HomeRiver Group (HRG) Review: Is HRG Worth It?

HomeRiver Group is a leader in the long-term rental property management industry in the US market. But is it worth it? Yes. In this article, we will answer this question by reviewing the services provided by HomeRiver Group and the costs charged by them. We will check which markets and what property types they cover. We will also consider what real estate investors and landlords think about the company and their property management process.

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What HomeRiver Group Property Management Is

HomeRiver Group (HRG) is the premier residential property management company in the US market. The company provides comprehensive rental property management services to investors who would like to generate passive income from their long-term rentals. HomeRiver aims to serve both real estate investors and tenants through a culture of integrity, respect, and superior performance.

In 2016, John Hirschfeld, Andrew Propst, Doug Dale, and Joshua Bangert merged a few property management companies operating in different US locations to establish HomeRiver Group. Since then, the company has grown through the further acquisition of local property managers. The headquarters are located in New York, NY, while the company has nationwide coverage.

HomeRiver Group works exclusively with long-term rental properties owned by investors, not its own properties. Investors include both individuals with small portfolios and institutional investors with large ownership.

Currently, HomeRiver Group manages over 40,000 rental homes, focusing on single-family homes and small multifamily homes, in addition to more than 32,000 homes within HOA communities. This makes it the largest third-party property management company in the US. HomeRiver Group won the Property Management Company of the Year Award for 2022, given by the Information Management Network (IMN).

Where HomeRiver Group Property Management Operates

The HomeRiver Group property management services are available in 32 US states and DC, with multiple cities in each state. The company operates through local offices in each city where it’s present.

This wide market coverage has been achieved by acquiring local property management companies to work as partners. This means that each HomeRiver Group local office has the necessary local expertise and knowledge to optimize the performance of long-term rentals there, while adhering to national standards and expectations.

HomeRiver Group manages long-term rentals in and around:

• Alabama: Birmingham, Huntsville
• Arizona: Lake Havasu City, Phoenix
• Arkansas: Little Rock, NW Arkansas
• California: Sacramento, Southern California
• Colorado: Colorado Springs
• Delaware: Delaware
• Florida: Fort Lauderdale, Fort Myers/Cape Coral, Jacksonville, Miami, Ocala, Orlando, Pensacola, Tampa Bay
• Georgia: Atlanta, Savannah
• Hawaii: Honolulu, Kona
• Idaho: Boise, Idaho Falls, Twin Falls
• Illinois: Chicago
• Indiana: Fort Wayne, Indianapolis
• Kansas: Kansas City
• Kentucky: Louisville
• Maine: Portland
• Maryland: Baltimore, Ocean City
• Mississippi: Southaven
• Missouri: Columbia, Kansas City, St. Louis
• Montana: Missoula
• New Mexico: Albuquerque
• New Jersey: Jersey City/Trenton
• New York: Upstate
• North Carolina: Charlotte, Raleigh, Triad/Greensboro
• Ohio: Cincinnati/Dayton, Columbus
• Oklahoma: Oklahoma City, Tulsa
• Pennsylvania: Harrisburg, Philadelphia, Pittsburg
• South Carolina: Charleston, Columbia, Sumter
• Tennessee: Chattanooga, Memphis, Nashville
• Texas: Abilene and San Angelo, Austin and Waco, Dallas/Fort Worth, Houston, Lubbock, San Antonio
• Utah: Salt Lake City
• Virginia: Northern Virginia
• Washington: Spokane
• Washington, DC

HomeRiver Group Property Management Services

As a national company operating through numerous local offices, HomeRiver Group is able to bring together the best of both property management types. While the services are delivered through local experts, they are held accountable for the provided quality by the corporate office.

As one of the best property management companies in the US market, HomeRiver Group provides all-in-one services for landlords. Their property management services include:

Renovation

• Remodeling and rehab work on newly acquired rental properties
• Construction and capital improvements to ensure local code compliance
• Minor upgrades and major renovations during tenant turnover
• In-house multi-skilled team and access to the best contractors when needed

Leasing

• Rental pricing through comparable analysis
• Property inspection
• Preparing property for leasing
• Digital marketing
• Rental showings
• Tenant screening including criminal, credit, and eviction background checks
• Lease renewals

Management

• Tenant communication and service
• Tenant management
• Rent collection
• Move-out inspections
• Evictions
• Accounting
• Reporting

Maintenance

• 24/7 availability
• Skilled in-house technicians, vendors, and contractors to diagnose issues and prepare action plans
• Documentation and tracking of maintenance requests, repair invoices, and communication
• Routine property inspections and service visits for preventive maintenance
• Maintenance budgeting

The comprehensiveness of the services provided by HomeRiver Group means that investors can enjoy passive rental income while vacancy is being minimized and profit is being maximized.

