[California] I'm helping my mother rent and manage her house while she lives with me (we need the money to help pay for my dad's healthcare … yay American healthcare). It's a thankless job because I don't get paid, but still get caught between my mother — who can get irrational about the smallest issues because she's so emotionally attached to the house — and the tenants.
This is my second year doing this. First tenants moved out; I got the house all fixed up again (long story, but had to have plumber, painter, floors sanded, electrician, asbestos mitigation, pest control, lawn care, changed light bulbs, new keys made, etc.) and found new tenants … and got the new lease signed.
They move in next week… So I feel like most of the heavy lifting is done. But my mother is driving me crazy and there's part of me that just wants to hire a property manager and be done with it.
However, I feel like the biggest value-add of the property manager is getting the property in good shape, advertising / marketing, showing the house, finding a tenant, and getting a lease signed… all of which is done. In theory it will mostly be collecting a check and fielding occasional issues and questions for the next 12 months.
If I found a property manager at this point, what would be a fair rate to negotiate? I assume they normally take 10% of the rents or something. But that seems excessive given the big things are done. Is 5% reasonable? What value can they add at this point?
It's a big house in an expensive area, so we are renting for $10K per month and need as much of the money as possible (we're still cash-flow negative due to income tax and my dad's full time care)… Maybe I should just suck it up and see it through. Part of me fears I'll still hear about the issues anyway and just end up with another layer of management cashing checks. But maybe I'm just being cynical and underestimating the value of a property manager.
Sorry… I'm partially venting here. But thanks for any insight.
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