Looking for Property Manager Experienced in Mid-Term Rentals In Cleveland, Ohio

[Golan Corshidi]

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

[Jake Forehand]

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

Hey Golan, I can send you some contacts. What areas are you focusing on?

[Michael Smythe]

@Golan Corshidi 

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😊

[Remington Lyman]

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

 A lot of PMs will not deal with MTR Have you thought about self managing?

[Bob Stevens]

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

NOT a good idea, why mid term? Now you need staff to be 100% reliable, not easy there. Also need to furnish. At the end of the day maybe you make 2% more then you would with yearly. Be happy with your 10- 14% net and move on. Oh I assumed you are a cash buyer

Good luck 

[Golan Corshidi]

Quote from @Jake Forehand:

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

Hey Golan, I can send you some contacts. What areas are you focusing on?

 Ill send you a message thank you @Jake Forehand

[Golan Corshidi]

Quote from @Michael Smythe:

@Golan Corshidi 

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😊

 Well said Michael, thanks for all this feedback. Ill make sure to check out those resources and vet them individually. 

[Golan Corshidi]

Quote from @Remington Lyman:

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

 A lot of PMs will not deal with MTR Have you thought about self managing?

 I have! I think it would be helpful to have boots on the ground for certain tasks but debating just delegating it all if there was someone that could take it on. 

[Golan Corshidi]

Quote from @Bob Stevens:

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

NOT a good idea, why mid term? Now you need staff to be 100% reliable, not easy there. Also need to furnish. At the end of the day maybe you make 2% more then you would with yearly. Be happy with your 10- 14% net and move on. Oh I assumed you are a cash buyer

Good luck 

Yeah, so far it seems like the juice isn't worth the squeeze with the added work, turnover, etc but that's based on a lot of assumptions Im making from afar. Hoping a local manager can show the returns might be worth it but not convinced yet. You think long term rental is the move? 

[Bob Stevens]

Quote from @Golan Corshidi:

Quote from @Bob Stevens:

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

NOT a good idea, why mid term? Now you need staff to be 100% reliable, not easy there. Also need to furnish. At the end of the day maybe you make 2% more then you would with yearly. Be happy with your 10- 14% net and move on. Oh I assumed you are a cash buyer

Good luck 

Yeah, so far it seems like the juice isn't worth the squeeze with the added work, turnover, etc but that's based on a lot of assumptions Im making from afar. Hoping a local manager can show the returns might be worth it but not convinced yet. You think long term rental is the move? 

 I'm telling you short term is not the way to go, if it was I would do it. Again, IF you are cash be happy with your 10% or so net. 

[Zoe Getzels]

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

Hey there! I just sent you a message. We solely invest in Cleveland and have several MTRs that do really well. We stay consistently booked. I would love to chat. 

[Bob Stevens]

Quote from @Zoe Getzels:

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

Hey there! I just sent you a message. We solely invest in Cleveland and have several MTRs that do really well. We stay consistently booked. I would love to chat. 

 I am very active in the Cleveland markets. If your MTR are netting more then 15- 20% based on cash purchases, I'm all ears. ALWAYS open to bigger and better things, 

[Alfath Ahmed]

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

 Hey Golan, I have some very good property managers that I work with and refer my clients too. I can share that PM with you. 

[James Wise]

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

 Number 1 name in the game is HoltonWise brother. 

[Golan Corshidi]

@James Wise thank you!! ill reach out. 

[Kyle Parks]

Quote from @Bob Stevens:

Quote from @Zoe Getzels:

Quote from @Golan Corshidi:

Hey all!

I am looking at an opportunity to invest in Cleveland, Ohio and I am looking to connect with a local property manager who has experience working with mid-term rentals. 

Looking forward to connecting! 

Hey there! I just sent you a message. We solely invest in Cleveland and have several MTRs that do really well. We stay consistently booked. I would love to chat. 

 I am very active in the Cleveland markets. If your MTR are netting more then 15- 20% based on cash purchases, I'm all ears. ALWAYS open to bigger and better things, 

 You can definitely make 15-20% more with MTR the question is not if you will make more, its all based off of execution and the property you are trying to do it with. The name of the game is 1/1s set up for nurses.