Mynd Property management

[Xavier Aliche]

Hi does anyone have experiences with Mynd property management company?

I'm currently vetting them.

Do you have first hand experiences with them?

Do they constantly take out of your rent for minor repairs that you can do yourself?

How long do they take to get your property for rent?

How do they communicate with you about repairs and such?

What kind of tenant did they find for you? Good vs bad tenants etc?

[David K.]

I'd steer clear of Mynd.

No evictions, means now is not the time to skimp on Property Management, especially tenant placement.

[Tracy Streich]

I have never used Mynd but Pete Nubig that runs the Houston Market is top notch.  

[Xavier Aliche]

@David K.

Thanks. Have you used mynd or another property management service?

[Wale Lawal]

@Xavier Aliche Most property managers operate the same.

Your questions should center more around the quality of customer service. 

Also, read the contract very well before you sign because most PMs will lock you in a long-term contract.

If this is your first investment, I will recommend you manage it yourself so you learn one or two things about landlording/property management.

Goodluck man!

[Jerry Ta]

I like Mynd, since we've picked up a few defecting owners. 

No, not all property management companies operate the same. 

Unless you're okay picking up a second job, I wouldn't recommend managing it yourself. I've actually been there, done that. 

Sorry, but it wasn't fun getting off work on the week days or spending my time on the weekends leasing and managing the property. 

[Jhonathan Bituin]

@Xavier Aliche I'm very curious what others have to say about Mynd PM. I'm looking to invest OOS in the Phoenix market and would need a PM. I heard of them first from their YouTube series where they collaborated with BP to assist an OOS invest in a rental property sight unseen. Their prices seem reasonable but not sure if it's a "too good to be true" sort of scenario...

[Xavier Aliche]

@Jerry Ta

Thank you Jerry I will definitely consider that.

[Xavier Aliche]

@Jhonathan Bituin

Yes, prices definitely seem like they are too good to be true. They told me they could could even go lower than 79/mo because I have multiple units.

[Jhonathan Bituin]

@Xavier Aliche I'm sure as any PM company, there's good PMs and there's bad PMs.. in your vetting experience, have you been able to communicate with different PMs within Mynd? Or are you kind of stuck with one throughout this whole experience?

[Xavier Aliche]

@Jhonathan Bituin

Johnathan,

I've really only spoken to a sales person. They tell you about the process and try to get you to sign up. I don't believe they assign you a personal property manager. Mynd is a huge company with sub market directors (Houston, dallas, austin/SA). When tenants submit maintenance requests Mynd just sends out a vendor to deal with problem. A Mynd employee never actually goes out to your property except to show or inspect it.

[Jeremy L.]

Hi Xavier,

Mark them off your list and go somewhere else. I'll send you a PM.

[Cheryl Ward]

Hi Xavier. I'm very close to going with Mynd as well. Mind sharing what PM you eventually chose?

[Michelle S.]

I would not recommend them, especially the one in Houston TX (I heard the one in Dallas is ok, at least the manager will return your call). The sales and onboarding team (the team who collects your documents) are good, however, after they pass you to the actual property manager, it was very bad experience for me. My house was closed on 11/30 and since then I asked the property manager to pick up the house key from my local realtor, and do an inspection on the house to make the house rent ready. I emailed her, scheduled calls in her calendar, no response and no callback. I had to escalate the case over and over again. She called me back eventually and promised me to pick up the key but until 12/15, the key is still with my local realtor. Nothing happened. In summary, I think no matter how good sales is, in the end you have to work with the the property manager. The person needs to be responsive and get things moving. If she promised you to do certain things, she needs to deliver it. If you schedule a call with her in her calendar, she needs to call you instead of ignoring them. Best luck!  

[Bruce Lynn]

Be sure to vet them or any PM.

1. Look for the properties they manage on MLS for example....or realtor.com. If it is not there, they are limiting your pool of renters..and potentially great tenants.

2. Make sure they are paying fair compensation to other realtors who will bring you great tenants.   You don't only want tenants in their pool, but the whole market.  So many PMs now try to work both sides of the transactions to make more money and this can hurt you.

