KGC Properties LLC ~ Property Management & Real Estate In Tucson!

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Good Property Managers Are Not 'Disaster Relief' Specialists.

Desperate call this week, “I need someone to take over managing my property.”  After some inquiry – the problems are very typical of a DIY landlord – no rent, damage to the unit, tenants ignoring calls.”

After a few more questions, the truth came out – the owner really didn’t want someone to manage his property, he just wanted to someone to evict the tenants – and property managers are cheaper than attorney's.

I hear this often – DIYs do not want to pay a property manager because they can do most of the work themselves, they just need someone to step in and handle the problems from time to time.  This all in an effort to save money.

But this really doesn’t save money – in this case, if I was the property manager – the annual cost for this owner would have been $1,200.  He has not received rent in 3 months.  That loss? $3,000 - leaving the owner silent.

If you are concerned about numbers with hiring a property manager, here are some things to ask:

What are your fees - all of them?

Are there any hidden fees, i.e., fees to check property, for direct deposit, etc.?

Does the company add a percentage on top of repair costs? For example, some companies with in house repair handyman will charge owners 10-20% above the repair cost to offset handling the repair.

Are there administrative fees?  Some companies charge, for instance, 8% a month to manage the property, but then another $25-50 a month “admin fee”.

If the bottom line is your bottom line, be smart, hire a property managerfrom the get go - because at least for me, I don't do "diaster relief" - evict the tenant first - then call me.

Visit KGC Properties web page to find out about our fees and services!   

Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com .

                                                 

 

This blog is written with my opinions and my opinions are  presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions.    Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .

 

Comment balloon 5 commentsGabrielle Kamahele Rhind • March 22 2014 06:13AM

Comments

Gabrielle- I agree.. if you don't want to handle all aspects yourself, or can't because of logistics, it's better to hire a professional manager. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) about 4 years ago

Gabi,

While I agree with you I don't make a market in Rental and property management.  I give my rental listings and rental clients away to new agents in my office that need the money.  

Posted by Florida Tolbert Team Keller Williams Advantage, Million $ Guild Cert Luxury Home KW Land Division (Keller Williams Advantage III Realty in Lake Nona) about 4 years ago

Hi Gabrielle.  Yes, all to many owners feel they can save some money doing it themselves.  But, in the end, it costs them a lot more.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 4 years ago

Skipping out on hiring a property manager is like someone trying to sell their home without a realtor. They think they're saving money but in the long run it's costing them more money and headaches!

Posted by Suzanne Otto, Your Montgomery County PA home stager (Six Twenty Designs) about 4 years ago

So much money is lost when people try to save money, LOL!

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) about 4 years ago

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