Good property management company in Akron?
Rental Property Investor · Member since 2022 · 54 posts · 17 votes
Good property management company in Akron?
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It's tough. There are massive amounts of capital out there seeking yield. People in high price markets seek to invest in better cashflow markets, but need a local operator to manage the touch points that a residential investment requires. High demand and low supply tilts the power balance in the PM's favor.
To be honest, I have never heard a positive review of a PM in either Cleveland or Akron, unfortunately. For singles up to multifamily. It is why many people shoot for MF large enough to support its own staff, even if that means they have partners.
You have to net an IRR high enough to justify the risk taken over time, otherwise there are probably better investments to make.
7 Replies
- Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes3y
I've also on my third property manager in the Akron market. Send me a PM and I can tell you one you should not use and two that you might use with caution.
Mike
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes3y
Quote from @Terry Landon:
Has anyone found a really good one?
I'm having issues with mine however I'm reading a lot of negative reviews for most of the others I see as well.
Be careful with negative reviews. My company has 89 reviews and almost every bad review is from a bad tenant that was rightfully, legally evicted. It's easier to get a review from an angry tenant than it is to get a good review from a happy one. It's important to read the PM response to a bad review or ask them to explain it.
I don't know a good manager in Akron, but you can use my guide to help your search. I want to invest in Akron myself. Maybe I'll start a PM company there and blow the competition away. ;)
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 Book4.7243 Reviews - Rental Property Investor · Member since 2022 · 54 posts · 17 votes3y
Quote from @Nathan Gesner:
Quote from @Terry Landon:
Has anyone found a really good one?
I'm having issues with mine however I'm reading a lot of negative reviews for most of the others I see as well.
Be careful with negative reviews. My company has 89 reviews and almost every bad review is from a bad tenant that was rightfully, legally evicted. It's easier to get a review from an angry tenant than it is to get a good review from a happy one. It's important to read the PM response to a bad review or ask them to explain it.
I don't know a good manager in Akron, but you can use my guide to help your search. I want to invest in Akron myself. Maybe I'll start a PM company there and blow the competition away. ;)
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!I understand that--tenants can be crazy. I try to see if it sounds belligerent or angry-I mostly try to read coherent concerns from landlords who are using the PM ...
Thanks for info.
It's tough. There are massive amounts of capital out there seeking yield. People in high price markets seek to invest in better cashflow markets, but need a local operator to manage the touch points that a residential investment requires. High demand and low supply tilts the power balance in the PM's favor.
To be honest, I have never heard a positive review of a PM in either Cleveland or Akron, unfortunately. For singles up to multifamily. It is why many people shoot for MF large enough to support its own staff, even if that means they have partners.
You have to net an IRR high enough to justify the risk taken over time, otherwise there are probably better investments to make.
- Real Estate Agent · Cleveland, OH · Member since 2021 · 383 posts · 361 votes3y
I can completely second @Ryan Arth 's comment above. You're not gonna see anything positive left on a PMC's google reviews, and if you do it's from an employee. To truly get an idea on how a PM is going to do you're going to need to ask investors who've used them and actually sit on the phone with someone from the company to ask them all of the necessary questions. It can be an exhausting process, but a necessary one.
- 3yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
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 – 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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Logical Property Management4.9462 Reviews
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