Managing Your Property

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Ian Hurdle
  • New to Real Estate
  • Texas
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Property Management Recommendations in the DC Area

Ian Hurdle
  • New to Real Estate
  • Texas
Posted Nov 16 2022, 07:48

Good Morning!

I recently acquired a property in DC that I will be renting out. Does anyone have experience with, or high recommendations for a DC property management company? Thanks in advance for the help!

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John Williams
  • Property Manager
  • Clarksville TN (clarksville, tn)
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John Williams
  • Property Manager
  • Clarksville TN (clarksville, tn)
Replied Nov 16 2022, 07:50

Hey Ian, I know some good companies out there! I'll shoot you a message

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Drew Sygit#1 Classifieds Contributor
  • Property Manager
  • Birmingham, MI
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Drew Sygit#1 Classifieds Contributor
  • Property Manager
  • Birmingham, MI
Replied Nov 16 2022, 10:09

@Ian Hurdle

Even if someone give you a referral, what meets their expectations, may not meet yours.

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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Ian Hurdle
  • New to Real Estate
  • Texas
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Ian Hurdle
  • New to Real Estate
  • Texas
Replied Nov 16 2022, 15:37

@John Williams Thank you! I will standby for your message.

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Ian Hurdle
  • New to Real Estate
  • Texas
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Ian Hurdle
  • New to Real Estate
  • Texas
Replied Nov 16 2022, 15:48

@Drew Sygit thank you for response. I will certainly take the into consideration.