Rent Management Compnaies... what do you think??

Jen2004

We are thinking of doing this b/c the selling market sucks but the renting market is up..... We need to move and are looking for a way to not have 2 mortgages (per-say). Anyhow what are your experiences? I know if we sell now we would get 1/2 or so of what we owe and that isn't fun.... I have heard it is better than doing it yourself and the company is the middle man the renters go through the company and the, company deals with us. If you have been on either end please let me know.

TIA

 

 

Jen2004

I should add that I'm not selling my house short it is one heck of a nice/cute house, but most of us know what the market is like. We could try to sell for what we owe (less that 95,000) and it might sell you never know..... just looking for other options.

Chubs&Bubs32

i don't know if this is much help...an old co-worker of mine started renting her house after she couldn't sell it either. i don't believe she used a management company though, i'm pretty sure she handled it herself. she continued to pay the mortgage, and then had the renters send her their rent check, so she was pretty much reimbursed each month. she had some good renters so it wasn't a big hassle, but i imagine this could be one if you got some jerks. do you have to pay the management company to help you out? 

babymaker2002

You do pay the management companies.  They can be a great option if you are concerned and have never had a rental.  One of the biggest reasons people use them is so they don't have to deal with phone calls anytime of day or night because a hot water heater breaks or something else is wrong.  They handle all the paperwork for you.  Typically they charge a set % of your monthly rent, depending on the company.  You can also use a real estate agent to help you find a renter.  They usually charge 1 month's rent per year.  That covers everything and includes finding the renter, paperwork, all the details.  There are companies now that offer extra security for both the renter and landlord (because so many people are losing their houses and there are issues with unreturned security deposits, etc.).  I'm in real estate.  If I can answer any more questions, let me know.  We'll find a way to exchange information.  Good luck!

jlcrane78

My husband and I looked into a property manager when we decided to rent out our house, but we ultimately decided to do everything on our own.  One place charged $150/month just to "collect the check" from the renters.  They didn't do anything additional to help out if there was an actual problem at the house.  Fortunately, we still have a lot of friends and relatives in the area that can stop by if there is a big problem.  I wish it was easier to get rid of houses these days.  I feel so trapped by mine.

CTFandme

oh no. Where are you moving too?  Hopefully somewhere better than here   Sorry, I have no advice on the renting thing, but good luck.