Good property management company in Akron?

[Terry Landon]

I own around 25 doors in Akron, OH.  I'm having issues with my current property management company.  I was wondering if someone can suggest a company that does a good job here. 

[Nathan Gesner]

Quote from @Terry Landon:

I own around 25 doors in Akron, OH.  I'm having issues with my current property management company.  I was wondering if someone can suggest a company that does a good job here. 

If you find someone, be sure to share! Akron is on my short list

Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.

4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?

This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!

[Terry Landon]

Quote from @Nathan Gesner:

Quote from @Terry Landon:

I own around 25 doors in Akron, OH.  I'm having issues with my current property management company.  I was wondering if someone can suggest a company that does a good job here. 

If you find someone, be sure to share! Akron is on my short list

Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.

4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?

This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!

 Thank you.

Do you know if it's common practice for PM companies to show the property before the tenants move out?  Also is it common practice to take the entire first month's rent for commission on new tenants?

I own quite a few multi units with high turnover. My current agent is refusing to show the property before the tenants move out.  So if it takes a month to find a new tenant..then we are essentially out of two months rent for the year.

[Nathan Gesner]

Quote from @Terry Landon:

It varies, but I think most property managers show occupied rentals. I have it in my lease agreement so Tenants know to expect it, and it really cuts down on vacancy times.

[Drew Sygit]

@Terry Landon

Even if someone give you a referral, what meets their expectations, may not meet yours.

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, 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!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

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😊

[Bob Stevens]

Quote from @Terry Landon:

I own around 25 doors in Akron, OH.  I'm having issues with my current property management company.  I was wondering if someone can suggest a company that does a good job here. 

 Hello I know at least 20 PM cos in the area, more than happy to help you connect 

[Terry Landon]

Quote from @Bob Stevens:

Quote from @Terry Landon:

I own around 25 doors in Akron, OH.  I'm having issues with my current property management company.  I was wondering if someone can suggest a company that does a good job here. 

 Hello I know at least 20 PM cos in the area, more than happy to help you connect 

 Yes, please.

[Bob Stevens]

Quote from @Terry Landon:

Quote from @Bob Stevens:

Quote from @Terry Landon:

I own around 25 doors in Akron, OH.  I'm having issues with my current property management company.  I was wondering if someone can suggest a company that does a good job here. 

 Hello I know at least 20 PM cos in the area, more than happy to help you connect 

 Yes, please.

 feel free to DM me

[Mei-Li Hey]

Hey Terry! I'm also looking for a PM in this area - do you mind sharing who your current PM was when you posted this and an update if you ended up switching to try another company?

[Aaron Dublinsky]

Any referrals out there foR Akron PMs?

[Regina Blake]

Hi, I always tell my clients to do your own homework. Yes, it is good to receive referrals but, since you have to pay/work with any professional concerning your properties. You want to make sure your expectations are clear and understood. The Realtor can show the property while the tenants reside there or not, and the commission is determined by the client/ Realtor's contract. I always work in my client's best interest in any situation and all my clients really appreciate that about my services. I have done it both ways but, I always make it where buyer's can see the property at all times. Some people will not submit a contract and not see the property first. Most people want to see the property before an offer.  I definitely work in my client's best interest to sell the real estate but, everything is determined by the contract between the client/Realtor.  Good luck and best wishes!

[Bob Stevens]

Quote from @Terry Landon:

I own around 25 doors in Akron, OH.  I'm having issues with my current property management company.  I was wondering if someone can suggest a company that does a good job here. 

 Happy to help