Akron Property Management Case Study

Background:

First-time buyer Ben was interested in getting into investment properties but had a lot of questions about getting started. He contacted REM Commercial and looked for a while to find the perfect first rental property for him. Ben knew he wanted a lot of units to spread out the risks associated with a rental property and create a consistent cash flow. The property had to be reasonably priced with significant value relative to the cost. In late 2013, Ben bought a 19-unit townhouse property in Akron, Ohio.

Customer:

Ben grew up in Hudson, Ohio and still lives close by today. Ben works full-time at a firm specializing in equity research. Because he is no stranger to investments, Ben was confident that he could understand the finances and administrative aspects of a rental property purchase, but he wanted help with the property search and day-to-day management.

Challenge:

Although Ben knew he wanted to buy a rental property, he wasn’t sure how to get started. He needed someone with experience in property management to help evaluate the buildings he was considering and provide recommendations on renovations and the best approach to modernizing the property. Ben knew buying this sort of property was going to be a long-term investment, but had a lot of questions about what to expect in near-term performance, financials, renovations, and general property management. He knew he didn’t want to deal with day-to-day property management and was looking for a reputable company that could help him with those items while fitting into his long-term return targets.

Solution:

One of Ben’s associates recommended REM Commercial to him. Ben said he initially contacted Gary from REM Commercial, and he ended up staying by his side through the entire buying process. “Working with Gary made it a lot easier,” Ben said. “Through that entire buying process, he never sought compensation or pressured me at all … that felt very unique to me. I felt comfortable working with him.”

Ben and Gary communicated regularly and Gary provided recommendations about what to look for and expect as a property owner. Ben said that REM Commercial gave him the confidence and peace of mind that he needed to purchase his first investment property.

Now that the weather is getting warmer, vacancy rates are declining, and Ben is focused on making cosmetic upgrades to the property. Once Ben gets the 19-unit townhomes to a profitable place, he plans to buy more rental properties and continue his relationship with REM Commercial.

“They handle it all and it’s been great,” Ben said. “I like that I can rely on them … and I feel good about where we’re going.”

Get a quote today and see how our property management services can make rental property ownership in Northeast Ohio easier for you. Still have questions? Get answers to some of the most frequently asked questions on our Ohio Property Management FAQs page.