Property Management Comparison Tool

Property Management Comparison Tool

Property Manager · Charlotte, NC · Member since 2012 · 135 posts · 156 votes

Greetings. There are an awful lot of threads on BP asking about property manager pricing, so I generated a spreadsheet tool to help investors compare pricing for management companies.  However, I cannot figure out how to add an attachment here.  Here is a link to where you can download it from our website: https://firm.vip/pricing  Just scroll down to the bottom of the page.  It is set up to measure average cost over a two year period to account for a typical tenancy duration.  Obviously if a tenant stays longer than two years, the overall cost for an investor will go down if paying more up front (higher setup fees, leasing commissions, etc.).  Please let me know if you have any suggestions on how to improve the tool.  I hope it helps.  

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Investor · Bartlesville and Tulsa Oklahoma · Member since 2019 · 11 posts · 2 votes
5y

Steve, thanks for posting your analysis tool.  This is a handy reference and a powerful quick check on property management costs.

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  • Investor · Bartlesville and Tulsa Oklahoma · Member since 2019 · 11 posts · 2 votes
    5y

    Steve, thanks for posting your analysis tool.  This is a handy reference and a powerful quick check on property management costs.

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    Steve, pretty cool. 

    How do you account for quality of service though?

  • Property Manager · Charlotte, NC · Member since 2012 · 135 posts · 156 votes
    5y

    Hello @Drew Sygit.  I feel quality of service is is subjective, depending on the expectations of each owner.  How would you quantify that?  Of course there are tons of questions a Landlord can ask a manager to determine if they may be a good fit.  I think the best use for this tool is to use it to compare companies after one has done their due diligence on the companies they want to consider (reading reviews, interviewing the manager, etc.).  I'm sure there is a way to give weight for particular attributes that are important to a Landlord, but I never did very well in statistics, LOL.  If you have a suggestion let me know. 

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    @Steve Maginnis

    It was more a rhetorical question.

    I still remember what I was taught in one of my first sales classes: 

    "you sell on price, when you have nothing else of value to sell".

  • Property Manager · Charlotte, NC · Member since 2012 · 135 posts · 156 votes
    5y

    Hey @Drew Sygit.  Agreed.  But there are so many people who boil everything down to cost.  Your point usually comes to them with experience and failure.  

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