Vetting Property Management Firms

7 Replies

Hello BP family,

I have SFH property that I am closing on this month in Englewood. I am vetting Property Management firms and am hoping to get recommendations. I'm looking for reliable, dependable and resourceful leadership that will allow me to be hands off (with the exception of certain major issues and expenses) and is available to the tenant 24/7 for service calls as well as manage rent receivables and repair expenses. If there are licensed PM companies that service the Englewood, Co area, I'd love to start my research process.

Thank you all in advance.

Steve Kirsch

I love love love Atlas Real Estate Group. (http://www.realatlas.com). I burned through several PM companies before I finally l found these guys. I've been with them for almost 3 years now. Because I was locked into a contract with the previous PM company, I spent about 5 months vetting Atlas. "This just happened. How would you handle it?" And their responses were always what I would do. Look for my other posts and you'll see that I'm always recommending them. A great group of people. I can PM you the ones I've had not so pleasant experiences with, but I won't go into details as to why. I don't post that information publicly because it's not nice, but yelp would tell you the same thing ;)

Hi Steve! I would second @Cary P. 's recommendation of Atlas.  I have had them on one of my properties for almost 3 years now and things have gone so well that when I bought another property in January, I gave it right to them.  Everything has been as smooth as I could ever hope for.

@Steve Kirsch

It is very important that you make sure you take the time to interview and have candid conversations with a PM company. Let them know your strategy, your goals and what your business plan is to ensure that your business plan aligns with theirs and you can both work towards the same goal. If they are not aligned then simply keep looking till you find one that is.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?

@Leah Brooke you can call Atlas and ask. Fees are all over the place. It's not uncommon to see 10% of gross rent and 1 month rent to fill a property. There are some that charge a flat $100 per month as well. It really changes with the market. I was looking at a market not too far from here with lots of PMs and they don't charge a fee to fill the unit just a part of gross rents.

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