Self-managing a property long-distance - any suggestions?
Investor · Stamford, CT · Member since 2012 · 247 posts · 63 votes
Self-managing a property long-distance - any suggestions?
Most Popular Reply
Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votesTechnology has made it easier than ever to DIY manage rental properties - but, that doesn't mean it should always be done!
In our opinion, many OOS investors set themselves up for failure because they don't truly take the time to understand:
1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.
2) The Class of the PROPERTY they are buying - which is relative to the overall area.
3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.
4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.
5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.
6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.
7) That OOS property Class rankings are often different than the Class ranking of the local market they live.
8) Class A is relatively easy to manage, can even be DIY remote managed from another state. Can usually allot 5-10% vacancy factor and same for maintenance.
9) Class B usually also okay, but needs more attention from owner and/or PMC. Vacancy and maintenance factors should be higher than for Class A as homes will be older, have more deferred maintenance and tenants will be harder on them.
10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!), but very difficult to DIY remote manage. Vacancy and maintenance factors should be higher than for Class A or B. Homes will have even more deferred maintenance and tenants will be even harder on them.
11) Class D pretty much requires an OWNER to be on location and at the property 3-4 times/week. Most quality PMCs will not manage these properties as they understand most owners won’t pay them enough for the time required and even then it’s too difficult successfully manage them.
***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.
As a PMC in Metro Detroit, we receive lots of inquiries from owners about managing their rentals. A high percentage of them are inexperienced and just shopping by price - which is really a waste of time for a good PMC. Their inexperience is going to require "babysitting" them until they learn the business, which takes a lot of time, yet they want the lowest price!
So, if PMC's are not bending over backwards to get back to you, it may be because of that or #5 above.
Hope this insight helps!
Logical Property Management4.9458 Reviews
25 Replies
- Investor · Cleveland · Member since 2022 · 131 posts · 115 votes4y
Hey Vonetta,
There's a really good property management company that a lot of my clients have worked with that I could refer over to you. Let me know if you're interested.
- Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes4y
Realistically, if you have a connection to all the vendors necessary and the property is in an area where the quality of tenants will be good, you do not need a PM. If these are not the case, you can look to change these or resort to a PM. Also, depending on your experience (which it sounds like you have some, I'm not suggesting that you don't) a PM can be a valuable tool to learn REI and the city.
- Investor · Stamford, CT · Member since 2012 · 247 posts · 63 votes4y@Muhammad Amawi - sure, I'd appreciate that, please inbox me, thanks!
Quote from @Muhammad Amawi:
Hey Vonetta,
There's a really good property management company that a lot of my clients have worked with that I could refer over to you. Let me know if you're interested.
- 4yManny VasquezBusiness MemberReal Estate Agent · Orange County · Member since 2022 · 317 posts · 293 votes
I have self-managed a few properties long distance for several years. I believe that finding a very good, trustworthy handyman is key. In the lease agreement, I would also add a clause that any "call outs" will require the tenant to pay for the repair/fix (unless they or handyman can conclusively prove that the landlord should pay for whatever is broken or is in need of being fixed).
- 4yNicholas MischPro MemberInvestor · Broadview Hts, OH · Member since 2016 · 310 posts · 280 votes
Quote from @Vonetta Booker:
I didn't want to, but I am considering self-managing my newly-purchased SFR in Cleveland (I'm located in CT). Don't get me wrong, I feel like a good PM is invaluable and have no issues paying one their 10% to properly manage my property and take away my headaches. However, I have reached out to and interviewed several PMs, and there seems to be a big communication issue - a large number of them are unresponsive, replying w/ pertinent info days after they said they would - if at all. I figure if these issues happen in the mere beginning/inquiry stages, how are they going to effectively screen/place tenants & manage my properties?
Do any of you have long-distance properties that you manage yourself? If so, what resources & tools do you use? I really wanted to use a PM, but at this point I'm seriously contemplating just letting my RE agent list it, screen the tenants & get a good handyman, plumber, electrician etc. to handle whatever issues come up.
