Looking for PM help in Providence. Any recs?!?

Question

Hey, I'm a real estate investor myself (not in Providence) but trying to help a friend of mine (who's not on BP or this might not have happened, ha) who's gotten himself into a bit of a situation with a tenant who won't leave his place in Providence RI. Once he gets this tenant out its a 3, maybe 4 family property with great potential for cash flow. He's up for paying a PM upfront for help with this eviction, as it will be a bit tricky, and then having them fully lease up and then manage the property.

Any recommendations for good PM's in Providence or ones that have any experience with dealing with evictions/ interesting tenant situations? :) Thanks so much for your time and any help or direction is appreciated!

Anthony Thompson · Answer

@Adam Sankowski I’ve had good experiences with Lyon Property Management in Warwick. It sounds like your friend is “done” dealing with this, but if they wanted to follow it through and get the full learning experience, rather than hiring a PM right now, I could also recommend a couple of eviction attorneys.

Tyler Fontaine · Answer

Hey Adam, we can help your friend out. I just spoke with a potential client who has a similar situation. Ironic if it's the same person haha. Regardless feel free to connect me and your buddy. We're here to help.

~ Tyler

Tyler Fontaine · Answer

Thanks Anthony.

Drew Sygit · Answer

@Adam Sankowski

Even if someone give you a referral, what meets their expectations, may not meet yours.

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 – and they often select the first PMC they call!

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😊

Please send us any feedback via email, as we do not use the DM feature here.

Justin Hammerle · Answer

Hi @Adam Sankowski - I've heard good things about Nexus Property Management; and have know a few people that have worked there and have a relationship with them on a subcontractor basis.

Looking for PM help in Providence. Any recs?!?

Most Popular Reply