Do you use a property manager for a home bought in Israel?

amother

OP ↓

Sat, Nov 16 2024, 1:19 pm

If you use one, can you tell me how much you are charged a month and what that includes.
And what you have to pay beyond that amount.

amother

Violet

Sat, Nov 16 2024, 3:19 pm

It usually costs a months rent and includes them being a point of contact for your tenants and has to deal with any issues that arise- arrange for broken things to be fixed - get a quote or two when an expensive repair is needed.. they need to ensure all bills are changed to current tenants name.. deal with end of contract and renewal of contract- meet potential tenants and try make sure apartment is rented out. Depending on your tennants and how available you are it is not always needed as some tenants can take care of all issues and make sure repairs needed are made with your consent however it really depends on the tenant and how much you trust them!

amother

Pearl ↓

Sat, Nov 16 2024, 3:27 pm

I am a property manager for a friend in the US. She pays me a month's rent a year plus any money I need to lay out. If new tenants need to be found, that is not included. It will cost more. Because my past experience has been that it is very time consuming.

I am the point of contact for the tenant. I hire the service people needed and pay them. (This part is not always easy and it really helps to be local or at least on the same time zone.) I deposit the rent checks monthly. I deal with getting the lease signed and new checks.

amother

↑ OP ↓

Sat, Nov 16 2024, 4:28 pm

Thank you both for your answers. So can this be a lucrative profession? Can one make a good salary from this? Or its just a lot of work and not a lot of money from it all?

And does one need experience for this? Or its really just word of mouth to get started?

amother

↑ Pearl

Sat, Nov 16 2024, 5:10 pm

amother OP wrote:

My guess is that its mostly RE agents that do this and the main money they make is when they sell the apartment/house.

I guess if you managed a few apartments it could be lucrative.

As to how much work, it depends on the year.

Finding good tenants could be very easy in some areas and hard in others.

The maintenance, some years could be easy and some could be hard. This year, so many repairs were needed because something major broke. So it can really depend. Also depends how much the rent is.

amother

↑ OP ↓

Sat, Nov 16 2024, 6:24 pm

One more question:
If its just one months rent, this is not something someone could make a living doing, right? I mean what about the rest of the year? I thought it was a monthly amount.

And I was actually referring to people who have boughg homes in isrsel but the homes are empty most of thd time but need to be maintained.

amother

Chocolate

Sat, Nov 16 2024, 6:35 pm

Either one months rent paid annually in one go, or one months rent divided by twelve and paid in monthly increments.

You would need to manage a few apartments to make a realistic income.

amother

↑ OP ↓

Sat, Nov 16 2024, 11:35 pm

Ok, im not getting it. Sorry. If smeone is making one months rent once a year,,how are they surviving the rest of the year?

Elfrida

Yesterday at 1:35 am

amother OP wrote:

Ok, im not getting it. Sorry. If smeone is making one months rent once a year,,how are they surviving the rest of the year?

It's a business. Lots if apartments.

amother

Broom

Yesterday at 1:47 am

I do this as a side job for a family member.
I go to the apartment about once a week, run the water, make sure no fuses tripped and generally keep an eye on everything. Collect the mail and pay all the bills.
I furnished the apartment before they came the first time , bought all the appliances and had everything delivered and installed.
When they come to visit I have a cleaner come and freshen up the place, stock the fridge with some basics.

Usually after the visit there is something that needs fixing so I take care of it after they leave.

I charge an hourly rate whenever I am in the apartment or doing work for them.

I don't do it as a parnassah.

amother

↑ OP

Yesterday at 2:56 am

Elfrida wrote:

It's a business. Lots if apartments.

I got that. But if you are only getting one months rent per year from each tenant, thats not a lot of money each month at all.

amother

Dustypink

Yesterday at 9:35 am

amother OP wrote:

I got that. But if you are only getting one months rent per year from each tenant, thats not a lot of money each month at all.

Correct. It's a nice side gig. Assuming 1 months rent is 4500 (a number out of thin air), and you manage 10 apartments, your total income is 45,000 annually.

Success10

Yesterday at 9:49 am

Apartments in Anglo/European areas are sometimes 10k or 15k a month rent. And it does not sound too time consuming. Unless you have 10 apts and they all need something at the same time.