Also, 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 gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.
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 – so, they often select the first PMC they call or that calls them back!
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!
A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?
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😊
I am with the Brokerage side of the business, but CrestCore Property Management has a great team! Let me know if you would like to get connected to the team!
Looking for referrals for property management in memphis. Working with them would also be a huge bonus. Thanks in advance
You should check out Patrick Burleson with RiverTown Realty. shoot me a DM and I can send over his contact info. They manage over 650 rentals in Memphis with very low vacancy rates and they are treating the tenants well.
Real Estate Broker · Memphis, TN · Member since 2015 · 1k+ posts · 887 votes
2y
Hello @Keleisha Carter,
FoundationPM.com has everything under one roof that every investor needs to succeed in REI, including a 4.5-star Google rating with over 1,000 reviews. Shoot me a DM so I can connect you with the team.
Also, 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 gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.
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 – so, they often select the first PMC they call or that calls them back!
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!
A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?
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😊
Looking for referrals for property management in memphis. Working with them would also be a huge bonus. Thanks in advance
Hi Keleisha
If you have SFRs or small multi family we've used Mid South Home Rentals in Arlington,Tn quite successfully for over 12 years & can recommend them highly.
Looking for referrals for property management in memphis. Working with them would also be a huge bonus. Thanks in advance
You should check out Patrick Burleson with RiverTown Realty. shoot me a DM and I can send over his contact info. They manage over 650 rentals in Memphis with very low vacancy rates and they are treating the tenants well.
Thank you. I forgot about Patrick, great guy and knows his stuff. I'll send send you a DM
Looking for referrals for property management in memphis. Working with them would also be a huge bonus. Thanks in advance
You should check out Patrick Burleson with RiverTown Realty. shoot me a DM and I can send over his contact info. They manage over 650 rentals in Memphis with very low vacancy rates and they are treating the tenants well.
Thank you. I forgot about Patrick, great guy and knows his stuff. I'll send send you a DM
Jordan Ray - eXp Realty5111 Reviews