Hey Vonetta, Unfortunately the problem often with having a property manager, manage, or even try to find one for a SFR is vary hard to do if not almost impossible, and if you do they often just won't care very much due to it being such a small profit. I have many investor friends and clients who manage smaller properties pretty easily from a distance by having a Realtor list it for rent, and get rent electronically sent, as well as have contractors they can call. To me a PM is a waste for small properties unless you have tons of them or don't have any time at all. I wish you the best whatever you decide to do.
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes4y
Quote from @Vonetta Booker:
I didn't want to, but I am considering self-managing my newly-purchased SFR in Cleveland (I'm located in CT). Don't get me wrong, I feel like a good PM is invaluable and have no issues paying one their 10% to properly manage my property and take away my headaches. However, I have reached out to and interviewed several PMs, and there seems to be a big communication issue - a large number of them are unresponsive, replying w/ pertinent info days after they said they would - if at all. I figure if these issues happen in the mere beginning/inquiry stages, how are they going to effectively screen/place tenants & manage my properties?
You are right to be nervous about a PM that can't communicate. You can try self management, but I also recommend you keep searching.
Remember: cheaper doesn't mean you'll make more money.
Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
The DIY Landlord Book4.7248 Reviews - Member since 2019 · 11 posts · 3 votes4y
I have a 2006 SFH in FL that I've self-managed in FL. I screen applicants based on set criteria for debt-to-income ratio/credit score, apartments.com is a great tool to manage applications, background checks (the applicants pay for both through the site), i have a google number specifically for the property. Over the years I've developed relationships with contractors to call when there is an issue with the home. It's a 2006 home so no crazy unexpected issues. Simple maintenance stuff. If you screen the tenants well that's the key to reducing the amount of time spent managing the property.
- Investor · Stamford, CT · Member since 2012 · 247 posts · 63 votes4y
Quote from @Nathan Gesner:
Remember: cheaper doesn't mean you'll make more money.
Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!Thanks @Nathan G., good list! I've been doing these things & will continue while also exploring backup possibilities.
- Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes4y
Not impossible. I literally consider myself a long distance manager since I was forced to run mine from Afghanistan. For me, I'd do everything possible to have a PM for something long distance. Mine was in such a rough area I couldnt find people to handle it. That 10% is clearly, without question, astronomically worth paying as opposed to doing it myself. It's more complicated with class d and some class c. For class b on up, if you cant find a competent manager you should be ok with all your systems in place. I have a multi unit I'm only an hour and a half away and I'm so glad I found a great manager. Well worth the money. The sad part of this business is most PMs suck. I managed mine much better than most I hired. Also, the ones that are very capable only want the good neighborhoods. You are left with incompetent bottom feeders for the other stuff. In my opinion I feel you should do an extensive search to find someone good; possibly based on a credible referral. If not, prepare for devoting tons of time to it in the beginning but eventually you can get some great tenants and have all your maintenance/systems in place, you will be ok!
- 4yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
Technology has made it easier than ever to DIY manage rental properties - but, that doesn't mean it should always be done!
In our opinion, many OOS investors set themselves up for failure because they don't truly take the time to understand:
1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.
2) The Class of the PROPERTY they are buying - which is relative to the overall area.
3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.
4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.
5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.
6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.
7) That OOS property Class rankings are often different than the Class ranking of the local market they live.
8) Class A is relatively easy to manage, can even be DIY remote managed from another state. Can usually allot 5-10% vacancy factor and same for maintenance.
9) Class B usually also okay, but needs more attention from owner and/or PMC. Vacancy and maintenance factors should be higher than for Class A as homes will be older, have more deferred maintenance and tenants will be harder on them.
10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!), but very difficult to DIY remote manage. Vacancy and maintenance factors should be higher than for Class A or B. Homes will have even more deferred maintenance and tenants will be even harder on them.
11) Class D pretty much requires an OWNER to be on location and at the property 3-4 times/week. Most quality PMCs will not manage these properties as they understand most owners won’t pay them enough for the time required and even then it’s too difficult successfully manage them.
***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.As a PMC in Metro Detroit, we receive lots of inquiries from owners about managing their rentals. A high percentage of them are inexperienced and just shopping by price - which is really a waste of time for a good PMC. Their inexperience is going to require "babysitting" them until they learn the business, which takes a lot of time, yet they want the lowest price!
