KC MO Property Manager for Out of State Investor
Rental Property Investor · MN · Member since 2023 · 2 posts · 1 vote
KC MO Property Manager for Out of State Investor
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Michael SmytheBusiness Member
Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes@Brandon Sweet many wholesalers will NOT have your best interests in mind, so proceed with EXTREME caution.
Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.
We also can’t believe how many owners hire the first PMC they speak with!
Then they complain their expectations aren’t being met!
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 – and they often select the first PMC they call!
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”:
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😊
Logical Property Management4.9459 Reviews
5 Replies
- 3yMichael SmytheBusiness MemberReal Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
@Brandon Sweet many wholesalers will NOT have your best interests in mind, so proceed with EXTREME caution.
Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.
We also can’t believe how many owners hire the first PMC they speak with!
Then they complain their expectations aren’t being met!
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 – and they often select the first PMC they call!
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”:
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😊
Logical Property Management4.9459 Reviews - Real Estate Agent · Kansas City · Member since 2018 · 5k+ posts · 3k+ votes3y
Quote from @Brandon Sweet:
Hi, I am looking for a reliable property manager and a wholesaler in the Kansas City area. Do you guys have and references?
I have not purchased a property yet, however, I like the market here and it's about time I get into it.
I am also seeking some advice for investing in the area, if anybody is willing to share their secrets, it would be much appreciated :)
Thank you!
Happy to connect and get you set up for here in KC
@Brandon Sweet I completely agree with Michael's statement. You get what you pay for when it comes to property management. Investing in property is a long-term commitment, even if your intention is to sell it in five years. It amazes me how some people choose to hire a property management company to save a mere $10 or $20 a month, despite the fact that such companies have poor screening processes that lead to tenants damaging the property, or a lack of maintenance plans leading to HVAC breakdowns and other issues like clogged gutters damaging siding, fascia, foundations, and flooding basements. Most property management companies are not run by investors and lack the necessary expertise in renovations, in my opinion. I was just able to save a client $13,000 on a sewer replacement because of our connections and knowledge of KCMO code. It is important to research and find a management company that understands real investing, will care for your property in the long run, and perform thorough screening processes.
- Investor · Denver, CO · Member since 2023 · 161 posts · 52 votes3y
I like Premier property management. Ask for Ryan Rizzo.
- Real Estate Agent · Kansas City, MO · Member since 2023 · 37 posts · 13 votes3y
Hey Brandon! I'm a licensed agent here in KC, specializing in investment properties. I'd love to connect and send you some of contacts for anything you'll need to get your boots on the ground here in KC.
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