Managing Your Property

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Yangbin Tong
  • Greater Baton Rouge Area
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Seeking Recommendations on PM in GBRA

Yangbin Tong
  • Greater Baton Rouge Area
Posted Jun 13 2022, 10:37

I just became a landlord a couple of month ago, using buy and hold strategy. The original plan was to manage the property by myself. But after the first couple of months, I'm exhausted. Wasn't prepared for the flood of complaints and demands. The tenant had raised multiple issues but most of them turned out to be no issue. Still I spent time and money on the maintenance and repair professionals. I have a full-time job and young kids. It amazes me how so many people have managed their life, work and REI all together. Maybe I'm just not a good multitasking person. Please share your recommendations on property manager in the Greater Baton Rouge Area. Meanwhile, I would also like to learn from other people's experiences and advices. Any thoughts and comments are welcome. I appreciate your time!

Baton Rouge, Louisiana

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Megan Lecoq
  • Property Manager
  • Denham Springs, LA
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Megan Lecoq
  • Property Manager
  • Denham Springs, LA
Replied Jun 13 2022, 11:02

Hi Yangbin! I work for a Property Management Company here in the Baton Rouge area. I will send you a direct message shortly! :) 

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Amy Verges
  • Investor
  • Baton Rouge, LA
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Amy Verges
  • Investor
  • Baton Rouge, LA
Replied Jun 13 2022, 14:20

Hi @Yangbin Tong, I'm pretty sure our sons are in the same pre-K class!  I actually own a property management company here in BR. I just left a voicemail on your cell returning the call to my office.  Feel free to call back when you get a minute so we can see if we'd be a good fit for each other (my # should be in my signature below). If you decide to stick with self-management, there's a great book called Landlording on Autopilot by Mike Butler.  But professional management may be the best option if you're looking to save time and/or be hands-off.  Looking forward to talking soon!

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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 Jun 13 2022, 15:32

@Yangbin Tong 

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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Lazarus Ona
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Lazarus Ona
Replied Jun 15 2022, 13:01
Quote from @Megan Lecoq:

Hi Yangbin! I work for a Property Management Company here in the Baton Rouge area. I will send you a direct message shortly! :) 


 Megan can you send me your property management company information as well please

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Yangbin Tong
  • Greater Baton Rouge Area
2
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Yangbin Tong
  • Greater Baton Rouge Area
Replied Jun 19 2022, 20:08
Quote from @Drew Sygit:

@Yangbin Tong 

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😊


 Thank you for sharing your experience and advice, sir! Appreciate your input!