Need a New Property Manager

[Laurence Walsh]

Hi Investors,

I am seeking an honest property manager in INdy. The one I have now has crazy charges for maintenance. They charged me $400 to replace a $35 coil in an oven. They report issues on things they don’t remember I have already replaced as new. $400 to deal with mice. We just had mice at our house and took care of the issue for $125. Please, please help me. I really need someone who cares about the owner and is not just trying to make a buck. Thanks, Laurence

[Becca F.]

Sorry you're having problems with maintenance charges. Are you local to Indianapolis? 

I'll DM you. I'm OOS and have talked to several investors in California who use different PMs in Indy. The investors living in Indy are self managing. 

[Preston Dean]

HI @Laurence Walsh

May I suggest using BP's free service to you to find a good PM

Go to the top of the page where it says

BUILD YOUR INVESTING TEAM

then click on PROPERTY MANAGERS

You will be asked a series of 3-5 questions and then you'll be connected with some screened and qualified PM's

Best of luck!

[Michael Smythe]

@Laurence Walsh this is not atypical regarding maintenance costs.

1) $35 Coil - that's great that the part only costs that much. How much did the PMC bill you for the part versus labor?
- How much time do you think it took to find the part and order it?
- How much time to schedule the appointment with the tenant?
- How much time to actually take the oven apart to replace put back together?
Just Googled this and it states $150-$400
https://www.google.com/search?q=how+much+does+it+cost+to+rep...

2) $125 Mice: what specifically did you do at your house? Call an exterminator or handle yourself?
- We Googled it and the range is $200-$600
https://www.thisoldhouse.com/pest-control/reviews/mice-exter...

While both charges may be at the high end, neither seem "crazy".

Recommend you look at the supplied links and Google some more yourself.

Otherwise, you'll just be firing the next PMC you hire!

If you insist on hiring a new PMC, read below:

-------------------------------------------------------------------------------------------------

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😊

[Chris Mullinax]

Hi Laurence, I'm sorry to hear that you are unhappy with your current pm in Indy! I myself am an investor and the owner of CRM Properties located in Kokomo, but we manage some properties in the Indianapolis area. Transparency and communication is key in this business. Please feel free to connect or check out our website, we have all of our investor pricing on there. I am happy to help answer any questions you may have.  https://www.crmproperties.net/pricing  

[Orr Kichin]

Hey,  I'm an oos investor, and I have rental properties in Indy. One is managed by PM (and it's ok, not great but ok), the rest I manage myself, and honestly it's not that bad. The hardest part might be if it's time to evict someone, however in the properties I manage myself, I haven't encountered it yet.  So feel free to privet message me, and I'll answer what ever questions you might have.