All Forum Posts by: Matt Speer

@Russell Brazil isn’t a big part of a PM’s job to set a clear expectation in the rent they can achieve? Also what if the asking rent is a fair market value? In some cases the PMs just aren’t getting the job done (lack of systems, understaffed, don’t care, etc). If the market average is 20, my PM averages 40, then my vacancy loss is DOUBLE the average. For context, I have over $30k in rent collected each month on my personal rentals - that extra 20 days would cost me $20k a year. The top 10% of PMs are at 10-15 days on market. That’s who I would want to hire. 

It’s not the only barometer but it’s a good one. 

@Jeff Copeland That's a really good point. It looks like your PM company is one of the good ones... 

I think it's important to look at them from a high level first. Here's some key data on the average rent, days on market and percentage of listings that are seeing a rent decrease. Hopefully this helps you make a decision! 

For me it was always a property manager. To solve that problem, I've started a tech company that will allow any investor to "look under the hood" of any property manager before doing business with them. All for FREE.

We're officially launching later this year, but we're looking to gain some feedback. Message me or comment your property management company or one you're considering and I can tell you their overall "grade".

I can tell you any PM company's key stats:

* Average rent

* Where they manage (heat map)

* Average days on market/historical vacancy rate

*Rent decrease rate (what % of their listings do they decrease rent -- AKA they aren't good at rental estimates)

*What other properties they manage (contact actual clients and ask them for their feedback)

*Google reviews, how many properties they manage, etc. etc.

Serious, yet simple questions: 

Question 1: If you found out your property management company had an average days on market of over 40 days would you immediately fire them and look elsewhere? 

Question 2: If you answered yes, to question 1, what do you look for in a new property manager? 

Question 3:  How do you know your new PM isn't just a good salesperson?

@Kevin M. That's awesome! Congrats on the success! 

@Kevin M. Thanks for the response! How are you finding your leads now? 

Hey @Kevin M. I'm doing some research and I'm curious how your experience went with All Property Management? Did it work? Did you find something else that worked? 

@Jackie Mesa I'm doing some research and came across this old post. How did your experience starting your pm company go? Were you able to find a good source of pm leads? Feel free to dm me if you're more comfortable chatting that way! And thanks ahead of time for your feedback. 

@Amy Good @Usman Shaikh Did either of you ever find a good source of property management leads? I'm using an internally developed software to find leads for my pm company and I'm considering opening it up to other pms.