Paul S.  Henderson, REALTOR®, CRS, South Puget Sound Washington Agent/Broker! (Fathom Realty Washington LLC)

Spam prevention
Rainmaker
857,279
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

A REPUTABLE, EFFICIENT PM company. There's a distinction there. Bad property management will leak dollars out of your investment so fast. You gotta really do your homework, and don't sign a management agreement you can't easily get out of in the event that the property manager is neglecting your property. Also, don't buy properties out of town or out of your area that you can't travel to periodically. Nobody will care more about your investments than you do.

Sep 27, 2019 07:14 AM
Ambassador
2,983,994
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Absolutely.  Yes, I do. 

I recently learned that my client hired a contractor to install a new AC in a rental property in another state.  Come to find out several years later, the contractor did not install a new AC - an older used unit was installed. 

Finding a reliable and trustworthy property management company is a challenge as well. 

 

Sep 27, 2019 07:15 AM
Rainmaker
468,099
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

I do but some prefer to handle it themselves.

Sep 27, 2019 07:14 AM
Rainmaker
3,823,407
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Just about always. I can't tell you how many times I've sold an investment property for an owner that had been trashed and needed tens of thousands of dollars to bring it up to sellable standard. I have only one client who manages his own properties... but he lives just 5-10 minutes from all of them and is very diligent and persnicketty about contractors he uses.

Sep 27, 2019 07:08 AM
Ambassador
5,136,261
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I recommend that most people either learn what it takes or stay away from rentals.

Sep 27, 2019 07:42 AM
Rainmaker
5,276,287
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Paul,

Ron and I have a designated "peace of mind" account.  We don't think we can do it all ourselves...A

Sep 27, 2019 07:19 AM
Rainer
88,724
Karen Climer
Demetree School of Real Estate - Orlando, FL
Teaching people to pass the real estate exam

I think it's always best to explain to clients what the pros/cons are of using a property management company and what the pros/cons are of managing it themselves.  Then let them make the best decision for them with that information.

Sep 27, 2019 08:27 AM
Ambassador
4,445,761
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Yes, definitely...a reputable, trustworthy one!

Sep 27, 2019 08:02 AM
Rainmaker
3,944,169
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Never managed my own units. Spent years as an asset manager for thousands of apartments and learned valuable lessons. Don't do it yourself applies to 99% of investors.

Sep 27, 2019 07:50 AM
Rainmaker
1,815,123
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Always Paul S. Henderson, REALTOR®, CRS . I also encourage them to spell out what they expect from a PM company. I know I was very disappointed the first time I hire a PM company so I give the client tips on what to ask so they avoid the disappointment I experienced.

Sep 27, 2019 07:33 AM
Rainmaker
1,685,736
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

yes, it is too much for me. There are agents in my office that provide the service.

Sep 27, 2019 07:24 AM
Rainmaker
1,083,985
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

This is a matter of affordability wherein if the properties can support the added expense I might. I see fees between 10% and 18% for many management companies and honestly I don't believe any substantiate that cost. Investing in your own market keeps travel time to a minimum plus I like to regularly see what my tenants are up to at my investments.

Sep 27, 2019 09:30 AM
Rainmaker
509,845
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Absolutely.  It is a big investment and a good PM company will help the new owner protect his interests.

Sep 27, 2019 09:25 AM
Rainmaker
5,567,772
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

yes...everyone who has investment properties should use a well-versed management company....

Sep 27, 2019 08:55 AM
Rainmaker
860,990
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

I recommend clients should always hire a property management company.

Their second question is, "Do you do property management?"

Followed by, "Can you refer me?"

But, I also know a PM company is married to a real estate brokerage.

Sep 27, 2019 08:49 AM
Rainmaker
6,277,815
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Yes. Our company has a property management department.

Sep 27, 2019 08:38 AM
Rainmaker
1,707,191
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

That is all I sell and yes Ido, even out like no term rentals. We handle VRBO through the site ourselves

Sep 27, 2019 08:31 AM
Rainmaker
2,600,756
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Absolutely makes sense for a small fee to have this coverage....

