Rentals in McKinney>Question Details

Unhappy Land…, Other/Just Looking in McKinney, TX

We own 2 rental homes in McKinney, and we are not satisfied with our property management company. Do you have any recommendations?

Asked by Unhappy Landlord, McKinney, TX Sun Jan 31, 2010

Our property manager has gotten very flaky and unresponsive. The rental payment has gotten increasingly late. And I think we are paying too much per month for the service received. What is the industry standard?

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Ronda Allen’s answer
Be careful with recommendations by agents based upon volume of properties managed. One in this list is a company with whom a client had an incredibly bad experience. Opinions are like... we all have one. Be sure to check BBB for complaints. These are VERY telling.

Avoid agents who say they'll do property management for you. There are nuances to property management that make it it's own area of our industry. Some agents are just saying yes to everything right now to make a living.

Have a blessed day!
Ronda
0 votes Thank Flag Link Mon Oct 4, 2010
There is no excuse for unresponsiveness. Unfortunately, property management companies have little control over late or missing rental payments - you have to take the good with the bad. Standard fees are between 7-10% but more are closer to 10%.

My firm, Counties Homes Property Management handles all the headaches for you. We charge a flat $350 fee when the property is rented and 8% of all rents collected. If you would like to discuss further, give me a call at 469 688-3453.
0 votes Thank Flag Link Thu Sep 30, 2010
Since the market fell, a lot of realtors have been trying to manage properties to make it if they are unable to do so in sales. Because of this, we have seen a ton of companies locally now offering property management services! Some of these companies are not aware of the laws, the technology available to make the job easier, etc. I always suggest someone who is associated or a member of the National Association of Property Managers! You can do a local search here http://www.narpm.org/ Many are willing to negotiate fees if the house is nice, so definitely ask, but don't let that be your main consideration. Check out their website and make a few calls to interview - let them know exactly what you are unhappy wth, and get it in writing what you expect from them for the fee!
Hope that helps.. fees 7-10% sound good, but beware of a 7% as they may charge for other things like inspection fees, postage, etc!
Good luck!
Web Reference: http://www.narpm.org/
0 votes Thank Flag Link Thu Mar 4, 2010
You need to contact Century 21 High Point Properties at (972)529-3899 or call Steve Bolgiano ABroker/Owner at (9720832-6565 his cell. Rates are 7.5% mo. with great service.
0 votes Thank Flag Link Thu Mar 4, 2010
As an investor in McKinney real estate, you should expect a mangement company to be very responsive to you and to keep you informed of any items related to your property.

We here at Century 21 High Point Properties can do just that!

We manage property for several out of state investors and can deliver exceptional service for 7.5% of each months rent.

This management fee includes timely statements each month, a quick turn around of owner monies and peace of mind that comes with knowing that we are close to your properties and can drive by your houses in a moments notice.

Please call us at 972 529- 3899 at our office or you can call me directly at 972 369-9293.

Donna Courtright
Broker/Owner
0 votes Thank Flag Link Wed Feb 3, 2010
Welcome to Property Management in Texas, unfortunately. I have sold many homes to investors and it seems that none of the property management companies give the customer support that investors are looking for. My advise . . . sell the home if you can and move on.

Market is coming back and it sounds like th ehome is being more of an headache than a plus.

My thought. Make sure you find the agent that sells the most homes in the communituies that you have your properties in.

Good luck!
0 votes Thank Flag Link Mon Feb 1, 2010
There are agents who charge anywhere between 7-10% offering a variety of services with that fee. What is cost if your unhappy with the results? If you want results, you need a highly customer service oriented agent such as myself who works closely with clients to ascertain and achieve your goal! Make sure you hire someone who offers the services you want, remember, you also get what you pay for, so if you negotiated rate and went against your agents advice to let this tenant in, then perhaps look at restructing your relationship to make it a win-win relationship. If not, when your out of contract with your current representation, then perhaps seek one at that time which best meets your needs.

Nicole Arenas, Realtor
214-991-9507
0 votes Thank Flag Link Sun Jan 31, 2010
10% is customary property management fee....plus repairs, plus leasing fee.
Best I've run across is Get There First....last I heard had several hundred or more properties under management.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Sun Jan 31, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Sorry about your bad time, as this can happen with companies when they get complacent. Typically the standard rate is 10% of monthly rent for management fees, and anywhere from a 50% to 100% of one months rent fee for re-renting the property.

I have run 4 rental properties for my Uncle who is out of state and helped my father maintain 7 of his rentals for the past 5 years. I am going to be starting a push to start a Property Management division of my company this summer.

I would be happy to talk to you about what I could offer in you in the way of property management. I am sure you will be impressed by my responsiveness, competitive prices and knowledge. Please dont hesitate to call tomorrow to discuss.

thanks for your time
RJ
214-682-0598
0 votes Thank Flag Link Sun Jan 31, 2010
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