All Forum Posts by: Davartay Miller

@Aaron Jamieson I am not sure how soon you are looking to find a new property manager but BiggerPockets is your best friend. Here you will find many reviews on those companies and some great conversations even. Many of the companies you can find here in BiggerPockets by simply typing property management in STL; Using keywords. Please note our team does service this area. If we could ever be of any assistance please do not hesitate to reach out. I wish you the best in your search. 

Best of Luck, 

There are many great companies in the area. As an investor, the quality of the team that you purchase from is paramount to your success in this business. As passive real estate investors especially, you would want to rely on a great team that allows you to be passive in the first place. Without their diligent management and systems in place, you would have to involve yourself in much of the day-to-day operations of your investment – defeating the purpose of ”passive” real estate investment. This is why a great team matters. 

Best of Luck! 

David, 

While I am not in the area of need, I did put the desired area in the search field and it appears there are some results. Please look through the many conversations and pose your questions to these individuals that are in the same area. https://www.biggerpockets.com/...

Best of Luck! 

Dylan, 

Congrats on your new purchase! How exciting. You are already on the right track by being coachable. I am not sure if you have had the opportunity of interviewing property managers and seeing what the services they offer but this could give you an idea. You should join private facebook group that are out there. There are plenty property managers out there giving free advice so that owners like you could see the benefits of trusting the process. 

Best of Luck! 

@Ahmed Saeed

Please note that hiring a property manager definitely comes with expenses. However, it does allow real estate investors a peace of mind. As a provider, it's my opinion that you shouldn't have to worry about a leaky faucet, residential disputes, or any other emergency that may arise at one of your rental properties. Now, I do not agree with property managers that charge but actually does nothing. In fact, that's why our team doesn't get paid until we do what we say we would do. 

Is having a property manager worth 10% and it allows you to be hands-off? For me and my personal portfolio, yes. But that doesn't transfer and resonate with some owners and that's okay. You have to do what is best for you/dad's portfolio. For example, my job is to ensure that investors like you all have an excellent property management team behind them. So, I always talk with owners and see if we are a great fit for one another. Being transparent is key here. I could easily try and sell an owner on why we should manage their property vs them. But that is never my intent. My intentions are to make sure they understand what property management is! First, I always make sure the client understands what property management is. Secondly, I want to make sure they understand what our team provides them and their residents. Finally, I always tell them before discussing prices – try discussing the services, the experience, the data, the proof in the pudding, etc. Now if non of that aligns with your expectation . . . .then you have done your part. But until you have done that . . . you have cheated yourself of being possibly free. What a property manager provides versus what you all provide could be very different but you must weigh your opinions. If you go the route of someone managing it. . . . Does this require a fee? Of course! Expenses are deemed worth it for some – and the headache of managing it themselves is better than paying someone for others. 

Best of Luck! 

@George Leeman

It’s becoming a trend where investors are wanting to pay subpar prices and expect above average service. So what @Drew Sygit is getting ting at is – you get what you pay for. Always remember, you can always find cheaper. However, you do not want to see why you paid cheaper when something goes wrong. It’s all about the experience. 

1. Consultation - The most important part of a great relationship is getting to know one another beforehand. 

2. Time - It’s worth spending the extra. Remember, business operating cost can be a factor. John Doe can offer you 5% management fee and never picks up the phone because he or she is the project manager, the leasing agent, the accountant, the maintenance department, the rehab admin, the executive, the owner, the assistant, etc (often wearing too many hats). Or perhaps Susie down the road offers you 10% management fee and has overhead expenses that benefits you by having a customer service department, maintenance department, renewal department, screening department, rehab department, move out department, etc. The less hats you wear the more attention to detail there is and can be. Inspect what you expect! 

3. Quality - This goes without explanation. Price doesn’t determine a great property manager so never think this. But you should want quality over cheapest. 

4. Service - Just like quality of a property management team, service is open to interpretation too. Normally as you go up in price the service should get more luxury. There is no right or wrong. Some of us expect more than others. It’s just the vibe of the property manger that you personally want. 

5. Location - Location, Location, Location. Just because a property is located in a “average” neighborhood doesn’t mean it deserves less attention than the properties in the “above average” neighborhood. Location is important but so is the customer service, the team knowledge of the markets they serve, and so should the owner’s passion to do whatever it takes to keep the resident happy (within reason). Our team has a saying... “We provide the same cheeseburger no matter what market, neighborhood, etc.” 

Best of Luck in your search! 

“Good property managers are not cheap, cheap property managers are not good.”  

As an investor, quality should matter! The quality of the team that manages your investment is paramount to your success. A great manager is one who’s playing offense and not defense (being proactive). Without a quality manager, you will find yourself involved in much of the day-to-day operations defeating the purpose of a manager. Remember when interviewing those companies there are other alternatives to help reduce expenses without sacrificing quality. The cheapest guy isn't always the best overall and unfortunately many owners find this out when it's too late. One of the biggest mistakes an investor could make is selecting the cheapest guy who fees matches their “quick calculations” but does align with two things: their expectations and reality. 

Here is an article that you might find helpful and I love sharing with clients and potential clients looking for us to manage their property. I believe this article will serve you and your team well as you are interviewing those companies. It lists 20 questions you need to ask a property management company broken down into there segments from learning about them and their experience, learning about their systems and how they operate and finally a few to help you make that final decision on if they are a good fit.

https://www.biggerpockets.com/...

Best of luck!

@Vivek Sapre Our team does service the Austin, TX area and we would be more than happy to see if we are a great fit for you. 

Please do not hesitate to reach out if we can ever be of any assistance. 

Respectfully, 

@Karla Castro

I noticed we had a schedule call on tomorrow and I look forward to speaking with you. 

Respectfully, 

@Drew Sygit Thank you for your recommendations.