All Forum Posts by: Davartay Miller

Welcome! Sounds like you are wanting to live and breathe real estate – and that's awesome. From the sounds of it you are invested and working towards something greater which could lead to greater things ahead. Questions are welcomed in this community and we are all here to teach, learn, inquire, etc. 

Best of Luck, 

When you say way off – what exactly do you mean? I do typically tell people that it's a nice free platform to use to get an idea of some sort. When you input your info/data – after you generate the report you must narrow your search down by finding those similar in size to the subject property. You can not just press enter and ready the summary reported numbers on the first screen. However, It's a good starting point. However, to your point – sometimes the platforms are off. This includes Zillow, Realtor, Roofstock, MLS, etc. A house is only worth what someone would pay for it.

Best Regards, 

@Nathan Simons The above comments have some merit. However, I challenge you to interview some great property managers in your desired area. Questions to self: What does this company provide me? What is it that they provide me that I did not think about? Can their services justify me spending the money for their expertise? What did I gather from these interviews? Etc. Then vice versa. 

To answer your question, you consult with owners who has only used property managers, owners who has only managed themselves, owners who has both managed and hired a property manager, read articles, check social media platforms, or anything else that could be helpful. The broad term for these things is “sources.”

And, usually, once you’ve done the research, you present or summarize it in some way. In many cases, this means writing the pros and cons or another type of review process, but it could also mean testing the water doing one or the other (management company or self-management).

Do not get stuck in believing any of our experiences will be yours. 

Best of Luck, 

@Luther Wilson III Congratulations sir! I wish you and your company nothing but the best moving forward.

Best of Luck, 

@Steve Vanderlay I would definitely say reach out to @Cade Edwards! 

Brett Miller, 

What a cool last name! Welcome to BiggerPockets and congratulations on your new journey. A few questions you may ask. Feel free to add your own flavor to these questions. 

1. Are you an investor?
2. Do you own in the exact neighborhoods you are managing in?
3. How many investors do you work with?
4. Do you own all aspects of the operation?
5. How many properties do you manage?
6. How long have you been in the business?
7. What is your average vacancy rate?
8. What percentage of expiring leases will renew their lease each month?
9. What percentage of signed leases fulfill their full term?
10. What is the average number of days a property is vacant between tenants, move-out to move-in?
11. What percentage of billed rent do you collect each month?
12. What is the cost of an average repair bill after move-out?
13. What are your management fees?
14. What percentage of collected rent goes to yearly maintenance on average?
15. What is your average number-of-months occupancy per property?
16. What is your average occupancy rate?
17. What programs do you have in place to keep residents happy?
18. What customer service programs do you have in place?
19. Will you call me every month with an update on my portfolio?
20. How many team members are dedicated solely to providing service to your clients?
21. What has been your biggest mistake as an investor? How do you protect your clients from making the same mistakes?

@Jonathan Buelow

At the end of the day you have the right to elect whoever you feel is the best fit. However, I would say I see nothing odd about his fees, based on what you have depict above. The following things are pretty standard: 

Management Fee – 10% (this may vary. For example with our company this fee varies based on the # of properties). 

Maintenance Fee – Varies depending on the company (this may or may not be the case depending on in-house vs subcontractors) 

Leasing Fee – 50%-100% First Month's Rent (this may vary depending on the company and what's actually included in this fee). 

Best of Luck, 

@Peyton From Would love to connect! 

@Craig Abernathy Anytime!

Best of luck, 

Few questions you may or may not want to consider:

Are you an investor?

Do you own in the exact neighborhoods you are managing in?

How many investors do you work with?

Do you own all aspects of the operation?

How many properties do you manage?

How long have you been in the business?

What is your average vacancy rate?

What percentage of expiring leases will renew their lease each month?

What percentage of signed leases fulfill their full term?

What is the average number of days a property is vacant between tenants, move-out to move-in?

What percentage of billed rent do you collect each month?

What is the cost of an average repair bill after move-out?

What are your management fees?

What percentage of collected rent goes to yearly maintenance on average?

What is your average number-of-months occupancy per property?

What is your average occupancy rate?

What programs do you have in place to keep residents happy?

What customer service programs do you have in place?

Will you call me every month with an update on my portfolio?

How many team members are dedicated solely to providing service to your clients?

What has been your biggest mistake as an investor? How do you protect your clients from making the same mistakes?

Please do add your favor as well. 

Best of Luck,