Transitioning property managers
Hi all,
We're closing on a 31 unit apartment building in Richmond, VA this Friday. The complex is currently managed by a live-in PM. We already employ a property manager who oversees our portfolio of 40 SFRs/duplexes, also in Richmond. This deal will increase the number of units we own by about 50%.
Our current property manager is already very busy so it doesn't seem practical to fire the seller's PM. However, we would eventually like to manage the 31 unit building with our own people.
I'm looking for advice from anyone who has gone through a similar situation. Any suggestions as to what roles, if any, our in-house PM should take over immediately? General advice for managing a complex of this size?
Thanks,
Ed