Mynd Property Management Review for Landlords

After buying a long-term rental property, you have to find the best way to manage it. This is a must in order to maximize occupancy, rental income, and ROI. If you don’t have the time or the skills to manage the property yourself or you invest remotely, you might need to resort to the services of a property management company.

In this article, we will review Mynd and evaluate whether the rental property management services provided by the company are worth it for investors and landlords. We’ll break down the services offered by Mynd and the costs associated with them. We’ll also see what markets and property types the company covers and what existing customers think about the quality of services. Last but not least, we’ll suggest a few top alternatives to Mynd if you’d like to explore different options before choosing your long-term rental property manager.

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What Mynd Property Management Is

Mynd is a full-service property management company that specializes in working with single-family homes. The company focuses on bringing together technology and local experts to optimize the management of long-term rentals.

Colin Wiel, Don Ganguly, and Doug Brien founded Mynd in 2016, with headquarters in Oakland, CA. Currently, the company manages real estate assets worth $3.5+ billion and operates in 25+ US markets. Its portfolio includes 11,000+ properties.

Where Mynd Property Management Operates

Mynd property management services for long-term rentals are available in about 30 US cities in 12 states. Landlords can use the services provided by the company in:

• Atlanta, GA
• Austin, TX
• Charlotte, NC
• Dallas-Fort Worth, TX
• Denver-Colorado Springs, CO
• Houston, TX
• Indianapolis, IN
• Jacksonville, FL
• Las Vegas, NV
• Memphis, TN
• Nashville, TN
• Oakland-East Bay, CA
• Orlando, FL
• Phoenix, AZ
• Portland, OR
• Raleigh-Durham, NC
• Reno, NV
• Sacramento, CA
• San Antonio, TX
• San Diego, CA
• San Francisco-Bay Area, CA
• San Jose-South Bay, CA
• Santa Rosa-North Bay, CA
• Seattle, WA
• Tampa, FL
• Tucson, AZ
• Vancouver, WA

The locations where Mynd operates include some of the best cities to buy a rental property.

However, interested investors should keep in mind that this property manager works only with single-family properties. If you’d like to invest in a townhouse, a condo, or an apartment, you need to look elsewhere.

Mynd Property Management Services

Mynd offers all-in-one management services for single-family homes rented out on a long-term basis.

Mynd rental property management services include:

• Renovating properties to get them renter-ready (if needed)
• Writing rental listings
• Marketing rental listings
• Screening tenants
• Placing tenants
• Managing tenant satisfaction
• Reducing vacancy
• Maximizing rental income
• Inspecting properties
• Performing regular property maintenance
• Responding to maintenance requests
• Interacting with the HOA
• Avoiding liabilities
• Renewing leases with good tenants
• Terminating leases early (if needed)
• Evicting tenants (if needed)
• Reporting rental revenue
• Providing tax reporting forms
• Analyzing financials in real time
• Communicating with landlords via phone, text, and email through an online portal

Mynd provides coverage in multiple markets through local in-house teams. The local teams offer in-house support when possible and coordinate the work of established, trusted third-party vendors when needed.

Mynd Property Management Costs

Our Mynd property management review reveals that the company has a very clear and transparent pricing structure, unlike other best property management companies. Mynd’s long-term rental property management pricing model is based on a monthly upfront, flat fee principle, designed to grow along with an investor’s portfolio. The cost depends on the market and the number of properties under management. The more properties that a landlord owns, the lower the fee per property.

The monthly property management fee ranges from $75 to $199 per property, based on the location and the number of properties in one’s portfolio. Mynd also charges a leasing fee equivalent to 50% of one month’s rent and a a renewal fee, which is between $199 and $349.

There are no other fees, such as onboarding or marketing.

