How To Choose The Best Property Management Company?

So I'm going to stick here, manage my own properties here one at a time because I just can't trust anybody. Well, what I say to that is nonsense. Honestly, it was probably that that investor didn't set clear expectations and didn't do their homework. So of course not every property management company or property managers, great. Just like every investor is not going to be a magical investor. But if you set your expectation, do your homework and go out there and guidance to what you want, well you absolutely have success. So your first thing is being specific with the type of property management company you want. If I'm focusing on a hundred-unit B and C apartment complexes in, uh, the Midwest, well I'm going to look for a property management company that is fluent with BC assets, has a number of large buildings under management and it has thousands of units under management.

So if I do go find a hundred-unit apartment complex, it's a B asset and I bring into to this property management company, well, they're not going to have to hire a new staff instead of new processes to take on place. So if I was searching property manager companies and a property manager was solely focused on single family classy homes, they are not going to be the right fit for me. Second to this, I want to make sure that they have construction in house. Now this does not follow for all the mechanicals. They're not going to have a boiler techs and HVAC specialists and plumbers and electricians on staff. But I want to make sure they have construction staff on in house so they can handle a number of the items, cap bags and you were going to work on without having to sub out every project.

And every time I need something done, we're not going to have to call it and get 10 quotes beyond this. I am also going to want them to have real-time data. I want to have access to my collections, to my vacancy and occupancy trends, to my revenues and my expenses on a month to month, week to week, day to day basis. And if I want to check in Sunday night at 11:00 PM to see honestly where I, where I stand with the property, I want to be able to do this. I don't want to have to request a report and wait two weeks for that report to come out to me next. I'm going to make sure I'm very specific with them. I'm going to set expectations, goals, I'm going to have guidelines for them. We have meetings, a standing weekly meeting to cover our properties, cover any outstanding issues, cover collections, cover movements, cover vacancies and cover open items.

Join us if you want to learn more about buying large multifamily properties: https://www.multifamilyfoundation.com/order-28415099