Investors who look to find remote properties
Member since 2024 · 18 posts · 5 votes
Investors who look to find remote properties
5 Replies
- Investor · Hendersonville, NC · Member since 2016 · 498 posts · 285 votes1y
Quote from @Adam Tiller:
For those of you investing remotely, what’s been your experience with property management companies? For out-of-state investors, having a reliable team on the ground can make all the difference I would think. I love talking to investors and gathering their thoughts on why they choose an area, what they are looking for in Management and how their experiences have been!
I don't really choose an area, I choose a deal. For me, the deal has to look good up front and then I take a look at the area. I know sometimes the area itself is the deal. I.e. I would have loved to have bought single family home in San Francisco 20 years ago.
To answer your other question, I do property management in house now. I've used PM companies multiple times and just didn't find what I was looking for.
- 1yMin ZhangBusiness MemberReal Estate Agent · Member since 2022 · 1k+ posts · 1k+ votes
I’d definitely recommend checking out the management team before moving forward to make sure they match your investment goals. I'd ask about their experience working with out-of-state landlords, how they keep up with property maintenance, how they handle tenants, and how open they are with updates and reports. You want to be sure they’ve got your back, especially when you're not local! Good luck Adam!
- 1yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
@Adam Tiller most investors do a POOR job of screening PMCs!
They focus on price and don't ask enough questions about services.
Read more below (copy & paste):
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Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.
Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.
Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
To avoid going through the same poor experience, keep reading.
Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.
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, they often select the first PMC they call or that calls them back!
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!
A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?
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😊
Logical Property Management4.9458 Reviews - Property Manager · NJ · Member since 2017 · 786 posts · 396 votes1y
@Adam Tiller Be careful investing remotely in a lot of these so called "great markets" ripping off out of owners is a cottage industry. My advice, connect with people doing deal in your target area and see who they are using, a quality referral will often trump any research you can do on your own
- 1yBernice RetzloffPro MemberMemphis, TN · Member since 2024 · 234 posts · 100 votes
Hey Adam!
You’re absolutely right—having a solid property management team is a game-changer for remote investing. As a local realtor in Memphis who works with investors, I’ve seen firsthand how the right management can make or break an investment. The best ones handle everything—tenant placement, maintenance, rent collection—while keeping vacancies and expenses low. Investors who succeed here prioritize management teams that communicate well, vet tenants properly, and treat the property like their own. In Memphis, with steady rental demand from major employers like FedEx and St. Jude, having a strong on-the-ground team makes investing remotely a lot smoother. Always happy to chat and compare experiences if you’re looking into different markets!
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