How to find a great multi-family property manager

Question

What is the most effective way you’ve found a great property management company? I’ve been using apartments.com and searching apartment communities that meet my investment criteria in my target markets and then compiling my own data base once I determine their PM company. I’ve found this method to be effective, but very time consuming. I’ve also gotten a few referrals from trusted sources. Any other suggested strategies would be greatly appreciated.

Joseph McGranaghan · Answer

@Steve Chan

Hi Steve.

I am a property manager here in New Hampshire. The two best questions you could ask a potential manager is what are their systems for tenant retention and what are their systems for filling vacant units. Vacancy is your biggest expense as a property owner so knowing how they keep and get residents is the most important thing. A good management company should have a quick stellar answer to these two things without hesitating!

Good luck!

Todd Dexheimer · Answer

Referrals, referrals, referrals.

Oh, and referrals!

Nicole Heasley Beitenman · Answer

Network with other local investors and find out who they use.

Cory Carlson · Answer

@Steve Chan the actual software i'm not familiar with but i've seen many different kinds of operating statements, profit and loss statements, rent roll's, etc and find that the ones that many use the same format, and the iffy property management companies that use maybe in house or dated programs generally have service that follows suit. Maybe in residential you can get away with it, but when making adjustment to commercial holdings and selling the properties, these statements are very important when working with the banks, prospective buyers and their associated lender.

Alina Trigub · Answer

@Steve Chan

Call the local investors and the service providers (lawn mowers, insurance agents, brokers, etc...) in the area and ask for their recommendations of property management company.

Steve Chan · Answer

@Brian Hamel Thank you. I'm pursuing a multi-family acquisition and have gotten some references from local brokers as well.

Brian Hamel · Answer

@Steve Chan

The best way to find anyone in RE is to ask a realtor. They want your business and will only recommend the best

Steve Chan · Answer

@Alina Trigub Thank you!

Steve Chan · Answer

@Cory Carlson thank you. What are some of the better accounting software systems that you’ve seen?

Cory Carlson · Answer

We help our clients "manage the managers" and have found that beyond just the normal screening questions you would ask mentioned above, find one with a good track record, clear and easy to understand financial accounting software and is CLOSE or specializes in the area of your property.

How to find a great multi-family property manager

How to find a great multi-family property manager

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