How big should a property management company be?

[Greg Christensen]

I've heard the importance of a good property manager being stressed consistently, but would like to know if the size of the property management company is a concern.  For example, a PM that manages 200+ doors and has a full time staff and administration vs. a small Mom and Pop that manage themselves and have 10-20 doors.  Any concerns over the latter?  Curious to hear any experiences as I need to make a decision on a new PM and a colleague is advocating a small husband and wife team with 11 doors.

[Lynn McGeein]

I learned the hard way that unless you are local and can handle things if necessary, you need the larger company.  Mom & Pop can work, right up until a family emergency when they let everything go and you don't get paid for 3 months.   That's when you learn that their assistants cannot actually handle funds so even if your funds are there, you have no access to them until they decide to focus on their business again.  The larger firms can be challenging, especially if the manager you like working with gets promoted and the next guy doesn't know as much, but they are also always there, even if one goes on vacation, a necessity for an out-of-state investor.