$ock said:
For those of you who are landlords, what are you thoughts on using a property management company?
I manage 26 doors (i own or my kids own) located in Austin, Bryan, Round Rock, Taylor, Georgetown and Ft. Worth. Obviously, I picked up the properties one by one so incrementally it is not that much trouble to add another one. I was doing this all the while running a business and it was still very doable. I am now semi-retired just managing mine and my kids properties.
Property Managers: No one will do a better job than yourself. Yeah if you are trying to manage an Airbnb away from home, a lot different animal, and I would recommend a local manager. But long term rental tenants are not that difficult. If you can manage one in a locale you can manage many. If you have the repairmen contacts for one then you have them for many. If you decide to go with a property manager get ready to lose more than the 8-10% you are quoted. Make sure you understand all the fine print! Especially renew of existing and new leases, and who gets the additional fees (late, pet fees). Lastly, make sure you understand the process and the cost to terminate the relationship!
My guess is that if you insist on using a property manager, you will go through a few before you "settle" on one. Good property managers are very hard to find. It's one of those things like changing a diaper, you don't mind doing your own kids but probably not wanting to do your neighbors. Cheers.