Hey there! Anyone have any property management companies they really enjoyed or have a recommendation for software to use? I have a 3bed 1ba SFH In aurora
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
5y
In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, so they don't know what they don't know!
Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.
So, the first question they usually ask a PMC is about fees - instead of asking about services.
This also leads them to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it.
We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
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