[airics]

I am considering renting our home in north las vegas and it seems that the fees are all across the board.. TerraWest Mgmt which is the association for the complex charges a $300 set up plus first months rent (1300) so it would be $1600 to start, that is insane.. Any ideas would be appreciated.

thanks

[jfkIII]

Wasn't that in the agreement you signed with the HOA?

[airics]

no, we bought the house to live in (never rented before), they are the housing association that is affiliated with the development... there is no requirement for them to be the management company if i rent the house out

[jfkIII]

ahhh...I think that's a good thing....so you should be able to get someone else to do it without the fees ($1600) to them? If so, and you are local, is it something you can do yourself, or would you rather not deal with the headaches (see above post) of it?

[airics]

no i am not a local or an investor type... bought the house as a vacation home, then prices came way down and found a larger home for less money to utilize as the vacation home.. Cant sell this, prices are too far down, maybe in 3 yrs

[brosati]

The standard seems to be one month's rent plus 10% of the monthly rent as management fee for each month thereafter. That's why I decided not to use a managment company in leasiing out my Henderson home.

I did the same in renting out my Texas home. However, my Texas tennant recently skipped out without any warning with seven months still left on his lease. He left no forwarding address so I have no idea where he went or where he is. When I flew back to Dallas to check on the condition of the house, I found it trashed. It cost me $10,000 to get it back in rental condition again. Perhaps if I had used a management company, they would have been able to track him down and I colud have sued him for damages and breach of contract.

I've decided to bite the bullet and to use a management firm in the future.

But, I have found out that if the property is managed by a management company and a tennat skips out or misses rent payments, the management firm still requires me to pay their monthly fee until my contract with them expires.

You just can't win!

[airics]

the management companies that ive spoke to only charge when there is a tenant in the home, not when it is vacant.. just spoke to atlas mgmt, 9% plus a placement fee.. doesnt seem too bad.. no startup costs, etc

[brosati]

Originally Posted by airics

the management companies that ive spoke to only charge when there is a tenant in the home, not when it is vacant.. just spoke to atlas mgmt, 9% plus a placement fee.. doesnt seem too bad.. no startup costs, etc

What's the placement fee? One month's rent?

Also, be careful...management firms usually charge an additional fee if the tenant renews the lease each year. One firm I checked into charges an additional $250 a year for renewing the lease.

[airics]

no, placement fee is $75-$400 depending on situation

[BUGBULLY]

I have dealt with Atlas for years in my line of work. I have done business with Sue, she is great. I have done their pest control with the last company I worked with before my husband and I opened up our own company. They are a smaller company but one of the best in my eyes.