Rental property: Manage myself or hire a manager?

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Submitted by treehugger on October 17, 2021 - 11:06am

After nearly 12 years our tenants have moved out! We are amazed at rent prices and are trying to figure out how to price our condo and should we rent it ourselves or hire a manager? It is a 3/2 off Rancho del Oro in Oceanside, gated complex with a one car garage, pool....we are currently rehabbing so will be in top shape.

1. How do I figure out rent price?
a. Per Zillow/facebook/craigslist and I think I am in the neighborhood of $2750-$2950
b. others anecdotally tell me over $3000, but I don't see evidence?

2. Manage myself or hire property manager?
a. I have spoken with two managers they charge 7-8%
b. Both managers seems to think I can get somewhere around if not above $3000 for the condo.
c. Any good manager recommendations?

Thoughts suggestions?

Submitted by gzz on October 19, 2021 - 4:01pm.

Managing a tenant is a lot easier than renovating a condo. If you can do one, you can do the other.

A high end 3/2 is going to be a married couple who will probably treat it well as long as they don't have a pet.

I suggest listing it for $3200. If you don't get within a week multiple strongly interested people who you personally like and feel comfortable with, then go down to 3000.

List it now, and you will have time to pick carefully during your rehab.

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