I can help connect you with property management professionals who serve the Springfield, Ohio area. Finding the right team to handle tenant management, rent collection and maintenance is essential for a triplex. I’d be happy to help you explore suitable connections.
Luca, I went through this when I hired a manager for my first small building, and the cheapest quote ended up costing me the most. The monthly percentage tells you almost nothing on its own.
I'd interview three managers who actually manage in Springfield, not just nearby, and ask the same questions each time: What is the monthly fee, and is there a separate leasing fee or a fee on renewals? Do you mark up maintenance, and by how much? Who holds the security deposits, and how fast do I get the owner statement and the rent each month? How often do you inspect, and do I get photos?
Ask for a sample owner statement and a copy of their management agreement before you decide. I learned to look for the second-page costs - $150 lease-renewal fees, $75 inspection fees, and a 10% markup on every repair add up fast on a triplex.
Also ask how many doors they manage in that ZIP, how they screen tenants, and who handles an eviction and what that costs. A good manager will answer all of that plainly. If they dodge the fee questions or won't share a sample statement, I move on.
On a triplex I'd interview two or three managers and ask about their monthly fee, leasing and renewal fees, maintenance markups, and how many doors they run in the area. It also helps to run the deal with the management fee built in before you finalize your offer. I do lending and have a construction and property management team in Ohio, so I'm happy to help with the financing side too.
Luca, one Springfield-specific check I'd add: ask each manager how they handle vacant winter units (heat set-point, walk frequency, who shuts water if a unit sits). On a triplex, separate meters and a clear owner-approval limit for repairs matter as much as the monthly %. Also confirm they will file any local rental registration that applies. If you're comparing Springfield to other Ohio metros for the first US buy, message me and I can share how I underwrite small multis around Columbus. BJ, Columbus investor (Swiss Realty Group)
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.
Check out NARPM.com, BP’s Property Manager Finder (), etc.
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😊
Hey Luca! Finding a good property manager can make a big difference, especially with a triplex. I’d look for someone familiar with the Springfield rental market and experienced with small multifamily properties. I’d be happy to share some suggestions if you need help finding the right fit!
Logical Property Management4.9462 Reviews