A good multifamily property manager is invaluable to real estate investors.
Andrew Kroger is the owner of Peak Property Management and shared with me the characteristics of a good relationship between a property manager and the investor.
Your relationship with the property manager is key to your success. The more common ground between you and your manager, the better your results will be.
The goal when interviewing prospective managers, is to learn who they are and how they communicate. How much communication do you want and how do you want to communicate.
Are you looking for a manager to do it all, or do you want to be more hands on?
Think about your preference, and look someone that fits your communication needs.
It’s important that the manager is on the same page with you. If they understand your goals and objectives they can help you reach them.
Get referrals from other owners. Find out what other property have to say about their experience working with the manager.
If your goal is to sell in the near future, does the manager recognize this? What does that mean to them?
Find out what property management software they use? What level of reporting should you expect and how often? Does it include rent increases, rent roles, balance sheet, profit & loss statement? This is your scoresheet for how well you property is performing.
Once you find a property manager to work with, invite them for a tour of your next acquisition. The manager can develop both operating and rehab budgets if necessary. An experienced manager can give you a clear understanding of the property’s potential to ensure your success.
Operating the property efficiently is key to cash flow. Questions you want to get answered from your prospective property manager include:
For the best outcome of your multifamily property, find a property manager that meets your communication needs. Take the time to make certain you are on the same page. This relationship is paramount to your multifamily real estate investing success.
For more go to: www.peakpropertymgt.com