New to Real Estate · CA · Member since 2019 · 13 posts · 3 votes
Hi BP!
I've been house hacking for close to a year now and am wanting to get ahead on fully renting my home out as I search for another property. Are there any recommended property managers in the Fresno area?
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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Also, if you like our response, please don’t be shy about giving us a vote😊
Fresno, CA · Member since 2016 · 54 posts · 16 votes
3y
Have you considered managing yourself using the bigger pockets pro tools? They have lease templates and management software included called rent redi. We have been using it and it’s been working well for us so far. Especially early on in your investing career I feel like I have learned a lot managing our own properties, not to mention the 8-10% savings. I am local so happy to meet in person to show you how to use the BP tools if that helps.
Realtor · Fresno, CA · Member since 2020 · 87 posts · 41 votes
3y
Congratulations and hope the house hacking continues to work for you in any market! I'd definitely recommend interviewing them, discuss PM's responsibilities and owner's responsibilities and see if they offer what you need. Check out ManageX! (559) 432-3111.
Real Estate Agent · Fresno, CA · Member since 2014 · 367 posts · 174 votes
3y
@Gursimran Singh congrats on finishing out your first house hack. There are a few really good ones in town and all have different strengths when it comes to class of the house and area. I use Neighborhood property management for my MFH, I've also had clients use Regency who are really good in C and below areas. @Yue Lehman mentioned Managex, I've never used them but I hear they do a good job. You are welcome to message me if you have any other questions or want more details. Good luck!
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