Managing Your Property

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Avinash Dongarwar
  • Pleasanton, CA
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44102 - Looking for Property managers

Avinash Dongarwar
  • Pleasanton, CA
Posted May 6 2022, 21:21

I'm looking for new property managers for my 5 doors as having a -ve experience with the present one. Please suggest based on your experiences. Please DM me or post here with references. Appreciate the help, thanks in advance.

Cleveland, Ohio

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Muhammad Amawi
  • Investor
  • Cleveland
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Muhammad Amawi
  • Investor
  • Cleveland
Replied May 20 2022, 13:12

Hey Avinash, I just sent you a DM.

Lender Ohio (#2335749)

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David Leggett
  • Real Estate Agent
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David Leggett
  • Real Estate Agent
Replied May 22 2022, 18:40
Hello Avinash, I just sent you over a message with more info and some property management companies you definitely want to stay away from.  

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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
Replied May 24 2022, 07:06

@Avinash Dongarwar

In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

It's often a case of not doing enough research, as they don't know what they don't know!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

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

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

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Joseph Pobanz
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Joseph Pobanz
Replied Jun 7 2022, 13:31

Not to hijack this thread but can someone of you DM some recommendations for PMCs as well as who not to use in Cleveland?

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Naquan Kornegay
  • Real Estate Investor
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Naquan Kornegay
  • Real Estate Investor
Replied Jul 6 2022, 09:43
Quote from @David Leggett:
Hello Avinash, I just sent you over a message with more info and some property management companies you definitely want to stay away from.  

 Hi David

can you send me a Dm with that list of pm companies ? 

I would greatly appreciate it. 

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Naquan Kornegay
  • Real Estate Investor
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Naquan Kornegay
  • Real Estate Investor
Replied Jul 6 2022, 09:47
Quote from @Muhammad Amawi:

Hey Avinash, I just sent you a DM.


 Hi

Do you know any referrals to any good property management companies ?

warm regards

Naquan

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Alex Zan
  • New to Real Estate
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Alex Zan
  • New to Real Estate
Replied Sep 8 2022, 18:55
Quote from @David Leggett:
Hello Avinash, I just sent you over a message with more info and some property management companies you definitely want to stay away from.  

 Hey David, can you send me as well?

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