Buyer contacting Property Management Co before closing?

3 Replies

Currently, I have a multi-family property under contract that is being managed by a property management company.  We are sked to close the end of this month, however, I would like to chat with the property manager... not about anything that would affect my decision to buy the property.  I'm committed to this purchase.  It's more about their recommendations for contractors in the area, his "feel" for the current tenants, and also for me to get a feel for them - if I want to continue with the property management company, look for a replacement or manage it myself.  

My question, is it proper for me to contact them prior to closing?  Will they even engage with me?  Is it legal for them to engage with me regarding a property I don't own at this point? 

It is wholly dependent on your contract with the seller. You should review and see what rights you have to reach out to the property management company. Personally I make this a right during due diligence in my contracts.

@Felicia Hamilton Absolutely talk to the prior/current management company. Most times they are going to no more about the property than the owners. The minute I have a signed contract I am contacting them to ask about any deferred maintenance that the owners has not done, how the tenant is, what the rent roll/lease looks like. I then keep them up to date on the process of sale so they know when exactly new ownership is taking place. If I end up using another management company, then I let them know that as well.

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Yes, that makes sense.  Thank you! 

Originally posted by @J. Mitchell Bernier :

@Felicia Hamilton Absolutely talk to the prior/current management company. Most times they are going to no more about the property than the owners. The minute I have a signed contract I am contacting them to ask about any deferred maintenance that the owners has not done, how the tenant is, what the rent roll/lease looks like. I then keep them up to date on the process of sale so they know when exactly new ownership is taking place. If I end up using another management company, then I let them know that as well.