Property Management company?

[Abou C.]

Acquiring 2-4 units in the RI/MA area next year. As first time investors I am wondering if any experience investor would recommend us to mange the property ourselves or hire a property management company? and save the trouble?. Also since where we will be investing its snows so does the property mgmt also take care of that plus more?.

What property management company would you recommend for first time investors in 2-4 unit in RI/MA area, that caters to smaller investors or it is one size fits all?. 

[Wanda S.]

If it is close to home you may want to try running it yourself before looking for a management company.  This gives you a good idea of exactly what it takes to support the apartments the way YOU want them ran and gives you a good idea of the types of expenses you may expect to see on the property.  I have a smaller number units about 45 minutes away from my home and I run them successfully.  The key is ensuring you run them like a business and have a way for tenants to request service in their units and also ensure they have clarity on what things they are responsible for (e.g. air conditioner filters, light bulbs, etc.).  I wanted to management my own smaller units, especially for the first year or two.  After continuing to watch other properties in the same area for rent and seeing how they are/are not maintained by the owners or the management company, I also now know what you can do to have a better chance of getting and retaining the good tenants.    You should take what Vi K. said above, but also ask anyone you are considering hiring a few more questions. Understand and know how many apartments they currently manage and in what areas; Ask  them about their vacancies to understand  if their rate is currently in line with the local market; Ask for a sample of the lease used; Also ask them how often they perform property inspections.  One of the biggest things the younger tenants look for also is convenience in paying their rent. So ask how the tenants can pay rent as being able to pay electronically is a huge deal.  If you go with another company also knock on their door at random times and ask for the latest Income & Expense report.  Make them sit down and go over it with you line by line.  Best of luck with your new units.