Property management in Dayton OH

[Salvatore Lentini]

Anyone know of a good management company in Dayton OH?  I have 14 doors and am not happy with my current property management company and am considering switching to a new company or selling.  I have a much larger portfolio here in PA where I manage most of it myself and the other part is managed by a company.  So I know what's needed to successfully manage properties and I know what it's like to work with a good management company.  I haven't had 100% occupancy with these properties in the 17 months I've been with this company.  Scratch that.  I've never been above 83%.  There was bad timing on my part when I started with them.  I didn't realize it until a few months after getting on board that they had just acquired another management company and they were woefully unprepared and understaffed to handle the influx of properties.  But I didn't know that prior.... oh well.

So I gave them time to deal with their growing pains.  A lot of time.  And a lot of conversations.  And every time it seems like we have a good conversation about moving forward, they slip right back into their ways (lack of communication, not doing what they say they're going to do, not getting properties leased up etc).  I don't want to put their name out their just yet as I'm giving them one last chance.  But will be glad to warn others in the future if and when I do end up leaving them.

[Nathan Gesner]

@Salvatore Lentini and @Aaron Wolford

Here's a guide I put together. You may find some useful tips for locating and screening a PM.

Remember: cheaper doesn't mean you'll make more money.

Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.

1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.

2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.

3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.

4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.

5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.

6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.

7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?

This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!