My friend is buying a condo (just one) and thinking of renting it out as he lives in another state. He has asked me to be his property manager and I have no idea what that consists of. Could anyone tell me? Also, he said he'd pay me approx. 10%. I imagine this is 10% of the monthly rent, but I'm not sure. What is the normal pay for this type of job. Again, it's only one condo unit.
2007-07-16 16:16:13 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
For starters, in most states you are required to hold a real estate brokerage license in order to manage properties for others for payment.
Ten percent of the rent is a very fair payment. Most management firms charge 6%-8% of collected rents, plus other expenses.
2007-07-16 16:21:39 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
If you don't know what a property manager does, then say no! As a property manager, you will be legally liable for anything that happens that, as property manager, you shoudl reasonably know about and took no action.
Recommend to your friend that he gets a profesional and licenced property manager (usually through a real estate agency) to look after the property.
Trust me - it's not worth your stress!
2007-07-16 17:41:12 · answer #2 · answered by madilayn 3 · 0⤊ 0⤋