Which property management company does everyone use/recommend?

Question

Hello I am in Chicago in Park Manor/ Grand Crossing area and wondering which property management company everyone uses and do you recommend them pros/cons?

Thank you!

Drew Sygit · Answer

@Mathew Davis what works for one, won't work for all:(

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, 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😊

Victor So · Answer

Everyone will point to @Mark Ainley

Melanie Thomas · Answer

Hi there! I would urge you to look into property managers affiliated with NARPM. They have a website that you can use to search for Property Management companies in your area. If you need help navigating the site or have general property management questions, happy to chat! Happy investing, good luck!

Paul De Luca · Answer

@Mathew Davis

If you need another recommendation, shoot me a PM.

Jonathan Klemm · Answer

Hey @Mathew Davis -  In that area of Chicago I'd also 2nd @John Warren and say that @Jared Kott is the man.

John Warren · Answer

@Mathew Davis you should reach out to @Jared Kott. He has a strong south side presence and he may manage that area.

Which property management company does everyone use/recommend?

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