Looking for a Property Manager or Company In Toledo

[Kim Leduff]

Hi BPers!!

I own a triplex in Toledo, Ohio and plan to buy many more properties here and was writing to see if anyone has any recommendations for property Management companies or people who property manage out here.

Any tips or guides would be much appreciated!

Thanks,

Kim

[Dave Poeppelmeier]

Hi Kim, great to hear that you have your first property! My company is a large PM here in Toledo, I'll PM you the contact person to reach out to. 

[Chris Seveney]

@Dave Poeppelmeier

Just sent a connection request to get your info.

[Drew Sygit]

@Kim Leduff

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😊

[Kim Leduff]

@Drew Sygit Thank you Thank you!! I've read a few of the BP books written by Brandon & David Greene and they say something similar to choosing a PMC. It never hurts to get re-advised on such things so I really appreciate you getting back to me with such a detailed response. I think you are 100% right and it takes a lot of time and work to really compare the different options.

Thanks for sharing that BP link as well. I hadnt read that before. You've been so helpful!!

[Josie Brown]

Hi Kim! It is definitely important to find a great property manager, especially when you have multiple properties as an investor. When talking to property managers, ask questions regarding any guarantees they offer owners and refer to any online reviews to get a better idea of how tenants and other owners feel about working with the company. Let me know if you have any other questions!