like much more less of a headache(s)!
Nov 26, 2008 06:16 AM
Howard Hanna Real Estate Services - Akron, OH
I would love to be your Realtor® in Akron Ohio!
There are many property management companies in my area. That is the way to go if you do not want or do not have the time to take care of the renters. I think it is very reasonable for the amount of work they have to do.
Nov 26, 2008 06:35 AM
MY HOME GROUP 602-321-1273 - Phoenix, AZ
Associate Broker- Phoenix , Arizona
I would not do it. If you pick up the check then you need a special account to hold the money , don't know about Texas but is AZ you need to have a bunch of disclosures and is just not worth it as people don't want to pay 10 of the rental fee. You either do it for a bunch of people and charge a decent fee or don't waste your time. I just find the renter and negotiate the lease. Put in the lease the fact that owner is doing the management. If anythign needs repairs you can refer them to someone that can fix it or have them buy a home warranty plan. The tenant should pay the copay on most repairs or least part of it. when tenants rent a home they have to take care of some stuff to if it breaks and you can even negotiate that they take care of the landscape ( a good lease should have provisions for all that stuff ) ... a home is should not be like a rental complex where they expect someone to change the light bulbs for them ...
Dec 04, 2008 03:15 PM
Coldwell Banker, DelMonte - Carmel, CA
Monterey Real Estate
It's alot easier when it is your main business. Best to pick a company that only does property management. Even then, make sure you stay in touch on a very regular basis!
Dec 04, 2008 04:38 PM
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