Shaker Heights Neighborhood, Cleveland Ohio

5 Replies

We are in the market for really epic property management in the shaker heights Cleavland Ohio area or someone that services that area.

currently having issues with our current property management being slow to respond and not handling issues throughout the year.

need someone who can stay on top if issues and communicate well.

message me or respond to the post under the comments 

You can 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. 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 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 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 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.

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!

Originally posted by @Christopher Neeson :

We are in the market for really epic property management in the shaker heights Cleavland Ohio area or someone that services that area.

currently having issues with our current property management being slow to respond and not handling issues throughout the year.

need someone who can stay on top if issues and communicate well.

message me or respond to the post under the comments 

 Shaker Heights is an awesome investment area in Cleveland. Did you do a Google search and find some that are near by? Use the reviews on there as well. 

I've been in the market for 2 years now, I've done research and current management was referred by our realtor.

in our other Michigan market we were able to find a startup manegment company after having a few years of bad management. Its worked out great.

was kinda hoping to find a smaller 3 4 person management team that had less then 200 doors.

seems larger manegment just doesn't have smaller investors best intrest in mind.

Mostly everyone will tell you to ask them a solid list of questions to vet them out, but unfortunately when I have gone through this interview process it appears the answers are probably memorized as they have been asked them so many times. Its tough right because people can say the right things and then turn out to be completely different in what they actually do.  In turn, the best way is to use referrals and read reviews to make sure their actions (or the actions of their teams) are consistent with what they are saying and that others have had a good experience.  

There is also the thing, and not saying this is you, but some people expect A LOT from their PM where at the end of the day they aren't really making much money off you.  As the firms get bigger I would assume it becomes harder to keep that personal service level of a smaller team (some seem better than others).  At the same time there are benefits of a larger firm, such as the systems they have in place and the relationships they have built, which makes it more streamlined when things need to be actioned. 

Again, read reviews and use referrals and personal experiences of other members and investors in the specific area you are interested in. 

Originally posted by @Nathan G. :

You can 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. 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 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 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 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.

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 is a great list, thank you for posting! I'm in the process of finding and interviewing managers currently. This list is a great outline to follow.