I bought 2 homes in auction in Chicago. I don’t live there. I would like to fix them and hand out a property management firm for renting it. Pl. advise how to find how much I can rent them for and what would typically people pay mgmt firms. Also there is a realtor willing to look after the property and collect rent checks. In that case what would I pay her?
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In terms of the rent you charge, a good agent / agency will advise you what the market rate is and what you are likely to get. It is very much a supply and demand thing.
One thing to think about is the mortgage on the house. How long can you afford to go without having a paying tenant in the house?
In regards to a Realtor looking after the house for you, I think you should ask a few questions like, "Are they members of a credible Real Estate Institute," or "Are they employed by an agency?" This doesn’t mean they are honest or dishonest, it just means there are other people you can talk to if there are any problems.
I pay 8% (of rent) to management company. Also I pay them 50% of the first month rent when they bring in a new tenant and sign a lease. This is in OR. I have heard up to10%. 8-10% seems to be normal.