All Forum Posts by: Nikky Jarvis

Quote from @Cameron Tope:

Quote from @Michael Smythe:

@Nikky Jarvis you can find some posts about Mynd here via search. 

They had some problems in the past, but many of their offices seemed to have improved.

Still, 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, 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😊

@Nikky Jarvis There's a lot of solid advice from @Michael Smythe!

Only thing to add - there seems to be two main types of PMCs - one that looks to the owner drive the decisions and keep things organized, the other is a professional that puts the owner and property into an effective system. 

If you want the former, go with the Mynds of the world. 

If you want the latter, check out NARPM and find a solid local company. 

All the best!

Quote from @Michael Smythe:

@Nikky Jarvis you can find some posts about Mynd here via search. 

They had some problems in the past, but many of their offices seemed to have improved.

Still, 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, 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😊

Quote from @Noah Bacon:

Hi Nikky!

I recommend using Property Manager Finder. It helps you find reliable property management partnerships and gives you everything you need to make confident hiring decisions:

• Expert Matching: Match with professionals who meet your criteria
• Extra Assurance: Licenses, experience, ratings, reviews, and more that can be cross-checked with BiggerPockets members
• Bonus Content: Receive an essential interactive workbook: “How to Interview Property Management Companies

 Thank you so much for your response.. I'm now exploring all the suggested options!

Quote from @Wale Lawal:

@Nikky Jarvis

When picking a property management firm, think about things like their name, how long they've been around, what they do, and how they screen tenants. Look at how they talk, their openness, costs, and deals. Know their local market smarts, licenses, and certifications. Check Mynd's name and what other owners say. See if they are quick to respond and good at talking. Look at their experience with homes like yours—be it single homes, multi-units, or commercial properties. Ask about tenant checks, how they keep in touch, and how open they are about costs. Get clear on their fees, deal terms, and local know-how.
Make sure the company is licensed and certified in Texas and take references from other property owners. By doing so, you can make an informed decision in choosing a property management company.

Good luck!

 Thank you for your response - good information.

Thank you so much for this information. Very helpful!

I am looking for a suitable property manager for my property and I heard about Mynd. Has any one used their services and any suggestions about what to look for in a property management company. Any recommendation for the Houston and Sugar Land area   will be appreciated.

Thank you for this update. I will keep this in mind as I try out recommended different management platforms.

Thank you!

Quote from @Danny Arnold:

Quote from @Nikky Jarvis:

Quote from @Yiwei Cheng:

How many properties do you have if you're new to STR? It would also be good if you make a list of what's important to you. At different stages, different functionality was importantd to me and I've switched PMS based on my needs at the current stage.

Thank you for your reply. I have just one STR, but feel overwhelmed because I got into STR by chance not by choice. I am more of a passive investor which is why I am trying to find how I can be less involved with communication part of it, including pricing. I can take care of repairs and supplies.

It probably won’t be too much to handle. Having the cleaning squared away is key.  We use hospitable for 7 properties.  I would stick with Airbnb.  Vrbo, imho, is a little clunky and not as user friendly.  Best of luck 

 Thanks, I'm encouraged!

Quote from @Bryce Cutler:

Quote from @Nikky Jarvis:

I'm new to STR and trying to figure out how to simplify the process and hopefully be less hands on. I find it overwhelming checking my phone all the time for any message from Airbnb. I would like to know the difference between Hostfully and Guesty - any pros and cons for each, including cost. Someone from Hostfully told me they would list my STR on other platforms including direct booking sites. I'll appreciate any suggestions.

Thanks!

 Hey Nikki, I just finished doing my research for which PMS to use and went with Hostaway. I currently have 4 units and growing and I needed to streamline things and 4 weeks in Hostaway has been great for me. There is a bit of a learning curve and getting it set up takes some time but I can already see the benefit of using a PMS. My top 3 after research were Hostaway, Hostfully and Hospitable. With just 1 property, Guesty, OwnerRez and Lodgify might be decent options for you as well.

 Thank you so much for your response! I'll look into these.

Quote from @Theresa Holl:

Hey Nikki - Just FYI, Lodgify and some other apps won't give you access to your guest data, a vital resource for targeted advertising and marketing strategy.  When you get your demos, ask about data sharing and make them be specific.  Also, the comments above about not spreading thin until you're ready are correct.  For people with near perfect websites and highly optimized listings, multiple OTAs are a great strategy.  If your website hasn't been refreshed/audited lately and your listings haven't been optimized, you're investing money in the wrong place.  That's how I would prioritize.  Best of luck!!!

 Awesome, thank so much for this insightful information.

@Theresa Holl



@Theresa Holl