I am having continued issues with my property manager, and I am looking for services that can help me manage the property myself.
I listen to numerous real estate podcasts, including bigger pockets, and I have heard many "self help" or alacarte services that help landlords manage their properties themselves. Such as rent collection, tenant placement, phone call reception, repairs, lease management.
Rather than wait to hear the ads / interviews again, I would like to hear the bigger pocket communities references for services to help me manage the properties myself.
Currently my properties are in Memphis Tn.
Thank you in advance
Managing yourself is pretty easy if you have great tenants! We use Cozy.co, CL, and zillow for all of our advertising. Cozy does all our background/credit checks, and then we set up payments through them. Make sure you have your list of maintenance professionals available. What part of the process do you need help with?
Specifically the rents. I would prefer a property manager as a one stop shop boots on the ground approach, but the one I have now is doing a very poor job I feel . E.g. My rents show up on their owners portal, but for some reason 3 months now I have not recieved deposits , even after numerous conversations about it, and a reminder just a week ago. hearing of these self services offered by companies such as cozy, I figure I can get almost exactly what a property manager does, except not all my eggs in one basket. My only real issue is on the ground presence.
Thank you for your response
I like cozy as well as an option on the rent receivable and screening side (haven't tried that side yet), but I don't get what a virtual PM will do. I've heard the ads, too.
The last person I want receiving a service call is someone in a cubicle 500 miles away or across the ocean. 'My sink, stove, a/c, shower is broke' could literally mean 30 different things without clarification. If the virtual PM just calls a plumber, electrician or maytag man automatically- that will be expensive, time-consuming, a pain for the tenant, and I have to go check to the job afterwards anyway. I want to be the one handling those calls. They are rare and about 60% of the time I take care of them over the phone with the resident or we get down to 'the trap needs to be hand-tightened' or 'the breaker tripped'. No need to wait 2 weeks and lick and stick and mail a check for $300 after trying to schedule a time between them and the tenant and on and on. How does any of that make your life easier?
@Sean Thompson - you mention needing boots on the ground. How far away are you from your rentals?
about 7 hours away. I appreciate your feedback about managing repairs and such. For now I wouldn't have any issues directing phone calls, but I don't have the luxury of time to do anything there in person. And eventually I would like it to be completely hands off. Wether that be a good property manager, or my own employees , or various services to cover all needs. I know that there are plenty of services I can pick and choose what I need , I just need to learn of them. I've used something similar to task rabbit in the past when I wanted photos of the property.
@Sean Thompson - you also might think about giving another Memphis property managent company a try before you try to do it yourself. I'd think that'd be a lot of hassle depending on your tenants and number of properties. I love REI but don't want the headaches of PM. My 5 cents.
Managing a property yourself isn't too bad if you are utilizing the right online tools! What are you specifically looking for in an online service?
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