I've seen people on board say that if you are a landlord with just one or two properties, many management companies aren't going to take you seriously. They'll do almost nothing because it makes much more sense to focus on the big clients.
How big is big? I'm hoping to hit s milestone when I have enough props that my management company collects 1000 a month from me. But honestly that's not that much.
The problem I see is companies take on all business to make coin.
They should say if they do not want or have time for a potential clients business. It's nothing personal.
The problem is companies and people in general have a willingness to help. Wanting to help can overextend someone and make it seem like they do not care about you as a client etc.
So it's important for a business to have laser focus on what they want and do not want and cut out everything else. Do that one thing at a very high level above all else.
You might have to interview a few to find one you believe will do a good job for you. It may not be an issue with the number of units you have. It could be experience, manpower, competitiveness, quality of employees, desire, and many other issues that will make a difference in management companies. I often hear great reviews and bad reviews about the same company! Sometimes it could be the clients expectations that make a difference as well. I recently went to view one of my properties (out of state) and was unhappy to see a lot of deferred maintenance. When I questioned the PM, they stated they are a management company. I wasn't real happy with that response. I believe that if properties are kept in nicer condition you can get higher rents. Maybe they don't see it that way.
I will say that as an owner, the number one thing that turns me off is the lack of responsiveness. I have one PM in Austin who I thought was really good but has been progressively slow to respond or doesn't respond to my calls, texts, or emails. That is unacceptable for an out-of-state owner and is an immediate deal breaker.
If I owned a management company I would rather have a customer with 1 god property that is hands off, trusts me and is cooperative than a customer with dozens of properties that is difficult to work with.
I started with a PM a single home rented for $700 in Austin. I got good service. Now I have eight with them. They aren't perfect, but they get the job done and know what they are doing.
Great discussion and very valid points...
To me it comes down to expectations: if you are expecting a management company will take care of your property in the same exact way as you would - you are in for failure and frustration.
What are the thints you can "live with" (that management company X doesn't do in the same way as you do) in order to have a great partnership is the key in my opinion.
Personally, responsiveness is pivotal and a deal breaker in my opinion!!!
@Jon Klaus Which PM do you use? Can you email it to me? Thanks
I think if a PM company is not treating you with the respect you desirve, than that are not worth keeping or your time. If I had my own PM company ( I probably will one day) I would treat you like an investment in the hopes that one day you will bring in 1000 a month for me.
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