Voepel PM and Bridge Turnkey
New York City · Member since 2018 · 161 posts · 75 votes
Hi Guys,
I am analyzing properties that are offered at Bridge. The trouble I am having is that the PM is not managed by Bridge but by Voepel. I've heard positive things about them but they are all rather vague. Has anyone used Voepel for their Kansas City Property Management? How are their communications? How are their maintenance fees? Has turnover been high? Has their communication during a turnover been good and suffice? What happens when theirs an issue? Are their arguments between Bridge and Voepel about who's responsible for what?
Also, for those that bought Bridge, how accurate are their insurance numbers? They seem to be using a standard rate from the two proformas I've seen and I want to know if they are realistic numbers or not.
Thanks everyone.
@Wei Jie Yang I have two properties being managed by Voepel and purchased one property through Nathan and his team at Bridge last year. Just passing the 12 month mark with Voepel, but I have been pleased with their professionalism and communication/reporting. They have been very pro-active through the process of lease renewal as well. So far so good, but my experience is limited to one lease cycle and haven't been through any turnover.
In regards to Bridge, I have been happy thus far with my purchase. Don't trust ProForma numbers provided by anyone, do your best due diligence and if the numbers make sense for your goals, pull the trigger. Call a local insurance agent or two and get estimates for the properties listed by Bridge (or anyone for that matter). I wasn't able to find any landlord policies with broad perils coverage for the ProForma estimates. Pull the assessor's parcel map for the property and "trust but verify" that the taxes are correct.
Long story long, I would give both companies a favorable referral. Feel free to shoot over any additional questions you may have. Happy to share.
@Kalen Jordan, appreciate the opportunity to weigh in here, sir. As I'm sure you're aware, property management is a tough business. Those with bad experiences talk a lot louder and more frequently than those with good experiences. Having tried property management ourselves (and then selling that business off), I know just how tough it can be. We at Bridge have been happy with our experience using Voepel as a partner in this process. We don't expect perfection, but we do expect transparency and a desire to grow, improve, and do right by clients. So far, that's been our experience with Voepel. Definitely understand that there are lots of options out there and what works for one won't necessarily work for another. Hope this was helpful. If there's anything else we can do to help you in your process, please let us know. Our team is here to help!
I see that this thread is old, but I can add some perspective here, and it's still relevant today. I have been working with Bridge for over 3 years, and Voepel for 2+ years (after transitioning from HRG, which was a mess). The tl;dr version is that both companies have a solid reputation, are professional, responsive, and good to work with. I would recommend them. Of course, neither are perfect - read on for further details.
I started working with Bridge because the returns met the criteria I was looking for, and the team seemed solid and willing to stand behind their products. This has proven to be true. The homes I have purchased have had some issues. These include a number of minor maintenance items that you would normally expect, but also larger CapEx issues. Just because you are buying a "turn-key" product doesn't mean that the house is entirely brand new. You need to budget accordingly.
At one of my homes, we had water main issues. You probably all know that these repairs can get very expensive, and it did. I didn't bother discussing this with the Bridge team because this is not in their scope of work. Voepel took care of these repairs, which were extensive.
At another home, both the deck and most of the roof needed to be replaced after 2 years of ownership. The Bridge warranty is 1 year, but I still brought this to their attention, because I should not have had these types of issues after 2 years of ownership. The Bridge team acknowledged the issues and stepped up to the plate to get this taken care of at no expense to me, and in a reasonable time frame as well. In my experience, these guys do the right thing.
As for Voepel - we all know property management is not an easy job. I work with 4 different property managers in different locations, and none of them are perfect. Voepel is building what seems to be a solid team, and they are always responsive when I reach out - even to Brent directly. They are slow on their unit turns. I believe they are working to address this, but it's an issue at this time. Their maintenance can also be on the expensive side. When I have pushed back on larger bids in the past, though, they have put in the effort to get a more reasonable price. I believe they have undergone some rapid growth, but continue to hire and polish their systems to accommodate this. I am also satisfied with their leasing and renewals so far.
They are slow on their unit turns. I believe they are working to address this, but it's an issue at this time. Their maintenance can also be on the expensive side.
^^^ This. 6 weeks for a simple turn. It was cheaper for me to fly from LA, stay in KC for 3 days and do the painting myself then it was for Voepel do it in my turn property. Also they are now charging for maintenance quotes. The fee does come off the back end but they are also charging 10% for the PM of projects.
I still have 1 property with them but I have move some others. Not sure the new PM will be better but the past pain was enough to make me move.