Rental Property Investor · Los Angeles · Member since 2019 · 6 posts · 3 votes
Hi BP Fam!
I found a deal in Anaheim on a quadplex that I'm very interested in. Even though I live pretty close in Los Angeles, I don't have much of a RE network in Orange County.
Does any one have any property manager recommendations? I'm looking for property managers that service the Anaheim/Garden Grove area. Property manager will also have to be fluent in Spanish as most of the tenants only speak Spanish. The property itself is located in a great area (right next to Disneyland, across the street from a school, etc.) but a bit older in stature, around a C/C+.
Specialist · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
7y
@Brian Leung
I would look up NARPM and start with them..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.
My business partner is a regional VP for NARPM and I am happy to help if you need anything please reach out
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?
Rental Property Investor · Los Angeles · Member since 2019 · 6 posts · 3 votes
7y
Hi BP Fam! I want to update everyone on my progress in case someone else has the same question as me / wants to learn from my experience.
Update 5/22
I did some online research (google/yelp/etc.) and reached out to a couple property mgmt companies. Immediately, within 24 hours, multiple companies reached back out to me.
I want to give a shout out to Vantage Realty, Optum Real Estate Management, and Primior Management for getting back to me and setting up a follow-up call with urgency. All 3 companies service the OC area and have experience managing Spanish speaking tenants.
I talked to each company and explained my property management needs in detail and now I'm waiting for quotes / pricing options.
Hi Brian saw your post a few days ago and think there is a way I can help you out where we can both add value to each others. To give you a little background about myself, I live and work here in the Anaheim, CA area have previous property management experience servicing a 30+ unit complex with my parents. I believe I can be able to service your needs with a more competitive rate and help secure a better rate on your ROI, if you would like we could chat, go over your needs and see if I can add value to your situation and hopefully save you some money compared to what you will be paying a property management company.
Rental Property Investor · Los Angeles · Member since 2019 · 6 posts · 3 votes
7y
Update 5/28
After a week of talking to different OC property management companies, here are the rates for full service property management that I've received. I'm looking for any feedback / comments. Please let me know if these seem high/too good to be true/etc. Thanks!
Company 1 - 5.8% of monthly rent
Company 2 - 6.9% of monthly rent
Company 3 - 8% of monthly rent
Company 4 - Monthly fee of $200 + $1,250 fee to secure a new tenant
For a fourplex in LA/OC - you should in the 6.5-8% of monthly rent range.
As a next step, I would suggest asking these companies for referrals to existing clients. Additionally, I would suggest asking to speak with the person that will be your daily contact.
Finally, company 4 is interesting given you don't see a ton of property management companies offering flat rates but at the same time they aren't incentivized to get higher rental rates due to the flat rate.
In the end, I would go with who you feel the most comfortable with.
I totally agree with you re: company 4 and flat rates. I'm looking to build a relationship with a property mgmt company that has the same goals of increasing cash flow. A flat rate just seems a bit counter-intuitive to that.
Specialist · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
7y
@Brian Leung
I would look up NARPM and start with them..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.
My business partner is a regional VP for NARPM and I am happy to help if you need anything please reach out
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?