Glendale, CA · Member since 2018 · 44 posts · 18 votes
Hi - I am going in mid-april to buy my first property in Cleveland, and I am looking for a good property manager. I have found more success in other states working with single managers over large companies, but I am open to any and all suggestions.
Also, anyone have any specific questions that they ask property managers to see if they are any good? I feel like its hard to tell until you start working with someone if they know what they are doing...
I don't have a spreadsheet.....but i can tell you that after going through two other property managers (who shall remain nameless) I now have all except one of my units in Cleveland being managed by Allstar Property Management.
@James Wise - Thanks for the response. I have read a lot of your posts on here, and appreciate your model which provides a proven hands off approach to property management (and one that potentially would even be a good solution for me). I tend to be a bit more hands on in my approach, and that has worked for me in other out of state markets, and changing my style is easier said than done.
I looked at your contract and was on board with 98% of it, but also read that you don't make changes to your contract (which is understandable based on the scale of your business). I am going to start out with a company that is a bit more flexible, but who knows if I change my mind down the road.
@James Wise - Thanks for the response. I have read a lot of your posts on here, and appreciate your model which provides a proven hands off approach to property management (and one that potentially would even be a good solution for me). I tend to be a bit more hands on in my approach, and that has worked for me in other out of state markets, and changing my style is easier said than done.
I looked at your contract and was on board with 98% of it, but also read that you don't make changes to your contract (which is understandable based on the scale of your business). I am going to start out with a company that is a bit more flexible, but who knows if I change my mind down the road.
Appreciate all the advice you give on here.
Not a problem. You've got a totally understandable stance to take. I wish you luck with the investment.
@Grant D - This post appears to be quite old, but I am in the situation of needing to find a PM in the same areas you were looking in. My current PM, who shall remain nameless at this point because they are holding my money hostage, is NOT working in my best interests. I wonder if you've found a company that you would recommend?
Recommendations are always great but you want to make sure they're efficient recommendations. Especially in a market like Cleveland where property management firms can be very selective about which sub markets and asset types they will manage.
To get better recommendations I would suggest including the following:
Which sub-market(s) of Cleveland
Property type
If you're going with the lowest bidder, which fee rate you want.
Addressing those three simple questions alone can cut your potential list of PM's down to 10-30%.
I have a spreadsheet outlining the major differences between the pms based on their property management agreements as well as out of state owner investor feedback for each. message me if you're interested in seeing it!
I don't have a spreadsheet.....but i can tell you that after going through two other property managers (who shall remain nameless) I now have all except one of my units in Cleveland being managed by Allstar Property Management.
@Brian Garlington Did Allstar have you buy a washer and dryer for the tenants? Most markets we operate in on the turnkey side don't have landlord provided washer/dryer. I am trying to help a client find a new PM after bad experience with Allstar (4 months no rent leading to eviction and then a long vacancy.) Allstar told the owner they needed to have owner provided washer/dryer.
No, AllStar did not require me to buy washer/dryer for tenant. Interestingly it was suggested to me by a different property manager that I buy a washer/dryer for two of my (at the time) vacant units. They thought it might help get the units rented faster. It didn't. With one unit, the tenants that ultimately moved in had their own washer/dryer that they preferred and that they brought with them so we had to unhook the new washer/dryer we had just bought and store it until we could place it in another unit, which we ultimately did. As for your client saying it took Allstar 4 months to place a tenant, I can't speak on that because that has not happened with me. I did have a PM, that will remain nameless, that in 5 months time did not place a single renter in 4 vacant units I had in Cleveland. I even used the pricing that they recommended for the monthly rent and when there wasn't movement I had them lower the pricing on each of the units two different times. I know they were doing SOME advertising because the units were advertised on their website and on Zillow. Unfortunately, as I found out the hard way, that company does not pick up the phone, ever,...not for landlords or potential tenants. Heck we even bought a property they had listed and to this day my buyers agent will tell you he has never ever talked with anyone over there. In any case after 5 months I replaced them with AllStar and all 4 of those vacant units were filled within 2 months.
P.S. In SOME markets, the Housing Authority will require you to provide washer/dryer for the tenant if you are renting to someone on Section 8. I have some Section 8 rentals here in the Bay Area and in Cleveland, but it varies from jurisdiction to jurisdiction.
Hi - I am going in mid-april to buy my first property in Cleveland, and I am looking for a good property manager. I have found more success in other states working with single managers over large companies, but I am open to any and all suggestions.
Also, anyone have any specific questions that they ask property managers to see if they are any good? I feel like its hard to tell until you start working with someone if they know what they are doing...
Based on my day to day phone calls with current property owners in the Cleveland market, it's been very hard for them to find a PM that they can trust and be happy with. With that being said the first step you want to do is take a look at Cleveland Price & Neighborhood Map, that would help you cut out most of the scammers out there that try to sell you on a bad area just to make money. Buying the right property is 50% of the project and the other 50% is just talking to the right PM.
Hello, I am in a similar boat as well as I am looking for a property manager in the Cleveland Heights area on the east side for a dublex. Since the area is close to the Case Western university I am hoping to have graduate student tenants. And as for management fees, I am looking for something reasonable ex anything less than or around 10% of monthly rent.
P.S What is the verdict on Allstar managements? Are they trustworthy?
@Chris Ako PM me regarding Allstar. I did have four properties with them but have since been transitioning them to KW due to long wait time for them to find tenants and other issues.