Property Management Company Southeast Michigan?

Question

Hello BP,

I’m researching for my 1st real estate investment. My goal is to quickly acquire 10 properties in the next 10 years (more if possible) through creative financing, equity transfer, 1031 transfers, etc. I want my real estate business to be as passive as possible so I will be paying a property management company to manage buildings, tenants, etc.

My question is, can you please recommend good property management companies that operate in the southeast Michigan area? I need a company that can handle all aspects of management on a single property with the ability to scale up as I acquire more.

Thank you!

Kevin Cooper · Answer

Thanks @Saravanan Saravanan. Great tips!

Kevin Cooper · Answer

Hey Mike, wow I was thinking the property manager was going to be one of the “systems”. Impressive that you still self manage at that level. What sort of a monthly time commitment do you estimate it requires for you? Also, if you don’t mind me asking, what are the “systems” that have made you successful. Sorry for all the questions, this is all new to me.

Michael Dundon · Answer

Hey @Kevin Cooper- I would strongly recommend that you self manage your first few properties. Get good at screening tenants, handling maintenance requests, move ins/move outs, etc. After you gain the necessary experience and understand what it takes to run your properties well you can go ahead and look for a property manager. With one, two or a handful of properties it shouldn't take up too much of your time. My partner and I still self manage with 50+ single family rentals. Once you figure it out and get the right systems and people in place it's really not that bad at all. Just my two cents:)

Saravanan Saravanan · Answer

@Kevin Cooper

Sometimes the property management fees depends on quality of service; how many properties they manage with you.  You can try to get history on what is the % eviction rate so far in their business?  What is eviction time minimum and maximum they went through.  This gives some indication on how they operate as well.

What kind of data they provide in terms of maintanence issues and cost also.

Kevin Cooper · Answer

@Denny R. Would you mind sharing what management company you have used?

Denny R. · Answer

Hi @Kevin Cooper

It's definitely a good idea to get some recommendations, but I would Google some companies around your area and start interviewing a bunch of them. There is a lot to learn just from talking to a few. It will also help you straighten out your expectations and get a feel for what you really need and how much it will cost you. PM companies make or break your investment so it's very important you find what YOU are looking for. I would also recommend doing a PM search on the NARPM website.

Unfortunately, I would not recommend my current management company. They aren't terrible, but they're not as organized as I would expect them to be. I am currently considering managing my own property at this point just for the sake of learning more about it. It would not be long-term as I am also looking to make my investments as passive as possible.