Any experience with Specialized Property Management Atlanta?

Question

Hello BP Community,

I was wondering if anyone had hired or worked with the company Specialized Property Management Atlanta. I spoke to Jerrod Cook and he sounds experienced having self managed his own units and his investing values reflect mine. He understood what troubles I experience self managing from afar as well.

There's no start up fees, no lease renewal fee, minimal charges of I find my own tenant using them to only place the lockbox and take photos, otherwise it is 75%.

Management fees are at 8%, them what has made me worried is the "sign with us now with two properties instead of the one and I'll reduce management to 7% this week only". I've found with PMs you get what you pay for. Any past or current client feedback would be appreciated.

David Woz · Answer

If they are related the same ownership/umbrella as Specialized in DFW, you can expect:

Pros:-  Really great online portal.   All the info you need is there... Of course this is only as good as the staff doing the data input.   It produces useful reports for various properties.

Cons:   They over promise and under perform on virtually everything.  How much your place should be renting for specifically...  Their maintenance is horrible and expensive and when you call them on things, they blame it on "contractors.      For example, I got a notice a dishwasher needed replacing with a price to do so.   This was a long time tenant and I texted her for details.   It turns out they NEVER sent anyone out to check on it.... When I called them and asked for specifics as to what was wrong, the LIED about it and made something up when they never even inspected the dishwasher.

Needless to say I moved my properties, but the Specialized brand is forever ruined for me and I would stay away.

Drew Sygit · Answer

@John Pettas STOP being penny-wise, but dollar-foolish and invest time in finding a great PMC!

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😊

Sean O'Keefe · Answer

@Floyd Blackwill would recommend a chat with @Chris Grenzig. One of the best PMs I've met in Florida. He surprised me with his knowledge of real estate investing, property management, and syndicates. It's probably his experience working in all of these areas of real estate that gives him the ability to connect with his customers on a different level and understand their pain points.

@John Pettas we work with a lot of real estate investors that provide us with intel on who the top property managers are, like @Chris Grenzig but he's in FL, not GA. Happy to provide some unbiased feedback on PMs in Atlanta, GA if helpful.

Chris Grenzig · Answer

@Floyd Blackwill sorry to hear you've had a bad experience, I'm from Long Island myself and lived in Brooklyn for 3 years. I moved down in 2020 to manage our own rentals and we've bought 150+ units and still own and manage 51 units in Jacksonville. We've also expanded into getting properly licensed to manage for other owners now too. Happy to connect and talk about management from the ownership side and owning a PM company side if you think there's any value or interest in that.

Floyd Blackwill · Answer

@John Pettas - I ended up using Specialized in Orlando.  Worse decision I have ever made.  I was moving to NYC are and needed someone quick. I didn't do my homework and selected them.  They have been a money drain. Like you I think their portal is fairly good. Everything else has been poor.  They communicate only after I had to contact them. I had managed the property myself for 15 years so I kind of know what is needed. This is the 2nd property management company i've tried and they both seem to be more interested in getting more money out of me instead of providing real PM services.

Melanie Thomas · Answer

Hello,

I would urge you to check out property 
management companies associated with NARPM. They have a website where 
you can search for PM companies in your area. Happy to help you navigate
 the site or answer any general PM questions you may have. Happy 
investing, good luck!

Marc Stevenson · Answer

@John Pettas  Not all PM are created equal.  I'd recommend reaching out to your local REI meet ups and see who the seasoned investors are using.  A couple of questions to ask... do they lock you in for a year or can you terminate the agreement with not penalty if they fail to perform?  (Nothing worse than being married to a relationship that you have not experienced yet).  If they confident in their ability to perform, they won't balk at this.  Next...are Maintenace calls handled by your hourly employees or are do they 3rd party this out?  (If they use their employees, their trucks, etc. this usually saves the investor quite a bit).  Finally, are they insured?  Hope this helps.  Happy Investing!

Yuqi Zhang · Answer

Hi @John Pettas, would you mind sharing which property management company you ended up hiring? And how's your experience with them? Thanks

Any experience with Specialized Property Management Atlanta?

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