Online property management

Member since 2023 · 37 posts · 10 votes

Hello folks

I'll be closing on my first rental. The property is about 50 miles away so not possible to self manage. I am thinking if there is any online property management that does showings and responds to any maintainence requests? It's a new construction so hopefully nothing major but you never know. Cashflow is super tight so can't afford a local PM. Is hemlane or Mynd good?

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Nathan GesnerBusiness Member

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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes

Discount manager = discount services.

Even full-price managers are hit-or-miss when it comes to the quality of services. Read these forums and you'll find property management is one of the most hated professions. Do you honestly think you'll get good service from a cheaper PM?

I would do some research and learn how to manage yourself. You can handle showings with a lock box or open house. You can drive one hour a month to drive by and ensure the place is still standing, or ask your tenant to send photos. You can drive to inspect or perform basic handyman maintenance. All you really need are some reliable contractors to respond to maintenance issues, particularly emergencies. The rest you can handle from an hour away.

Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them. It's updated yearly and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.

The DIY Landlord Book4.7243 Reviews

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Jonah Hartsburg
Real Estate Agent · Marion, IN · Member since 2019 · 134 posts · 67 votes
2y
We have collaborated with Hemlane to do a lease-up for an OOS investor. Through that experience, we didn't get the full picture of their services outside of leasing, but we were able to get a general idea. I appreciated that their pricing packages were customizable to what you need as a combination of their PM software, maintenance coordination, leasing services, and/or delinquency assistance. For an OOS investor managing with just their services, I imagine you'd need their full package which didn't seem significantly cheaper than hiring a local PM. I thought the main advantage would be the ability to micro-manage your portfolio, customizing your vendor list according to each property and coordinating with a dedicated leasing agent.
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Ashish Wa
OP
Member since 2023 · 37 posts · 10 votes
2y
Quote from @Jonah Hartsburg:

We have collaborated with Hemlane to do a lease-up for an OOS investor. Through that experience, we didn't get the full picture of their services outside of leasing, but we were able to get a general idea. I appreciated that their pricing packages were customizable to what you need as a combination of their PM software, maintenance coordination, leasing services, and/or delinquency assistance. For an OOS investor managing with just their services, I imagine you'd need their full package which didn't seem significantly cheaper than hiring a local PM. I thought the main advantage would be the ability to micro-manage your portfolio, customizing your vendor list according to each property and coordinating with a dedicated leasing agent.

Thank you. Local PM also charges a first/ half months rent which I beleive Hemlane do not charge ?
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Jonah Hartsburg
Real Estate Agent · Marion, IN · Member since 2019 · 134 posts · 67 votes
2y
Quote from @Ashish Wa:

Quote from @Jonah Hartsburg:

We have collaborated with Hemlane to do a lease-up for an OOS investor. Through that experience, we didn't get the full picture of their services outside of leasing, but we were able to get a general idea. I appreciated that their pricing packages were customizable to what you need as a combination of their PM software, maintenance coordination, leasing services, and/or delinquency assistance. For an OOS investor managing with just their services, I imagine you'd need their full package which didn't seem significantly cheaper than hiring a local PM. I thought the main advantage would be the ability to micro-manage your portfolio, customizing your vendor list according to each property and coordinating with a dedicated leasing agent.

Thank you. Local PM also charges a first/ half months rent which I beleive Hemlane do not charge ?

I can see where it initially looks like that, but the fee is negotiated directly with the partnering leasing agent separate from Hemlane's fee. Hemlane's complete package includes the "connection" with the leasing agent.

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Ran Fridman
Property Manager · Illinois, Indiana & Wisconsin but call center all 50 states · Member since 2020 · 92 posts · 32 votes
2y
Hello, my friend, hemlane is good, but you could also try avail, it has a lot of features as well and, as for me, it's a simpler interface. Good luck!
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Martin H.
Member since 2022 · 7 posts · 3 votes
2y
For Mynd, do not engage with those clowns. They ruined one of my Jacksonville properties. You only get a single point of contact for everything all encompassing, and unless they are 100% competent(not even proficient) you are screwed. You cannot change the assigned POC. All contact, maintenance, inspection, lease, anything is handled in a queue....not a call. The worst PM imitation I ever had the misfortune of employing
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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
2y
Discount manager = discount services.
Even full-price managers are hit-or-miss when it comes to the quality of services. Read these forums and you'll find property management is one of the most hated professions. Do you honestly think you'll get good service from a cheaper PM?
I would do some research and learn how to manage yourself. You can handle showings with a lock box or open house. You can drive one hour a month to drive by and ensure the place is still standing, or ask your tenant to send photos. You can drive to inspect or perform basic handyman maintenance. All you really need are some reliable contractors to respond to maintenance issues, particularly emergencies. The rest you can handle from an hour away.
Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them. It's updated yearly and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.
The DIY Landlord Book4.7243 Reviews
Website View Page
2 Reply
Michael SmytheBusiness Member
Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
2y
@Ashish Wa you always end up getting exactly what you paid for.
You should only go cheap when YOU know exactly what you are doing.
Newbies trying to save pennies, almost always cost themselves dollars via their mistakes.
Logical Property Management4.9464 Reviews
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Sean O'KeefePro Member
CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 871 votes
2y
@Ashish Wa we work with a lot of real estate investors that provide us with intel on who the best property managers are. Would be happy to share some unbiased feedback for PMs Atlanta, Georgia.
[email protected]628-241-0888
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Eric Gerakos
Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes
2y
Most of my properties are about 200 miles away and I have always self managed. All you really need is a local agent to find tenants and a good handyman. No need to pay for ongoing PM.
1 Reply
Tim J.
Investor · Vermont and New York · Member since 2023 · 308 posts · 309 votes
2y
50 miles away is not that far. Also, you don't have to be physically present/so close to self-manage. You need the right team of people to get things done. You can self manage.

I suggest you come up with a checklist of all the things/interactions that you expect to happen and then come up with a plan on how to handle it. What steps to take, who needs to be involved, etc.

I think that you will find that you can manage the property with the right set of people in your contact list.
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