All Forum Posts by: Phillip Austin

@Kristina Anderson I totally get it. Many folks were acquired by Evernest and stuck between a rock and hard place. Absolutely. 

Very rarely, if ever, will a business owner selling their business trash or talk negatively of the person purchasing their business (at least not in the beginning). 

It's also worth noting that each of their markets will vary drastically in terms of quality of service. They have several core markets around the country that are fantastic with property managers and team members who have been there for several years. 

If your existing PM company gets acquired by Evernest, I highly suggest meeting face-to-face with your new Evernest point of contact. Interview them. Ask a ton of questions. Ask how they structure their organization in terms of team members; who is responsible for what, how many team members manage a single property, who is licensed, etc.. @Kristina Anderson If they didn't provide any real responses that should be a giant red flag.

The best advise I can give to landlords is choose your PM wisely. Smaller PM companies with 150-300 tend to provide better quality of service overall because they're in the business of managing properties. Once you get north of 300-500 properties as a company, it becomes a game of people management and that's where the companies like Evernest struggle.

I am just now stumbling into this the conversation and all I can say is "wow."

As the former Director of Operations for Evernest's Colorado market for nearly 4 years, it pains me to hear these experiences. 

@Meghan Hunter When you get @Spencer Sutton and @Matthew Whitaker to respond to a BiggerPockets thread, you know there's a serious breakdown in their operation. Those two built the company. Matthew is the founder and Spencer helped him scale the company.

Although Evernest has some amazing talent on their team, they are not your average PM company. Unbeknownst to the public, their ambitious and lofty goal to reach 250,000 homes under management by 2029 is ultimately the reason they provide such poor quality of service. There's a TON to unpack if you're really interested in understanding the "why" behind their lack of quality. 

But, there's a key lesson for all you to learn and you're not going to like what I'm about to say. You as an owner bare some responsibility. You got duped by their marketing machine (which is their biggest strength) and chose the "Walmart" of property management companies. You most likely went with Evernest because they offer one of the lowest management fees in the market and are now complaining about "Walmart's" customer service.

There are a ton of really great PMs out there especially in the markets mentioned in this thread. DO NOT choose the companies with the lowest fees! This topic has been discussed thousands of times in the BP threads and for this exact reason.

With that said, I would like to offer myself as resource to anyone in this thread who is experiencing challenges with Evernest. It doesn't matter where you are and what market you are in. If you need assistance navigating a problem with Evernest, do not hesitate to reach out and send a DM.
 

@Erika Martinez I'm a property manager in Denver and know Brandon and his team at Key Renter very well. They are great folks!

To @Michael Smythe's point, you should be careful when going after the lowest management fee. Often times, they will offer cheap management but make a considerable amount of revenue off your vacancy and maintenance (ie leasing fees, renewal fees, inspection fees, maintenance mark ups, etc.).

Instead of searching for the lowest management fee, I would suggest searching for a company that offers the least amount of fees. Companies that only have a management fee tend to be better than most, however, they're difficult to come across.

@Maria Matthew I sent you a DM. Happy to help answer any questions!

@Eric Garber I sent you a DM!

@Jeff White That's what I figured. Thanks again for the feedback!

I sent you a DM as well. Let's get together!

@Jeff White This is great feedback so thank you!

I didn't even consider the shorter lease strategy as a sort of trial run. That's a good idea.

Where have you had the most success marketing listings? Have you tried using Zillow or are you sticking to platforms like FB?

Hey @John Cannon! One of your first steps should be connecting with a local agent who specializes in REI. Craig Curelop and @Chris Lopez are both highly recommended.

Unfortunately, I don't have any STR property management companies worth recommending. Personally, I only offer long term management.

Regarding STR regulations and the best areas, Arvada and Westminster are currently the two friendliest counties in and around Denver. Denver proper is enacting more and more restrictions, not to mention the STR market is oversaturated.

Here is an article I found: https://cl.cobar.org/features/...

Within the last 2 months, I've been approached by numerous investors asking if I do rent by room which I currently do not. As an experienced PM, I'm intimately aware of how challenging "normal" property management can be which is why I've always turned down rent by room opportunities. The headache of playing peacemaker between 3-5 unrelated tenants doesn't sound worth the premium management fee; not to mention rent by room generally brings in lower quality tenants which require significant more management.

With that said, higher rates are pushing investors toward rent by room simply because it's the only option for cash flow (at least in Denver) which is why I have so many folks reaching out.

If you currently have rent by room investments or perhaps you're a PM currently offering rent by room, I'd love to hear your feedback and any advice you may have. 

What are your biggest pain points? Best practices for security deposit deductions (damages)? Most productive leasing platforms? What you're willing to pay a PM in monthly management? Tips and tricks?

Any and all feedback is greatly appreciated!

@Jin Zhang Rent by room listings are mostly marketed on places like Facebook and Craigslist. To gauge interest in your area, go on those platforms and see how available listings you can find.