Cincinnati Property Management
3 Replies
- 2moVictor PatelBusiness MemberReal Estate Broker · Cincinnati, OH · Member since 2022 · 133 posts · 89 votes
Hello Pooja,
I'm a real estate broker in Cincinnati spealizing in mult family property. I may have a solid contact for you. How many units do you have?
- 5dVidit S.Business MemberInvestor · NY · Member since 2018 · 96 posts · 17 votes
Few questions, if you don't mind ...what went wrong with first pm... took forever to lease, couldn't get a response, statements that make you wonder where all the money goes?
Use the negative to interview out the next property management company. Have them walk you through the following scenarios: A unit sits vacant for a month; A repair goes over budget; A charge shows up on your statement and it is completely unclear as to what it is for. Who handles it? When would you find out about it? What would you be able to look at without having to ask the person to do something for you?
Can I also speak with the person who manages the property? I think the owner of the company may have sold you on the company’s line, but you’d be surprised at the difference in how you’re actually treated by the person who’s managing the property on a daily basis. And can you tell me about the costs to leave and how you’d turn over the tenant information (including any outstanding deposits and open repair requests)?
I own 70+ units and have tested many PM companies. Recently I created my own company to manage my rental properties exactly as I want. I’d be happy to chat with you about your options should you like. I can compare notes with you on the experiences you have with the PMS you interview. - 1dDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
We’re a Property Management Company (PMC) in Metro Detroit ONLY, with 25+ years of experience, and we’ve seen owners make the same mistakes, over & over again when looking to hire a PMC – which drives us nuts!.
In our experience, the #1 mistake owners make is ASSUMING all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY.
So, owners mistakenly think price is the only differentiator – and look for a PMC like they’d shop for groceries☹
We encourage you to learn from the mistakes of others by reading posts here on BiggerPockets from owners that picked a PMC solely by price and regretted it.
We recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.
Check out NARPM.com, BP’s Property Manager Finder (), etc.
Even if someone gives you a referral, do NOT make the mistake of assuming that just because a PMC met their expectations, they’ll meet your expectations. We all have our own expectations and what works for someone else, may not work for you.
If you’re new to all of this, it's often a case of not doing enough research, as you don't know what you don't know!
So, ask more questions!
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
Here’s some articles we’ve contributed to BiggerPockets about screening a PMC BETTER than you would a tenant!
20 Questions to Ask When Vetting a Property Management Company: Processes
13 Questions to Ask to a PMC: Communication and Documentation
24 Questions to Ask When Evaluating a Property Management Contract
Logical Property Management4.9459 Reviews
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