Mynd charges the following fees in each market where it operates:

Atlanta, GA

• One rental property: $119/property/month
• Two rental properties: $109/property/month
• Three rental properties: $99/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $249

Austin, TX

• One rental property: $139/property/month
• Two rental properties: $129/property/month
• Three rental properties: $119/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

Charlotte, NC

• One rental property: $109/property/month
• Two rental properties: $99/property/month
• Three rental properties: $89/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $249

Dallas-Fort Worth, TX

• One rental property: $139/property/month
• Two rental properties: $129/property/month
• Three rental properties: $119/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

Denver-Colorado Springs, CO

• One rental property: $99/property/month
• Two rental properties: $89/property/month
• Three rental properties: $85/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

Houston, TX

• One rental property: $129/property/month
• Two rental properties: $119/property/month
• Three rental properties: $99/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

Indianapolis, IN

• One rental property: $89/property/month
• Two rental properties: $79/property/month
• Three rental properties: $75/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $249

Jacksonville, FL

• One rental property: $99/property/month
• Two rental properties: $89/property/month
• Three rental properties: $79/property/month
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

Las Vegas, NV

• One rental property: $109/property/month
• Two rental properties: $99/property/month
• Three rental properties: $89/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

Memphis, TN

• One rental property: $99/property/month
• Two rental properties: $89/property/month
• Three rental properties: $79/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $249

Nashville, TN

• One rental property: $99/property/month
• Two rental properties: $89/property/month
• Three rental properties: $79/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $249

Oakland-East Bay, CA

• One rental property: $199/property/month
• Two rental properties: $189/property/month
• Three rental properties: $179/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $349

Orlando, FL

• One rental property: $99/property/month
• Two rental properties: $89/property/month
• Three rental properties: $79/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $249

Phoenix, AZ

• One rental property: $89/property/month
• Two rental properties: $80/property/month
• Three rental properties: $75/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $199

Portland, OR

• One rental property: $199/property/month
• Two rental properties: $189/property/month
• Three rental properties: $179/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $349

Raleigh-Durham, NC

• One rental property: $109/property/month
• Two rental properties: $99/property/month
• Three rental properties: $89/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $249

Reno, NV

• One rental property: $99/property/month
• Two rental properties: $89/property/month
• Three rental properties: $85/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

Sacramento, CA

• One rental property: $139/property/month
• Two rental properties: $129/property/month
• Three rental properties: $119/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

San Antonio, TX

• One rental property: $129/property/month
• Two rental properties: $119/property/month
• Three rental properties: $99/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

San Diego, CA

• One rental property: $179/property/month
• Two rental properties: $169/property/month
• Three rental properties: $159/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

San Francisco-Bay Area, CA

• One rental property: $199/property/month
• Two rental properties: $189/property/month
• Three rental properties: $179/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $349

San Jose-South Bay, CA

• One rental property: $199/property/month
• Two rental properties: $189/property/month
• Three rental properties: $179/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $349

Santa Rosa-North Bay, CA

• One rental property: $199/property/month
• Two rental properties: $189/property/month
• Three rental properties: $179/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $349

Seattle, WA

• One rental property: $179/property/month
• Two rental properties: $169/property/month
• Three rental properties: $159/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

Tampa, FL

• One rental property: $99/property/month
• Two rental properties: $89/property/month
• Three rental properties: $79/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $249

Tucson, AZ

• One rental property: $85/property/month
• Two rental properties: $80/property/month
• Three rental properties: $75/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $299

Vancouver, WA

• One rental property: $199/property/month
• Two rental properties: $189/property/month
• Three rental properties: $179/property/month
• 4+ rental properties: Custom pricing
• Leasing fee: 50% of one month’s rent
• Renewal fee: $349

The only other costs that landlords need to cover are services, repairs, and maintenance requests, which happens occasionally. The cost varies widely, depending on the severity of the problem and the required scope of work. Mynd can handle about 50% of service requests virtually (at no cost) and through in-house technicians. A network of approved vendors performs more complicated services. Because of the long-term relationship with Mynd, vendors can deliver high-quality services at competitive prices.

Furthermore, Mynd can help with getting properties lease-ready if needed. The cost depends on the needs of the rental.

Mynd Property Management Terms

In order to work with Mynd, rental property owners need to sign a property management agreement. However, Mynd does not provide a copy on the company website, so it’s recommended that interested landlords ask to see and review the agreement before hiring the property manager.

Once an owner signs the agreement, Mynd inspects the property within 3 days. If the rental is ready for leasing, Mynd will create a listing and start looking for tenants. If the property is not renter-ready, Mynd can provide an estimate of the required costs within 1 week and get all the needed work done within 10 days.