Sep 27, 2019 07:22 AM
Ambassador
3,197,734
Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Paul we only do a couple of rentals and zero PM.  Some clients are highly capable of managing their properties. Others simply are not or don't have enough time or location is not good for them.

Sep 27, 2019 10:49 AM
Rainmaker
3,897,255
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Options - alternatives - discussion - communication 

Each is good.  

Sep 27, 2019 10:10 AM
Rainmaker
1,352,268
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I have pesonally found quite the opposite with my rentals.  With the exception of renting and making sure the monthly check arrives, they are very hassle free.  But it all depends on the tenants you have in there and what the landlord is willing/capable of doing.  I offer property managment services if they need it.

Sep 27, 2019 08:21 AM
Rainmaker
618,120
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

I always ask them their threshold for pain as a Property Management Company takes between 7 - 8% of the rent and is only the middle man.  Dealing directly with a tenant could be tough for many landlords so it might be worth the cost to them.  There is a write off for the fees.  I personally take care of my own rental properties after having the Property Management Company do the leasing.  I like them to do the paperwork just in case there is a legal issue.  I am a Realtor and the courts may look towards protecting an unlicensed party more.

Sep 27, 2019 03:16 PM
Rainmaker
658,834
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

If you find it's too much of a burden then a PM would be helpful. Only you can determine if a PM is worth it. If I had only a few local rentals I would just do it myself; with more than that it's understood that you will need help. 

Sep 27, 2019 03:14 PM
Rainmaker
512,535
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

There are few good property management companies in our town, unfortunately.  Many of our investors do manage the properties themselves.

Sep 27, 2019 02:41 PM
Rainer
179,315
Harjeet Bhatti
FITH THIRD BANK - Chicago, IL
Home Mortgage Consultant 25 States

Yes, specially for out of state investors. 

Sep 27, 2019 02:21 PM
Rainmaker
3,753,723
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I do not do property management and would refer it out.

 

Sep 27, 2019 01:40 PM
Rainmaker
474,652
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Yes, I do.  

Sep 27, 2019 12:31 PM
Rainmaker
929,068
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

I always recommend they use a good PM company and most do since we have a lot of out of state owners/investors. There is always an occasional out of state owner who wants to self manage from a distance with disastrous results then they end up calling me to ask me to do the PM.

Sep 27, 2019 11:24 AM
Rainmaker
567,288
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Absolutely and it isn't me.

Sep 28, 2019 05:36 AM
Ambassador
4,021,866
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

While I do manage my own, I HIGHLY recommend to my investors that they hire a local property manager. Many of my investors are from out-of-state so, it makes no sense to try to manage maintenance, etc. from 1,500 miles away!

Heck, it really doesn't make sense if you're living in the same city but, I have enough vendor contacts, I don't mind managing my own.

Sep 27, 2019 11:44 PM
Rainmaker
52,567
Krystin Mitchell, CPA CFE
KLSM CPA Firm, PLLC - Houston, TX
Strategic Accounting & Tax Solutions

Using a property management company is definetly the easier option. You absoulutly have to do your homework and choose a good company, or it'll be a decision you regret.

Sep 27, 2019 06:27 PM
Rainmaker
1,595,715
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Most of the owners I know do not want pay 10% to manging company

Sep 27, 2019 06:10 PM
Rainmaker
4,655,163
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Absolutely, and have a good one to recommend too.

Oct 09, 2019 02:35 PM
Rainmaker
2,060,605
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Good idea.

Sep 29, 2019 12:55 PM
Rainmaker
856,037
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

When I owned a rental, I managed it. It was simple. I have great tenants. I made sure that the property was in good condition for them.

For my clients, I recommend the property management company in our brokerage. I have confidence in them.

Sep 29, 2019 08:01 AM
Rainmaker
1,618,612
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Yes we do. The company suggested is owned and managed by a Real Estate Attorney, so enforcement actions are prompt and swift.

Sep 28, 2019 09:18 AM
Rainmaker
1,129,289
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Must be local.

Sep 28, 2019 08:26 AM