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3 posts by 3 users
Jun 08 '09, 12:14 AM
Good Afternoon All:
We are investing in multi-family properties throughout the southeast US. I am finding that we are spending too much time managing our asset rather than doing what we do best...Invest! I have decided that now is the time to find a great property management company to manage our property.
Is there anyone out there who has any suggestions on the type of questions we should ask to qualify these companies?
Jun 08 '09, 12:02 PM
Unfortunately there is no shortcuts. Since real estate is a pretty tight knit community, I'd take with Brokers, appraisers etc. and ask if they recommend anyone in the area. I've found that sometimes a small firm is best and other times a larger firm is more advantageous.
In new markets that you are not very familiar with, what I like to do is do a rent survey and make a list of 10 or so properties that are comparable. Then, do some due diligence and research who manages the property. If there is a property that is managed by a particular firm and I think their strategy and positioning of the comp would work for our property than I'll go talk with them.
I like to focus on the strategy of the property management firm since some firms just cannot manage properties that fall outside of their niche.
Jun 10 '09, 02:20 PM
The key is to manage your PM properly and to make sure you lock in a good PM agreement to protect YOU and not them!
They all seem to add items in the contracts that should not be in there like getting paid a sales commission if the tenant ends up buying or charging 10% on top of all repair and maintenance expenses YOU pay for. That is crap and I do not allow it.
Other than that, trial and trial, and trial again. There are good ones out there, you must be a good property manager yourslef so that you can "train them" how you want YOUR business run. It is not their biz but YOURS!
Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com
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