1,052,196
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.
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Pete Xavier
Pacific Palisades, CA
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Carol Williams
Wenatchee, WA
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Dorie Dillard Austin TX
Austin, TX
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Valeria Mola
Sunny Isles Beach, FL
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Anna "Banana" Kruchten
Phoenix, AZ
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Bob "RealMan" Timm
Minot, ND
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Lyn Sims
Schaumburg, IL
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Ron and Alexandra Seigel
Carpinteria, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
3,345,091
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.
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Debe Maxwell, CRS
Charlotte, NC
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Valeria Mola
Sunny Isles Beach, FL
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Anna "Banana" Kruchten
Phoenix, AZ
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Nina Hollander, Broker
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Bob "RealMan" Timm
Minot, ND
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Ron and Alexandra Seigel
Carpinteria, CA
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Kathleen Daniels, Prob...
San Jose, CA
469,510
I do but some prefer to handle it themselves.
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Debe Maxwell, CRS
Charlotte, NC
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Valeria Mola
Sunny Isles Beach, FL
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Peter Testa
Danbury, CT
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Bob "RealMan" Timm
Minot, ND
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Kathleen Daniels, Prob...
San Jose, CA
5,104,931
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.
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Valeria Mola
Sunny Isles Beach, FL
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Bob "RealMan" Timm
Minot, ND
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Ron and Alexandra Seigel
Carpinteria, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Dan & Laurie Pittsenba...
Bellingham, WA
6,393,154
I recommend that most people either learn what it takes or stay away from rentals.
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Debe Maxwell, CRS
Charlotte, NC
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Valeria Mola
Sunny Isles Beach, FL
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Peter Testa
Danbury, CT
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Candice A. Donofrio
Fort Mohave, AZ
5,772,575
Paul,
Ron and I have a designated "peace of mind" account. We don't think we can do it all ourselves...A
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Nina Hollander, Broker
Charlotte, NC
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Paul S. Henderson, REA...
Tacoma, WA
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Bob "RealMan" Timm
Minot, ND
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Lyn Sims
Schaumburg, IL
195,422
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.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Karen Climer
Orlando, FL
5,048,883
Yes, definitely...a reputable, trustworthy one!
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
5,216,381
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.
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
2,390,549
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.
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Debe Maxwell, CRS
Charlotte, NC
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Peter Testa
Danbury, CT
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Michael Jacobs
Pasadena, CA
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Kevin J. May
Hobe Sound, FL
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Diana Dahlberg
Pleasant Prairie, WI
1,844,271
yes, it is too much for me. There are agents in my office that provide the service.
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Debe Maxwell, CRS
Charlotte, NC
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Peter Testa
Danbury, CT
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
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Bob "RealMan" Timm
Minot, ND
1,153,794
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.
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Candice A. Donofrio
Fort Mohave, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
679,404
Absolutely. It is a big investment and a good PM company will help the new owner protect his interests.
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Debe Maxwell, CRS
Charlotte, NC
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Peter Testa
Danbury, CT
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
5,583,278
yes...everyone who has investment properties should use a well-versed management company....
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
921,504
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.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
7,835,407
Yes. Our company has a property management department.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
1,712,676
That is all I sell and yes Ido, even out like no term rentals. We handle VRBO through the site ourselves
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
2,781,153
Absolutely makes sense for a small fee to have this coverage....
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
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Bob "RealMan" Timm
Minot, ND
3,587,835
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.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Bob "RealMan" Timm
Minot, ND
4,572,117
Options - alternatives - discussion - communication
Each is good.
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Debe Maxwell, CRS
Charlotte, NC
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Peter Testa
Danbury, CT
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Bob "RealMan" Timm
Minot, ND
1,502,998
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.
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
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Diana Dahlberg
Pleasant Prairie, WI
763,883
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.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
758,035
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.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
711,852
There are few good property management companies in our town, unfortunately. Many of our investors do manage the properties themselves.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
182,915
Yes, specially for out of state investors.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
4,936,033
I do not do property management and would refer it out.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
509,449
Yes, I do.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
1,090,637
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.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
637,434
5,229,945
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.
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Peter Testa
Danbury, CT
55,355
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.
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Debe Maxwell, CRS
Charlotte, NC
1,598,452
Most of the owners I know do not want pay 10% to manging company
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Debe Maxwell, CRS
Charlotte, NC
5,868,472
1,311,397
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.
1,725,996
Yes we do. The company suggested is owned and managed by a Real Estate Attorney, so enforcement actions are prompt and swift.
1,239,801