Property Management Companies
Looking for a PMC to review for my SFR in Akron. Would like to hear anyones experience with PM that they like working with especially when it comes to communication. Thanks BP friends
Quote from @Christopher Young:
Looking for a PMC to review for my SFR in Akron. Would like to hear anyones experience with PM that they like working with especially when it comes to communication. Thanks BP friends
I don't have any recommendations, but maybe this guide will help in your search.
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!
Hey Chris,
In my honest opinion, if you have one single-family home - I suggest you not hire a property manager.
What you should do, is just place a really good tenant.. Super qualified, in no rush, etc.. If you acquired a property with a tenant in place, just be upfront with them about you living out of town, and explain you're gonna need some help from them collectively and perhaps involve them.
I've only had pretty poor experiences with many property managers over there.. I'm going to say 95% are not what you may be looking for, especially with a single home.
I did this myself, from Los Angeles, with the first 4 properties i purchased out there in Akron, and i still manage them by myself to this day a few years later. Now I have 30 units over there most of them single family now.. but I have basically my own management team in place. Be wary of anyone telling you, you can't do it. My 2 cents.
Quote from @Nathan Gesner:
Quote from @Christopher Young:
Looking for a PMC to review for my SFR in Akron. Would like to hear anyones experience with PM that they like working with especially when it comes to communication. Thanks BP friends
I don't have any recommendations, but maybe this guide will help in your search.
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!
This was great thanks very much for that in-sight. I will be sure to reference this👍🏼
Quote from @Joshua D.:
Hey Chris,
In my honest opinion, if you have one single-family home - I suggest you not hire a property manager.
What you should do, is just place a really good tenant.. Super qualified, in no rush, etc.. If you acquired a property with a tenant in place, just be upfront with them about you living out of town, and explain you're gonna need some help from them collectively and perhaps involve them.
I've only had pretty poor experiences with many property managers over there.. I'm going to say 95% are not what you may be looking for, especially with a single home.I did this myself, from Los Angeles, with the first 4 properties i purchased out there in Akron, and i still manage them by myself to this day a few years later. Now I have 30 units over there most of them single family now.. but I have basically my own management team in place. Be wary of anyone telling you, you can't do it. My 2 cents.
Thanks for that my man. I think I might try this approach on my second property
Quote from @Joshua D.:
Hey Chris,
In my honest opinion, if you have one single-family home - I suggest you not hire a property manager.
What you should do, is just place a really good tenant.. Super qualified, in no rush, etc.. If you acquired a property with a tenant in place, just be upfront with them about you living out of town, and explain you're gonna need some help from them collectively and perhaps involve them.
I've only had pretty poor experiences with many property managers over there.. I'm going to say 95% are not what you may be looking for, especially with a single home.I did this myself, from Los Angeles, with the first 4 properties i purchased out there in Akron, and i still manage them by myself to this day a few years later. Now I have 30 units over there most of them single family now.. but I have basically my own management team in place. Be wary of anyone telling you, you can't do it. My 2 cents.
Hi Joshua,
Thanks for your candid and helpful feedback. I just purchased an occupied and newly renovated SFH in Akron, and started shopping for a property manager days ago. I live in Austin, TX. I think I can self manage my property once I get the tenants in. But I have no idea how to go about finding tenants, listing my rental on the MLS, doing showings of my house to prospective tenants remotely, writing up the right contract for the tenants, and running background checks.
How do you manage these remotely? Your response will be highly appreciated.
Rere
Hi Rere. You can hire a real estate agent to list, market, conduct showings, background checks/prospective tenant screenings for you. Once you have reviewed the tenant profiles/application and have made your selection, the real estate agent can draw up the lease agreement and if necessary, you can then amend it and add addendums more suited to your requirements. I hope that helps.