Mynd provides two types of guarantees to landlords working with them. First, if a tenant placed by Mynd does not pay rent on time, the company will cover up to $5,000 in rental income to ensure that payments to the landlord do not cease. Second, in case a Mynd-place renter needs to be evicted for not paying rent, the property manager will cover up to $5,000 in court costs and legal fees.

Mynd Property Management Reviews

There are nearly 2,000 online reviews of Mynd which show mixed experiences.

You can find Mynd reviews on:

• Trustpilot: Currently 4.3/5 stars based on 1,598 reviews
• BBB.org: Currently 2.77/5 stars based on 327 reviews
• Yelp: Currently 1.5/5 stars based on 127 reviews
• BestCompany: Currently 1.2/5 stars based on 16 reviews

Happy landlords and tenants highlight the easy processes, the quick and efficient handling of maintenance requests, the availability and professionalism of the local teams, and the excellent customer support. Meanwhile, unhappy property owners and renters complain about unexpected charges, unforeseen eviction notices, delays in addressing property issues, mismatches between promised and delivered services, too much greediness, and complete lack of customer service.

Mynd Property Management Alternatives

Based on our Mynd property management review the company seems to be a good option for the owners of long-term rentals, but there are some cons. The main drawbacks include the limited property type and market coverage. Thus, landlords might need to consider Mynd competitors if they’d like to invest in townhouses, condos, or apartments or in one of the locations is not covered by this property manager.

The best Mynd alternatives in the US market include:

HomeRiver Group

HomeRiver Group is the biggest property management company in the US market that works with third-party investor-owned long-term rentals. The company covers both single-family homes and small multi-family homes including apartments. HomeRiver Group is available in multiple cities in 32 US states, including all the top markets for investing in long-term rental properties. At the moment, they work with 40,000+ rentals.

HomeRiver is a true full-service property manager. They cover everything from renovations and leasing, all the way to day-to-day task management and ongoing property maintenance. The company has an affordable property management fee structure which varies from market to market. In some locations it’s a flat fee, while in others it’s calculated as a percentage of the monthly rental income.

Evernest

Evernest is another popular Mynd alternative. This is a full-service property manager that provides services for single-family homes, condos, small multi-family buildings, and HOAs. At the moment, the company manages 15,000+ long-term rentals in 30+ US cities in 16 states.

Evernest offers comprehensive rental property management services to landlords. The company allows investors to choose between a flat fee and a percentage of rental revenue for the management fee model.

Great Jones

Great Jones is a full-service long-term rental property management company, which makes it a close Mynd competitor. Great Jones continues to operate as a professional property manager after it was acquired by Roofstock. Their services are available in multiple cities in 9 US states.

Great Jones is a tech-driven company that handles all property management services needed to secure passive income to landlords. The property management fees vary by market and portfolio makeup. They comprise a monthly management fee, a leasing fee, and a renewal fee.

Specialized Property Management

Specialized Property Management provides comprehensive services to landlords in 11 US markets in 7 states. They work through a mix of technology and local experts to optimize rental management.

The services offered by Specialized include everything from marketing and tenant screening, through online rent collection and emergency support, to maintenance and reporting. The monthly property management fees range from $99/month to $189/month, depending on the included services and guarantees. In addition, there are separate leasing fees and lease renewal fees.

Belong Home

Belong Home is a smaller, full-service property manager that competes with the services provided by Mynd. Belong manages both single-family homes and multi-family homes. The company works with about 2,000 landlords at the moment. They operate in a few large markets in CA, FL, and WA but are planning to expand into more locations soon.

Belong Home can help owners get their properties ready for renting. They offer comprehensive management services for long-term rentals including marketing, pricing, showing properties, screening tenants, placing renters, supporting tenants, maintaining properties, and fixing issues. The cost is calculated as a percentage of the monthly rental income, so investors don’t pay when their property is vacant. The only other fee is the placement fee equivalent to 75% of one month’s rent.

Takeaway

Our review of the Mynd property management company shows that the services provided by them could be worth it for landlords investing in single-family homes in select locations. The major disadvantages of this long-term rental property manager are the limited property type and market availability. HomeRiver Group is a great Mynd alternative that works with various properties and in more markets. As a large company, HomeRiver Group has established processes to ensure the delivery of high-quality services in any location. If you’re looking for a smaller-scale property management company, you could check out Evernest, Great Jones, Specialized, and Belond Home as well. However, they operate in only a small number of cities.