Recommendation for Multi-Family Property Management Company
Rental Property Investor · San Francisco, CA · Member since 2022 · 5 posts · 0 votes
Recommendation for Multi-Family Property Management Company
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Cleveland, TN · Member since 2016 · 26 posts · 4 votes
3yTruth!! In Cleveland specifically, I have noticed a huge difference between the folks that rent for under $1,000 a month and those above. not sure why that is the cut off other then some long time local renters still believe rent should only be $600 a month no matter what conidtion! I've upgraded all my duplexes and now have tenants who take pride in thier homes and I write into the leases that any number of lease violations is terms for termination. The rents have increased so very much these past few years ( more then doubled!) that I still get the " you are crazy" responses from the general public on facebook yet I always seem to land good tenants who happily pay for a nice place to live!
7 Replies
- 3yMichael SmytheBusiness MemberReal Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.
We also can’t believe how many owners hire the first PMC they speak with!
Then they complain their expectations aren’t being met!
In our experience, the #1 mistake owners 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!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
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!
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😊
Logical Property Management4.9453 Reviews - Cleveland, TN · Member since 2016 · 26 posts · 4 votes3y
We are a mom and pop company who does managment in Eat Tennessee, mostly in the Watts Bar Lake and Cleveland areas just south of Knoxville. We relocated here from Orange County CA where I have over 30 years expeerience in PM and my husband and I both have been brokers for 25+ years. Let me know if you need any help out here in TN.
Thanks
Jennifer Niez - Investor · Cleveland, TN · Member since 2016 · 279 posts · 187 votes3y
@Jennifer Niez How long have you been in Cleveland? We are in real need of good PM Co's! (We being Cleveland, TN, not me personally.)
- Cleveland, TN · Member since 2016 · 26 posts · 4 votes3y
Quote from @Richard Elvin:
@Jennifer Niez How long have you been in Cleveland? We are in real need of good PM Co's! (We being Cleveland, TN, not me personally.)
We moved to Cleveland TN in 2016 after40+ years in Southern CA. I spent my career in corporate realestate working in both commercial and residential real estate portfolio asset management.
www.linkedin.com/in/jenniferniez/
We also own a number rentals in various states, a few here in Cleveland. What is it you are looking for in a PM? How many assets doyou have under ownership in TN? [email protected]
- Investor · Cleveland, TN · Member since 2016 · 279 posts · 187 votes3y
I self manage, although we sold our last rental in 2021. We have a couple of terrible PMC's in Cleveland, I won't name them publicly, but you can probably guess at least the worst one. Zero maintenance, zero screening aside from do you have $$?, zero enforcement of rules, etc.
A PMC that screenes for good tenants, keeps up on maintenance, and holds tenants to the rules (like no parking in the yard, no roosters in a neighborhood, no cars on blocks, etc), will stand out! My duplex I used to own was in a rental nieghborhood mostly handled by the worst PMC in Cleveland. It's much harder to get good tenants (I always did, but it was harder than it could have been) when you have all the above happening in the neighborhood. Good times! - Cleveland, TN · Member since 2016 · 26 posts · 4 votes3y
Quote from @Richard Elvin:
I self manage, although we sold our last rental in 2021. We have a couple of terrible PMC's in Cleveland, I won't name them publicly, but you can probably guess at least the worst one. Zero maintenance, zero screening aside from do you have $$?, zero enforcement of rules, etc.
A PMC that screenes for good tenants, keeps up on maintenance, and holds tenants to the rules (like no parking in the yard, no roosters in a neighborhood, no cars on blocks, etc), will stand out! My duplex I used to own was in a rental nieghborhood mostly handled by the worst PMC in Cleveland. It's much harder to get good tenants (I always did, but it was harder than it could have been) when you have all the above happening in the neighborhood. Good times! - Cleveland, TN · Member since 2016 · 26 posts · 4 votes3y
Truth!! In Cleveland specifically, I have noticed a huge difference between the folks that rent for under $1,000 a month and those above. not sure why that is the cut off other then some long time local renters still believe rent should only be $600 a month no matter what conidtion! I've upgraded all my duplexes and now have tenants who take pride in thier homes and I write into the leases that any number of lease violations is terms for termination. The rents have increased so very much these past few years ( more then doubled!) that I still get the " you are crazy" responses from the general public on facebook yet I always seem to land good tenants who happily pay for a nice place to live!
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