Transitioning property managers

[Ed Osowski]

Hi all, 

We're closing on a 31 unit apartment building in Richmond, VA this Friday. The complex is currently managed by a live-in PM. We already employ a property manager who oversees our portfolio of 40 SFRs/duplexes, also in Richmond. This deal will increase the number of units we own by about 50%.

Our current property manager is already very busy so it doesn't seem practical to fire the seller's PM. However, we would eventually like to manage the 31 unit building with our own people.

I'm looking for advice from anyone who has gone through a similar situation. Any suggestions as to what roles, if any, our in-house PM should take over immediately? General advice for managing a complex of this size? 

Thanks,

Ed

[Joe Fairless]

@ed 

@Ed Osowski congrats on the new purchase!! Very exciting. Your staffing depends on the type of apt community you're purchasing. If your property is C class with some light value-add then I would recommend the following plan based on your situation: 

- Keep the existing property manager on in the near term (since you're closing tomorrow) - unless the reason you're buying it is because it was managed poorly 

- Have your in-house PM oversee the 31 units and the existing property manager. Have him/her become very familiar with it so that if you do need to transition to someone else you're not starting from scratch