All Forum Posts by: Scott Bowles

@Scott Bowles

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!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Happy to send one to you

Hey Scott. Are you looking for PMs for residential properties?

Thank you for sharing your experience. We've been nervous about purchasing out of state for these reasons. 

Hi all!

My name is Genesis. I'm not quite new to BP, been lurking in these forums for over a year now, but thought it was time to introduce myself.

I have one SF rental in Portland, Oregon, and am looking to purchase our first out-of-state investment. Specifically interested in buy and hold SF or MF properties with a focus on cash flow. 

Currently looking at Iowa: Cedar Rapids/Quad Cities and Ohio: Cleveland/Akron/Dayton. Would love to connect with others to start growing my network.

Looking forward to learning from all of you!

Hello! I’m looking into buying a duplex as a primary residence. One of the units is currently rented under market value. The other unit is vacant. Since Portland is such a tenant friendly city, I’m wondering if there is a loop hole or if I can choose the occupied unit to move into in an effort to rent the other at market value? Or would I be required to take the vacant unit? Thank you!