HomeRiver Group Property Management Costs

Each HomeRiver Group local office implements its own property management fee structure in order to reflect regional differences and deliver the best value for money to landlords in each market. In some locations, there are flat-rate rental property management fees, while in other cities they charge a percentage of the monthly rental income. In most markets, there are significant discounts for managing multiple properties, which makes HomeRiver Group ideal for investors with portfolios.

Depending on the location, the monthly property management fee can reach as low as 4% of revenue, while in most cases it’s around 8%-9%. In some places, the company gives landlords the option to choose between maintenance only (for a more active real estate investment strategy) and full-service management (for passive income).

Some services that are usually not included in the monthly maintenance fee and are paid for separately include:

• Leasing fee: Usually 25%-50% of one month’s rent
• Lease renewal: Usually 15%-25% of one month’s rent
• Quarterly or biannual inspection: Usually up to $100/inspection
• Eviction protection
• HVAC tune-up
• Gutter cleaning

Our HomeRiver Group property management review shows that these rates are comparable to what other long term rental property managers charge. At the same time, HomeRiver Group services are truly comprehensive and superior to competitors.

The rental property management company deducts its fees from the rent that it collects from tenants. Afterwards, it transfers the remaining amount to property owners on a monthly basis.

HomeRiver Group Property Management Terms

To work with HomeRiver Group, rental property owners need to sign a written property management agreement. This outlines the rights and responsibilities of both parties. However, a copy of the contract is not available online, and there might be slight variations from one location to another.

Thus, we recommend that you ask your local office for a copy of the agreement and review it carefully before getting started.

Moreover, new landlords need to provide the following:

• Property keys
• Garage door openers
• Certificate of insurance naming HomeRiver Group as an additional insured
• W-9 Form
• Lead paint form
• ACH authorization
• Lease for current tenants (if applicable)
• Contact information for current tenants
• Rent toll
• HUD contract (if applicable)

HomeRiver Group Property Management Reviews

There are nearly 2,000 online reviews of HomeRiver Group, and the majority of them show positive experiences. However, there seems to be some variation in the quality of services provided in different markets, so it’s a good idea to check out local reviews and speak to local landlords before hiring the company.

You can find HomeRiver Group reviews on:

• Birdeye: Currently 4.0/5 stars based on 728 reviews, including 725 Google reviews
• Google: Currently 4.0/5 stars based on 675 reviews

Positive reviews by real estate investors focus on the excellent quality of services, the efficient resolution of issues, the great tenants, the professionalism of the team, the smooth communication processes, and the availability of the customer service staff. Negative reviews mention suboptimally maintained rental properties, paperwork errors, delays in fixing problems, and unresponsive customer support team, however these reviews appear to be infrequent.

Satisfied tenants praise the homes, the quick services, the willingness to go the extra mile, and the care for customers. Dissatisfied renters complain about unexpected fees, delays after signing a rental agreement, and poor overall communication.

HomeRiver Group Property Management Alternatives

While HomeRiver Group provides high-quality, comprehensive property management services for landlords, it might not cover the needs of every single investor. Thus, we’ll review a few of the most popular HomeRiver Group competitors, comparing the services, the coverage, and the pricing.

Mynd vs HomeRiver Group

Mynd is a full-service long-term rental property management company that works exclusively with single-family homes. Similar to HomeRiver Group, Mynd was founded in 2016 but has its headquarters in Oakland, CA. Mynd aims to combine technology and local expertise to deliver excellent property management services. At the moment, they work with over 11,000 rentals in 25+ US markets in 12 states.

Mynd services include everything from preparing properties for tenants and marketing them, through finding and placing tenants, all the way to maintaining rentals and dealing with evictions, if needed. Mynd charges a flat fee which varies from market to market. There are discounts for several properties under their management. Additional fees include leasing and lease renewal.

Overall, Mynd is a good HomeRiver Group alternative, but the main disadvantages include limited property type coverage and limited market availability.

