Knoxville, TN Property Management Recommendations?

Question

I'm closing on a property in Knoxville, TN later this month and looking for a recommendation from someone that has SFR's in Knoxville and really likes their Property Manager.  Please share!!  Thank you!

Michael Smythe · Answer

@Justin Stearns

Encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

To avoid going through the same poor experience, keep reading.

Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.

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, they often select the first PMC they call or that calls them back!

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!

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?

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😊

Melanie P. · Answer

OnSight Pros. Good luck with your investment.

Melanie P. · Answer

FWIW, I thought the post was helpful, especially to someone new. It was the first time I'd seen it.

BiggerPockets allows you to turn a great post like this into a blog article and then you can post a link to the article when the topic is revisited. Makes it easier for others to link to content worth repeating.

Michael Smythe · Answer

@Jerry Ta what is wrong with the information? How is it not helpful?

Jerry Ta · Answer

stop spamming the same stuff

Cory King · Answer

totally. Jacob Lei property management are studs. Dan Mckee with Key Renter is also super solid. Jesse Houston w/ Baine Realty Group is a stud and has one of my properties under management.

Victor Jernigan · Answer

I own BlueRibbonHomes, a full-service brokerage that includes property management. Originally created to manage my portfolio of SFR, it is now expanding to add more third-party clients. I look forward to speaking with you in more detail.

Knoxville, TN Property Management Recommendations?

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