I'm looking to buying a property in Indy that is being run/will be run by Homeriver Indy. Has anyone used them? Are they communicative? Are they one of the decent companies out there?
I haven't used them... but I currently own 18 doors in Indi with 32 more coming online in the next 30 days. I use @David Moudy who kills it for me!
I know some of the people that are higher up in the company. I can not speak for them, but my understanding is that they are buying up current property management companies that are already established and letting them run as their own for a while before using scale and volume.
I would do some research and see who they purchased and how they operated before.. chances are they were a good operation or homeriver would not have purchased them.
But with all that said... do your homework...
Look up www.NARPM.org and find many in your areaI 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.
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?
I believe the company used to be called bricklane. Hard to find any info on them from the landlord side unfortunately.
I currently use them and have for 2 years. Generally, I would give them 2 stars out of 5. The good, they reacted quickly when something went terribly wrong. The bad, they are horrible communicators. They often don’t respond to emails or do 2 weeks later. They charged me the wrong amount, not in accordance with the contract. Although they admitted this, it is taking over 6 mo to resolve and it’s substantial (over $1000). Search them (and HomeRiver) in BP and you will find others commenting on them. Also, look at their google reviews. The reviews are all pretty accurate. I would not recommend them. I hope I’m not too late.
@Paul Aikins why do you still use them then?
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