Evernest vs HomeRiver Group

Evernest is a multi-market property management company which works with long-term rental properties owned  by third-party investors. It’s older than HomeRiver Group, having been established in 2008, with headquarters in Birmingham, AL. Currently, the company manages more than 15,000 rentals owned by around 6,000 investors, so an average owner has a few properties. Evernest manages single-family homes, condos, and small multi-family properties. They are present in over 30 cities in 16 states.

Evernest property management services cover listing, marketing, tenant finding and management, inspections and maintenance, rent collection, and everything in-between. The company provides different plans to meet the needs of various landlords. Property management fees are about 7%-10% of rental income or $89-$199/property, depending on the plan and the pricing structure. Leasing, lease renewals, and annual inspections are paid for additionally.

In general, Evernest can be a good choice for investors with two or more rental properties of different types. However, the market coverage poses a restriction.

Great Jones vs HomeRiver Group

Great Jones is a relatively smaller long-term rental property manager that was founded in 2017, with headquarters in New York, NY. In 2021, the company was acquired by Roofstock, but it continues to operate as an independent property management provider. Great Jones manages rentals in over 20 US markets in 9 states.

Great Jones offers all-in-services to landlords including finding tenants, ensuring long-term occupancy, delivering reliable rental income, and providing quality upkeep. The cost of the property management services provided by the company are different in each market. They include a monthly fee, a leasing fee, and a lease renewal fee.

Great Jones is a viable HomeRiver Group competitor for investors who’d rather work with a smaller-scale property manager. Nevertheless, because of its smaller scope, its reputation is less established.

Specialized Property Management vs HomeRiver Group

Specialized Property Management is an older, yet more localized full-service property manager working with long-term rental properties. The company was founded in 1984, with headquarters in Dallas, TX. It operates in 11 cities in 7 states.They rely on the use of technology to automate and optimize many of the aspects of managing an investment property.

The Specialized Property Management services include listing, advertising, online showings, tenant screening and placing, tenant management, property maintenance, and rent collection and disbursement. The company offers three monthly plans including different coverage. The price is between $99/month and $199/month, and the leasing fee and lease renewal fee are paid separately.

Specialized Property Management might be a good option for investors who prefer a property manager with a regional focus, but many top markets for investing in long-term rentals are not covered.

Belong Home vs HomeRiver Group

Belong Home is the smallest and newest alternative to HomeRiver Group on our list. The company was established in 2018 and is headquartered in San Mateo, CA. At the moment, they manage long-term rentals for only about 2,000 owners and operate in a number of major cities in California, Florida, and Washington. They are working on expanding to more states in the near future.

Belong Home offers comprehensive property management services to landlords. This includes preparing rentals, pricing, marketing, getting renters, managing tenants, and maintaining properties. The property management fee is calculated as a percentage of rental income, and landlords don’t pay anything when their rentals are vacant. There is an additional placement fee.

The main advantage of Belong Home is that it provides a more personal approach to rental property management. However, the limited market coverage and the weaker online reputation are rather restrictive.

Buildium vs HomeRiver Group

Unlike the other HomeRiver Group alternatives, Buildium is a half-service property management company that focuses on long-term rentals. Buildium provides access to a technology-based platform that allows landlords (and property managers) to automate many of the processes related to running a rental property business. Buildium was founded in 2008, with headquarters in Boston, MA. As a tech company, it works in all US markets and with all property types, without restrictions.

Buildium helps with the following tasks: rental listing and syndication, tenant screening, online leasing, online rent collection, managing maintenance requests, accounting, 1099 e-filing, and access to other landlord property management software tools. Buildium offers three different subscription plans, with the cheapest one starting at $52/month. This is rather expensive for a half-service provider that does not bring passive income.

Buildium is a good solution for landlords with bigger portfolios who’d like to be personally involved in the management of their rentals and need help with automation.

Takeaway

Our HomeRiver Group property management review shows that this is a reliable company that is able to provide landlords with truly passive income. The main benefits include the comprehensive services, the wide geographical coverage, the ability to manage both single-family and multifamily homes, and the strong online reputation. Overall, HomeRiver group offers excellent value for money. Mynd could be a good alternative for investors focusing on single-family homes, while Belong Home might be the right choice for owners looking for a small-scale property manager. Buildium is ideal for landlords who want to remain active in the management of their rentals but need some extra help.