REVscene - Vancouver Automotive Forum

ImportPsycho · 02-20-2011, 09:01 AM

I'm looking into renting out my condo and move closer to my work.
what do you guys think about using properties management service to rent out the properties? safer? too much commision? worth it? not worth it?

also, any recommandations or companies to avoid?

willystyle · 02-20-2011, 09:05 AM

It's not worth the management fee if you only have one property to manage.

drunkrussian · 02-20-2011, 09:18 AM

how much do they charge? I would really just assess if the money's low enough to cover the annoyingness of having to rent out, maintain, deal with all that bullshit!

ImportPsycho · 02-20-2011, 09:21 AM

i'm going to check it out but in general, how much do they charge?

willystyle · 02-20-2011, 09:26 AM

Property Management companies usually charge 8-10% of the gross monthly rent, and 80%-100% of one month's rent to get the new tenant into a property.

TheKingdom2000 · 02-20-2011, 09:49 AM

what problems would there really be for renting out your condo?

I don't really see anything that you would have to do really?
I mean my family rents out a house and there aren't many problems at all.

You don't have to worry about lawn maintenance or shoveling the side walk etc.

I don't think it's worth it to hire someone to manage your place. All you have to do is collect payment. I mean, i'll be your property manager if you want

Hehe · 02-20-2011, 10:01 AM

I don't think it's worth the price for hiring someone if you have only one property. As a landlord myself (I have abt 5 units down in us) I'd diy.

Just do credit check and background check (I'd call their previous LL to get better idea. Current LL might have conflict of interest with you) and you could land urself an awesome tenant.
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hirevtuner · 02-20-2011, 10:05 AM

pros: more ad exposure and will be easier to rent out, no problems with collecting payments on time and douche renters will be screened out

cons: monthly management fees (probably looking at $100/month), probably signing a contract agreement with them so you don't get full control if you want to rent out on your own

lawn care, mantenance is covered by strata fee you pay each month, not management agency to find renters

ilvtofu · 02-20-2011, 10:55 AM

If you are having trouble renting the place out then go for it. Remember that one month rent will already equate to probably a years worth of management fee. Saves you headache. I have a live-in caretaker for my apartment who collects everyone's rent, keeps the place clean/vacuumed, makes sure everything that needs fixing is fixed etc. But with one unit you don't need to worry about keeping things in working order much.

If you are trying to rent it out yourself online try to get resumes and references.