So, if PMC's are not bending over backwards to get back to you, it may be because of that or #5 above.
Hope this insight helps!
Logical Property Management4.9458 Reviews - Investor · Stamford, CT · Member since 2012 · 247 posts · 63 votes4y
Quote from @Drew Sygit:
Technology has made it easier than ever to DIY manage rental properties - but, that doesn't mean it should always be done!
In our opinion, many OOS investors set themselves up for failure because they don't truly take the time to understand:
1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.
2) The Class of the PROPERTY they are buying - which is relative to the overall area.
3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.
4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.
5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.
6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.
7) That OOS property Class rankings are often different than the Class ranking of the local market they live.
8) Class A is relatively easy to manage, can even be DIY remote managed from another state. Can usually allot 5-10% vacancy factor and same for maintenance.
9) Class B usually also okay, but needs more attention from owner and/or PMC. Vacancy and maintenance factors should be higher than for Class A as homes will be older, have more deferred maintenance and tenants will be harder on them.
10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!), but very difficult to DIY remote manage. Vacancy and maintenance factors should be higher than for Class A or B. Homes will have even more deferred maintenance and tenants will be even harder on them.
11) Class D pretty much requires an OWNER to be on location and at the property 3-4 times/week. Most quality PMCs will not manage these properties as they understand most owners won’t pay them enough for the time required and even then it’s too difficult successfully manage them.
***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.As a PMC in Metro Detroit, we receive lots of inquiries from owners about managing their rentals. A high percentage of them are inexperienced and just shopping by price - which is really a waste of time for a good PMC. Their inexperience is going to require "babysitting" them until they learn the business, which takes a lot of time, yet they want the lowest price!
So, if PMC's are not bending over backwards to get back to you, it may be because of that or #5 above.
Hope this insight helps!
Thanks for the insight, Drew! I'd say my property is a B-C class; not knowing anything about Cleveland at first, I was fortunate to have a great realtor who guided me on getting to know the different areas better during my search (also during an actual visit out there). I was blown away at the cheaper prices at first - but quickly learned that it's definitely a "you get what you pay for" situation in terms of location!
- Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes4y
Hi @Vonetta Booker : I am also an out of state investor and I own properties in Cleveland, OH. I work with Remax / Haven property management headed by Dave Terbeek. They have been managing my property for the last 2 years and I have never had a problem with them.
Self Managing is always an option but with City inspections involved at every turnover, I am not sure how feasible it is to manage remotely. I would rather have Remax manage my property and concentrate my energy on finding my next deal. Let me know if you want to connect and chat about it. Or if you want to DM me your email, I can send out an email introduction to my PM.
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes4y
@Vonetta Booker
Don’t.
You can thank me later :)
7e investments53 Reviews - Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes4y
Quote from @Vonetta Booker:
I didn't want to, but I am considering self-managing my newly-purchased SFR in Cleveland (I'm located in CT). Don't get me wrong, I feel like a good PM is invaluable and have no issues paying one their 10% to properly manage my property and take away my headaches. However, I have reached out to and interviewed several PMs, and there seems to be a big communication issue - a large number of them are unresponsive, replying w/ pertinent info days after they said they would - if at all. I figure if these issues happen in the mere beginning/inquiry stages, how are they going to effectively screen/place tenants & manage my properties?
Do any of you have long-distance properties that you manage yourself? If so, what resources & tools do you use? I really wanted to use a PM, but at this point I'm seriously contemplating just letting my RE agent list it, screen the tenants & get a good handyman, plumber, electrician etc. to handle whatever issues come up.
This isn't going to go well unless the house you bought is in one of the A-grade suburbs. If you bought something in the under $200k range, it just won't work. I've sold $200 Million worth of Cleveland rental real estate.....A whole lot of that is listing and selling property for people who thought they could successfully do this.....They couldn't.
- 4yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Vonetta Booker:
Quote from @Drew Sygit:
Technology has made it easier than ever to DIY manage rental properties - but, that doesn't mean it should always be done!
In our opinion, many OOS investors set themselves up for failure because they don't truly take the time to understand:
1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.
