@Angela Yan you sure said it about PM being like a marriage! We just ended our relationship. I would like to give my view as an investor that used Panzera Realty.
In 2016 we decided to purchase more properties in Columbus we looked on Bigger pockets for recommendations. People had talked about Panzera and we looked into them. David was personable, and knowledgeable of the market then. We purchased a 12 unit thru his company and he managed them.
Things have changed though. As of last month we are no longer with them. While the management went fine for awhile, we always had the feeling that although we were the owners and should have final say in things, David ran his business his way and was not as responsive to our concerns. Three big issues finally made the decision to leave them easy.
The first issue was turnovers. While the units looked nice after they were done, the turnovers took entirely too long. Painting, putting in new interior doors or locks, laying down allure flooring were what most of the units needed. Some needed new vanity's' and stoves but nothing too crazy. That had been an ongoing issue which we communicated with Panzera about rectifying, to pretty much lip service, nothing material had changed. This past summer we had 3 units go vacant around the same time. The last unit was not even started for over 29 days. His response was he was trying to spread the income and expense. He did not talk to us about that, just did it on his own. We had the funds set aside and the units needed to be turned and tenant placement began. His estimation of market rents were great, but not getting people signing the leases. After demanding the leases lowered from his idea of $715 to ours of $675 tenants began looking at the units again and signed. When we first bought the property rents were low due to the old owner not paying attention, David did raise them during his time from there though. It's cold comfort to us to have at market rents but not have people (during this time period) not in the units for over 80 days, 60 days and 50 days. You cannot make up the missed rents from that time with the increase in rents.
Second main issue was a letter delivered to us from an exterminating vendor David had not paid. The letter stated they were taking legal action against us sine David had not paid them for work done at our property. We had no clue of this. I called the company and found out that 8 months prior they were out there to perform work. They provided documents and I spoke with David about it. He said they did not perform the work and would not pay for work not performed. Once again he did not mention any of this to us, he took this action without any consultation with us, or thought of the ramifications on our property. The owner of the exterminating company said Panzera had done this with many of their properties. I asked David to provide any info and his response was" We have quite a bit of emails and notes that we are working on putting together. This will take a bit of time", but none were provided to us.
We had made the decision to part ways with Panzera at that time and tried to close things out.
Last problem was actually after we notified we were leaving. Panzera does in-house water meter reading and billing. We switched over to Guardian but a tenant had a question about the last water bill that Panzera provided. Since I do not see the bills I asked him 3 time and my wife asked him to provide the bill. He would not do so. No reason given, just no. I went to his office to get the bills and he would not provide them, not any readings. Again he would not give a reason. Just kept saying we are no longer a client, even though though we were at the time of the billing, reading and when we initially asked for the readings/bills. We are still baffled as to why he would not do this.
I am not sure what has changed with Panzera but something surely has. In all, our experience has left a bad taste in our mouths and would not recommend them.
