Searching PM in Cincinnati for 10-30 unit multifamily

8 Replies

Hello everyone. I'm looking for a good multi-family Project Management Company in either Cincinnati or Columbus. Any referrals would be fantastic. Thank you! 

@Lewis Hunter I've heard great things from several trusted investor friends about @Zach F. I personally prefer the smaller companies who are focused on building great relationships with investors! If you need his phone number send me a PM

@Lewis Hunter see some good recommendations here, but you could also go to apartments.com and see who are the PM for the apartments in 10-30 units properties. 

Let me know if you found someone as we will be looking for good PMs in Concinnati pretty soon as well. 

I'm sure you've gotten great recommendations already, @Lewis Hunter , but honestly I wouldn't trust anyone's recommendation with a potentially multi-million dollar asset unless you follow up with due diligence. I'd put in the hard work to find a good PM. 

Here's how to find a good property management company for your apartment complex.

First is asking for recommendations (like you did), but i'd focus more on people actually operating the exact asset type that you're looking to purchase. Go to the broker that sold you the deal, go to other brokers (great way to network/break the ice). Get as many recommendations as you feel comfortable with. 

Second, interview them all. It's an exhaustive process, but one that really needs attention. Here's my questions I ask. They are usually tweaked or added to, but it's a good start. 

  1. How long have you been in business?
  2. Are you strictly third party or do you manage your own portfolio as well?
  3. What size of properties do you manage the most?
  4. What are your management fees for my size building? What is your leasing fee? How else are you compensated?
  5. What is your process for handling repair requests? How do tenants make requests? How quickly do you typically respond? Who does the work? What do you charge for the work?
  6. How do you collect rents? Who keeps the late fees?
  7. What are your management policies, i.e. when and how do you handle lease violations and evictions?
  8. How many evictions have you handled and what is the cost of a typical eviction?
  9. What is the expected vacancy and delinquency rate for this area? What about turnover ratio?
  10. What management software are you using?
  11. How do you handle the funds? Will you get a separate bank account?
  12. What areas will you not work in the city?
  13. What’s your favorite area in the city to work?
  14. How prevalent is RUBS? Is it an option for my property?
  15. In your estimation, what is the most affordable amenity I can add? Covered parking, reserved parking, pool, dog-park, etc.
  16. Can I have some references?


Third, verify this across a couple different platforms. Do that by verifying with other PMs (as you're interviewing multiple). You'll start to see some trends, it will give you a lot of credibility with the PM, and it will set the tone of your relationship with them - they'll know that you're business minded and these are the areas you'll be focusing on once your asset is in place. 

Hope this helps. Let me know if you have questions. 

Gentlemen, appreciate your help. @Lucas Miller Thanks for spelling out your recommendations as well as the questions. Your verification processes given was great. Overall solid information that I will use moving forward. Much appreciated.