Cleveland - Property Management Problems

5 Replies

I bought a duplex at the end of June 2019 and it went under supervision of a property management company I selected in Cleveland at the beginning of July. The property management company has not lived up to their end of our verbal agreement of filling both units within the span of 1 month. It has been 3 months now, and we just filled only 1 unit yesterday, and the tenant is someone I found through my own marketing of the property. Because the property management company's PR and advertisement misses several major rental outlets, I posted my own listings and have been forward all inquires to the PM, and from there many have gotten lost in the shuffle and have come back to me saying no one from the property management company ever followed up with them. 

Im pretty sure that not living in the immediate area plays a part in the response time and prioritizing clients rentals. Even when I asked one of the company's representatives what their average turnaround time for filling vacancies was, and he replied "on average, 2 weeks." Well, needless to say, it's been 3 months and I've done the bulk load of the work in trying to get tenants placed.

Does anyone have recommendations for a quality property manager or PM company in the Cleveland area? 

Thanks in advance. 

Try reaching out to @James Wise the owner of the Holton-Wise Group. Big PM company and the largest seller of multifamily properties in Cleveland.

Hi @Matt Lorenzo I'm from Cleveland and have some experience with property management companies there. Shoot me a DM, I'll let you know who I use.

Brian

There are already a million threads on this very issue so I'd recommend you do some digging through the forums to find some recommended PMs. Finding good PMs and contractors is the biggest struggle of almost all out of state investors here. 

I'm assuming it was a low price point duplex as that's why everyone invests in Cleveland. A couple of months might sound unreasonable for filling a vacancy on a property like that through a PM. But that's just the reality in most cases unless you're in the hot suburbs. 

Until you own quite a few units, you, unfortunately, don't have much leverage on a PM who is only making maybe $150/month on your property.