I have caught the real estate investing bug. Looking to purchase my first rental property this year in Ft. Worth, TX. Doing research on property management and came across NestEgg only charging $29 per unit per month. This sounds too good to be true. Does anyone have experience with them?
Specialist · Chicago, IL · Member since 2014 · 15 posts · 9 votes
4y
Hi, @Mason Whitmarsh! Congrats on catching the real estate investing bug!
I'm one of the founders of the company. We hear that we sound too good to be true a lot, but that's pretty typical since we're a disruptive tech company. You're welcome to check out our reviews online and schedule a time to talk 1:1 with us to learn more about our platform and property management service to see if it's right for you.
I'll send you a DM as well in case you have individual questions I can answer. Wishing you the best of luck on your search in Fort Worth!
Don't know them, but have seen two "disruptive tech companies" flameout because they really didn't understand property management.
Here's our standard post response:
In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Landlords mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
This also leads them 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!
We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
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😊
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