Why is there so much need for PM in Cleveland?

Question

Browsing the PM forum I see so many requests for Cleveland property managers recommendations.

Is there a reason why finding a good PM there is so hard?

James Wise · Answer

Being a property manager in Cleveland changes you bro. Not many can handle it.

David Leggett · Answer

Yes, as James says, it's not an easy business.  Especially in this area.  But I think the main problem I've seen, after working at 4 different larger property management companies in the area is that because there is such a high demand for good property management, they'll take on more properties than they can manage effectively, because they want to make more money.  They also employ the fewest amount of people possible, to make more money.  For two different companies, I was the only leasing agent for 30-50 properties at a time.   I'd be lucky to get to each property once a week.  Is that what the owner had in mind when trying to get their property leased out?

They usually have one or two maintenance directors handling complaints on hundreds to thousands of properties, and don't have the capacity to manage it properly.  When interviewing property mangers, these are the kinds of questions I'd be asking.  How many leasing agents do they have?  How many people do they have overseeing maintenance complaints, repairs, and renovations  If it's one or two people for 1000+ properties, as it was at every place I've worked, it's not going to be efficient.  If they won't disclose that info, I would hang up on them.  Plus, a lot of these people running these companies were realtors or landlords in the past, but have no business background and no education about how to run a business properly and it's evident by how they run their businesses and treat their employees.

Nathan Gesner · Answer

Finding a good PM is hard in almost any market, which is why there's huge opportunity to make serious money. A good PM is well worth the price!

Bob S. · Answer

Yes, simple,, incompetence, greed, egos, lack of " talent" lack of people that actually want to work, shall I continue LOL . However, I have been fortunate enough to have good PM. I have done 100s and 100s and 100s of deals out there. Sure we have had some issues, but we work together for a positive outcome.

BTW. I live on the beach on FL and do all my business out there,

Christopher Slowey · Answer

Hey Alexander!

I'm going to look into this and thank you for bringing it to my attention.  I think it may have to do with a lot of mom and pop type shops that have mastered their sales pitch but maybe not their processes.  I know we have mostly out of state and country investors here and that's part of the issue because all they can do is call around and cross their fingers.  I'm new to BP but this is why I've joined the conversation.

Rob D. · Answer

I too am looking for a PM in Cleveland.  I want a bit more personalized service, not to be overcharged on repairs and most importantly communication.  I feel like finding a PM that can actually do all 3 of these is impossible.

Bob S. · Answer

The requests are coming from there as investors from around the world have been buying there VERY heavy over the last 10 years.  I believe more than any other city..  You missed the boat on the 20%++ net caps. However, I just picked up 9 more doors over the last two weeks or so. All have net caps of 20% or better. Based on cash purchases.

Mark Navarrete · Answer

He is a national Syndicator. If you have instagram just type in his name and you can check his profile.

Christopher Slowey · Answer

Hi Erica!,

Yes, ReMax has worked with Antoine Martel for over 5 years supporting acquisition, rehab and PM of several hundred properties.

Why is there so much need for PM in Cleveland?

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