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I have been managing residential rental property since 1996 as well as selling. How many of you on this forum handle rental property? What is the "going rate" in your area and what services do you provide?
My broker does, I do not, only because right now I am not interested in it.
I think the going rate is 10% per month of the total, but then we add on $50 per service call if needed after collecting rents. In NYS you need to have a Real Estate License to be a property manager, although I can say, this has never been enforced as far as I know. That's if they are collecting rents for you.
My broker does, I do not, only because right now I am not interested in it.
I think the going rate is 10% per month of the total, but then we add on $50 per service call if needed after collecting rents. In NYS you need to have a Real Estate License to be a property manager, although I can say, this has never been enforced as far as I know. That's if they are collecting rents for you.
$ 50.- per service call? Who is paying for that? I gues the landlord, OMG., so in the end the renter has to pay it back...........Guess doing it myself saves a lot of money.
Down where I am it depends on the agency. My agency charges 1/2 months rent to find the tenant and 10% or $100 per month which ever is greater. Eviction processes cost $250 plus court fees. Other agencies charge 1 months rent to find the tenant and then 10% per month for the rest. And then again others will charge nothing for the tenant and then charge 15% for the rest.
I've managed rentals professionally since 1990. Bought and sold property management companies, retired, came back. Done it all.
If you want to associate with true professionals who manage single family homes and small rentals (versus apartment complexes), join the National Association of Residential Property Managers (NARPM) NARPM : National Association of Residential Property Managers
We can't discuss fees here. You need to charge fees based on your business plan, level of service you provide, experience you offer, and what your local competition charges.
Joining NARPM will be the absolute most profitable thing you could do as a professional property manager. After my first convention in 1996, I learned things that immediately saved me $8,000 the following year. A simply policy change I made regarding who pays for rental ads. I never knew I could or should charge those costs back to the owners because I'd never associated with or shared ideas with other property managers before that.
Feel free to contact me if you have questions or want to talk about NARPM. It's a no brainer. Just join. You'll be thanking me for the rest of your life, no kidding.
Um....can we say Anti-Trust Law Violations and Price Fixing? Unless we all want to have Anti-Trust Lawsuits filed against us we should probably NOT be talking about pricing in this nature unless it is in DIRECT negotiations with a deal of some sort and we are all involved.
Um....can we say Anti-Trust Law Violations and Price Fixing? Unless we all want to have Anti-Trust Lawsuits filed against us we should probably NOT be talking about pricing in this nature unless it is in DIRECT negotiations with a deal of some sort and we are all involved.
Just my $0.02.
~Joey
Um....How is comparing the fees for various property management services in other parts of the country an antitrust violation. I would think there is nothing wrong with comparing standards of practice in other, non-competing areas. CAugust and Palmcoasting cannot manage rentals in my market - therefore no price fixing.
I will take a sale listing at 6% total commision. Someone else may post that they may list for 5%. Is that price fixing?
Um....How is comparing the fees for various property management services in other parts of the country an antitrust violation. I would think there is nothing wrong with comparing standards of practice in other, non-competing areas. CAugust and Palmcoasting cannot manage rentals in my market - therefore no price fixing.
I will take a sale listing at 6% total commision. Someone else may post that they may list for 5%. Is that price fixing?
-Mark
Comparing and contrasting fees for different areas is exactly what price fixing is all about as fees for services are generally around the same in each individual area.
I do agree that what is going on here is just a very innocent conversation. What I would hate to see is what we all know is an innocent conversation be viewed as if it were not and have someone brought up on charges that would be career devastating.
Not trying to be argumentative, just helpful. Good luck!
Comparing and contrasting fees for different areas is exactly what price fixing is all about as fees for services are generally around the same in each individual area.
~Joey
Hi Joey,
Price fixing as defined by Wikipedia:
"Price fixing is an agreement between business competitors to sell the same product or service at the same price. In general, it is an agreement intended to ultimately push the price of a product as high as possible, leading to profits for all the sellers. Price-fixing can also involve any agreement to fix, peg, discount or stabilize prices. The principal feature is any agreement on price, whether express or implied. For the buyer, meanwhile, the practice results in a phenomenon similar to price gouging."
I think the key word here is "competitors".
My goal was to justify what I am charging when asked by potential clients to discount. I currently provide more services at a lower cost than most who offer property management.
....If you want to associate with true professionals who manage single family homes and small rentals (versus apartment complexes), join the National Association of Residential Property Managers (NARPM) NARPM : National Association of Residential Property Managers
We can't discuss fees here. You need to charge fees based on your business plan, level of service you provide, experience you offer, and what your local competition charges.
Joining NARPM will be the absolute most profitable thing you could do as a professional property manager. After my first convention in 1996, I learned things that immediately saved me $8,000 the following year. A simply policy change I made regarding who pays for rental ads. I never knew I could or should charge those costs back to the owners because I'd never associated with or shared ideas with other property managers before that.
Feel free to contact me if you have questions or want to talk about NARPM. It's a no brainer. Just join. You'll be thanking me for the rest of your life, no kidding.
Steve
Hey Thanks Steve,
I have been putting this off too long. The president, secretary, and 12 other members of the SE VA/ Hampton Roads Chapter of NARPM are agents within my company. I am joining now as well.
-Mark
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