PM and Investor Friendly Agent in Toledo, OH

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PM and Investor Friendly Agent in Toledo, OH

Jonathan Wooten
Investor · Albuquerque, NM · Member since 2021 · 44 posts · 11 votes

Hi everyone! 

I just went under contract on my first Toledo property and will need an investor friendly agent as I plan to buy 10-15 more properties in Toledo until the end of the year. 

Also can anyone recommend a property management company that is reliable and familiar with section 8 tenants? 

Thanks

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
4y

@Jonathan Wooten

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😊

[email protected]248-209-6824
Logical Property Management4.9460 Reviews
WebsiteView Page
3Reply
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  • Felix Boecker
    Toledo, OH · Member since 2020 · 14 posts · 1 vote
    4y
    Quote from @Jonathan Wooten:

    Hi everyone! 

    I just went under contract on my first Toledo property and will need an investor friendly agent as I plan to buy 10-15 more properties in Toledo until the end of the year. 

    Also can anyone recommend a property management company that is reliable and familiar with section 8 tenants? 

    Thanks


    Hey man, I live in Toledo. My recommendations are Stephen Brown for agent (https://www.facebook.com/profi...) and for PM either www.onesourcetoledo.com or LPG (https://www.facebook.com/Toled...)

    Hope that helps! 

    Fx 

    0Reply
    • Donna Johnson
      Member since 2024 · 63 posts · 25 votes
      1y
      Quote from @Felix Boecker:
      Quote from @Jonathan Wooten:

      Hi everyone! 

      I just went under contract on my first Toledo property and will need an investor friendly agent as I plan to buy 10-15 more properties in Toledo until the end of the year. 

      Also can anyone recommend a property management company that is reliable and familiar with section 8 tenants? 

      Thanks


      Hey man, I live in Toledo. My recommendations are Stephen Brown for agent (https://www.facebook.com/profi...) and for PM either www.onesourcetoledo.com or LPG (https://www.facebook.com/Toled...)

      Hope that helps! 

      Fx 


       Thanks Felix, I just reached out to both companies- any new ones you recommend that have a good track record since your original post 2+ years ago??

      0Reply
  • Stephen Brown
    Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
    4y

    Hey @Jonathan Wooten I will be happy to assist you!

    1Reply
  • Janeile Cudjoe-Myers
    Toledo, OH · Member since 2018 · 22 posts · 19 votes
    4y

    @Jonathan Wooten

    I'd recommend LaPlante Real Estate. It's both a brokerage and a property management company. Most of our agents specialize in working with investors (in and out of state) and the PM side is adept at working with many assistance programs.

    1Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    4y
    Quote from @Jonathan Wooten:

    Hi everyone! 

    I just went under contract on my first Toledo property and will need an investor friendly agent as I plan to buy 10-15 more properties in Toledo until the end of the year. 

    Also can anyone recommend a property management company that is reliable and familiar with section 8 tenants? 

    Thanks


     Every agent is an investor friendly agent, just ask them LOL.  My two cents is you need to know how to vet someone that claims to be an investor friendly agent.

    - How do they determine cash on cash returns?

    -Cap Rates?

    -Will they be providing a pro forma?  If so, can you see the data behind their assumptions?

    -How are they determining rental rates, will they provide that data?

    -Are rental rates based on micro markets?  If so, can you get insight into the micro markets?

    -Most important!!!  VARIABLE EXPENSES!!! How are they determining variable expenses?  Are they % based?  

    You will know in about 30 seconds if they are investor focused or not. 

    Irish Jones Realty4.947 Reviews
    View Page
    1Reply
  • Jonathan Wooten
    OP
    Investor · Albuquerque, NM · Member since 2021 · 44 posts · 11 votes
    4y
    Quote from @Janeile Cudjoe-Myers:

    @Jonathan Wooten

    I'd recommend LaPlante Real Estate. It's both a brokerage and a property management company. Most of our agents specialize in working with investors (in and out of state) and the PM side is adept at working with many assistance programs.


     Awesome thank you! 

    0Reply
  • Janeile Cudjoe-Myers
    Toledo, OH · Member since 2018 · 22 posts · 19 votes
    4y

    @Jonathan Wooten

    You're welcome!

    0Reply
  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    4y

    I second Stephen Brown for Realtor. Stephen is a lifelong Toledo resident and knows the community extremely well. He's an investor himself and has incredible hustle. Please feel free to tell him I referred you. 

    [email protected]
    0Reply
  • Mike Mocek
    Property Manager / Licensed Realtor · Toledo/Columbus, OH · Member since 2019 · 244 posts · 262 votes
    4y
    Quote from @Jonathan Wooten:

    Hi everyone! 

    I just went under contract on my first Toledo property and will need an investor friendly agent as I plan to buy 10-15 more properties in Toledo until the end of the year. 

    Also can anyone recommend a property management company that is reliable and familiar with section 8 tenants? 

    Thanks

    Good Afternoon!  I went ahead and sent you a message so we would connect and go over your goals.  One of the most important things you need to do is find a happy ground!  In my experience, the #1 mistake most of the investors I talk to does not do enough due diligence when selecting a Property Manager. Especially when you are purchasing homes that are not local to you, you need to do enough research!. Not just for a PM but also for your agent!

    Investors mistakenly ASSUME all PMs offer the same service and perform those services the same way. So when you are talking to PMs who do not have similar services as another, you may think their prices are high when in fact, they are lower than anticipated.  

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    @Jonathan Wooten

    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😊

    [email protected]248-209-6824
    Logical Property Management4.9460 Reviews
    WebsiteView Page
    3Reply
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