Investor · Portland, OR · Member since 2022 · 4 posts · 2 votes
Hello Bigger Pockets! We are looking for reliable property management recommendations in the Oklahoma City market. We are closing on our first property in Oklahoma and we would prefer to have property management group that is recommended from the group here!
Looking forward to hearing the responses! Thank you for all the help!
Property Manager · Oklahoma City, OK · Member since 2019 · 577 posts · 351 votes
2y
Congrats on the investment @Peter Lahti! What part of OKC? Happy to help with anything you need in the market. We offer PM services in the market but lots of other good ones out there as well.
Encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
To avoid going through the same poor experience, keep reading.
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😊
12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
2y
Hey Peter ! My name is Jacob with Lendbright and we are a direct national lender specializing in bridge, fix and flip, ground up construction and DSCR welcoming first time investors going upto 100 units ! I would love to assist you in the purchases of your next properties . When is a good time for us to connect and discuss ? I can be reached at 267-516-0896 [email protected]
Rental Property Investor · Arlington, VA · Member since 2019 · 9 posts · 0 votes
9mo
@Ben Scott
Do you or someone you could recommend manage mixed use properties? I have a property in OKC that has 2 small houses, 87 storage units and 60 parking spaces that could use a new PMC.
Maybe @Rhett Tullis knows a good recommendation? Where is the property?
There are several of us PM's on here, @Ben Scott, myself and others, i would recommend picking a few and starting the interview process. We are always happy to help but not always a perfect fit for every investor needing help. I would chat w Ben as well as others.
Logical Property Management4.9453 Reviews