Just signed a contract for a home in Euclid Ohio through an online auction company. I'm out of state in NJ and will be needing a property manager to oversee a rehab, place a tenant, and manage the property afterwards. Anyone have a recommendation for a reputable company? I don't know anyone in Ohio and will also be looking to hire contractors. This will be my first investment property so naturally I'm afraid of making too many mistakes.
I would not be able to help you with contractors or property managers by recommendation, but you have a lot of them in the BP forums (simple search).
Can you please share the online auction company details ?
I can't really recommend hiring the same company to manage your property as well as the rehab. That's not to say it doesn't exist as a good setup, but in my experience it's probably not the best fit. The problem that I generally see is that they will both be on the same page, so if you're out of state and they aren't doing a good job, they will cover for each other. If you have independent companies for each, they can keep each other in check. Just something to think about.
PM me, I can give a couple recommendations for contractors that I've used for about $350k worth of work in the last 12 months. I have a PM that I've used for about a year that is decent, definitely not perfect but they get the job done well enough and they are the cheapest that I've dealt with so far.
Best of luck with your new investment, would love to keep in touch and hear how your property is doing!
@Benny Gelbendorf The name of the auction company is xome.com
Hey Robert this is Josh and I also purchase something from auction in South Euclid.. from NY lets chat what’s your phone?
I saw your post about PMs in Ohio. Know anything about Cleveland Property Management?
I am looking at a property they manage and am considering keeping them as the PM.
It is very important that you make sure you take the time to interview and have candid conversations with a PM company. Let them know your strategy, your goals and what your business plan is to ensure that your business plan aligns with theirs and you can both work towards the same goal. If they are not aligned then simply keep looking till you find one that is.I would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.
My business partner is a regional VP for NARPM and I am happy to help if you need anything please reach out
Questions to Ask prospective management companies
* What are your average days on market for vacant homes?
* What is your average rent amount for all properties managed?
* What is your average work order cost for the owner?
* What is your average make ready cost for the owner?
* Are all my invoices uploaded to my owner portal?
* How do you advertise your vacant units?
* Do I receive video of my pre and post make ready?
* Do you have a setup fee?
* Do you upcharge on maintenance?
* When do you make owner payments? How often?
* Are you a Certified Property Manager?
* Are you a member of NARPM?
* What is your Guarantee?
* Do you provide move in and move out reports
* How many pictures do you take of the property prior to tenant moves in and after the tenant moves out
* Do you get weekly reports when the property is vacant what prospective tenants are saying about your home
* Do you provide monthly newsletters to your tenants
* Do you hold investor education classes to help me become a better investor
* Do you have single point portfolio based management services?
* How many properties do the owners actually own themselves?
* What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits
* How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?
I'm currently in this same position. Did you end up settling on a PM company? If so, hows it working out with managment and the property in general?
I have been using IIP Management and they have been pretty good so far. The have been pretty responsive and I don't have any complaints so far.