How do I know if my property management company is ripping me off

Hey, this is Steve Rozenberg, Today we’re going to talk about how do I know if my management company is ripping me off or not.

As an investor myself, when I got into this business, I didn’t know anything about property management. I was just an investor. I couldn’t really find a good property management company, which is why I created my own. I never really wanted to get into this, but I just couldn’t find anyone that looked at it from an investor’s perspective like we did. We started this company, and we have people ask us: “What makes you different? How do we know you’re not ripping us off?”

Well, first of all, social media. Look online. Look at what people are saying. We have 400 4.8 star reviews. That’s a lot of reviews, and the fact that we have that many as a property management company is pretty telling.

Next thing is I would talk to some referrals. I would see if they have a good reputation. Check Better Business Bureau. Here in Texas, you can check the Texas Real Estate Commission, and see if they have any complaints filed against them.

You may also want to go online and see how many properties do they have vacant and how long have they been vacant for. Maybe if you see their vacant properties, I would take a look and see how do they look online. Are they using some crappy iPhone that nobody wants to use or are they taking professional pictures? This is your investment. You want to make sure that whoever’s leasing that property, are they taking care of it and are they doing it professionally.

You want to make sure all of these things…This is the basis foundation of whether or not they’re going to rip you off. If a lot of these red flags are popping up, chances are they’re probably not a very good company, and you’re probably going to have more problems on the back-end.

Check Google reviews. Check Better Business Bureau. Ask for referrals. These are some things you can do. Look them up online. See what people are saying about them. Talk to people that have used them in the past. Like I said, referrals is a good way. Last not but the least, when they have vacant properties, see how they look, and see what kind of comments agents are saying about them because that would be a tell-tale sign.