Hello BP Community!
Over the past few weeks I have actively been searching for apartment complexes Ohio. I have gone through the listings in LoopNet and continue to do so daily however I know that the better deals are often found off market. With that being said I have conducted some more research and found a complex that appears to have poor management in place. There are quite a few negative comments from tenants about the property. As I was looking at the apartment's website, I saw that most of the rents are going for less than $1/Sqft. Not to mention rents of other complexes in the same area are about $25-$50 more. On a preliminary and very basic case, all of this says this could be a potential for a decent deal given the numbers work out.
The question I have is in regard to reaching out to the property management company. I went through some more research and found that a new property management company recently took over in March of this year. My question is would it be appropriate to reach out to a PM company that has recently been put in place with respect to being interested in purchasing? And more general sense, what would be an appropriate way to reach out to property management companies about looking or properties that are up for sale?
Thanks in advance.
I think it is, I would also mention that I was interested in their strategy on how the plan to make this a better place. As I would be needing a PM that was on the ball and had a clear, precise call to action.
Offer them job security and the potential for an annoyed owner a way out.
Go to the assessor website for the county to get the tax info on the property namely the APN. Assessors parcel number. Then look up the apn info on a site like agentpro247 to find out the address of the owner. Send a letter or try to find a owner/LLc telephone number. Or maybe find a good broker in the area who may know the history. All this if the pm won’t cooperate.
@Andre Jernigan its 100% appropriate. You call whoever you want and ask all the questions you can. Just be respectful and honest. I've always found the property managers to be helpful in telling me about properties.
@Gaspare U. That’s an interesting take on how to approach them with respect to asking their strategy on how they plan to better the place. I guess the next question would be the appropriate transition into asking if the owner was annoyed/overwhelmed.
@Erik Hatch I appreciate the advice. That is going to be part of my work today. Through a quick search last night I found an LLC last however some sort of REIT LLC that I couldn't find came up so I will be doing some more work tonight. I'll also search for the APN to see if I can't get more information. As I said to Gaspare, I'm trying to think of the best way to ask about the owners without making the PM worried.
@Danny Randazzo Thank you for the advice. I prefer to be professional in all conversations with the hopes of creating a relationship in the long run regardless of any outcome. Do you happen to have a personal preference with respect to ways to reach out to pm?
@Andre Jernigan just call PMs and tell them what you are doing and make sure to get their expertise on the market
@Danny Randazzo I appreciate it. I figured asking them about the market would be important. I’m surprised most PM companies would entertain a conversation as such.