Todd Heitner

You usually keep the existing management in place. And why? Why is that?

Anthony Chara

Again, it just makes it easier for the transition. The the residents already know that particular property manager. And of course, once we get in there, if we start hearing complaints about the property manager because they’re rude or they don’t get maintenance requests taken care of quickly enough, then we’ll make a change. We’ll go out and we’ll hire somebody else to replace them.

Todd Heitner

Have there been any cases where going into a property you realised that the property was, I mean, the management was the problem and just start off with replacing them or do you usually try them out for a little while and see if they improve?

Anthony Chara

We’ll definitely interview them but if we know that the reason the property is having issues is because of the property manager, then we’ll just bring in a new one to start with. That’s actually pretty rare though. Most of the time if we have to hire a brand new property manager, when we, as soon as we purchase a property. In one case, it was because the property manager was also the owner of the property and they weren’t going to stick around to manage it once they sold the property. So that was an easy decision.

Todd Heitner

Yeah.

Anthony Chara

Another one we were looking to purchase. The owner specifically told us the reason they were selling the property is because they didn’t want to fire the or couldn’t. They couldn’t fire the property manager. So we can only assume that maybe it was a family thing and they didn’t want to fire the person because that would have been very awkward for them to fire them. So they wanted us to buy the property from them so we could fire them. And that way it gets, “Hey, it wasn’t our fault. We sold the property, but we have no control over whether or not they keep you.”