Mynd Property management bad in Atlanta or everywhere?

Question

Does anyone else have or had property managed by Mynd formerly RentVest?

I ask because I recently ended my relationship with them in the Atlanta area, but would like to know about other areas they service.

I am hoping it's just that area.

In areas other than Atlanta:

Do they communicate when a service call is requested?

Do they respond fast when you reach out?

How long to get a tenant?

How long for properties to be turned over with just cleaning and when repairs are needed?

I had issues with a repair, they left my tenant with electrical issues for more than a month and never told the tenant what was going on.

I am curious if the PM is my issue or the company.

Thanks

David Burrell

Bill B. · Answer

Account Closed

hey Troy. I do but it doesn’t come from a lot of research. I tried one bad one at rainbow and 95. Then about 10 years ago I switched to key property management. You can tell Brian Hartsell I recommended them. (Only so they know I’m happy with their service, I get no referral fees or commissions nor am I related to them in anyway.)

They charge 8% of collected rent, $300 realtor commission to place the tennant and I think a $125 admin fee. Other than that it’s pretty transparent. Maybe a sub $100 advertising fee if it doesn’t fill instantly.

Short of a major rehab between tennants 2 weeks is about the longest I’ve waited for them to find a tennant. Sometimes it’s another week until move in.

Cory S. · Answer

I've been with HOMERIVER GROUP (formerly known as PROPERTY FRAMEWORKS) for about 5 years now (they run two of my properties in the Atlanta area) and they are amazingly detailed in their work with a great system in place.

8% PM FEE; 60% LEASE FEE; 7% RENEWAL FEE; Nice dashboard portal that keeps you informed, and they run everything by you, and do nothing without your approval.

Robert Gilstrap · Answer

I'm always baffled at why people look for the cheapest PM they can find to manage one of their largest investments. You get what you pay for. You NEVER hire the cheapest attorney, or the cheapest CPA, or the cheapest Doctor, why in the world would you hire the cheapest PM?

John Petrequin · Answer

Just spoke to a property owner in foreclosure who said that Mynd was his property management company. Horrible experience.

Zachary P. · Answer

Hi David,

I used MYND property management for about a year in bay area to manage a fourgplex.  Absolute horrible service all around. They would never notify me about repairs or ask for permission.  What actually was repaired was never made clear.

The amount of repairs they made on my property was just suspicious in itself, multiple repairs every month.  My new property manager has not needed to complete one repair.  With MYND there was not single month that went by without multiple "repairs" being made.

Please PM me if you have more questions

Drew Sygit · Answer

@Robert Gilstrap several reasons:

1) Investors think they are smarter than all dumb ol' PMs, so the cheaper idiot the better.

2) Investors think PM services are a commodity, so if they all offer the same service, price is all that matters

3) Investors don't do enough research to understand everything a PMC does, so in their ignorance they default to shopping by price.

Take your pick!

What investors don't understand is that their ignorant focus on the cheapest price, attracts either bozos or cut-rate companies to cater to them. All of which drives down prices and forces good PMC's to cut corners to stay in business. Then investors whine about lack of service, forgetting you get what you pay for!

Renee Kilian · Answer

We are an appliance repair vendor and worked with Mynd until a few months ago.  They have absolutely horrible communication.  They required approval onsite for repairs if over the NTE.  Understandable, however we can never reach anyone while onsite to get approval. We would try every phone number on the work order, including the dispatcher; messaging in the portal, which seems to be their preferred line of communication, and emails. We are not going to wait at a property for who knows how long to get a call back, etc.  (Because sometimes it would be at least the next day!)  This leaves the tenants extremely frustrated, especially if it's a refrigerator issue causing their food to spoil, or possibly an issue with an appliance leaking water onto the floor, etc.  Tenants were constantly complaining about them. The last policy they implemented before we cut ties with them was they started asking for a formal estimate for EVERY repair.  This causes at least a second trip charge from us, resulting in more expense for the owner for something that could be easily diagnosed and repaired with parts we stock on the service van.  They also take too long to pay their invoices, and on top of that they deduct 10% from the payment to us for "commission".  We finally decided it was just not worth it to do business with these people.

Account Closed · Answer

@Bill Brandt do you have a recommendation for a PM in Vegas?

Kush Khandelwal · Answer

Hi @David Burrell mind telling me who did you switch to for Atlanta - need to make a quick decision whether to use Mynd or another? Mynd's rates are quite compelling

Mynd Property management bad in Atlanta or everywhere?

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