I have a house in another state, and I actually do hire a property manager to manger it for me (not a real estate agent). It's very difficult to try to rent out a house if you are not at the location. Forget about checking the credit or collect rent, and manage the day to day issues. How do you suppose to show the house in the first place if you are not there? Anyway, there are two types of services a property manager can do for you. One they just find you a tenant - they do advertising, showing house, credit checking, etc. They'll charge you a high fee for this service. Two, not only they do all the prior listed things, they'll continue to manage the house for you throughout the year - collecting rent, arrange repairments/maintances, evicting if necessary. They'll still charge you a one time finder fee, but it'll be lower than the 1st type of service. In addition, they'll charge you a monthly management fee, normally from 5 - 10% of your monthly rent. Hope this helps.
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-goinghome2009-
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02/25/2009 postreply
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02/26/2009 postreply
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