Hello Milwaukee - any pointers to decent prop mgmt ?

Question

Hello fellow investors in the Milwaukee area. Have been active as a landlord for 2 years with 7 doors. Just as I am getting ready to grow further, running into a bunch of problems with property manager.

Units at or below market not rented for 3 months, while every time I test market to check response I have 6-7 calls in a half day. Units are comparable to others in neighborhood. Non returned phone calls, a simple cleanout after tenant move taking 2.5 weeks etc. etc. the list goes on.

Seriously  considering a change in mgmt no matter how painful. Any long term Milwaukee investors out there willing to share pointer to an investor friendly and reasonable property management company ?

Thanks,

--Sam K

Dawn Anastasi · Answer

I don't think I've seen any PM company where the 8-10% of rents collected including paying for the repairs.  Usually the landlord pays for the repairs or the PM pays for them and charges the landlord the repairs + a markup.

Greg Smith · Answer

I recently met with Joe from Porchlight while interviewing potential PM companies and I was very impressed with what he had to offer.  He has systems in place, he has property of his own, and he answered a lot of my questions before I even asked.  I am new to real estate so I don't have the experience that others have but I would definitely meet with Joe to see if Porchlight will meet your needs.  Best of luck to you!

Daniel Hanson · Answer

@Greg Smith I am curious if you ended up hiring Porchlight and if so on what type of properties?

Ramon Jenkins · Answer

@Carlton Bynum

Thanks for recommendation / suggestion

One of the most asked question here locally:

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Good property management companies

Carlton B. · Answer

@Sam K.  Welcome,

I cannot really recommend a PM because i have not used one, but I'm following this post to see what others are recommending because I maybe in the market soon. I know of two PM's one my real estate law teacher works with MPI, and the other my roofer works for Porchlight PM. From what I understand Porch light is family run and newer to PM with a family well known in the community. MPI has some blemishes on there record, but will take on the tougher properties.  My 2 cents

Sam K. · Answer

Thank you for the welcome and pointers.

@Andy Luck Good suggestions on the REI group and may be doing the leasing myself (or at least augmenting the effort). Though I 'd much prefer it outsourced as my job is taking too much time away. Will have to talk to as many investors as possible and do a much more careful screening for the next one. .And to add to your points on a good property manager from recent experience, the last three months would have easily allowed me to pay my property manager double...and still counting !

@Dawn Anastasi is right the percentage will never include maintenance, but most management companies will have some of their internal staff to do the jobs and bill you. I personally do not mind paying some premium for those as it saves me a lot of time but get very angry when I see premium price, slow or bad execution. The latter is what I will be concentrating on with my next property manager.

Hope to meet some of you in person at the next meetup.

--Sam

Ramon Jenkins · Answer

Sam welcome to biggerpockets

Brandon Turner · Answer

Hey @Sam K Thanks for jumping in and introducing yourself! Looks like you have some good experience with real estate! Don't be afraid to jump in and help answer questions or ask some of your own.

Have you setup your "Keyword Alerts" yet? If not - definitely add some. I'd recommend adding "Milwaukee" so you'll be notified when people talk about your local area.

Welcome Sam!

Arnie Guida · Answer

A timely topic for me.

The last time I checked, the average seemed to be

8-10% of rents collected

Show apartment

Screen applicants

Schedule maintenance and repairs

The part that got me was the maintenance and repairs. Schedule, that's it, you pay for them. I asked, "don't you have a team of electricians, plumbers, painters, etc...? No, we can recommend them, but that's up to you.

Wowie wow wow...

It seemed expensive to me, made me think I was in the wrong area of the business...

NA Burkart · Answer

I have been looking into Milwaukee companies as well.  TMG, property asset management is who I'm looking into.  Welcome to BP!

Hello Milwaukee - any pointers to decent prop mgmt ?

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