It will be great if people can recommend property management companies in Milwaukee Wisconsin area for multifamily properties in 20-50 unit range.
Go to www.narpm.org and search their directory.
If you make a mistake and hire a bad Property Manager, it can ruin you for life. Learn the difference between a good PM and a bad one, try to interview at least three, and then make an educated decision. Remember: the PM with the highest fees may be the one that makes you the most money.
Things to do:
1. Review their management agreement. Ensure there are no hidden fees!
2. Calculate the total cost for a year. Some will charge a percentage of rent and nothing else. Some will charge a percentage each month but also a start-up fee, a leasing fee or lease renewal fee each year, administrative fees, maintenance fees, etc. Every fee should be fully disclosed!
3. Review their lease agreement and addendums.
4. Interview them about how they handle maintenance, late rent, unpaid rent, lease violations, evictions, etc.
5. Ask to speak to some of their current owners and tenants.
6. Google them and see what kind of reviews they have.
I can message you some local referrals that are successfully being used to manage multi-families in Milwaukee. Where are the properties located? Some PMs only manage in certain areas.
You may also want to check out a membership with AASEW (Apartment Association of SE WI). I am in no way affiliated with this group but plan on joining at the next meeting. The reason is that I found this group to be outstanding at keeping you posted on new landlord laws/rules and also as a referral network. Of course, a solid property manager would also keep you updated landlord news such as legislation or new laws that are passed.
As someone who has spent the last 5-months cleaning up the mess for a client left by a large prominent property management company in Milwaukee, my suggestion is to talk to current and past clients.
These companies have memberships in all of the right organizations, but they are literally ripping off their clients.
What I found in the shoddy way they repaired things and what they charged their clients should be criminal. I’m not naming names, because I don’t want to be accused of badmouthing my competition, however I will note that I am a reluctant property manager not looking to expand my portfolio under management.
@Tim Chiu have you picked up the property yet?
Join the Largest Real Estate Investing Community
Basic membership is free, forever.