Rental Property Investor · San Diego, CA · Member since 2020 · 12 posts · 14 votes
3y
Hi Ryan, I contacted 5 PMs last night, and we’ll see if they get back to me. I am in contact with one other, but I’d like to interview several before I make a decision. I’ll keep you posted! Let me know what you find out!
Real Estate Broker · Cleveland, OH · Member since 2018 · 227 posts · 133 votes
3y
Hey Michelle, I've also worked with several of the larger property management companies and can definitely give you some advice on which companies to stay away from, as well as a few that I've had positive experiences with. Best of luck!
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😊
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Does anyone have any recommendations for a property manager in Cleveland that is out of state investor friendly?
Hey Michelle, I have a list of PM's, contractors and lenders that have helped several of my investors when acquiring properties. I personally have 8+ units in Cleveland and my team primarily helped me to make the managing of these properties easier.
Investor · Upper Marlboro, MD · Member since 2022 · 11 posts · 4 votes
3y
Good afternoon Michelle. I'm new to real estate investing. I'm part of a group interested in purchasing property in Cleveland and I was wondering if any of the property management companies worked out for you. I've been tasked with finding one. Feel free to PM me. Thank you in advance!
Hi Ryan, I contacted 5 PMs last night, and we’ll see if they get back to me. I am in contact with one other, but I’d like to interview several before I make a decision. I’ll keep you posted! Let me know what you find out!
Hello Michelle, Did any of the 5 PMs you reached out to contact you back? In the process of trying to switch all of my units & I'm out of state as well.
Does anyone have any recommendations for a property manager in Cleveland that is out of state investor friendly?
I would say do NOT go with Realty Trust, I just had an awful experince- if you find anyone good please let me know, I just got so burned, Im thinking of selling my properties because of it :(
Rental Property Investor · Marseille, Provence-Alpes-Côte d'Azur · Member since 2019 · 4 posts · 7 votes
3y
@Michelle Moe
Hi Michelle, I own 10 Units in Cleveland, I am out of state, and I am also in the same process of finding and professional and reliable PM. Let’s share our information
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
3y
I know them all ,I am aware of who to stay away from and who to use. I have been doing business out there for about 10 years, 100s and 100s of properties,