As a multifamily investor, you might think the hard choices are behind you after selecting the market, asset and type of apartment loan for a given transaction. But one of the most important decisions to ensure an optimized return on your investment is selecting the right property manager.
In a recent blog post on ALEX Chatter, Elite Apartment Coaching’s Chris Urso presented his take on the right questions to ask when vetting a property management firm. He recommends viewing a property management firm as a partner, rather than a vendor. This makes sense, considering that the well-being of your asset and residents essentially rests in their hands. According to Urso:
“Smooth daily property operations and a reputable track record are invaluable assets as you start to scale up a portfolio.”
You want to make sure that your management firm is experienced in your submarket, and has the right economies of scale to provide quick, reliable and affordable service. You should be asking about everything from the type of software they use, to whether or not they can help you with due diligence on new acquisitions.
For a full list of questions to ask when screening a property manager, be sure visit ALEX Chatter.