Property Management Company in Cleveland OH area

4 Replies

Lynn,

Look on Zillow for Duplexes for sale in the zip code you are buying in. You will see lots of agents with listings of INVESTMENT properties in that zip code. Reach out to them by phone call....not text....and ask them who the property managers are that they recommend to clients.

Originally posted by @Brian Garlington :

Lynn,

Look on Zillow for Duplexes for sale in the zip code you are buying in. You will see lots of agents with listings of INVESTMENT properties in that zip code. Reach out to them by phone call....not text....and ask them who the property managers are that they recommend to clients.

Lemme hit you both with a curve ball.......Screw the phone call & the text message....Hit them with an email!

Email is the preferred method of the busy agent.  Note; you want a busy agent. Agents who aren't busy aren't busy for a reason. That reason is they probably aren't that good at being an agent. There are a lot of bad agents out there, hence why they is an industry wide turnover rate of around 90%. Let that sink in. 9 out of every 10 agents you meet won't be an agent next year, crazy right?

So when you are busy selling hundred's of houses per year you want all communications in writing so you can reference them later. Also much more efficient way for a busy agent to manage time. When you are a very busy agent you likely have more clients then time. So you do the most logical thing, you work with those clients who allow you to us your time in the most efficient way possible.

You can start by going to www.narpm.org and 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.

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 different 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 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. 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!

4. Review their lease agreement and addendums. 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 or problem tenants. 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 it is 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 they are 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.

I hope this basic guide helps. If you have specific questions about property management, I'll be happy to help!