2) The Class of the PROPERTY they are buying - which is relative to the overall area.
3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.
4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.
5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.
6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.
7) That OOS property Class rankings are often different than the Class ranking of the local market they live.
8) Class A is relatively easy to manage, can even be DIY remote managed from another state. Can usually allot 5-10% vacancy factor and same for maintenance.
9) Class B usually also okay, but needs more attention from owner and/or PMC. Vacancy and maintenance factors should be higher than for Class A as homes will be older, have more deferred maintenance and tenants will be harder on them.
10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!), but very difficult to DIY remote manage. Vacancy and maintenance factors should be higher than for Class A or B. Homes will have even more deferred maintenance and tenants will be even harder on them.
11) Class D pretty much requires an OWNER to be on location and at the property 3-4 times/week. Most quality PMCs will not manage these properties as they understand most owners won’t pay them enough for the time required and even then it’s too difficult successfully manage them.
***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.As a PMC in Metro Detroit, we receive lots of inquiries from owners about managing their rentals. A high percentage of them are inexperienced and just shopping by price - which is really a waste of time for a good PMC. Their inexperience is going to require "babysitting" them until they learn the business, which takes a lot of time, yet they want the lowest price!
So, if PMC's are not bending over backwards to get back to you, it may be because of that or #5 above.
Hope this insight helps!
Thanks for the insight, Drew! I'd say my property is a B-C class; not knowing anything about Cleveland at first, I was fortunate to have a great realtor who guided me on getting to know the different areas better during my search (also during an actual visit out there). I was blown away at the cheaper prices at first - but quickly learned that it's definitely a "you get what you pay for" situation in terms of location!
I have had years to think about this having owned a nice slug of A class IE brand new construction in the best school district in the state. and over 300 C and D class with a sprinkling of B class.
from Jackson MS to Detroit and many cities in between and on both coasts...
I agree with your representation of class of property and class of tenant and CONTRACTORS.
on the PM side and what they charge I would have a sliding scale. just like some of my clients that own big class B MF they pay 4% and an onsite manager is the employee. (on site manage is required by law based on the number of units).. Then down to the types of managers that will take on D C class which in many cases is a class below what the investor thinks they won.
for those I would charge a big premium as they are so labor intensive based on the tenants living in them. I have seen it for whatever reason and it's not an absolute, but my A class tenants when they move the houses ARE broom clean and they get their deposit back. my C and D needs a turnover which usually cost 1 to 5k depending on how rough they were on the houses. Much of it not really intentional it's just how they live. So, I look at the real low-end stuff as more of an asset manager type situation than a true PM. And my strong B and A class I just have an agent place the tenant then my office staff handles it from there which is just maintenance calls. In the rental land lording business, I truly believe you get what you pay for. Both on the purchase end and in the execution of who is going to handle your properties.
There are a lot of PMs that take on hard to manage C and D and do well with it because they know they are going to be able to charge all sorts of fees to corral these types of tenants. I am just exiting the last of my Cleveland stuff and its very evident there as well Just like James Wise said you have a certain price point and area of town and no matter what you do or who you have its a savage business the tenants simply do not live their lives like the landlord does. they are completely different people in respect to how they think and such.
So, for me if I was setting up shop here is my schedule of fee's for managing.
D F Class basically asset management my folks need to be armed to do their job. FEE 2k up front nonrefundable and 25% of collected rent. Plus, mark up for maintenance of 25%. Plus, first month's rent for placing the tenant.
C class which can really be D class 1k nonrefundable up front first month's rent as placement fee 15 to 20% of rent 20 % mark up on turnovers.
B class No upfront fee half months' rent for placement and 10% and 15% markup
A class No upfront fee half months' rent for placement 6 to 8% depending on area 10% markup on Maintenace.
