Skip to content
Managing Your Property

User Stats

14
Posts
1
Votes
Arman Ali
1
Votes |
14
Posts

Property manager needed in College Park, GA

Arman Ali
Posted May 18 2022, 12:55

Hello - 

I have a portfolio of 12 properties that need management. A decent chunk of this portfolio are vacant today and need immediate attention. 

I want someone who can find savings for me, a network of people to leverage for maintenance work, and has technology in place to help with tax reporting. 

Please reach out.  

User Stats

118
Posts
49
Votes
Josie Brown
Pro Member
  • Detroit, MI
49
Votes |
118
Posts
Josie Brown
Pro Member
  • Detroit, MI
Replied May 19 2022, 08:41

Hi Arman! Those are some great things to look for in a property management company. I would love to chat with you about property management further to provide you with some other things to look for as well.

User Stats

7,028
Posts
3,638
Votes
Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
3,638
Votes |
7,028
Posts
Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied May 19 2022, 11:02

@Arman Ali

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😊

BiggerPockets logo
Meet Investor-Friendly Agents
|
BiggerPockets
Network with top investor-friendly agents who can help you find, analyze, and close your next deal.

User Stats

8
Posts
3
Votes
Replied May 19 2022, 13:22

@Arman Ali

Hey! I would love to chat with you and answer any questions you may have!