New property management
Hello everybody! I am currently looking for new property management. Specifically someone who is reliable, works with investors, and most of all COMMUNICATIVE.
#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 gives 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.
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😊
Please send us any feedback via email, as we do not use the DM feature here.
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P.S.S. You may want to check out our website, www.LogicalPM.com, because unlike our competitors who MERELY state what they can do for you, we provide an outline of how we execute each of the services we provide! One of the best compliments we've received was from a client, who while searching for a PMC, used our service outlines to interview competitors and found there was no comparison.
Quote from @Ivan Aldana:
Hello everybody! I am currently looking for new property management. Specifically someone who is reliable, works with investors, and most of all COMMUNICATIVE.
We are getting into property management if your interested.....
You want to make sure that your expectation matches with the style of the property management company.
Is your focus to reduce risk? Is your focus to reduce current cost? Is your focus to be contacted by the PM, so that you can be involved with making decisions? There is no right or wrong answer to this, but you will get frustrated if your focus is to reduce risk, but your PM`s focus is to reduce cost, for example.
