Looking for property management recommendations in Columbus

[Sean Haran]

Hello! I have started to make offers on some deals in Columbus, hopefully should be able to close on one within the next 2-3 months if not sooner. I have spoken to a couple property managers so far, but really need to talk to a few more to feel confident in my choice. Any recommendations from out-of-state investors like myself would be highly highly appreciated. Any pointers on who to avoid would also be helpful ;) 

Obviously this is one of the pieces that can make or break the performance of a deal, so I’m trying to cover all my bases as much as possible

[Nicholas L.]

@Sean Haran

I know this isn't an answer to your question but... have you been to Columbus?  If not - fly there and meet a bunch of PMs in person.

[Michael Smythe]

@Sean Haran

Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.

Check out NARPM.com, BP’s Property Manager Finder, etc.

Also, 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😊

[Remington Lyman]

Quote from @Sean Haran:

Hello! I have started to make offers on some deals in Columbus, hopefully should be able to close on one within the next 2-3 months if not sooner. I have spoken to a couple property managers so far, but really need to talk to a few more to feel confident in my choice. Any recommendations from out-of-state investors like myself would be highly highly appreciated. Any pointers on who to avoid would also be helpful ;) 

Obviously this is one of the pieces that can make or break the performance of a deal, so I’m trying to cover all my bases as much as possible

 I can send you some PM referrals in Columbus, Ohio

[Brandon Goldsmith]

Depends on what part of the city the property is in. Different managers are better for certain neighborhoods @Sean Haran

[Matthew Choi]

I'm an out-of-state investor with investments in Columbus. I've been working with IHREPM company, and I'm satisfied with their smooth management and reasonable fees.

[Robert Ellis]

property management is a tough business. it's more about economies of scale. do they use software? do they take pictures? do they have a platform to let you know how your asset is performing? how big is their staff? how many units under management? how fast are they on evictions? 

I used to do junk removal and demolition for these kinds of companies and saw all the worst case scenarios in columbus from tenants that can pay $800 per month. check the vetting requirements, raise the price to get into your unit. 900 per month is cheap in columbus if you are buying c class make sure to take a little more like 2 months rent so the people moving in aren't scraping by

[Max Inouye]

Hi Sean - BiggerPockets has recently launched a Property Management Finder for exactly this! Please see below for link:

https://www.biggerpockets.com/business/finder/property-manag...

[Bryan Waters]

Hi Sean. I just sent you a DM. RL Property Management Group has been in Columbus for over 11 years and knows what it takes to get your home rented quickly and for top rent!  Let's connect soon so I can learn more about you and your properties to make sure we're the best fit for you.  

[Nathan Gesner]

Check out the Property Manager Finder. A company like RL Property Management Group is a good company to use as a standard. Do your research and find one that you are comfortable with.

[Mark Ainley]

@Sean Haran I would talk with the team at RL Property Management.  They have become industry leaders in conversations happening around the country!

Also keep in mind you want to have this new PM involved in your purchase process.  If anyone knows about the nitty gritty of each neighborhood and tenant base it would be the local PMs.  Last thing you want to do is show up at any PM with a property and they say "EEEE why did you buy there or why didnt you do blank".  Let them help you on your journey!

[Robert Ellis]

Quote from @Bryan Waters:

Hi Sean. I just sent you a DM. RL Property Management Group has been in Columbus for over 11 years and knows what it takes to get your home rented quickly and for top rent!  Let's connect soon so I can learn more about you and your properties to make sure we're the best fit for you.  

 can you post the zips you won't go in or that you do go in? I have a need for several clients for the nw builds we are doing. All downtown columbus adjacent zips so 43203, 43205, 43206, 43207, 43223, 43222. would love to talk economics with you and send our floor plans see what you think and style you'd rent