100 unit apartment

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What is the best way for an out of state owner to manage a 100 unit apartment building?

I have a property management company I trust.

Will I also need to hire on-site staff?

[Joel Owens]

Hi Ky,

You put the necessary controls in place for property management and a full time maintenance person on site.

What state are you looking to do this in?? What experience level does the PM company you are thinking of have?? Properties of that size have local specialized large PM companies that know that demographic and the connections to keep occupancy up and vacancy down. The larger out of town PM companies usually cannot hit the same level of performance. For instance with my clients we have looked at that level of 100 units and sometimes find an out of county or state PM company running the complex. Their occupancy is 85% versus the 93% for the area. They were also slower to turn around repair requests, handle issues, etc. I am not saying all good PM companies are local or all out of area PM companies are bad. I find the more suburban to rural it goes the more you have specialized local PM companies that do best. Urban core there is a still a difference but not as much.

Trusting a PM company from past experience is good BUT it's not about that but more about have they managed this asset class and anything close to this size before??