Property Management companies

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Property Management companies

DJ Slivka
Real Estate Agent · Johnson City, TN · Member since 2020 · 6 posts · 2 votes

I have used my property management company for 4 years and their communication has progressively gotten worse. It is time to make a switch. Does someone have any recommendations for property management in Cleveland, Ohio?

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Davartay Miller
Architect · Memphis, TN · Member since 2020 · 259 posts · 144 votes
5y

@DJ Slivka While I might not have any property manager recommendations in the area – I do have somewhat of advice. The most important thing here is to see if the company is a great fit for you! Just because John Doe thinks the world of his property manager, John Doe is not stuck with the headache, if you are not careful. We try and remind potential clients it's about asking the right questions. We sometimes have to tell clients, "we might not be a great fit and that's okay." But a great Property Manager should know what is within his or her wheelhouse and how they operate within the markets they serve. So here are some questions we often tell people to ask: 

So ask your questions, get your data, and do your research.

Are you an investor?

Do you own in the exact neighborhoods you are managing?

How many investors do you work with?

Do you own all aspects of the operation? (or do they hire third party companies)

Do you offer rental or maintenance guarantees? If they answer yes, ask them why. Then ask them if they will put the guarantee on year three.

Do you defer maintenance?

How many properties do you manage?

Do you sell properties and if so, do you own the properties you sell?

How long have you been in the business?

What is your average vacancy rate?

What percentage of expiring leases will renew their lease each month?

What percentage of signed leases fulfill their full term?

What is the average number of days a property is vacant between residents, move-out to move-in?

What percentage of billed rent do you collect each month?

What is the cost of an average repair bill after move-out?

Do you mark up maintenance costs?

What are your management fees?

What percentage of collected rent goes to yearly maintenance on average?

What is your average number-of-months occupancy per property?

What is your average occupancy rate?

What programs do you have in place to keep residents happy?

What customer service programs do you have in place for owners?

Will you call me every month with an update on my portfolio?

How many team members are dedicated solely to providing service to your clients?

If you are an investor, What has been your biggest mistake as an investor? How do you protect your clients from making the same mistakes?

Again, these questions have a bit of turnkey flavor to them, but they work very well when interviewing management companies. Make sure you take good notes and remember how you feel talking to the companies.

Best of Luck! 

4Reply
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  • Brian M.
    Phoenix, AZ · Member since 2016 · 61 posts · 105 votes
    5y

    @DJ Slivka Try ReMax Haven Realty - Property Mgmt.  I have many properties around Cleveland and have been through 3 property managers until I tried ReMax.  They are run well and very responsive.

    2Reply
  • DJ Slivka
    OP
    Real Estate Agent · Johnson City, TN · Member since 2020 · 6 posts · 2 votes
    5y

    @Brian M. thank you for the recommendation 

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @DJ Slivka

    Most are terrible, then there’s a few that are half decent. Don’t expect someone to manage it like you would manage it, it’s an investment in their eyes and it’s hard to switch that frame of perspective.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    2Reply
  • Brian Garlington
    Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
    5y

    I will echo what @Brian M. said. ReMax Haven.  They actually manage part of my portfolio in Cleveland as well.  

    0Reply
  • Michael Swan
    Rental Property Investor · San Diego, CA · Member since 2014 · 1k+ posts · 2k+ votes
    5y

    Hi all,

    This is Swanny from Podcast 238.  I have over 230 units presently and I can attest that if you want a passive investment, invest in other people’s deals that have systems and procedures in place!!  

    For my properties in Euclid, Mentor, Painesville and Akron, Ohio I try to stack the cards in my favor and my family and friends that invested with me too!! 

    I have ZERO vacancies at the moment and I keep it that way!!   I place ads on Facebook Marketplace Free and prelease any that have given 30 day notice to vacate at the end of their lease.  I get 1,000-2,000 views a week and copy and paste messages like this to them, when they ask if it is available!! 

    Yes!! The current resident has purchased a house and is moving out end of April. You need to make $2100 a month, before deductions and NO evictions. We do a background check too and we check your rental history. We require pay stubs too. Hurry this one will go fast!!

