Curious, Other/Just Looking in Chicago, IL

How to Compare Property Management Fees?

Asked by Curious, Chicago, IL Thu Jan 3, 2013

I was chatting with my friend who has an investment property in Las Vegas. I was told that in addition to the 6 or 7 percent of monthly fee, each time the management makes a trip to the property for any reason, there is a fee. But the owners take care of their HOAs, utilities etc. Now I am totally confused. What service does the monthly fee cover then? Is this the norm for most of the property management companies. I am considering the feasibility of having a rental property in Las Vegas. Just curious

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Dear Curious,

There is no norm for property management companies - you have to compare fees for services rendered and each one is a bit different. There are some companies that charge for every little thing in addition to their normal fee and there are others who incorporate everything in one fee so you don't have to worry about the nickel and dimes. I own a small property management company that is full service and I take care of both my landlords and tenants and specialize in catering to their individual needs that larger companies can't do. I work directly with investors in purchasing their properties after evaluating their rental potential and set up their individual accounts as they need them. I would be happy to discuss my fees and what they include as well as what constitutes a good investment property with which I can help you find. Please feel free to call me to discuss both my fees and potential properties.

Sincerely,

Demi

Demetria Kalfas-Gordon
ABR, GRI, RRG, SRES, Realtor
Licensed Property Manager

Urban Element Property Mgmt
a division of:
Fortress Real Estate Services
8225 W Sahara Ave., Ste H
Las Vegas, NV 89117

(702) 839-2798 direct
(702) 442-6160 fax
demihomes@gmail.com
0 votes Thank Flag Link Fri Jan 4, 2013
There are many differences in each contract. Some may charge less for a fee, but can add on fees for everything else. We charge a $500 retainer and set up charge and then 8-10%. We do charge for extra services like HOA meetings, court appearances, extra statements needed for taxes that are in addition to the ones provided. Our service, like most others, includes marketing the property, screening tenants, taking calls for maintanence and repairs. Then, we receive the monthly rents and distribute the money to any fees, repairs and send you the difference. Every month you would then get a statement and the rest of the monies in to your account.
I cant tell you how many agents tell me about there clients who live in rentals that have unresponsive property managers. So service to the tenant is important as well.
There are many factors involved with investment properties that would take to long to explain here. Biggest one is cost VS rents or return on investment. We will only have the owner pay for the HOA and home warranty to cover big costs. I also recommend that the owner pay for trash and sewer. This is due to if the tenant does not pay, you may not know about it and they can lien the property. This can add up fast. We also recommend that you incorporate the property for tax and liability purposes. I am not a lawyer or a tax professional so do homework on this as well. We do work with several and can put you in touch with those people.
All that said, there is still incredible opportunity here in the Las Vegas market for investment properties. Do you research and call around. I would be happy to discuss our services and fees more personally with you
James Battaglia
Elite Realty
8625 S Eastern Ave
Las Vegas NV 89123
702-361-6994
lvhomeproperites.com
jamesbattaglia@yahoo.com
0 votes Thank Flag Link Fri Jan 4, 2013
No it's not the norm. Each PMC is different. There is no such thing as a "Norm" in real estate transactions...remember that one thing for the rest of your life. All things in a transaction are negotiated between the parties. We charge 8% and a 500.00 retainer. We do not charge BS fees. Call me any time after 8am and I can answer all your questions. We have 350+ properties under management and in business over 20 years.

Matthew D’Ercole
Prominent Realty Group, LLC
Buyer / Seller / Property Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Thu Jan 3, 2013
Hi, Curious.

Although this may be the case with many property management companies, it is not true for all.

http://lvpropertysearch.com/las-vegas-investment-homes/las-v…

If you are still seeking information on this subject or interested in making an investment purchase, I would like to offer you the opportunity to browse through our website.

Unless you're buying cash, "financing" would be Step 1. We would like to offer a bit of insight into that area:

http://lvpropertysearch.com/category/las-vegas-financing

If you are paying cash:

http://lvpropertysearch.com/las-vegas-financing/cash-buying-…

LV Property Search offers you a free online Las Vegas real estate overview that covers information regarding properties for sale, current market conditions, investment, home buying, rentals, mortgages & loans and so much more! If you're in the market to buy Las Vegas homes or invest in Las Vegas, then we invite you to better educate yourself and browse through our website:

http://lvpropertysearch.com

And make certain to use our NEW MLS INTEGRATED webpage to view CURRENT AVAILABLE listings:

http://lvpropertysearch.com/single-family.html

Feel free to contact us if you have any questions or concerns...with you in mind,

Clinton A. Lewis Jr. - REALTORS®
Limestone Investments, LLC.
(702) 619-6214
LV Property Search
Info@LVPropertySearch.com
0 votes Thank Flag Link Thu Jan 3, 2013
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