I manage two condos which are tenanted. If I wanted to pay a third party to manage the property what type of people do that? What should I pay for that service? The rents are quite high at $20,000 per month per condo so a % deal may well cost too much! I currently pay out about $1,000 per month in maintenance for what it is worth to handymen, electricians , plumbers etc. Tenants when needed are... [more]
I manage two condos which are tenanted. If I wanted to pay a third party to manage the property what type of people do that? What should I pay for that service? The rents are quite high at $20,000 per month per condo so a % deal may well cost too much! I currently pay out about $1,000 per month in maintenance for what it is worth to handymen, electricians , plumbers etc. Tenants when needed are found by Douglas Elliman, generally on one or two year contracts. When tenants have any issues and email Douglas Elliman they simply forward me the email and I instruct a suitable tradesman. The tradesman rings up the tenant and sets up a mutually convenient time. He tenant in one of them is getting tired of taking these calls and would rather there was a professional property manager who a I guess would meet the tradesman or at least give them keys.
Any help greatly appreciated.
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Response by NWT
over 11 years ago
Posts: 6643
Member since: Sep 2008
This guy does property management for one-off owners, and there must be others: http://nyti.ms/1gf8HLI
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Response by Flutistic
over 11 years ago
Posts: 516
Member since: Apr 2007
My property managers have charged a wide range, from 8% to 15%, and the best of the lot is the guy who charges 8%. This is not New York City, though; I have heard rates as high as 20%. I would check reviews on Yelp.
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Response by front_porch
over 11 years ago
Posts: 5317
Member since: Mar 2008
Well, it sort of depends on how much work there is. If the work is light, then it seems to me that the rental agents might do it as a courtesy in return for you putting $10K in their pockets every year or two. If the work is heavier (or if you feel that there are liability issues involved in letting an agent consistently have your keys, which is one reason I'm not raising my hand) then you might want to get someone else -- typically in this price range it is just one more task for a poor overworked PA or very experienced housekeeper.
I am wondering: do you need someone with a super's license? If you don't, I have a friend who might be a fit. He's an investor and his tenants are always bugging him already.
Typically the charge for property management is 10% of rent, but I'm sure like anything else it's negotiable.
ali r.,
{downtown broker}
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Response by vslse65
over 11 years ago
Posts: 226
Member since: Feb 2011
sohoman
I charge 15% of the total cost per job - not a monthly %. I'm the OM for my family's portfolio & we stopped paying monthly % mgnt fees because usually, there's nothing to do.
justmy2
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Response by rb345
over 11 years ago
Posts: 1273
Member since: Jun 2009
Sohoan:
1. I agree with vslse65
2. most individual apts manage with zero management time/month and no repairs
3. because your rents are so high, you should pay a little extra because tenant retention is so important
4. it seems to me that $400/month/apt would be fair and appealing to many qualified people
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Response by Mestatenyc
over 11 years ago
Posts: 24
Member since: Dec 2013
We are a property management and private investment company.Our charges depends of the service what you would like to get.Please feel free to contact me for further information jpaksai@fractal-management.com
sohoman, Curious why you do not use the super to coordinate and pay him some money every year.
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Response by gothamsboro
over 11 years ago
Posts: 536
Member since: Sep 2013
>4. it seems to me that $400/month/apt would be fair and appealing to many qualified people
$400 per month? How many hours of work do you get for that? How many hours of work does your apartment need?
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Response by sohoman
over 11 years ago
Posts: 76
Member since: Mar 2013
Hello 300 Mercer. Im not sure the Super is up to it. I have spoken to him on the phone on other matters and did get the felling he would be that good. I guess I should meet him face to face and decide.
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This guy does property management for one-off owners, and there must be others: http://nyti.ms/1gf8HLI
My property managers have charged a wide range, from 8% to 15%, and the best of the lot is the guy who charges 8%. This is not New York City, though; I have heard rates as high as 20%. I would check reviews on Yelp.
Well, it sort of depends on how much work there is. If the work is light, then it seems to me that the rental agents might do it as a courtesy in return for you putting $10K in their pockets every year or two. If the work is heavier (or if you feel that there are liability issues involved in letting an agent consistently have your keys, which is one reason I'm not raising my hand) then you might want to get someone else -- typically in this price range it is just one more task for a poor overworked PA or very experienced housekeeper.
I am wondering: do you need someone with a super's license? If you don't, I have a friend who might be a fit. He's an investor and his tenants are always bugging him already.
Typically the charge for property management is 10% of rent, but I'm sure like anything else it's negotiable.
ali r.,
{downtown broker}
sohoman
I charge 15% of the total cost per job - not a monthly %. I'm the OM for my family's portfolio & we stopped paying monthly % mgnt fees because usually, there's nothing to do.
justmy2
Sohoan:
1. I agree with vslse65
2. most individual apts manage with zero management time/month and no repairs
3. because your rents are so high, you should pay a little extra because tenant retention is so important
4. it seems to me that $400/month/apt would be fair and appealing to many qualified people
We are a property management and private investment company.Our charges depends of the service what you would like to get.Please feel free to contact me for further information jpaksai@fractal-management.com
www.fractal-management.com/
sohoman, Curious why you do not use the super to coordinate and pay him some money every year.
>4. it seems to me that $400/month/apt would be fair and appealing to many qualified people
$400 per month? How many hours of work do you get for that? How many hours of work does your apartment need?
Hello 300 Mercer. Im not sure the Super is up to it. I have spoken to him on the phone on other matters and did get the felling he would be that good. I guess I should meet him face to face and decide.