    Call (INSERT PROPERTY MANAGEMENT OR LEASING AGENTS NAME HERE)
    Leave a voicemail and a text message and he will get back to you as soon as he can!! I ONLY place the ads. Call and text the number below.  I ONLY place the ads.  Please call the number below, leave a voicemail and a text message and they will get back to you as soon as they can.  Thank you for your interest in becoming a resident at Corwin Apartments!!  Hurry this one will go fast!!!

    (Insert name and phone number here)

    My PM doesn’t like this, due to their voicemail being full and held hostage.  I don’t care!! It is not their money.  It is mine and my family and friends money.  I protect it like a little pit Bull!!  Feel free to message me to talk more.  I love this stuff!!

    Swanny

    1Reply
  • Davartay Miller
    Architect · Memphis, TN · Member since 2020 · 259 posts · 144 votes
    5y

    @DJ Slivka While I might not have any property manager recommendations in the area – I do have somewhat of advice. The most important thing here is to see if the company is a great fit for you! Just because John Doe thinks the world of his property manager, John Doe is not stuck with the headache, if you are not careful. We try and remind potential clients it's about asking the right questions. We sometimes have to tell clients, "we might not be a great fit and that's okay." But a great Property Manager should know what is within his or her wheelhouse and how they operate within the markets they serve. So here are some questions we often tell people to ask: 

    So ask your questions, get your data, and do your research.

    Are you an investor?

    Do you own in the exact neighborhoods you are managing?

    How many investors do you work with?

    Do you own all aspects of the operation? (or do they hire third party companies)

    Do you offer rental or maintenance guarantees? If they answer yes, ask them why. Then ask them if they will put the guarantee on year three.

    Do you defer maintenance?

    How many properties do you manage?

    Do you sell properties and if so, do you own the properties you sell?

    How long have you been in the business?

    What is your average vacancy rate?

    What percentage of expiring leases will renew their lease each month?

    What percentage of signed leases fulfill their full term?

    What is the average number of days a property is vacant between residents, move-out to move-in?

    What percentage of billed rent do you collect each month?

    What is the cost of an average repair bill after move-out?

    Do you mark up maintenance costs?

    What are your management fees?

    What percentage of collected rent goes to yearly maintenance on average?

    What is your average number-of-months occupancy per property?

    What is your average occupancy rate?

    What programs do you have in place to keep residents happy?

    What customer service programs do you have in place for owners?

    Will you call me every month with an update on my portfolio?

    How many team members are dedicated solely to providing service to your clients?

    If you are an investor, What has been your biggest mistake as an investor? How do you protect your clients from making the same mistakes?

    Again, these questions have a bit of turnkey flavor to them, but they work very well when interviewing management companies. Make sure you take good notes and remember how you feel talking to the companies.

    Best of Luck! 

    4Reply
  • Aj Parikh
    Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    I have a turnkey property in Cleveland, OH and its managed by Remax Haven. Let me know if you want me to connect you with them. Good luck with the search. 

    1Reply
  • Sakib J.
    Investor · Los Angeles, CA · Member since 2020 · 154 posts · 32 votes
    5y

    @Aj Parikh

    Who helped you find the ppty?

    0Reply
  • Aj Parikh
    Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    @Sakib J. I bought the property from Martel Turnkey. 

    0Reply
  • Sakib J.
    Investor · Los Angeles, CA · Member since 2020 · 154 posts · 32 votes
    5y

    @Aj Parikh

    Can you DM me contact details?

    0Reply
  • Kathy VillagomezPro Member
    Investor · Long Beach, CA · Member since 2016 · 60 posts · 20 votes
    5y

    @Sakib J.   I have worked with RE Agent Erin Dorsey Robinson
    216-202-6262    She's been wonderful in terms of communication and understanding my criteria

    0Reply
  • Scott T.
    Chicago, IL · Member since 2020 · 11 posts · 4 votes
    5y
    Originally posted by @DJ Slivka:

    I have used my property management company for 4 years and their communication has progressively gotten worse. It is time to make a switch. Does someone have any recommendations for property management in Cleveland, Ohio?

    I have been using 5 Points Property Management and would recommend. www.5pointspm.com Call and ask to speak with Rich at (216) 251-9191

    0Reply
  • Dave Rav
    Summerville, SC · Member since 2018 · 553 posts · 252 votes
    5y

    Hello @Davartay Miller - great comprehensive list of questions!  Thanks for sharing.  I am considering switching PMs and this may assist me with interviewing prospects.  One more I would add is:  "When are Owners paid their distribution?"  Currently, I'm paid on the 15th of the month AFTER closure of the subject month.  What is the standard?

