Hello, I've been a part of this site for years, and I need some REI assistance. I am a little sick and tired of Baltimore, and I want to find a good property manager for my rental property there. My last PM made as much money as I did, and still couldnt keep a tenant in. If I can't find a good PM, I am going to sell the property, do a 1031 exchange, and purchase a new property in Richmond, VA. So, can anyone give me the name a GOOD property manager? Mind you, Im not stingy, but when you have so many fees - when you're doing your job and when you're not) that you make 2/3 of what I collect in a year, thats a problem. Mostly in baltimore, everyone wants a ton of money, even if they dont fill a vacancy, aren't responsive, etc. I tried to go to Angies' List, but the top rated Property Manager I just dumped, and the others immediately have negative reviews. Its forcing me to lower my standards. I tried to go through my RE agent, met a "Property Manager" then he had some other guy called me who was more expensive than my last baltimore PM. This new guy had a clause that if my house was vacant for 4 months, i have to pay HIM $750. I mean, getting paid even if they dont do their job. Any leads before i just say I can't find a good, solid team up here and I sell???? You're help is greatly appreciated at this point. Lisa

@Lisa Phillips ...try contacting fellow BP member Account Closed includes Seth on his list of best property managers in Baltimore. https://www.biggerpockets.com/blogs/3225/blog_posts/42370-property-mangers-in-baltimore

that is good / tough question. Being an active investor and then creating a management company because I could not find anyone that I felt was competent enough to manage my own portfolio makes me a bit biased even though I own my own company that manages over 700 homes. I would first say that you want to make sure your goals are the aligned with your management companies goals. and that the expectations are very clear and set from the beginning . I have seen many business deals and relationships go south all due to not having clear expectations of performance and lack of communication on both parties. You as an owner need to know what your role is and what the PM company expects of you and most definitely vice versa and what are their deliverables. When you want to make sure that your business goals align you have to ask the tough questions and see how well they run their business and how well do they know their numbers. Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby and it will give you a good indication of how they are running their business... If they cannot answer these questions that could be a red flag to either dig deeper thru references or keep searching - What to Look for in a Property Management Company • I would look up NARPM and start with them... • make sure their business model aligns with yours • Be relationship not transactional • its a people business • Questions to Ask prospective management companies • What are your average days on market for vacant homes? • What is your average rent amount for all properties managed? • What is your average work order cost for the owner? • What is your average make ready cost for the owner? • Are all my invoices uploaded to my owner portal? • How do you advertise your vacant units? • Do I receive video of my pre and post make ready? • Do you have a setup fee? • Do you upcharge on maintenance? • When do you make owner payments? How often? • Are you a Certified Property Manager? • Are you a member of NARPM? • What is your Guarantee? • Do you provide move in and move out reports • How many pictures do you take of the property prior to tenant moves in and after the tenant moves out • Do you get weekly reports when the property is vacant what prospective tenants are saying about your home • Do you provide monthly newsletters to your tenants • Do you hold investor education classes to help me become a better investor • Do you have single point portfolio based management services? • How many properties do the owners actually own themselves? • What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits • How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly? Good luck and happy hunting!!!

I know quiet a few people who have been landlords in Baltimore City. Like any rental property you will have problems. I am rather amazed that my associate do their own property management and they are holding anywhere from 24 house up to 100+ houses. When buying in Baltimore City it is a block by block basis.

I used C Brown for too long... I can guess why. Ugh!!! I switched to Blue Sky Realty LLC, owned by Sherry Williams a little over a year ago and its like night and day.

@Lisa Phillips per the link list Russell posted above - Denise just did tenant placement for my first unit and @Tyrus Shivers is managing it. I had no idea Account Closed does property management -Ned is spot on that Seth knows a LOT about the bloated machine that is B'more city government and it's related processes. I think any of the three would be very helpful for you. Curious as to what at CBrowne peetered out for you on the management front...

Any Good Property Managers in Baltimore, MD???

Christina R.

Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes

13y

@Lisa Phillips

- I'm anxious to see what is posted here in response (if anything)as B'more is a market I want to get into but will ONLY do if a PM is involved.

2 Reply

Lisa Phillips

OP

Real Estate Investor · Arlington, VA · Member since 2012 · 300 posts · 277 votes

13y

@Christina R. I don't like ever discouraging people from real estate investing...but...I would go to baltimore county vs. baltimore city. You have choices, you should really consider them. You still get cheap houses and 700-1100 rent depending on the property. My gripe isnt the lower income neighborhoods, those are fine. My problem IS however with calling the city, the water department, gas and electric, code enforcement, lead registrations, property registration...Everyone in baltimore has their hands out, and when you call, you're NOT dealing with professional people, half of them are real "ghetto" and give terrible customer service, or they are just plain not bright --its like they can't problem-solve to save their lives. You get fines without any explanation, and don't try and not pay them. They'll let you know very quickly you better ask how high when they jump...and this is all the departments you have to deal with. The only people who get a break are tenants who dont pay or anyone on govt assistance...

Thats why I am ALMOST ready to go through the trouble and sell and get another house (as well as pay any capital gains taxes on the proceeds above what I purchase a new property for). And, if I dont find a PM, I will definitely....Because, I don't like dealing with these homegrown incompetent people myself...its soooo frustrating. I have properties in OH, VA, Las Vegas, and I have never had a group of city workers that were either lazy, rude, or greedy.....A good PM will take that all away, but it is hard hard hard to find someone who DOESN'T make as much as I Do. Seriously, I made 5.2k for the year, the property manager made 3.5k. I mean, its all your money with all the fees.

4 Reply

Lior Solomon

Investor · Demarest, NJ · Member since 2013 · 78 posts · 29 votes

13y

I can just add that I'm also looking into Baltimore for investment and couldn't get any PM companies return my call or emails though I went through all the list coming from http://irem.org

Luckily I got some phone numbers from members here in the forum and I have a good family relative that is willing to help so what is what I'm working with right now.

Can you share what were the rates you were asked for from the PM companies you worked with? is there a first month down payment? etc etc.

Thanks,

Lior

2 Reply

Lisa Phillips

OP

Real Estate Investor · Arlington, VA · Member since 2012 · 300 posts · 277 votes

13y

@Lior Solomon

Hi Lior. I have experience with 1, and only read the listing agreements of 2 others.

HMJ Mgmt (Which I terminated our agreement with)

1) First months Rent for leasing fee (this is pretty consistent in baltimore)

--That wouldnt be bad, but his listing agreement did not mention he disburses money to owners 2 months after. Rent collected Sept 1 gets disbursed Oct 31, thus it took 3 months to get anything.

2) Monthly fee, even if vacant is consistent (I have properties in OH, VA, And Las Vegas, and they dont charge when vacant, but baltimore does).

3) Ive seen a couple of firm thats charge 8% of monthly rent, but its usually 10% a month, or a flat fee of $75-$100 if no rent collected (talk about low incentive for finding a tenant). This last guy I looked at had a fee of $750 if a tenant wasn't found and I decide to terminate the contract after 4 months...talk about no incentive to work...

4) Some charge, in addition to leasing fees, a $250-$500 deposit for advertising. Thats baltimore for you. Other states include advertising in their leasing fee when they find a tenant.

5) Standard if you sale the property within 4 months of a tenant leaving, they get 6% brokerage and sales commission

6) Others have they only need approval on maintenance costs for $500. Up to that point they can make repairs as needed without authorization or approval.

7) One weirdo had that if you have a month to month lease, they get 6 months worth of rent...I hope that was a typo.

All in all, with maintenance and turnover, it can be pricey for the year. More so than my properties in Columbus, OH or Richmond, VA.

If you would like to share your leads, Lois, it would be greatly appreciated. This is really tough. Without a good team,I can't manage the property because its really frustrating dealing with the people in that city.

Any Good Property Managers in Baltimore, MD???

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