Property Management

**BHJOWNER** · 08-17-2009, 03:53 PM

I own a rental condo and have for 3 years. It's always been rented, but have lost my property management company (new career direction) and my tenants' lease expired at the end of June.

I've looked on NARPM and BBB for property management companies and alot have responded to my ad. But, I'm finding that they are asking for up to $500.00 as a "setup" fee that's non-refundable, up to $200 per month for advertising for renters, up to $500.00 for "operating account" for emergency maintenance.

I've tried one out and didn't sign a contract with them...it was a trial thing and I have a hard time wondering if they are really showing the rental at all.

Also, I've found quite a few complaints on BBB against some of these property managment companies, even though they've been "resolved", some I can't find them licensed or certified anywhere.

How do I find a reputable property management company and not somebody that's just asking for $ and not getting the renters into the rental?

Thank you!

**Hollywood Landlord** · 08-17-2009, 05:42 PM

BHJOWNER,

I am not sure if you have thought of this or not, but there are a lot of quality online resources that allow you to manage your property on your own.

There are great websites for you to obtain free rental applications, fill out state specific residential lease agreements and run your own credit checks.

It's really not that difficult anymore.

I have done all of my management remotely and online. If you have any questions at all, let me know.

The bottom line is that it is very hard to find a quality property management company. Perhaps you know other landlords in the area that might be able to refer you to someone.

Best,

**BHJOWNER** · 08-17-2009, 05:51 PM

Hi Hollywood,

Thank you for that and I have checked into that and tried doing it myself for awhile.

But, I work 2-3 jobs and it's hard for me to show the rental myself because I am busy working alot.

I'm hoping to find someone to do full or partial property managment soon.

**purplese03** · 08-17-2009, 08:04 PM

ow.. my.. in this cases you must have pay attention this is a serious deal. unless you want to have a wasted money.

**wolfneyetna** · 08-17-2009, 08:15 PM

Is the property local?
If so, you might try this:

Follow Hollywood's advice about online property management forms, etc.
See if there's a resident of a nearby condo who'd agree to show the condo when necessary. Pay him a few bucks if you rent it. Note: don't try to use that resident for much beyond this; or you might run afoul of real estate laws in your state.

Or, you might try to sell it. A reluctant landlord doesn't often keep his head above water financially for long.

Best of luck!