What do you want from your property management company?

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What do you want from your property management company?

Matt Jones
Real Estate Agent · Pensacola, FL · Member since 2014 · 379 posts · 307 votes

Hey BP!

I am a full-time Realtor & Investor in Pensacola, FL and I recently started a property management company.  I had been managing my 14 units and was tired of turning down request from my clients to manage their property so I got my brokers license and started a PM company.  I've spent the last few months managing for a small group of owners and myself, ironing out any issues I had in scaling up to full management for other owners.  Now that I'm as comfortable managing for other people as I am myself I'm switching into expansion mode.  But, before I start advertising and aggressively seeking new business I wanted to ask the best group of investors that I know...  

What do you want from your property management company?  

What do they do well?  

What do they do poorly?  

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
7y

@Matt Jones you should consider joining National Association of Residential Property Managers. This is a group of professionals that voluntarily commit to a higher standard. It's not expensive to join and you will learn more from their online group than you will from a dozen classes! Contact me to learn more.

The DIY Landlord Book4.7247 Reviews
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  • Account Closed
    Rental Property Investor · Central, FL · Member since 2016 · 950 posts · 821 votes
    7y

    that’s a great question.  For me personally I want technology to be used. So...

    Electronic statements

    Quarterly inspection reports (with pictures)

    Quick and reliable responses to my inquires. 

    Quick turn overs of units (with a scale of decreasing payout for turnover).  If it takes you more then X time to turn and rent a unit then you should waive Y amount of leasing fee. 

    Payments of rent via ACH deposit within 5 days. 

    You having an online presence and marketing tool to get high quality tenants quickly and efficiently. 

    I’m sure my requirements are high but we both have businesses to run, your profits shouldn’t be put ahead of mine and vice versa. 

    Congrats and good luck

    1Reply
  • Matt Jones
    OP
    Real Estate Agent · Pensacola, FL · Member since 2014 · 379 posts · 307 votes
    7y

    @Account Closed

    Awesome answer, those are all things I’m doing or working towards.  I have thought of the sliding scale for turnover expense vs time elapsed - is your current PM doing that?  Do you have an example you can share? 

    0Reply
  • Account Closed
    Rental Property Investor · Central, FL · Member since 2016 · 950 posts · 821 votes
    7y
    Originally posted by @Matt Jones:

    @Account Closed

    Awesome answer, those are all things I’m doing or working towards.  I have thought of the sliding scale for turnover expense vs time elapsed - is your current PM doing that?  Do you have an example you can share? 

    I have a different set up completely.  

    But I have seen while I was interviewing PM’s a 6 week or it’s rented for free type style.  Basically 1-2 weeks to clean and update as needed and 4 weeks to lease it out.  But for me 6 weeks is too long.  After 30 days (especially down south where there isn’t a cold season) I think the PM should drop the leasing fee.  Actually the leasing fee is a huge issue for me in the first place.  Especially if the PM properly vets the tenant then the 10% of the rents is plenty, IMO.  Systems makes things cheaper.  So a 1/2 or full months rent to then turn and make another 10% monthly seems like highway robbery.  

    Oh another thing would be a free new lease if the tenant you place has to be evicted or moved out before the end of the initial lease. 

    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    7y

    @Matt Jones you should consider joining National Association of Residential Property Managers. This is a group of professionals that voluntarily commit to a higher standard. It's not expensive to join and you will learn more from their online group than you will from a dozen classes! Contact me to learn more.

    The DIY Landlord Book4.7247 Reviews
    WebsiteView Page
    1Reply
  • Matt Jones
    OP
    Real Estate Agent · Pensacola, FL · Member since 2014 · 379 posts · 307 votes
    7y
    Originally posted by @Nathan Gesner:

    @Matt Jones you should consider joining National Association of Residential Property Managers. This is a group of professionals that voluntarily commit to a higher standard. It's not expensive to join and you will learn more from their online group than you will from a dozen classes! Contact me to learn more.

     Thank you for the idea, I will send you a PM!

    0Reply
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