3. Call their tenant line inquiring about property they have for lease.  See if anyone calls you back, see how fast they call you back, or see if they answer live.   It's weird to me that I see here certain PM praised like crazy, but their properties sit vacant for a long time because no one calls back or answers the phone.  The tenants I meet often say same thing, that they would never rent from X PM as they are impossible to reach.   If there is a way to check their maintenance requests, do that too...maybe through the phone tree.

4. Ask them to send you an application and list of rental requirements...see the quality of their work and timeliness.

5.  Probably most PMs are not going to allow you to do your own maintenance, but you can ask.  Some do.

6. Ask about free tenant replacement policy.  I see a lot of PMs putting in deadbeat tenants, then 2-3 months later they're charging owner to get them out and another release fee.   Ask if there is a time limit?  Maybe if tenant doesn't stay 6months PM should replace tenant for free?  Guarantee of their work.

No one likes their PM, but probably not a place to go cheap....I think often smaller and local is better than big and broad for PM.

None of this is a reflection of the company you asked about....I don't know much of anything about them...

[Alex LaVoy]

I just talked with a Mynd salesperson today actually. I was following this thread hoping to see someone who had at some experience with them, but I haven't seen any solid evidence of them being "good or bad."

What I learned: the flat fee covers their typical property management services. These include: rent collection, inspections and maintenance*, resident screening, basically the "whole enchilada." BUT for maintenance fees: They hold $500 (from the owner) for any repairs and maintenance, and that will be refilled to that $500 - which is pulled out of the tenant's rent the following rent payment. If you decide to stop doing business with them, they will supposedly return the full $500.

* = They also charge 50% of one month's rent to place a tenant. (This does include taking pictures of the property, creating a 3d walkthrough, listing the property, contracts/leases, and of course screening and finding a tenant.) Renewal of previous leases are $300/year, roughly, but  - also according to the salesman - they keep tenants in-place 3-4 years on average.

Other than those miscellaneous charges, they do have two interesting "guarantees": 1) a $5k eviction protection guarantee, and 2) another $5k in rental income guarantee - which I'm sure was something that stemmed from property owner's concerns during COVID.

Overall from what I've seen/heard, Mynd seems like a great company if you want a full hands-off or out-of-state managament approach. I don't think even they would recommend a partial-management approach though. (i.e. I think they most likely wouldn't let you do your own repairs, but I also didn't ask.) I would still love to hear anyone's experience with them - mainly just to see if they keep their promises when the rubber meets the road!

[Scott Rosengrants]

@Alex LaVoy

Alex, I am vetting Mynd as well and received a very similar sales pitch to yours. Did you end up hiring them? How has it been working out?

[Sam Cardenas]

Hi Xavier, 

Mynd is definitely an interesting model. WeWork tried for a tech valuation - but was anything but - Mynd seems to be doing something similar. They boast a robust portfolio management suite with some fancy bells and whistles, but they're using independent third party contractors to scale on the ground. I'm not sure how you can maintain a scaled and properly trained staff this way, but they're certainly trying. 

I'd recommend choosing a company that has a few years in business, but isn't too large. When companies reach the size of Greystar or Western Management customer service really starts to suffer. Alternatively you don't want to pick a company that just started in property management because it is a tough business and they might not make it. Stick to a company that has been around for a couple years, has positive yelp reviews, and whose staff is attentive, knowledgeable, and eager to do a great job. You can download a list of interview questions from National Association of Residential Property Managers (NARPM) and that will help you find the right fit. Just interview a few and try to stay away from long-term contracts.

Best of luck!

Sam 

[Alex LaVoy]

Hi @Scott Rosengrants,

I didn't end up hiring them as we decided not to rent out the house that was in question. (Long story short.) Still not sure if I would use them or not since I tend to find better quality in smaller local firms, but that's just a personal (I suppose professional too, in this case) preference. Interested in hearing if anyone else likes them as they grow.

[Hassan Ali]

Avoid they want your property in new condition. My carpet had a few stains and the walls had few touch-ups. They wanted us to pay $7,000 to address these areas. We decided not to move forward with their service and they charged us $150 dollars for nothing.

[Martin Huddleston]

Do not engage with those clowns. They ruined one of my Jacksonville properties. You only get a single point of contact for everything all encompassing, and unless they are 100% competent(not even proficient) you are screwed. You cannot change the assigned POC. All contact, maintenance, inspection, lease, anything is handled in a queue....not a call. The worst PM imitation I ever had the misfortune of employing