Hi all, we are looking for a dependable, experienced property management team for multifamily in the San Antonio area. Any recommendations or feedback would be greatly appreciated.
Hi Amy -
You may find some great recommendations here! We've also found that we were able to meet great property managers through a few other avenues as well that may help in your search.
1. Local Real Estate Meetups - If you go to BiggerPockets.com>Network>Events, you'll be able to see all the local meetups going on in your area. We've met some great property managers in our community through these groups.
2. Other Local Investors - If you have a crew of great investors you know of in you area, always feel free to ask around to see who they currently use or who they have worked with in the past. This is a FABULOUS way to figure out who is awesome and who isn't as awesome in your area.
3. Current Rental Postings - If you go to any websites with places listed for rent and scour through the postings to see which ones you like. Always feel free to give that person a call to see if they would have time to chat with you on potentially partnering up with your portfolio.
It is very important that you make sure you take the time to interview and have candid conversations with a PM company. Let them know your strategy, your goals and what your business plan is to ensure that your business plan aligns with theirs and you can both work towards the same goal. If they are not aligned then simply keep looking till you find one that is.I would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.
My business partner is a regional VP for NARPM and I am happy to help if you need anything please reach out
Questions to Ask prospective management companies
* What are your average days on market for vacant homes?
* What is your average rent amount for all properties managed?
* What is your average work order cost for the owner?
* What is your average make ready cost for the owner?
* Are all my invoices uploaded to my owner portal?
* How do you advertise your vacant units?
* Do I receive video of my pre and post make ready?
* Do you have a setup fee?
* Do you upcharge on maintenance?
* When do you make owner payments? How often?
* Are you a Certified Property Manager?
* Are you a member of NARPM?
* What is your Guarantee?
* Do you provide move in and move out reports
* How many pictures do you take of the property prior to tenant moves in and after the tenant moves out
* Do you get weekly reports when the property is vacant what prospective tenants are saying about your home
* Do you provide monthly newsletters to your tenants
* Do you hold investor education classes to help me become a better investor
* Do you have single point portfolio based management services?
* How many properties do the owners actually own themselves?
* What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits
* How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?
@Taylor Hudgins Thanks for the advice. We are out of state investors, but when we visit TX we will look for some meet ups.
@Steve Rozenberg Appreciate this list of interview questions. I'll direct message you regarding you business partners PM referrals in San Antonio. Thank you!