Management Company Suggestions- Milwaukee
Hi Everyone,
I am looking for a management company for my multi unit in the Milwaukee Riverwest area. It has two dwellings on one lot. A duplex in the front and a in-law house in the back. The property is fully updated (Elec, plumbing, cabinets, appliances, etc). So, the property should have little on site needs. I just need a company to handle the vetting, tenant relations, and any work orders that should arise. Any help would be appreciated.
Paul Engelberger
PJE Investments LLC
Hi Paul! I've used a few management companies in the Milwaukee area. Each have their pluses and minuses, but many of my experiences weren't great. Currently I use Smart Asset Realty in Waukesha. They have been fantastic! They are professional, very responsive, and a pleasure to work with. I'd definitely recommend talking to them to see if they would fit with your investing goals and current structure.
Like many local investors in Milwaukee, I have used Citywide Rentals for the past 2 years and I am very happy with their service and prices. If I didn't use Citywide, I'd use Mike Baron at PMI of Greater Milwaukee Property Management or Ed Riggenbach at Welcome Home Milwaukee Property Management.
Smart Asset Realty - happy to make an intro if you'd like
Thank you, for the help! I will reach out to them today! I left Smart Access reality a message a few days back but no reply as of yet. It might be due to the holidays.
-Paul
#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
Even if someone give you a referral, what meets their expectations, may not meet yours.
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😊
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