Reputable Apartment Managers: Quality and Ethics

4 Replies

Howdy Apartment Owners,

Which apartment management is known for their quality and ethics?  I am looking for the opinions people who have hired apartments.

I live in Houston, but also am asking for the Austin, College Station, and Bryan Texas areas.

All of the apartment owners I know (15 or so, a couple thousand units total) either manage it themselves or hire their own staff directly instead of using property management companies. 

If you have the right people in place on site (leasing & maintenance), there's no reason you can't self manage. Our 154-unit complex is self-managed and I've found the key to success is hiring the right staff.

And until you've experienced the day-to-day operations yourself, it would be difficult to gauge exactly how well a property management company is performing.

When we first took over, there were sooo many issues that the financials didn't reveal (i.e., creative employee theft). For example, we realized the previous leasing agent was putting $0 for security deposit in the lease while charging the resident and pocketing the money. Since a lot of the residents don't read their lease, it wasn't until they move out that they realize the mistake.

What I'm trying to say is that if this is your first MF property, it would be worth your time/money to self manage (at least in the beginning) so you know exactly how the operation is run, what the numbers are/should be and can discern when the numbers/documents are being fudged.

Originally posted by @Account Closed :

If you have the right people in place on site (leasing & maintenance), there's no reason you can't self manage. Our 154-unit complex is self-managed and I've found the key to success is hiring the right staff.

And until you've experienced the day-to-day operations yourself, it would be difficult to gauge exactly how well a property management company is performing.

When we first took over, there were sooo many issues that the financials didn't reveal (i.e., creative employee theft). For example, we realized the previous leasing agent was putting $0 for security deposit in the lease while charging the resident and pocketing the money. Since a lot of the residents don't read their lease, it wasn't until they move out that they realize the mistake.

What I'm trying to say is that if this is your first MF property, it would be worth your time/money to self manage (at least in the beginning) so you know exactly how the operation is run, what the numbers are/should be and can discern when the numbers/documents are being fudged.

 If I can, purely out of curiosity, can I ask how what your CFBT is on a property that size?  I'm shopping around for a MF building myself and was curious how the larger buildings perform.  Feel free to PM if you prefer.  Thanks.

Eric,

In a previous life my wife was a GM of a few different large MF places in BCS.

Shoot me a PM and maybe we can all meet up and discuss.

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