I'm looking for a reliable Kansas City area property manager and am consider the following folks:
- One Stop Property Management
- Key Partners Property Management
- KC Home Rental
Does anyone have experience with the above companies? Have heard positive anecdotes for each but would be great to hear from others who have had positive/negative experiences.
I haven't but make sure you interview whoever you hire. Referrals are always the best but ask the hard questions.
-How do you screen?
-What is your minimum rental criteria for each prospective tenant?
-Can I get a copy of the application?
-Do you check background and credit?
-Will you accept a felon if it has been more than ten years since their release?
-How often do you check the property? Do you check the property when a tenant resigns for another year?
-Who does your maintenance? Who does the tenant call for an HVAC emergency in the middle of the night?
I could go on and on but at least ask those. Get a good understanding of their screening process, move in process, the lease they use, and monthly accounting. Also, who makes the decision for repairs and at what amount. (As an example, we do a 90-minute lease signing session/new tenant orientation with our new tenants. We thoroughly explain the lease, our expectations, and what they should expect from us. Then we also do a move in walk through. We show them all the shut-off valves, the panel, how everything works, etc...)
Finally, never sign anything that binds you to them for a year or whatever. They are your client. They work for you.
@Griffin D. , if you talk to anybody who has been investing in Kansas City for very long, you will hear about at least one PM horror story. KC is notorious for having a lot of bad/illegal property management companies. The very first thing you need to do when checking into a PM company is to check with the real estate commission to make sure they are licensed (a.k.a legal to do property management).
As you probably know by now (if you have been doing your research) Kansas City straddles two states; Kansas and Missouri. What you might not know yet is that property management is governed very differently in Missouri vs in Kansas. In Missouri, you are required by law to be a licensed real estate broker to manage property; both residential and commercial. In Kansas, you only need a license to manage commercial properties. What happens a lot in Kansas City is that you have a lot of people trying to manage properties on the Missouri side who are not licensed. Even if you only have residential properties in Kansas, you still want to use a pm company that is licensed with the real estate commission.
Why use a licensed property management company? Because you are entrusting these people with your money and your tenant's money! Licensed and registered property management companies have to disclose their trust accounts to the real estate commissions for the purpose of auditing. This helps insure that the PM company isn't commingling monies or flat out stealing your money.
By now you should be asking, "How do I verify that the PM company is licensed and registered with the real estate commission?". The good news is that its easy to verify.
To search for companies or licensees in Missouri go to: https://renew.pr.mo.gov/realestate-licensee-search...
To search for Kansas, go to: https://licensing.ks.gov/verification_krec/
Once you have established that they are a legitimate property management company, then you can do everything @Dan Krupa suggested.
Hope this helps.
Hi Chris - thanks for the info and links! It appears that one of the three companies isn't licensed (still looking), so very good to know.
@Chris Dawson Does a PM company itself need to be registered in MO, or is an individual alone being registered as a real estate broaker enough to operate a PM company?
@Larry S. , in Missouri, both the company and the broker need to be registered with the Missouri Real Estate Commission. They should have 2 distinct licenses; one will be in the company's name only and the other one will be in the broker's name showing them as being associated with the company from the first license.
Thanks for the info, and the links, @Chris Dawson
@Griffin D. I don't have experience with your listed PM companies but I can only offer what I've done. I have my handful of rentals managed by Voepel Property Management. They've been great and always answer your calls. I'm not affiliated with them, I'm just a satisfied customer.
I have properties with One Stop Property Management and they are great! Feel free to PM if you have any specific questions.
@Alice He can you tell
Me Your experience about one stop?
@Jonathan A. - I ended up moving forward with One Stop as well. They've been excellent - highly recommend. Feel free to PM me if you have questions.
@Griffin D. If you decide to turn any of your units into STRs, I would be happy to help with management on that. Send me a PM if there is anything I can help with.