Solid / Reputable Property Managers in Columbus?

Question

Hi All,

Was fortunate to have the opportunity to close on a long distance multi family property out in Columbus. I'm currently aggressively vetting property managers. While in this phase I wanted to reach out to the community for any referrals of solid PM's? Things to look out for etc. Would really appreciate the value provided.

Thanks in Advance,

James

James Luctamar · Answer

I have received the list from a great member in your brokerage.

@Patrick Drury

@Remington Lyman

Patrick Drury · Answer

@James LuctamarCongrats! If you would like, I can send you a Rolodex with Pm referrals for Columbus.

Drew Sygit · Answer

@James Luctamar so you won't screen a referral?

Patrick Drury · Answer

@James LuctamarYou should mention what neighborhood your property is in as well. Some property managers are well suited for certain areas.

Drew Sygit · Answer

@James Luctamar

In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

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”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

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😊

Divya Santhanam · Answer

@James Luctamar, may I ask who you ended up moving forward with?

James Luctamar · Answer

Of course I would...

James Luctamar · Answer

The specific question was for referrals in the market. @Drew Sygit

Drew Sygit · Answer

@James Luctamar Yeah, no offense, but the same questions get posted over & over again, and the BiggerPockets search function is basically useless. So, this is the most efficient way we've found to try to help:)

If you have more specific questions, please tag us on your post and we'll do our best to answer!

Solid / Reputable Property Managers in Columbus?

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