I see such a huge difference in management I sold a 100-unit MF in Oregon a few years back (brokered it) and I helped the out of state investor find a PM. The one we found manages about 8k units from northern Ca to Southern Wa with the majority in the PDX metro. And I look at his operation and the quality of staff and such quite a difference than what I see when I am back in the mid west meeting the smaller mom pop shops. His fee is 4% and they do extensive financial reporting for my client as well. Plus entertain him when he comes to town ( I get to tag along for a very nice meal as well LOL )
- 4yErin Dorsey RobinsonPro MemberReal Estate Agent · Cleveland, OH · Member since 2020 · 280 posts · 365 votes
Hi Vonetta,
Are you still looking for a property manager? I found a great one recently that my clients have been very happy with. If you still need help, please feel free to email me directly and I'll make an introduction for you. Best of luck with your property!
- Real Estate Agent · Dallas-Fort Worth, TX · Member since 2021 · 116 posts · 69 votes4y
A good property manager is invaluable...a bad one is unacceptable. I've self-managed and use a PM. I think there is such a misunderstanding of what to look for in a good PM. They are definitely not all equal. I'd start by checking with your local REI groups if possible and visit a few meetings and ask who the local investors are utilizing. Of course, long distance changes things. I would want a PM that was a true boots on the ground PM company with their employees, their maintenance teams/trucks (this saves you a lot in 3rd party maintenance). I would also look for a PM that was departmentalized with a local team engaged in managing the properties. There are goods PM's in most markets...I would encourage you to keep searching till you find the right one.
- 4yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
@Jay Hinrichs well said!
Wish more owners understood why we charge MORE to manage Class C (we don't do Class D!) than Class B, which is more than Class A.
You're buying a PMC's time and time is money. So, if it takes more resources to properly manage a lower Class property, then you should expect to pay more or get screwed on services!
Logical Property Management4.9458 Reviews - 3yTracy StreichPro MemberReal Estate Broker · Tulsa- OKC Oklahoma · Member since 2017 · 868 posts · 801 votes
@Nathan Gesner is right again as usual. All PM’s are not created equal. go to www.narpm.org and find a real pro. Unless you are super connected in the area managing from a distance can be difficult
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes2y
Quote from @Vonetta Booker:
I didn't want to, but I am considering self-managing my newly-purchased SFR in Cleveland (I'm located in CT). Don't get me wrong, I feel like a good PM is invaluable and have no issues paying one their 10% to properly manage my property and take away my headaches. However, I have reached out to and interviewed several PMs, and there seems to be a big communication issue - a large number of them are unresponsive, replying w/ pertinent info days after they said they would - if at all. I figure if these issues happen in the mere beginning/inquiry stages, how are they going to effectively screen/place tenants & manage my properties?
Do any of you have long-distance properties that you manage yourself? If so, what resources & tools do you use? I really wanted to use a PM, but at this point I'm seriously contemplating just letting my RE agent list it, screen the tenants & get a good handyman, plumber, electrician etc. to handle whatever issues come up.
I have done about 500 flips out there all 100% hands off. I live in FL and do all my business out there. Having a good PM is imperative. DO NOT try and go it alone in the Cleveland markets, in most cases it does not end well
- Member since 2024 · 1 post · 0 votes2ywhich one is this?
Quote from @Shane Kelly:
Realistically, if you have a connection to all the vendors necessary and the property is in an area where the quality of tenants will be good, you do not need a PM. If these are not the case, you can look to change these or resort to a PM. Also, depending on your experience (which it sounds like you have some, I'm not suggesting that you don't) a PM can be a valuable tool to learn REI and the city.
- 2yKevin McGuirePro MemberCTO of BiggerPockets · Seattle, WA · Member since 2019 · 168 posts · 178 votes
Have you tried finding one this way?
https://www.biggerpockets.com/business/finder/property-manag... - Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes2y
I self manage all of mine and many of my clients self manage. It's all about having a good handyman and leasing agents if you are out of state. The property managers for the most part are awful unless you have 100+ units and then they prioritize you.
- Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes2y
Also I don't so much agree with all these posts that make C class sound so bad. I have a building in Rockford IL I self manage its the definition of C class and the tenants are all easy, occasionally ask to split payments or pay late and I OK it. Never had any rent actually go uncollected or much of a headache.
- Homeowner · MT · Member since 2022 · 17 posts · 15 votes2y
@Muhammad Amawi Hello!
Do you still know a good property manager that you would recommend in Cleveland?
I am looking for one that does long term and mid term rentals.
Thanks!!
Iris
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