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Updated 4 months ago, 08/23/2024
Looking for a property manager
Hi BP community,
Ive been managing my duplex since I purchased but now I have kids and it's getting harder to self manage. I used the PM tool and got in touch with 1 company but the PM I met did not make a good impression and didn't work out. Is there a company that I should look into or are there any recommended property managers that I should contact?
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 (BiggerPockets: The Real Estate Investing Social Network), etc.
Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
To avoid going through the same poor experience, keep reading.
Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.
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 – so, they often select the first PMC they call or that calls them back!
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!
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😊
- Michael Smythe
Quote from @Michael Smythe:
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 (BiggerPockets: The Real Estate Investing Social Network), etc.
Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
To avoid going through the same poor experience, keep reading.
Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.
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 – so, they often select the first PMC they call or that calls them back!
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!
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😊
Thanks for the reply, I have already done some research (BP PM tool, yelp, general googling) which is why I switched to BP forums.
I agree with you completely and I do not plan to make any assumptions with PMs. I already have a good example after meeting a potential PM that I mentioned in my original post. He was surprised I have had very minimal issues with my tenants. That's probably because my leases and screening process are pretty thorough.
Im in the same boat @Fareed Fityan. The BP prop manager finder tool on BP didnt give me what i was looking for. Have you found a good local oakland prop manager yet? Would be curious. Im rather work with a small PMC or even an individual than a larger company. thanks!
Quote from @Powell DiGangi:
Im in the same boat @Fareed Fityan. The BP prop manager finder tool on BP didnt give me what i was looking for. Have you found a good local oakland prop manager yet? Would be curious. Im rather work with a small PMC or even an individual than a larger company. thanks!
No I haven't found anyone yet. I've interviewed about 3 different companies and not happy with what they offer so I'm still looking. In the meantime I am still managing myself which is doable but not preferred
Have you found a PM (post was 2 months ago). If not, since you have a property in Oakland another resource may be to reach out to the East Bay Rental Housing Association (EBRHA) to get some recommendations. In all honesty, it is a little difficult currently to find "good" PMs who are still accepting properties in Oakland. Many PMs have stopped and those (of us) who still do are selective in the properties/owners/tenants we will accept.
Best wishes.
Maya Clark, Broker DRE#02081505