Property Management Company Recommendations
Can anyone recommend a property management company that manages in 35215 area. Thanks.
- Property Manager
- Royal Oak, MI
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Even if someone give you a referral, what meets their expectations, may not meet yours.
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
Would love to connect and learn more about what you are looking for in a PM.
Quote from @Drew Sygit:
Even if someone give you a referral, what meets their expectations, may not meet yours.
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
This seems like a bit of a stretch
- Property Manager
- Royal Oak, MI
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@Account Closed thanks for reading!
Which specific part, "seems like a bit of a stretch"?
I think trusting PM recommendations is huge. I have found some great groups through word of mouth. I think that should be heavily relied on.
Quote from @Account Closed:
I think trusting PM recommendations is huge. I have found some great groups through word of mouth. I think that should be heavily relied on.
Yes, but not totally. When I was having a terrible time with my new PM and wanted to switch to another one, I talked to another investor who said she'd ask around. She came back to me with a recommendation for the same PM I wanted to fire! I agree that what works for one investor might not work for another. If you're more of a hands-on investor like I am, good communication is key, and is often what is lacking. I also look for good systems in place so things don't fall through the cracks (as much). I've worked with five PMs in three different cities, and they're all run by humans who aren't perfect. It's a matter of having realistic expectations and taking ownership of watching what they're doing. You care more about your properties than they do.
I suggest initiating your search by visiting the NARPM website (https://www.narpm.org/find/property-managers/). They provide a convenient PM locator tool designed to assist you in locating Property Management professionals within your preferred area. NARPM serves as an excellent resource for all matters related to Property Management, offering valuable benefits to property managers of any scale or individual investors alike. In my role as the Vice President of the SAMAC Chapter of NARPM, I'm here to provide guidance and address any inquiries you might have. Feel free to reach out at your convenience. Good luck and happy investing!