Tired of Only Negative PMC Stories - Who Has Positive Stories?

Question

Seems everyday there's a new post about a bad experience with a Property Management Company.

While it's our opinion, that at least 50% of our local competition are incompetent or crooks, we do know several that, like us, are NOT crooks and try to provide great service.

So, who can share some POSTIVE experienes with a Property Management Company?

Joe Splitrock · Answer

Some of this could be survivorship bias. I would argue that the majority of rental property owners use property management and are relatively happy. They are just not posting their experiences here on BP. This site is frequented by self managing landlords and the value add rehab crowd. Nothing wrong with that, but people building new construction and hiring property managers are not on a website trying to solve problems. They have less problems or at least less interest in dealing with that aspect of investing. It would be like going to a stock investor forum and expecting to find mutual fund investors there. Two different strategies.

I self manage, but 75% of the houses listed for rent in my market have a property management company listed. In small multifamily, it is an even higher percentage. Large multifamily is almost 100% property managers or in house property management. They are at least happy enough to not fire their property managers.

I do think that Property Managers get a bad rap on BiggerPockets. Even PM seem to bash other PM. I heard 50% are incompetent or crooks, haha. Seriously, there are plenty of great PM out there. People just like to complain more than sharing good experiences.

Brian Mineau · Answer

@Drew Sygit

I have worked with two property management companies that have been amazing. (Not counting my own company I started)

BTTT in Dayton, ohio. They manage over 100 doors for me and Todd Pultz goes is amazing. He is honestly, trustworthy and gets it. As an investor himself he always looks at things like we do and knows when to spend money and went to charge a tenant.

Melanie Westbrook with Sierrra desert properties in CA is the exact same way. She goes above and beyond and I always appreciate when a PMC isn’t afraid to hold tenants accountable. I was burned so many times in CA and IL because PMCs were basically afraid of tenants, Todd and Melanie are not.

Drew Sygit · Answer

@Joe Splitrock Thanks for that perspective!

Terry Holschuh · Answer

@Brian Mineau does BTTT cover Columbus, OH area too and might you have contact information for them? :)

Drew Sygit · Answer

@Brian Mineau thanks for sharing!

Steve Maginnis · Answer

Hey @Drew Sygit that took a quick turn for the worse, LOL.

William Beck · Answer

Great forum topic @Drew Sygit For Short Term Rentals, property management fees can range from 10% to up to as high as 50%. I think any property manager that's taking 35%+ is absolutely scamming people. 10-25% is pretty fair since there's a lot of extra work that goes into the marketing, scheduling cleaning, guest communications. I used to work for Evolve and there are a lot of BP haters on the company. I think they are definitely not perfect and have growing pains and 'headwinds' they face with that growth. It was especially brutal during early COVID ...BUT, for 10% I don't have to waste my time managing my nightly rental and they book it out very well. That's worth it to me. Some people try to overthink the property management for STR's and YES of course you could rent it out better than a management company if you spent all your time tweaking rates, reaching out to guests, being the "Power User" but do you really want to spend that opportunity cost in time?  I think if it solves a pain point and it's affordable property management is crucial for scaling.

David Avery · Answer

How about Rent Ready

1-AC didn't work for almost 2 days.  Temperature inside 86.

2-5 out of 12 drawers  in the kitchen were nailed shut.( boxes were gone)

3-Wash machine didn't run any cold water , ever.( needed new value)

4- no screens on any windows. ( house built in 2006)

5- kitchen cabinets (used) installed in both bathrooms. ( guess vanities cost to much)

6- both toilets rock because they replaced tile with fake wood and the flange was 3/4 inch high.( cost a pretty penny to get a plumber to cut down and re seal up for a holding flange)

7- No pee traps in either bathroom drain.  ( sewer smell constantly).  Who knows what happened here

8-Fridge seal on double door completely gone including plastic product that holds the seal. ( guess when owner buys seconds, there is a pretty good reason why no one wanted it).

9-Mold in back of one bathroom into closet walls and very active 12 inches by 3 feet.

10-Glass everywhere in back yard. lots of broken windows, guess why no screens!

Rented to family with two kids under 4. Rent over $1800.00 per month.

PM only fixed #1 and #3.

Took almost 30 days to fix washing machine cold water.

Nothing else would be done, excuse was owner did not have the monies and took property in that condition.

Family rented house un seen since most rentals in area are rented within 2-4 hours! Tenant is out of state of time of commitment.

Wonder why PM don't have the best REPUTATION.

Our kids house has been mostly taken care of by me.  I understand the business of fixing a property and what a family needs to live.

PM don't do much and owners don't care!

Really don't  think to many renters are on BP. If so not to much positive.

Guess time will tell.

RENT READY  MEAMS   RENT READY pm's!!!!!

Tired of Only Negative PMC Stories - Who Has Positive Stories?

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