Property Management Recommendations - Dallas Tx

[Alexis Johnston]

Does anyone have any recommendations for property management companies in Dallas, TX that they have had a good experience with? Looking for mgmt for SFH, long-term rentals in Dallas and the surrounding area.

Looking for a PMC that offers:

- Property eval

- Property marketing

- Tenant screening and selection

- Tenant move in/move out

- Rent collection

- Maintenance requests

Thanks!

[Bruce Lynn]

Where exactly is the home?

There are some big companies that do manage all over DFW, but I have found the niche players often do a better job overall.

[Rob Lee]

Which city are we talking about exactly?

[Drew Sygit]

@Alexis Johnston

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”:

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😊

Please send us any feedback via email, as we do not use the DM feature here.
Also, if you like our response, please don’t be shy about giving us a vote😊

[Michael Kawashima]

Following because I'm also curious. @Bruce Lynn - what are some of the bigger companies I can start vetting? I haven't found a property yet so I can't share a specific location. Thanks!

[Moe Khan]

I am also for a property manager in DFW. Any help will be appreciated.

[Bruce Lynn]

@Michael Kawashima  @Moe Khan  because I don't recommend almost any of the big ones....I don't name them.  I don't think they probably have a whole lot to say to you without a property in mind, but might give you general info.   I say go find the property first, then find your PM.  If you're paying cash, you probably have a couple of weeks to do this, if you're getting financing then probably you'll have 30 days.  DFW is a giant place, right.  Someone who manages in Sherman, might not PM in Burleson 2 hours away....a PM that manages in Weatherford, might not manage in Rockwall, again 1-1.5 hours away.   It may also depend on what type of property you buy....single family, multi-family, large multi, airbnb, MTR, old, new, price range, or some other variable.

You can find a list of some on the NARPM DFW website, probably some of the better, bigger ones are there.   I would say if they're a member they care about doing better than average.  

One thing to think about is if they're based in Plano for example, but you buy a home in South Arlington, who shows the house?....are they big enough that they have an agent in South Arlington, or god forbid are they going to put a Rently box on the house and allow for self showings?   Do you want any random person in your home without an agent present and trust they will lock up, not adjust the temperature, leave the garage door open, steal your appliances, or maybe even just move in, or tell others they're the PM and have them pay the deposit and first month's rent to this random person that is in your home?  Do they have local trades like HVAC, Plumbing, Electric, make ready, etc or are they sending people all over the metroplex and maybe even charging you trip fees for that?

Remember no one loves their PM, so be very very careful about who you choose...and certainly don't pick on on price....one thing I see these days is go find a property they manage, call as if you wanted to rent it.  Test them out.  Do they answer the phone, if you get VM do they call you back?  How fast?  Ask if you want to see the property how do you do that, does someone meet you there or do they allow self showings?

Good luck and best wishes.

[Michael Kawashima]

Quote from @Bruce Lynn:

@Michael Kawashima  @Moe Khan  because I don't recommend almost any of the big ones....I don't name them.  I don't think they probably have a whole lot to say to you without a property in mind, but might give you general info.   I say go find the property first, then find your PM.  If you're paying cash, you probably have a couple of weeks to do this, if you're getting financing then probably you'll have 30 days.  DFW is a giant place, right.  Someone who manages in Sherman, might not PM in Burleson 2 hours away....a PM that manages in Weatherford, might not manage in Rockwall, again 1-1.5 hours away.   It may also depend on what type of property you buy....single family, multi-family, large multi, airbnb, MTR, old, new, price range, or some other variable.

You can find a list of some on the NARPM DFW website, probably some of the better, bigger ones are there.   I would say if they're a member they care about doing better than average.  

One thing to think about is if they're based in Plano for example, but you buy a home in South Arlington, who shows the house?....are they big enough that they have an agent in South Arlington, or god forbid are they going to put a Rently box on the house and allow for self showings?   Do you want any random person in your home without an agent present and trust they will lock up, not adjust the temperature, leave the garage door open, steal your appliances, or maybe even just move in, or tell others they're the PM and have them pay the deposit and first month's rent to this random person that is in your home?  Do they have local trades like HVAC, Plumbing, Electric, make ready, etc or are they sending people all over the metroplex and maybe even charging you trip fees for that?

Remember no one loves their PM, so be very very careful about who you choose...and certainly don't pick on on price....one thing I see these days is go find a property they manage, call as if you wanted to rent it.  Test them out.  Do they answer the phone, if you get VM do they call you back?  How fast?  Ask if you want to see the property how do you do that, does someone meet you there or do they allow self showings?

Good luck and best wishes.

That’s makes so much sense so thank you for all that information! I really appreciate it and will take your advice. Very interesting to hear about someone pretending to be a PM at a property. I never thought about that scenario.

thanks again!