Riverside, CA · Member since 2017 · 60 posts · 36 votes
Hello fellow investors. Wanted to see if y'all can recommend good property management companies, and possibly good contractors in Akron, Ohio. Greatly appreciate it! Happy investing.
Hey Rose! I don't have specific PM recs for Akron unfortunately, but since you're investing from out of state, just wanted to throw this out there - have you considered self-managing remotely? I know it sounds crazy but a lot of investors are doing it now with the right systems in place. Obviously depends on your situation and how many units you're managing.
If you do go the PM route, definitely interview at least 3-4 companies and ask how they handle maintenance calls, vacancy turnovers, and what their fee structure looks like (watch out for hidden fees). Also ask for references from other out-of-state owners specifically.
We’re a Property Management Company (PMC) in Metro Detroit ONLY, with 25+ years of experience, and we’ve seen owners make the same mistakes, over & over again when looking to hire a PMC – which drives us nuts!.
In our experience, the #1 mistake owners make is ASSUMING all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY.
So, owners mistakenly think price is the only differentiator – and look for a PMC like they’d shop for groceries☹
We encourage you to learn from the mistakes of others by reading posts here on BiggerPockets from owners that picked a PMC solely by price and regretted it.
We recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.
Even if someone gives you a referral, do NOT make the mistake of assuming that just because a PMC met their expectations, they’ll meet your expectations. We all have our own expectations and what works for someone else, may not work for you.
If you’re new to all of this, it's often a case of not doing enough research, as you don't know what you don't know!
So, ask more questions!
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😊
Here’s some articles we’ve contributed to BiggerPockets about screening a PMC BETTER than you would a tenant!
Hello fellow investors. Wanted to see if y'all can recommend good property management companies, and possibly good contractors in Akron, Ohio. Greatly appreciate it! Happy investing.
Post this in the Classifieds Section of BiggerPockets and Cleveland / Akron Property Managers can respond to you.
Happy to share referrals! I’ve worked with investors in your area who’ve had good experiences with local property managers and contractors that handle everything from tenant placement to rehabs. Feel free to DM me if you want some names and contacts that others have used successfully.
Logical Property Management4.9460 Reviews