Property Manager Search

[Jalen Chanthaboury]

Hi BP,

I’m looking for a reliable Property Manager in the Chicagoland area. Looking to acquire a multi-family asset by the end of the year. Would love to see who’s want my business.

Any recommendations are appreciated.

[Mark Ainley]

@Jalen Chanthaboury We all want your business but we are all not the right fit from your perspective.  The property manager you will hire will be crucial to your long term success and here are a few of the following reasons off the top of my head:

Coverage area - Not all managers cover all areas.  If you want to keep the same manager throughout Chicago then you want to have someone that has a larger coverage area.

Experience - If you renting the house you live in then this isn't as big of a deal but if you are buying your first of many multi family homes you want to find someone that has done it before and can be another guide in your journey to work with you, your GC, and your Realtor.  Important to get your PMs buy in while still in your search so the PM can advise you on the actual investment and property before you get out of attorney review.  Learning from others mistakes is the best advise I can ever tell someone in your position.

Comfort Level - I know I talk to some of our investors more then I talk to my closest friends so it is important you are comfortable with who you are hiring because you want to feel like you can shoot them a text or email and get a quick response night and weekend even.  (PS maybe I am just a bad friend)

Assets Under Management - We do not manage HOAs, we do not manage self storage, or ARBNB with a focus on SFHs, under 60 unit multi family, and commercial under 60k SF.  Find a Property Manager that specializes in what you want to be working on.  There is also a difference with a Property Manager that works mostly with investors vs accidental landlords(described as owners that had to move and were unable to sell so now they rent out..not a bad thing but different style/client).

I am sure there is some more points I can make but I think you got my drift that it is not a once size fits all. 

I lived in Elgin for 12 years and am now in St Charles so lets connect either way.  I am happy to point you in the right direction if I cannot help you!

Thanks @John Warren