Dayton property management recommendations
Hi all,
I am under contract for my first out of state investment, a duplex in Dayton. The property was previously managed by RPM Midwest, and I was wondering if anyone has recommendations for property managers. Any tips would be greatly appreciated.
Thanks!
#1 Classifieds Contributor
Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.
We also can’t believe how many owners hire the first PMC they speak with!
Then they complain their expectations aren’t being met!
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 – and they often select the first PMC they call!
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😊
#2 Classifieds Contributor
- Real Estate Broker
- Cleveland, OH
Quote from @Jordan Sugar:
Hi all,
I am under contract for my first out of state investment, a duplex in Dayton. The property was previously managed by RPM Midwest, and I was wondering if anyone has recommendations for property managers. Any tips would be greatly appreciated.
Thanks!
Word of caution when investing in Dayton, the cash flow numbers look great but it's one of the more distressed markets in the USA. Tons of fentanyl, evictions, squatters and the like. You need to be a hardened PM and landlord to survive in this type of market.
Thanks all so much for your feedback! I appreciate these points to consider
Hey Jordan, in Dayton, I use Bridgestream Property management for my client's as well as my own properties. Nothing but good things to say.
Hi Jordan I am the bossiness developments manager for a property management company. I have sent you a DM.
I suggest initiating your search by visiting the NARPM website (https://www.narpm.org/find/property-managers/). They provide a convenient PM locator tool designed to assist you in locating Property Management professionals within your preferred area. NARPM serves as an excellent resource for all matters related to Property Management, offering valuable benefits to property managers of any scale or individual investors alike. In my role as the Vice President of the SAMAC Chapter of NARPM, I'm here to provide guidance and address any inquiries you might have. Feel free to reach out at your convenience. Good luck and happy investing!
@Jordan Sugar
If you have not found anyone for the Dayton market yet, I would recommend having a discussion with us to talk about what Guardian Asset Management can offer you.