I've been trying to look for Property Managers to manage a multi family building online. Anyone have any recommendations on how to better locate a PM company?
Rental Property Investor · Tampa, FL · Member since 2015 · 1k+ posts · 969 votes
7y
@Chase Louderback ah yes! If you find a broker you really like, use their management company (after an interview of course). Great way to strengthen your relationship with that brokerage as well.
Real Estate Agent · Luray, VA · Member since 2016 · 460 posts · 293 votes
7y
@David Elerman In addition to what @Theo Hicks recommended, most brokerages have a property management division. If you absolutely can't find a group that specializes in property management, look for the local brokerage companies, call and ask them if they have a property management team, and then interview them to find the one you like best. That is the only thing you can really do if you have exhausted all other options and your referral network.
Rental Property Investor · Tampa, FL · Member since 2015 · 1k+ posts · 969 votes
7y
@Chase Louderback ah yes! If you find a broker you really like, use their management company (after an interview of course). Great way to strengthen your relationship with that brokerage as well.
Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
7y
Referrals. Ask brokers and lenders who they recommend. Then interview them. If you find one that is not good, be sure you fire them quickly.
Property Managers will make or break your deal. If you have a good property in a good area, but a bad manager, then you will have a bad performing property. Look for a manager that has experience in the sub-market you are in and with the type of property you are buying. If you buy in a C-class area with a manager that deals mostly with A-class properties or large properties and yours is small, that is not a good mix. If you are doing a value add, make sure that your manager can handle a value add like the one you are doing.
The other critical thing with managers is to be sure they know your expectations. They need to know what you plan to increase rent to and when. They need to understand the type of tenant that you’re expecting and the qualification standards you want to instill. Property managers will also have to be connected with the other members of your team, especially with the contractors. I would be sure to set up weekly phone calls with your managers to be sure that everything is going as planned.