I may be coming into this discussion a bit late and this post is not exactly on the thread topic but I'll have my say anyway. I have two IP's that I self managed for three years, and just recently accepted a position as PM for a fairly prominent agency. I used to have the same attitude as some of the self managers who posted in this thread.
quote " Anyway, the $506 that the agent has made from fielding ONE phone call is the cream for them"
if only it was that easy, if all it took was that one and only phone call, in reality it doesn't, it takes nearly as much effort to list and rent a letting only as it does a let and manage property.
Drive to the property and take the photos.
Enter the property description and upload the photos.
Take the calls and answer emails "do you allow pets" when the web text clearly states NO PETS.
Schedule opens, say 3 for the week or make appointments, drive to the property and wait around 20 or 30 mins for the late comers.
Photocopy and staple application forms (5 or so pages) and hand them out at opens and inspections .
Screen the applications recording everything on the application check sheet, this alone can take 30-40mins per application once you phone employment, personal and rental references for a couple that have both names on the application, IF everyone you phone is available, longer if they are not available and you need to phone back.
You spend 5 or so hrs the first week and 2 or so hrs the next week before the property is let (if it rents quickly), say you spend a total of 7 hrs.
How much does you plumber or electrician charge per hour ? $60 hr .... $80hr. Our gas fitter charges $95 to tell us the gas heater doesn't work (which is why we called him in the first place) and we need a new one, our air con mechanic charges $100 to tell us the circuit board is broken and no longer available... he will be happy to quote for a new one. Don't get me wrong here I'm not complaining about service charges, everyone has a right to earn a living, but please don't think that all we do all day is sit around drinking coffee and chatting with the receptionist waiting for that ONE phone call that is the cream, it's not that easy. Contrary to what some think we are not bending people over.
I'm sure any PM's out there that read this will agree. I have only had two letting only properties and even with these some very good applications are withdrawn once prospective tenants find out that they will be dealing directly with landlords and not a PM
RE.com is probably no different from such things as trade only car auctions, provided by the trade for the trade. We'd love to grab a bargain but they won't let us in,