Wisconsin Dells STR Management Referrals

[Lauren Stark]

Hello! Does anyone have any short term rental property management referrals in the Wisconsin Dells/Lake Wisconsin area? 

[Todd Goedeke]

@Lauren Stark do you have any property listings in the Dells?

[Lauren Stark]

I do not personally have listings, but I know of some. The Dells has a lot of restrictions, so I have helped clients find STRs in surrounding towns. I am closing on one myself in a couple of weeks, which is why I was asking the question. 

[Todd Goedeke]

@Lauren Stark I asked the question about restrictions for STRs because I found the restrictions to be a minor obstacle. 
What in your mind was a major deterrent?

[Michael Smythe]

@Lauren Stark

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😊

[Lauren Stark]

Quote from @Todd Goedeke:

@Lauren Stark I asked the question about restrictions for STRs because I found the restrictions to be a minor obstacle. 
What in your mind was a major deterrent?

 The biggest deterrant for me is that if something is zoned residential you can only operate for 6 consecutive months out of the year. You are always missing major opportunities like holiday break, spring break or the summer months depending on what 6 months you choose. Do you have STRs in Wisconsin Dells? 

[Todd Goedeke]

@Lauren Stark We are building STVR duplexes in Wis Dells.

I agree with zoning restrictions on where STVRs can be located. There are plenty areas where zoning allows for hospitality , STVRs, to be located in same areas as existing hotels/ motels. Full time residents don t need to be annoyed be constant parties.