Looking for a solid small apartment building management company
Hello BP users,
I've been away for a long while.
Wondering if anyone may have a recommendation for a solid small apartment building (multifamily) property management company in Cincinnati, OH . This is a 12 unit building
Appreciate any referrals, and any commentary you may have
Many thanks!
GA
#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, 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😊
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😊
@Drew Sygit Thank you very much for your detailed reply! Only goes to show how deep real estate investing can be. 100% in agreement with you. Was really hoping someone would make an actual recommendation but so far nada. I've been investing in real estate for about 10 years and work with probably 8 or so different management companies. At the end, some are better than others, and some are better in some areas than other. This one is tough because it's a 13-unit building and falls somewhere between an easy SFR to a large enough complex that can carry its own on-site manager. You seem like you have the right approach. Have you considered moving to Cincinnati haha ;-) Thanks and be well.
#2 Managing Your Property Contributor
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- Royal Oak, MI
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
@Guy Azta we'll look you up if we ever expand to Cincy:)
We use Gatehouse Home Services for our property management. They are pretty good. Talk to Allie there. If you need any help please feel free to contact me.
Hi @Pradeep Shrestha thank you. Was unable to locate their contact. Would you mind sharing? Many thanks