Looking for property manager and contractor in DFW area

[John Stein]

I'm looking for references of good property managers and contractors in Dallas Fort Worth area which you have used in the past and found to be reliable. 

[Eliott Elias]

Happy to connect you with a realtor that has all these

[Bruce Lynn]

Where is your subject property?

I've found the best property managers tend to stick to one area and not cover the entire metroplex.

Think about repairs for example.  Does their main AC contractor work all of DFW?   Likely not.

Contractors....well that's the rub.   They're usually good for about 3 jobs and after the first one, they're slower, then super slow on #3 and you're ready to change by #4.   One of the best recommendations I've seen is go to Lowes or Home Depot early.  Look for the guys with a long list of supplies or cart full.  These are the ones who get up early, get stuff done, make one trip.   I would say this is biggest pain point for most investors.   Also what do you want them to do?   I'd say most have specialties....tough to find one guy who does it all and does a good job at all of it.

[Nathan Gesner]

Quote from @John Stein:

I'm looking for references of good property managers and contractors in Dallas Fort Worth area which you have used in the past and found to be reliable. 

Welcome to the BiggerPockets forums!

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!

[Drew Sygit]

@John Stein

Even if someone give you a referral, what meets their expectations, may not meet yours.

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, 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”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

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😊

[Kyle Mccaw]

@John Stein what kind of project do you have and where?

There is a countless number of property managers in DFW. And that list is growing every day as realtors transaction business slows down. Make sure you talk to full time professional property managers. They have resources and processes typical real estate agents know nothing about. Make sure they have enough staff that they don't have to be a jack of all trades. Basically don't hire someone that is a one man shop. There is no way a single manager can be 100% on top of their game. Phone calls, vendors, showings, phone calls, statements, maintenance, inspections, registrations etc. A firm with a good number properties under management will have better vendors relationships and maybe even inhouse staff to address issues fast. Just my 2 cents.

[Lucia Rushton]

@John Stein recommendations make all the difference in my opinion. have a chat with @Kyle Mccaw or @Heather Phildius

[Kyle Mccaw]

@Lucia Rushton thank you for the vote. 

[Heather Phildius]

@Lucia Rushton thank you!

@John Stein I'd be happy to visit with you to see how we may be of service & go over questions you may have!

[Mariana Kesovija]

Hi there! New to this platform. I work for a property management group that services DFW. We have an excellent network of vendors and contractors. Would love to connect and help you out.

[Ryan Ray]

@John Stein i own a PM company. just sent you a dm