Keys to Multifamily Asset Management for Investors
If you’re trying to find a property manager, do you usually go through a few or how many do you usually interview before deciding on one?
Yeah, we interview a minimum of three, and if we don’t find at least two good ones in the three, then we’ll interview four or five. We want to make sure that we have a good mix of people, not just to pick from today, but we’ve had a couple of properties, matter of fact, two in particular, that over a 3 to 5 year period, we’ve had to replace the manager multiple times. Matter of fact, we’re on our third property manager in both of those cases because the first two they interviewed, great. They said all the right things. They checked all the right boxes.
The problem was that when we literally gave them the keys to manage the property, they didn’t do what they said they were going to do. They didn’t make us money. As a matter of fact, they cost us a lot of money because they didn’t either put good residents in or they were spending like crazy. Any number of things.