All Forum Posts by: Jeff Ebert

@Jeff Ebert

Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.

Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.

Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

To avoid going through the same poor experience, keep reading.

Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.

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 – so, they often select the first PMC they call or that calls them back!

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!

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings. Why do you think purchase contracts are so long and have such small print?

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!

@Jeff Ebert I've really enjoyed working with Declan McGonigal with MyBeach Vacation Rentals.  He focuses primarily on properties in North Myrtle Beach.  Another good option is Steven Chrobak with Myrtle Beach Destinations. 

Assuming you are inquiring for the Myrtle Beach market, the average (across the 5 submarkets and all property types) is for 72.5% to require 2 nights or less (46.5% have no requirement).

This is highly variable by ZIP code and property size/type, however. Feel free to DM me and I can get you more specific data.

It really depends on your market, time of year, peak vs non peak, holiday or special event etc.

I only use 2 day min during offseason or for orphaned days.

Im not sure about the increased "guest quality".  We used to do a 3 night holiday and weekend minimum, to increase occupancy.  Depending on your market, if you have a 2 night minimum on a 4 weekend month, you may end up with people cherrypicking all the Fri and Sat nights, leaving you with 8 days occupied, which is not good.  By doing 3 night minimums, you can sell another 4 nights at minimum.

We recently did away with this rule as our new pricing software allows people to book for 2 nights but increases the amount by the cost of another night.  Essentially they pay for 3 and get 2, and the 3rd night remains bookable in case someone else wants to reserve it.

Without that feature available, I would re-institute 3 night weekend minimum, at least in peak times.