Skip to content
General Real Estate Investing

User Stats

20
Posts
14
Votes
Matt Corso
14
Votes |
20
Posts

Looking for Investors in the Detroit Area!

Matt Corso
Posted Jun 3 2022, 20:19

Hello! I am investing in the Detroit Area and I need some insights on some of the various property managers out there. I have attempted to contact a few and have had no luck at all.

Could you please DM me if you have any insight you could provide?

User Stats

7,028
Posts
3,638
Votes
Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
3,638
Votes |
7,028
Posts
Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied Jun 4 2022, 10:37

@Matt Corso

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😊

User Stats

536
Posts
586
Votes
Joe Hammel
  • Real Estate Agent
  • Metro Detroit, MI
586
Votes |
536
Posts
Joe Hammel
  • Real Estate Agent
  • Metro Detroit, MI
Replied Jun 5 2022, 11:51

@Matt Corso

Chat with @Drew Sygit at Logical PM. Very knowledgeable.

FlipSystem logo
FlipSystem
|
Sponsored
Learn From Our Team. Earn 100% of the Profits. Join our community of 500+ investors! Avg profit per flip: $14k, Avg effort per week: 4hrs

User Stats

1,207
Posts
1,373
Votes
Travis Biziorek
  • Investor
  • Arroyo Grande, CA
1,373
Votes |
1,207
Posts
Travis Biziorek
  • Investor
  • Arroyo Grande, CA
Replied Jun 6 2022, 06:16
Quote from @Matt Corso:

Hello! I am investing in the Detroit Area and I need some insights on some of the various property managers out there. I have attempted to contact a few and have had no luck at all.

Could you please DM me if you have any insight you could provide?


 I've been testing out a couple different ones lately. Fired one and working with two others on two different properties. I'm local and have self-managed to this point. Shoot me a message if you want some candid feedback.

User Stats

12
Posts
2
Votes
Jason Scalf
  • Real Estate Agent
  • Farmington Hills, MI
2
Votes |
12
Posts
Jason Scalf
  • Real Estate Agent
  • Farmington Hills, MI
Replied Jun 7 2022, 14:36
Quote from @Matt Corso:

Hello! I am investing in the Detroit Area and I need some insights on some of the various property managers out there. I have attempted to contact a few and have had no luck at all.

Could you please DM me if you have any insight you could provide?

Hello Matt,
For the flint or Detroit Mi area I would recommend us at 855Manager.com Ask for Frank (810) 308-1919 Best, Jason