Is a Property Manager worth the cost?

By
Managing Real Estate Broker with Full Circle Property Management
https://activerain.com/droplet/56TW

So you are thinking of hiring a manager this time after the last fiasco? Maybe a manager will find a better tenant than you did?

 

Let's start out with honesty: sometimes finding a good tenant or bad tenant is blind luck! A property manager can significantly increase your odds of finding a good one but sometimes they get a bad one too. So what do we, as a property manager, add to the value of your investment?

  • Tenant screening-we go above and beyond normal pulling of credit reports. Credit reports only cement that there is a reason they are renting and not buying, but offer little in the way of showing if they will pay rent or not. So we also perform the following searches:
    • sex offender search national database
    • previous landlord search and verify the previous landlord is not their friend posing as their previous landlord
    • criminal search-looking for past activities that could affect current behaviors
    • eviction search-looking for filings in their name, and other names they may have used, or roommates names
    • Employment verification, if employed. How much do they earn, how long have they worked there, etc.
    • Income from other sources. We verify child support, SSI, government aid, etc. Just because its awarded doesn't mean they get it.
  • Writing of the lease document and assorted forms: We have latest booklets, disclosures, and any other government forms. Our leases are verified to be legal in court and comply with Fair Housing
  • Showing the property - we arrange and schedule and recruit your tenants and we know what can be said and wht not to say!
  • Advertising - we provide full advertising on the web, from our website to zillow/trulia/hotpads to thhe tons of smaller sites
  • Move-in/move-out: We perform the inspections, interaction with tenants, and archive the reports for you
  • Monthly reporting: each month we will send you a Profit/Loss Report and your proceeds, electronically

 

How much does all this cost? Are you thinking its a lot? Would you believe $75 per month for one unit, and the price goes lower if you have multiple units.


Interested? Call or email for more details!

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Rainmaker
2,860,730
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

  Most of our flipper turned landlords have them....unless it's a full time job it's a hard one to juggle with "real life" and do it well.

Sep 04, 2017 04:54 AM #1
Rainmaker
4,432,764
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning,  Dennis Swartz from one who always did her own property management, the answer is YES.... I should have had a property manager back in the day, but they were not as plentiful as they are now.... 

Sep 04, 2017 05:12 AM #2
Rainmaker
3,708,390
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

They are worth the cost  if you are not up to deal with the adversity of dealing with bad renters.

Sep 04, 2017 06:03 AM #3
Rainmaker
2,707,796
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Morning Dennis,  Excellent blog, I know I have a hard time with some poeple that buy and go it alone with their rental, and a year later they have to remodel and fix so much.

 

Sep 04, 2017 06:23 AM #4
Ambassador
2,808,998
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

 I think a property manager is essential to my sanity. I have used an outside property manager for several years and I don't have to listen to my phone ring in the middle of the night and the commission is well worth the money Dennis Swartz 

Sep 04, 2017 10:27 AM #5
Rainmaker
2,988,053
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Great detailed checklist showing the value you provide to your landlord clients Dennis Swartz !

Sep 05, 2017 05:03 AM #6
Rainmaker
1,049,904
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Good managers are worth their weight in gold.   When I was a property manager, my largest investor who owned 16 units said I was netting him an additional $3,000 per month over his previous manager... and I can assure you it's not because my fee was less.   Good managers are an investment, not an expense.

Sep 06, 2017 06:49 AM #7
Rainmaker
1,226,375
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Yes, I think a great property manager would be a definite "yes."

Sep 09, 2017 03:56 AM #8
Rainmaker
3,533,444
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Dennis Swartz ,

A good property manager is worth their weight in gold! Great outline of why! Glad to see this featured in Carol Williams Saturday Second Chance series.

Sep 09, 2017 06:35 AM #9
Ambassador
3,672,439
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Dennis

I think for many it makes so much sense to have a property manager. The  majority of the people I know who have rental property use them, at least when they have more than 1 property and when they are not local.

Jeff

Sep 09, 2017 10:25 PM #11
Rainmaker
1,998,132
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Well you certainly built a strong enough case for me! I would never want to manage a property!

Sep 10, 2017 07:50 AM #12
Rainmaker
151,874
Corey Martin
Martin Presence Group - Ruston, LA
Real Estate and Management Solutions

Completely agreed. But then, I am a property manager, hahaha. Please check out Martin Presence Property Management, LLC for your property management needs in our area. 

Thank you, Dennis Swartz, for pointing out some of the many ways we serve our customers. 

Sep 11, 2017 11:58 AM #13
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Rainmaker
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Dennis Swartz

MBA, GRI...experience counts!
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