All Forum Posts by: Michael Sherrill

 @hsiang lo You'll need to read your PM contract. Some PMs know they aren't good at handling (or don't want to handle) certain items. 

I outline up front with the PM areas I don't want them to handle. If they send an estimate over and I think I have a better option, I'll let them know I'd rather send in my resource.

There's a lot to cover, so it's tough for a PM have both a deep and broad deck of resources all the time. Vendors come and go, so they may have periodic void in certain niche vendor skill sets.

I got an email from them in May 2022 saying they would not longer handle multifamily, and were switching to SFR only.

Just looked on Linkedin, they were acquired by Truehold - https://www.linkedin.com/feed/...

So appears they were shut down following the acquisition, I guess?

Michael

@Franklin Curry Jr Welcome. Curious how you proceeded?

@Mike WilkinsonCurious how your search turned out for PM in Cincinnati and your long term experience now?

@Jordan Noble Has easing of the pandemic helped resolve the issues you saw? I had one PM lined up who had major staffing issues due to COVID and would up withdrawing from their Cincinnati presence.

How many units do you have them handling?

This is a great thread. One thing I am finding is the reviews for some mentioned firms are all over the map. For higher-end properties in Cincinnati, everyone seems to claim they can handle it, but then there are performance issues. 

Curious to hear other experiences on this for higher-end rentals in Cincinnati and who you are finding top-ranked.

@Nathan Gesner Awesome response, thank you! Challenging find good firms in some markets!

@Jonathan Klemm Thanks. Have you tried onboarding new properties with them? How do they handle the handoff &  common area key storage for long-distance managed properties? Eventually I'll move to remote lock controls/passcodes, but not quite there yet.

Howdy,

I'm acquiring some additional properties in Cincinnati and am looking at utility switchover + seller handoff of keys/photo doc of common areas. I manage properties remotely and am weighing bringing these Class A buildings onboard into a PM tool with full-service support.  

I haven't decided between Hemlane and NestEgg yet, but am looking at both, and curious how deep they get into post-sale seller key handoff and initial utility transfer for common areas?

Side note, I'm also looking at remote facility control,  I use Simplisafe modules to just have alerts on temperature drop zone-by-zone or of water leaks. I haven't seen a vendor offering remote temp/flood *and* thermostat control for small 3-10 unit buildings yet. The remote monitoring helps get in front of potential issues before damage is caused. I have details from Homebase.ai, but they only have traditional thermostats (I need the add-on modules like what Nest offers for larger spaces).

Are there any other SaaS PM vendors with full-service I should look at besides these two? 

Lastly, for reputable traditional full-service PMs, who do you deal with (and trust) for Hamilton County area buildings 3-10 unit size?

Thanks,
Michael

I looked into the service. The "terms" presented sound great, but when you read the fine print on the contract:
* Only good on owner-occupied primary residence
* Restricts your ability to rent or lease during the entire term with their approval
* They may inspect premises on demand
* They seem to have a restricted list of realtors' brokers available you have to use first if you want sell while in force
* ROFR: You have to present any offers for the property to them 1st - they can also accept offers on the property for you
* Seem to have a POA clause allowing them to do stuff on the property and related to it.

Personally, I read through this, I think it's really expensive on the $ alone, but the terms are onerous. Maybe for short term like a year or two, but I wouldn't want all that over my head. I also think this might jam up some Refis when they ask "what is this agreement you have?"

Standard HELOC or 2nd is way safer and defined.

They're in more states now. I'd say READ the contract (not therm "sheet") with your attorney and make sure you have other $ or other exits downstream you can use to wipe it out.