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LPA Newsletter June 10, 2014 - A Fair Management Fee |
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Dear Fellow Landlord,
In this newsletter:
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month and an even more successful year ahead. PS: Today, the articles are in a large font. Please let me know if you prefer the large font or the normal font. Thanks!
The following is an excerpt of Dr. Dani Babb's book, "The Accidental Landlord"!
How to Determine a Fair Management Fee
If you’ve decided not to rent out a house for yourself, one question you may be asking is, "is the management fee fair?" Remember in many cases you’re going to get what you pay for. You may ask for a multi-property discount if it applies to you. I always ask potential property managers for this; some will give it to you and others won’t. Expect to pay between 6% and 10% of each month’s rent collected, and expect to pay between 50% of one months’ rent to a full months’ rent to find tenants. This usually covers advertising costs, but be sure to ask if you’re footing the bill for those costs on top of the fees. If you are, you might want to consider going elsewhere. Find out how much they charge for finding a tenant, and what their monthly management fee is. Find out if they require you list your property with them if you decide to sell (if they do, I recommend eliminating them from your list). Find out what the management fee includes. How can tenants deposit funds to them? Do they require a mail-in payment? How quickly do they follow up with late tenants? Will they pay you via direct deposit or do you have to wait for a mailed check? My property manager in Austin not only directly deposits rental payments but also emails out statements in PDF format! Talk about convenient! If you travel a lot look for this option...
$5. or $15. OFF! 
instant download access. *** $5.00 Coupon CODE: POP-5 ***
Includes the LPA Forms disk and instant download access. *** $15.00 Coupon CODE: DAD-15 ***
John Reno also does Mortgage Loan Modifications (Nationwide). Dear Mr. Reno: A: You can not terminate essential services. So far, that's plumbing, heating, electrical and cooking fixtures. Cable hasn't joined the list yet, so I guess you can take the box, but it's only a matter of time. (By the way, it is HIS BOX, so if you "take the box off", don't take it away.) If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.
Have you ever been beaten by a tenant on the rent? Credit bureau reporting is an option in which many modern landlords are beginning to participate.... Click here for the full article
If you haven't already, please take the opportunity to sign up for The LPA's Quick Check Credit Reports! Quick Check is a simple, fast way to access online credit reports while saving you money! Wealth Secrets and Quotes"Keep away from people who try to belittle your ambition. Small people always do that, but the really great make you feel that you too can become great." - Mark Twain "Most people struggle financially because they take advice from sales people, not rich people." - Robert Kiyosaki "You, me, or nobody is gonna hit as hard as life. But it ain't about how hard ya hit. It's about how hard you can get hit and keep moving forward. How much you can take and keep moving forward. That's how winning is done!" - Rocky Balboa If you want to survive as a landlord, "You can not run your business from your heart. You have to run it from the head." - Nick Koon, Hard Nose Landlording
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