Managing Your Property

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Trevone Williams
  • New to Real Estate
  • Atlanta
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Looking for Property Manager

Trevone Williams
  • New to Real Estate
  • Atlanta
Posted Jun 23 2022, 17:21

Hey,

I currently have a 5bd 3bth house located in Chesapeake, VA. Currently looking for property manager to take over property so I can rent it out. Originally used a VA Loan to purchase house in June 2017. Now just using as a rental. Any help would be appreciated.

Chesapeake, Virginia

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Sean Rooks
  • Rental Property Investor
  • Chesapeake, VA
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Sean Rooks
  • Rental Property Investor
  • Chesapeake, VA
Replied Jun 27 2022, 04:43

I would recommend any of the following. I know ivestors who have used all 3 and recommend them today. 

Keffer Realty: http://kefferrealty.com/

PIM Property Management: https://www.propertymanagement...

Doud Realty: https://www.doudrs.com/

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Trevone Williams
  • New to Real Estate
  • Atlanta
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Trevone Williams
  • New to Real Estate
  • Atlanta
Replied Jun 27 2022, 04:48

Thank you for the info.  I will look into all of these.  

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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 27 2022, 05:22

@Trevone Williams

In 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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Trevone Williams
  • New to Real Estate
  • Atlanta
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Trevone Williams
  • New to Real Estate
  • Atlanta
Replied Jun 27 2022, 05:45

@Drew Sygit

Thank you for the information.  It was much needed.  I gladly appreciate it.  Asking the right questions will set me up for success in the long run.