Rainey Property Management
Does anyone have any experience with this property management company?
#2 Managing Your Property Contributor
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- Royal Oak, MI
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
No, but read below:
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”:
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😊
@Drew Sygit thanks for the reply. I have done a fair amount of research on them but nothing beats first hand experience in my book.
#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
@Dale K Poyser yes & no on the first-hand experience.
Ask anyone that's been taken by a Ponzi scheme about the referrals and recommendations that led them to invest!
NOTHING beats solid analysis and research.
The biggest challenge - if you don't ask the right questions, you won't get the right answers.
If you are looking there are a few reputable companies in the Little rock area. I would call and interview them to see which company might fit your needs. I would make sure you address areas of concern you might have specifically. I would most certainly ask about any fees that are not outlined on the contract. Everyone else that is posted is right.... research.
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Real Estate Agent Arkansas (#SA00087879)
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I’ve been using them, but only for a few months. So far so good. They charge 10% mgt fee. I’m also using another one, River Rock, and they only charge 8%, but I’ve noticed them adding on a lot of fees which I’ve had to fight. No pmc is perfect, and I’m happy to discuss further if you have specific questions.
@Dale K Poyser I'm looking for a new property management company in the Little Rock Area as well, did you decide to go with Rainey or someone else? Curious to hear your thoughts!
@Sharron Guiro I have not gone with Rainey, I am using Century 21 at the moment. I may be getting another property soon and will use Rainey for that property and compare the two.
I recommend Real Property MAnagement Central Arkansas. Been using them for ~5 years. They do a great job. Feel free to reach out to me and I’m happy to answer questions & share more info.
I recommend Real Property MAnagement Central Arkansas. Been using them for ~5 years. They do a great job. Feel free to reach out to me and I’m happy to answer questions & share more info.
@Dale K Poyser I'm in CA as well with a few properties in Little Rock. I just moved a few properties over to Century 21 from Evernest. I had a bad experience with Evernest.
Quote from @Mike Rodriguez:Hey @Mike what was your experience?
@Dale K Poyser I'm in CA as well with a few properties in Little Rock. I just moved a few properties over to Century 21 from Evernest. I had a bad experience with Evernest.