My father-in-law wants me to manage his 2 apt rentals. The 2 units rent for $1200.00, and $1100.00 per month. I do not want his $$$ but he is insisting he pays me. How much is the going rate for 'property managers' cut to manage 2 apts? Thanks
NO CHARGE OR ILLEGAL ACTIVITY ON MANAGING PROPERTY IN CA....FOR MY FATHER IN LAW.
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Favorite Answer
8% of rent is very fair
sophieb
I thought you had to be a real estate agent to manage homes. Otherwise you could manage your own homes if you owned them. So check to see if what he wants you to do is legal (call the Department of Professioinal Regulations at the state level) and find out. If you accept money and it's against the law you'll be in trouble. He can, of course, take his situation to a real estate agent (at an agency) and they will take care of it for him. Managing isn't just collecting the rents but it's also being there to call for maintenance when something goes wrong, doing the billing and paying, etc. and that's why a license is needed.
Glenn S
Unless you have a real estate license or become a resident manager you will be breaking the law even if the owner is your uncle.
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10% and by managing make sure what your responsibilities are and get it in writing.
If you are also expected to do maintenance and repairs then 20% is required.