    Also, @DJ Slivka - I too have noticed this trend with my current PM.  We started out in October '20 and starting around Jan/Feb I've noticed this drop-off in communication.  I wonder if "fatigue" is setting in with the PM, as my property has required a lot of attention for several months now.

    Thanks, group!

    1Reply
  • Davartay Miller
    Architect · Memphis, TN · Member since 2020 · 259 posts · 144 votes
    5y

    @Dave Rav Sure! Please add to these to best fit your needs. There is no standard paid date. However, it is my understanding that most property managers do pay mid-month through the end of the month. 

    Best of Luck! 

    1Reply
  • Patti RobertsonBusiness Member
    Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
    5y

    @Dave Rav So you are saying you get Feb’s rent by Mar 15? That seems crazy to me. Is your PM keeping manual books? That’s the only reason I can think it would take that long. I own a PM firm and we do owner distributions by the 12th business day of the month. Check around. Paying owners 45 after the rent due date is not likely the norm for PMs in your market.

    757-472-2547
    0Reply
  • Dave Rav
    Summerville, SC · Member since 2018 · 553 posts · 252 votes
    5y

    @Patti Robertson thanks so much for the info.  Yes, it does appear I am paid 45 after rent due dates.  To a degree, I understand being paid at the 30 mark, as the remainder of the full month's expenses could still be carrying out.  I would want my rental income to cover any expenses, so the PM doesn't have to front those costs.  

    0Reply
  • Patti RobertsonBusiness Member
    Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
    5y

    @Dave Rav - Legally the PM cannot front one owners repairs from the funds in the trust account because that money belongs to other owners. This would be considered commingling. In order to pay for repairs if they don’t have owner funds they would literally have to make a loan to the owner from the PM company operating funds or personal funds. Most PMs set a reserve amount for each owner that remains with the PM to handle any emergencies. 






    757-472-2547
    1Reply
  • Dave Rav
    Summerville, SC · Member since 2018 · 553 posts · 252 votes
    5y

    @Patti Robertson thanks so much for the info.  Yes, the commingling example makes sense to me.  

    In other news, I must admit, I am moving closer to making a change.  I had a vacant unit become rent ready 8 days ago, and I dont believe they've even posted it for rent yet.  This results in me losing money.  A definitive no-go.  

    1Reply
  • Patti RobertsonBusiness Member
    Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
    5y

    @Dave Rav - Agreed.  My lease requires tenants to give notice 60 days prior to expiration and we advertise then.  Has this been harder because of COVID?  Of course it has.  It hasn't change our policies though, other than offering to make sure everyone has masks and gloves on before entering.

    757-472-2547
    1Reply
  • Ben Riechmann
    Investor · Cleveland Heights, OH · Member since 2017 · 128 posts · 73 votes
    5y

    Step 2 LLC Property Management & Maintenance 216-505-0717

    0Reply
  • Bob CollettPro Member
    Property Manager · Brecksville, OH · Member since 2014 · 486 posts · 464 votes
    5y

    I agree with what Patti Robertson said.  I always disburse available funds to my owners "on or about the 10th of the month".  If a tenant is late and does not pay rent until after the 10th, we either wait until the following month, or I will make a second disbursement that month if the owner wants it.  We use Buildium property management platform, so paying on schedule is easy. Its just a matter of making sure bills have been paid, so we do not deplete the owner's reserves.

    Bob Collett, PM Cleveland

    2Reply
  • Dave Rav
    Summerville, SC · Member since 2018 · 553 posts · 252 votes
    5y

    Thanks @Bob Collett!

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    You might want to read our series about “How to Screen a PMC Better than a Tenant”, since selecting the wrong PMC is usually more harmful than selecting a bad tenant:

    https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    2Reply
  • Dave Rav
    Summerville, SC · Member since 2018 · 553 posts · 252 votes
    5y

    @Drew I just checked out your post.  Thanks so much!

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    @Dave Rav hope it helps:)

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
    WebsiteView Page
    1Reply
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