Milwaukee - REIS Property Management- thoughts?

[Daniel Hanson]

Hi all,

I received a recommendation for the Milwaukee property management company REIS Property Management. Their website and services seem pretty decent. Does anyone have any experience with them in regard to managing single families, duplexes, 8-unit plus apartments? I'm looking to manage some new acquisitions, as well as eventually consolidate some other properties under a single management company.  Feel free to PM me if you don't want to post publicly.

Thanks,

Dan

[Kevin Townsend]

Hey @Daniel Hanson, just curious if you received any input on your question.  I'll be in Milwaukee this weekend and am doing my research to find a good provider of these services as well.  

[Daniel Hanson]

Hi Kevin, so far no positive or negative input on REIS.  I have had a few private messages recommending other providers who I'll be checking out in the near future, namely Porch Light and MKE PM.

[Rebecca Knox]

I never heard of REIS but I recommend Citywide Rentals, Alex Kaster.

[Michelle Ayala]

Hi Daniel -

We have been using a different company for a while and just recently had a meeting with Matt at REIS and have decided to switch over to them. We will be paying slightly more than we were paying before but not more that the average fee other companies charge. Matt is very professional, answered all our questions and provided lots of information. What was specially attractive to us was that for any service call you get the first hour of labor for free and also they guarantee their tenants, so if there was to be an eviction you wouldn't have to pay extra for the eviction and they would take care of it.

I will be able to provide more info on how the transition went and on their actual services after March. Good luck in your search for a PM company.

[Kevin Townsend]

After being in town for the weekend, we did receive some other referrals to add to our list for calling.

•  RPM Greater Milwaukee
• Ed at MKE PM
• PAM MKE

I haven't called anyone yet, but I'll keep checking back in to update on findings.  @Michelle Ayala Looking forward to hearing about your experience.

[Jack Alves]

I had a horrible experience with Performance Asset Management (PAM) while selling a property for a client. The client said they were good initially. I can explain in greater detail if you contact me.

[Daniel Hanson]

Just realized this thread was getting some responses, when I checked back.  I'll message a few of you on your responses, and follow up with a few more of the named PM's.

[Brandon Leong]

I am also looking for good property management companies.
@Daniel Hanson -- any luck with your search?

[Shawn Ackerman]

@Brandon Leong you also invest in Milwaukee?

[Daniel Hanson]

@Brandon Leong yes- feel free to pm me- I've got 2 at the top of my list that did well in interviews. Now just need to buy that next property and test them out.

[Marcus Auerbach]

I had coffee with Matt from REIS last week and we had a great conversation about business and rental policies. My biggest probelm with PM's is inherently to the concept of PM - a little bit like a mutual fund: the investor carries all the risk and the PM/fund is getting paid no matter the success. REIS has an interesting approach to the dilemma: they offer an eviction guarantee. If the tenant has to be evicted within 12 months they will pay for the eviction expenses, which basically wipes out more than their income from the unit in a year This way they have skin in the game when it comes to finding a good tenant.

[Tom Kaider]

My management firm is expanding into Milwaukee.  We have a great reputation in Chicagoland, and have picked up a few clients in Milwaukee.  I have an important question for everyone:

Describe your ideal management contract.  I am very interested.

What would be the setup/listing fee, if any?

How much to pay for placement?

Monthly fees as fixed or a %?

Renewal fee, if any?

We are creating a new brand just for the Milwaukee market, and we are fiercely committed to client satisfaction.  I also invest, so I tried to create our fee structure based on what I would want as the client.  

We present the background check to the client and let them choose.  We do not ultimately choose the tenant.  We solved the skin-in-the-game problem by structuring our fees to hurt us if the tenant moves out.  But I want to build a fee structure based on what investors see in their mind as something really attractive.  Please let me know your thoughts.  

[Tom Kaider]

Also, I want to invest in Milwaukee, so if anyone has deals, I can bring cash to the deal. Message me if that is of interest. 

[Nick Knox]

It sounds like REIS has a pretty good setup especially as it pertains to evictions. 

[Bron Gacki]

Please let me know what you all find about PM in Milwaukee. I've been searching and interviewing myself. @Tom Kaider.

[Dawn Anastasi]

REIS property management will have a speaker at the next WINGS meeting on April 27, 2017. I have never worked with them.

@Daniel Hanson

[Daniel Hanson]

Thanks @Dawn Anastasi

[Shawn Ackerman]

Hey @Dawn Anastasi what is "WINGS"? is that like the Brew City Meetup or the Milwaukee REIA?

[Ramon Jenkins]

WOMEN’S INVESTMENT NETWORKING GROUP

[Alexis Zion]

Tom 

What's the name of your company?

[Shawn Ackerman]

Thanks for the education @Ramon Jenkins!

[David Van Brunt]

Happy to see this thread. I just closed on a 4-plex in Milwaukee, tenants already in place (for 10 years!). So screening isn't really something I want to pay for, but managing upkeep of common areas, handling repairs, etc... I would do this myself if not for some family circumstances that are demanding my attention. I found "Real Property Management" and then this thread. It seems most of the discussion was taken back-channel with private messages... not sure why that's necessary, as it kind of misses the point of a forum... any advice or experiences that anyone can share? I have no idea of costs, and with tenant that have been there for 10 years, the rents are not quite up to market rates and while I do plan to raise them some, I don't want to price any of these great tenants (mostly retired) out of their homes. 

[Shawn Ackerman]

Hey @David Van Brunt Just so I'm clear, you purchased a property without vetting a PM company up front?  If so, quite bold as property management can make or break a business.  Do you currently live in Milwaukee?

[David Van Brunt]

@Shawn Ackerman I have a team of professionals nearby that have been great, and I manage the few properties I have by myself and with agreements with these other people (handymen, etc). It has not been a problem; just phone calls and emails, and I live close enough to check in. There are many great articles and arguments for not using a property management company, and that has been working well for me. Family circumstances (mom has cancer) have me considering it now, though I had always planned on transitioning as I got more properties. The one mentioned in this thread seems to get good reviews, was wondering if there were others that folks would recommend. Not a make or break situation. 

[Michael Henry]

@David Van Brunt - sorry to hear that about your mother. I hope the treatment goes well for her. Let us connect the next time you are in Milwaukee, WI.