No Gimmicks
We manage properties as if we owned them. Period. No fancy guarantees we can’t back up. No tricky pricing or menus. We don’t cut corners on showings or property visits. We don’t hide from clients and tenants. We’ll never push you into signing with us. The fact is, we don’t need to do any of that to get clients to do business with us. Clients choose Pyramis because they know we’ll take excellent care of their property and look after their best interests. Simple as that. There are good reasons why we’ve been around since 1985 and still have several clients from those early days.
We want you to be aware of some common trends we’re seeing in the marketplace. These activities are often unscrupulous and are only designed to trick the consumer into thinking they’re getting a better deal or are simply a method to suck more money out of their clients. This is a very low-margin business and companies are doing everything they can to stretch their revenue.
Property Visits
Many in our industry are removing themselves from the job our clients hire us to do in order to save money and increase margins. Instead of a property manager visiting the home you’re paying them to manage, they’re outsourcing those visits (and charging you for each visit). The company you hired may never actually see your home with their own eyes. On top of this, they’re likely marking up the cost for providing these third-party services. They’ll save money by not sending their people into the field and make a profit on what they’re charging you to provide this service.
Leasing Fees
Nearly all property management companies charge a fee of some sort when they lease your property. Those that don’t just roll the charge in elsewhere. In the past, commission paid to the real estate agent who brings the tenant was paid out of this Leasing Fee. Now, many are charging it to the property owner as an additional expense. It’s another way to increase revenue without increasing management fees.
Inflated Rent Rates
One of the most common phrases we hear when speaking with a prospective client is “[insert company name here] said they could get [$50-$200] more than your estimate.” I have no doubt these other companies are suggesting inflated rent rates simply to sign a client. You want the most you can get for your property, we fully understand that. But, you’ve made two or three extra mortgage payments because it was priced too high. Now, it’s six to twelve weeks later and you’re without a renter and reducing the price to what we initially estimated.
Self Showings
There is a growing trend in our industry toward unassisted showings (self-showings) viewing them as the way of the future. When your house is on the market for rent, do you want people getting access to view it unaccompanied? Wouldn’t you feel better protected if a licensed real estate agent accompanied these people into your home? These companies may tell you there have been very few incidents of vandalism or theft. We don’t feel comfortable with this and neither should you. The Texas Association of REALTORS® felt it was enough of a concern that they developed a notice/authorization for property owners to sign allowing companies to use this technology on their property.
Pressure Sales Tactics
The property management business is growing rapidly in so many markets across the country. Bringing in new business is a priority for a lot of companies and they’re signing up almost every home they can get their hands on. To do this, they’re hiring people whose backgrounds are in sales, not real estate. These salespeople harass potential clients in order to sign them. Your home or investment property isn’t a used car and shouldn’t be treated as such. For us, this is a relationship business. We don’t employ salespeople to sign up new management accounts.
Uncontrollable (and Unethical) Guarantees
Have you seen guarantees that a company will lease your home faster than anyone else? What about in less than a certain number of days? Do you realize they can’t actually control those things? In real estate and many other industries like the financial markets, performance cannot be guaranteed. Yet many are doing it hoping the general public doesn’t know any better. Regardless of the ethics behind such a guarantee, this is something they actually have no control over. These guarantees are deceptive sales tactics that you shouldn’t fall for. Instead, you should question why they feel the need to make such claims. Also, ask yourself this: would you rather rent the home quickly or would you rather have a quality tenant in there? If you’re interested in how long it takes to rent a home these days, take a look at our Rental Stats Dashboard.
Discounts
As a small business who appreciates what our military does for this great country, we offer a discount to active and retired military personnel. We also offer reduced rates for investors with multiple properties. That’s it. Our services are fairly priced and we provide a better service. You’ll easily find companies who are cheaper, likewise, others are more expensive. Our property managers are responsible for smaller portfolios than many places giving them more time to work with fewer properties. Be cautious with discount management companies, you’ll either pay more in the long run or worse, you might actually get what you pay for. The most expensive mistake you can make is to hire a cheap property manager.
Instant Rental Valuation
Did you fill out one of those “instant rental valuation” forms on someone else’s website? What did you think of the number you received? The odds of that number being truly accurate are slim to none. It may be in the ballpark, but there are too many variables the computer can’t evaluate. How does your home compare to the one next door? Same size? Not likely. Same fixtures? Same appliances? Same flooring? Not likely. We’ve seen situations where two identical houses in a neighborhood rent for rates $200 apart simply because one had lots of desirable upgrades while the other was builder’s basic everything. They’re generating those numbers based on advertised rent rates and averaged across an entire zip code. Sit back and let that sink in. That’s the lazy way to do it and Pyramis doesn’t operate that way. We provide the most realistic and accurate information possible to our clients.
Communication
The biggest complaint we receive from people reaching out to us who have a property managed by someone else is lack of communication. We understand how critical open communication is to our clients and we take it seriously. All of our clients have a dedicated property manager responsible for their property end-to-end, not just an account manager without the first-hand knowledge of your rental. Whether the news is good or bad, you’ll be in the loop.