Looking for property management company

[Kevin Bowen]

My wife and I are getting ready to start investing in real estate and are looking into two locations, Birmingham being one of them. I was hoping to get a recommendation for property management companies and real estate agents for that matter. 

Thank you in advance.

[Drew Sygit]

@Kevin Bowen

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😊

[Kevin Bowen]

Thank you for the great information. 

[Austin Lee]

Hey Kevin,

I saw that you were looking for agents in the area. I'm an agent with an investment brokerage that just opened doors here in Birmingham at the start of June. We specialize in buying and selling investment properties. If you'd like to chat send me a connect and a message!

[Melissa Nash]

Quote from @Kevin Bowen:

My wife and I are getting ready to start investing in real estate and are looking into two locations, Birmingham being one of them. I was hoping to get a recommendation for property management companies and real estate agents for that matter. 

Thank you in advance.

I have a couple PM's that I work with and happy to send you recommendations, (and the one's to avoid)  I am selling one of my properties soon that I am personally renovating. I am not an agent, I flip a few properties a year with a good construction company in Birm that helps me. Its a duplex-- let me know if you are interested in it, I should have the math soon. Also happy to share any resources, I have been buying for my own portfolio in Birmingham for 5 years now. And I am very familiar with a lot of the growth- I live in Socal and have been able to do this very easily there. You just need good people you can trust on the ground. Anyhow, happy to recommend, just message me. 

[Hunter Terryn]

Hey Kevin, there’s a ton of Property Managers out there so good to know what kind of service/support you’re looking for. Are you looking for lease only? Someone with an in-house maintenance crew? A company that offers rehab or brokerage services as well as property management?

What kind of relationship are you targeting with your PM?

Feel free to reach out via private message if you have some specific questions. 

[Craig Peterson]

Quote from @Melissa Nash:

Quote from @Kevin Bowen:

My wife and I are getting ready to start investing in real estate and are looking into two locations, Birmingham being one of them. I was hoping to get a recommendation for property management companies and real estate agents for that matter. 

Thank you in advance.

I have a couple PM's that I work with and happy to send you recommendations, (and the one's to avoid)  I am selling one of my properties soon that I am personally renovating. I am not an agent, I flip a few properties a year with a good construction company in Birm that helps me. Its a duplex-- let me know if you are interested in it, I should have the math soon. Also happy to share any resources, I have been buying for my own portfolio in Birmingham for 5 years now. And I am very familiar with a lot of the growth- I live in Socal and have been able to do this very easily there. You just need good people you can trust on the ground. Anyhow, happy to recommend, just message me. 

 Hi Melissa,

I messaged you in another post about PM's in Birmingham. Did you sell your Bham property?

Craig

[Lauren Johnson]

Quote from @Melissa Nash:

Quote from @Kevin Bowen:

My wife and I are getting ready to start investing in real estate and are looking into two locations, Birmingham being one of them. I was hoping to get a recommendation for property management companies and real estate agents for that matter. 

Thank you in advance.

I have a couple PM's that I work with and happy to send you recommendations, (and the one's to avoid)  I am selling one of my properties soon that I am personally renovating. I am not an agent, I flip a few properties a year with a good construction company in Birm that helps me. Its a duplex-- let me know if you are interested in it, I should have the math soon. Also happy to share any resources, I have been buying for my own portfolio in Birmingham for 5 years now. And I am very familiar with a lot of the growth- I live in Socal and have been able to do this very easily there. You just need good people you can trust on the ground. Anyhow, happy to recommend, just message me. 

Hi Melissa,

I am a newer investor here in Bham and was curious about the contractors you are using. I am obviously looking in the wrong places for a reliable and reasonable contractor. I would love any recommendations or insights that you have!
-Lauren