Property Management Services
i am looking to invest in a house in Orlando near disney to rent weekly to tourists. However, I am from NY. So this means that I have to hire a property management service. I know nothing about them. I was hoping someone could possibly refer me to one or let me know what they think about their services.
Thank you for your time, Tom.
Don't know of any FL Prop Mgrs personally. Have you tried asking local realtors for referrals?
If there are any property management people out there, please step forward.
Property managers are invaluable and I believe go hand in hand for REI who choose to RENT OUT their properties. I wouldn't mind spending a little $$$ for someone who will help make sure my property is not TRASHED if live out of state.
I have not yet hired a property manager. While I am sure that there are many great property managers out there, I have heard several horror stories. Be sure to spend time thoroughly researching any potential property manager, and then checking with the investors who use them. Hopefully the extra research will payoff so you won't have any problems...because that is what you're paying them for...
I have a condo in Myrtle Beach that I rent weekly. I live in Ohio. In Myrtle Beach the property managers charge 25%. I manage this myself from Ohio. I take the rates these guys are using and knock 20% off. I am always rented...from what I understand the property managers rotate their clients amongst all the rentals. Best bet is to find other owners and get with them. There are about 10 owners in the same complex that work together....if I am full for a week, I pass it on to them and they do the same.
Quote:i am looking to invest in a house in Orlando near disney to rent weekly to tourists. However, I am from NY. So this means that I have to hire a property management service. tjm528 (Tom),
Weekly rentals in resort areas tend to command higher management fees than you would normally pay for long term rentals.
Jarviscm mentioned in his post that he was paying a 25% management fee in Myrtle Beach when annual rental management fees are between 12% and 15%.
If the property is furnished, requires towel exchange and cleaning daily, linen exchange weekly, inspection and replacement of broken, lost, or stolen items, then you should not be surprised if the management fees run as high as 40% of collected rents.
I manage this myself...the going rate is about 25%. You are right about linens. I have it cleaned weekly and the linens changed out weekly for $50 per week. This is part of doing this type of rental and you have to figure it in your costs.
Hi, the pros of having a management company is, of course, they "find" the renters, and collect the rent, arrange for cleaning, repairs, etc and send you the money once a month when they close the books. The biggest problem I have had is the cleaning and repair fees and very little communication between us as much as I try. I have heard this complaint from a couple of people I know. They have their maintenance people do the cleaning and repairing and pad the costs. But, it is difficult when you are out of state. I do have a suggestion. There are plenty of people in New York that go to Florida, why don't you do the advertising, screening and collect the money up front and contract with someone in Florida to do the upkeep, lawn mowing, cleaning after each week, etc.
Thank you all for getting back to me so quickly. I will do my research on these services. If you have any other suggestions, please share them with me.
Thank you.
You might consider contacting a local CCIM designated broker that specializes in this type of property for a referral. We have had much better luck with CCIM designated brokers.
You can search for a local CCIM designated broker on the national web site at http://www.ccim.com.
_________________
William L. Exeter -
Diversified Exchange Corporation
[ Edited by wexeter on Date 07/13/2003 ][ Edited by wexeter on Date 07/13/2003 ]
Check out ****Must Reach Senior Investor status before posting URL's*** They specialize in helping out of state investors buy property in Fla. I believe the guy's name I talked to was Vic
The quality of property management services can vary GREATLY, so make sure you spend the time to do some diligence. To save you some time, try doing a search on ****Must Reach Senior Investor status before posting URL's*** or ****Must Reach Senior Investor status before posting URL's*** The former is a property management association that concentrates on small to mid-sized properties, the latter concentrates more on larger properties. Both have ongoing educational programs for their members and certifications, so their members tend to be more diligent/professional than the average firm.
Good Luck! We created our own property management company in Los Angeles to service small to mid-sized properties because we wanted higher quality service, so we can appreciate how tough it is to find just the right outfit.
Simon