Looking for a property manager in northern Michigan
Rental Property Investor · Northern Michigan · Member since 2018 · 12 posts · 4 votes
Looking for a property manager in northern Michigan
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
7yYou can start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. Regardless of how you find them, try to interview at least three managers
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
The DIY Landlord Book4.7248 Reviews
8 Replies
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes7y
You can start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. Regardless of how you find them, try to interview at least three managers
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
The DIY Landlord Book4.7248 Reviews - Specialist · Grand Rapids, MI · Member since 2016 · 1k+ posts · 611 votes7y
@Mordechai Reshef I know Boyne City very well. Are you doing short term rentals mostly because of resort? You can work with a local realtor or search for a manager out of Petoskey. Finding labor in winter should be very easy given most people in that area have a job related to tourism in summer and then odd jobs like snowplowing in winter. I consider Boyne City a tertiary market at best so would be careful about having too much exposure during a correction. Boyne Falls is another thing but I would never invest in a city whose population is so small year round.
- Rental Property Investor · Northern Michigan · Member since 2018 · 12 posts · 4 votes7y
Originally posted by @Charles Kao:
@Mordechai Reshef I know Boyne City very well. Are you doing short term rentals mostly because of resort? You can work with a local realtor or search for a manager out of Petoskey. Finding labor in winter should be very easy given most people in that area have a job related to tourism in summer and then odd jobs like snowplowing in winter. I consider Boyne City a tertiary market at best so would be careful about having too much exposure during a correction. Boyne Falls is another thing but I would never invest in a city whose population is so small year round.
Hi Charles, thanks for responding.
our average is about 2% monthly rent to value so we are sticking with long term rentals.
i am trying to get as many leads to locals before i will arrive to Michigan in may so i can accomplish more in the time ill be there.let me know if you know any one.
thanks!
- Rental Property Investor · Northern Michigan · Member since 2018 · 12 posts · 4 votes7y
Originally posted by @Nathan Gesner:
You can start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. Regardless of how you find them, try to interview at least three managers
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
Thanks Nathan!
do you know any one specific you would recommend in that area?? - Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes7y
@Mordechai Reshef no I don't have any person knowledge or experience.
The DIY Landlord Book4.7248 Reviews - Real Estate Broker · MI · Member since 2014 · 594 posts · 183 votes7y
@Nathan G. Glad you mentioned it. This is a great resource!
- Member since 2019 · 1 post · 0 votes7y
We have not used him yet, but Marty Moody is a realtor with Lynda's Real Estate in Boyne City. He also does vacation and long-term property management. Worth looking into!
- Investor · San Diego · Member since 2018 · 6 posts · 1 vote6y
Hey Mordechai,
Check out https://www.timbernorthvacations.com/ for you PM needs in the Boyne City area. They manage one of my rentals and I am very happy with their service.
Best,
Chris
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