Buying property & acquiring a property manager - Cleveland OH

17 Replies

Hello,

My husband and I are looking to purchase a property in the Cleveland area (preferably east side) to rent and also have a property management firm take care of it.  I have reached out to four companies and no one has responded which has completely turned me off.  I would like to find a company that takes us from start to finish - purchasing the house then getting it rented and taken care of.  Any and all suggestions are welcomed!

Thanks,

Anna Oshinsky 

Property management companies usually don't sell houses, let alone go out and help buyers purchase. If you're asking people to provide a service that's not even in their business model then you'll be waiting by the phone for a long long time. I'd read some books/forums to get more familiar with the process as it's likely that only then you'll get people's attention.

Thanks Ryan, I actually ended up speaking to IIP and they are sending me some properties and they also have a property management team. A Few other places I researched in Cleveland advertised that they did it all but they never responded to my inquiries.

@Anna Oshinsky

I went through the same sort of thing initially in Cleveland. Things changed when I got pre=approved with a lender. I was able to call and email a couple of companies and let them know I was serious about investing out in Cleveland, that I was pre-approved and was planning on flying out there to look at properties. That turned the tide immediately.

Originally posted by @Ryan Evans :

Property management companies usually don't sell houses, let alone go out and help buyers purchase. If you're asking people to provide a service that's not even in their business model then you'll be waiting by the phone for a long long time. I'd read some books/forums to get more familiar with the process as it's likely that only then you'll get people's attention.

Actually property management is very low in the profit margin category. The money a property management company makes is primarily from selling houses. Property management is the loss leader, IE it's the steak on dollar steak night. 

@Anna Oshinsky My suggestion and strategy our property management company uses is partnering with the buyers agent prior to acquisition. Most companies will not do this until a management agreement is signed. If you are calling to get information and the company is not calling you back that is a huge red flag. Most property management companies run slim on payroll. Find a company that has depth from the acquisition process all the way through to on going management.  

@Bailey Manlosa

I used google to get hold of one of their agents live. You most likely will never "speak" to someone in property management, but they do respond via email.

@Frank Wolter   I do not work for HW. Never have, never will. I had bad experiences with 2 other PMs in Cleveland that I did transactions with so I'm basing my comparisons on that. I certainly always remain open to having other PMs, but when I reached out to others here is what happened, either  

1. No response at all.

or

2. We don't manage in the 44120, 44111 or 44105 areas which is where my properties are.

or "my favorite"

3. "If a tenant wants to be on Section 8, we won't manage that property." 

Keep in mind I only have 6 units in Cleveland, but they are all in "C" neighborhoods.