It depends on the size and what level of expertise you truly desire. Many mangement comanies will quote you a inexpensive monthly fee and for that you mostly get a glorified accounting service.
To be honest mangement fees are not a huge profit maker for ANY management company and you get what you pay for. To do a turly good job the management company MUST be paid for the actual time a asset is realistically going to take to get the job done and done well.
A reasonable person who can truly undertand that true expertise does not come free will appreciate this. If someone tells you that they are going to manage something for a few hundred dollar or a thousand dollars per month all you need to do is do the math.
It is usually best to have the manager do ALL the leasing and renewals and make sure they co-devlop with you a reasonable business plan for the property that encompasses the actual market conditions, actual property condition, a reasonable operating budget and then dovetails that information into a net result that returns you the owner the result you want.
Then only then can the managers effectiveness be measured and can true results be expected.
As you can see this not only requires expertise in the asset in question but the market as well. Good managers are not easy to find, When you find one hold on to them for dear life.
Jun 22, 2010