Southern Vermont - Need New Property Manager

[Peter Faulkner]

Hey folks,

I have a beautiful STR in southern Vermont that I've owned for a little over 2 years. I do not think my current manager is a good fit for the property, for a number of reasons. I've put up with them because they do a decent job keeping the place rented and I have a near perfect reviews on AirBnB. But so many things could be so much better. I won't air my dirty laundry in public but here are a few areas that I have issues with:
1) We don't have a contract (shame on me) though we do have some agreed upon terms that were written. Because of this, they have changed their fee structure on me two times in the past two years

2) They don't have back up cleaners so when the cleaner can't clean, they block off my calendar

3) They do not have easily legible financial statements and do not provide 1099s 

4) They have made decisions that have required my money without consent

5) They block off check-ins on Sundays

6) They are not great with technology - though they try to use hostfully to list on many platforms, I will frequently see that my listing is not up on VRBO for example. They also don't use automated locks and manually change the guest code every few weeks

7)They have terrible response times when I reach out to them.

There's a lot more... these are just a few things that are top of mind. I'd switch but frankly, I think most of my options in Southern Vermont may be even worse for one reason or the other. 

Anyone have great experiences with highly efficient, extremely effective PMs in the area?

PF

[Michael Smythe]

@Peter Faulkner

Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.

Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.

Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

To avoid going through the same poor experience, keep reading.

Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.

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, they often select the first PMC they call or that calls them back!

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!

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?

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😊