Thoughts on whether I should hire a property management company to manage my rental. Looks like fees are usually 8-10% of monthly rent, which sounds extreme to me. I'll be moving to a different state.

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I tried it was a total scam. You're paying someone 10% to pick up the phone, whether it rings or not. Then when it does ring they charge you for whatever action is required. Even living a long way away from my properties I find it very doable self manage for 12+ years now. I can do turnarounds myself over a couple weekends or just work from the property for a week.

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Will you be around to place the first tenant before you leave town? If so, managing an existing tenant is much easier than turning a property over.

You can always try managing yourself, and if you find it to be cumbersome, then hire a property manager.

I manage my property directly that is 500 miles away. When things come up, I find a professional to come fix it. My tenants are very good about making themselves available for repairs, but I also have some contacts in the area who could meet a vendor / professional if needed (for a fee).

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Worth it if they are reputable and financially sound., 10t percent is not unusual, assuming it covers marketing and everything.

Worth it if you can find a good one. That’s rare.

Me and the family own and self manage about 20 units and that’s been the toughest thing for us. Finding a property management company that will actually work for the fees. The self management is getting thought with a full time job now.

The amount of profit you can soak up in real estate is infinite…..if you keep 90% of that you still have infinite dollars…

8-10% is normal. I’ve seen worse.

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