Property Management Companies - The Good, Bad, and Ugly

4 Replies | Upstate New York, New York

Hey All, I'm a buy-and-hold investor in Syracuse, New York. 

I'm curious to hear: What are the top 3 things that bug you about your property management company

What are the top 3 things that you love about it?  

What service(s) don't they provide that you wish they provided? 

Hey @Patrick DiDomenico !  As a small PM with previous experience with other PMs here's what I'd say:

Bug:  1. Timeliness 2. Cheapness of the fixes/putting bandaids on things that are systemic issues 3. Poor marketing

Love:  1. Quick filling of vacancies on autopilot - 2. having great contacts for cheap labor - 3. simple tax reporting

Didn't do:  Tech-forward marketing

Hey @Patrick DiDomenico ! I’m a new buy and hold investor in Syracuse and am super interested in everyone’s advice on this topic. Have you worked with any PM companies in the area yet or are you just starting your search? I’d love to chat off-line if you have any advice.

Thanks!

In Syracuse the PM companies are all over worked and overburdened. There is a serious need for PM companies in the area but the landlords don't want to spend the money to get their properties up to snuff for the quick filling, good tenants. Had one guy from NYC who bought 50+ doors and some of the MF properties had no heat, water, gas, or power and whole families were just living there and he had no budget to fix any of it. 

Tenants weren't on leases, no one was paying rent, they were swapping units and trading units within the building. It was an absolute disaster, could be fixed but there are too many slum lords within Syracuse. It's better as a PM to just avoid Syracuse all together and focus on the other areas, cities, and suburbs. Pat, you do it right, you want 100% turn key no problem properties; the other out of state investors do not. They only care about how much they're spending per door and how fast can they get their section 8 deposits trickling in.