Selecting New Property Manager for 16 Unit Apts (New Investor)

[Dan O'Neill]

Hello Everyone, 

I am under contract to purchase an apartment complex with 16 units. Given the complex's current state and a discussion I had with the current management company, I feel a change in management companies is in order.  Any suggestions for finding a new management company?  Below is an outline on the selection process I was thinking of using.

1) Create a property profile to include a brief property description and revitalization plan

2) Create a survey of questions for PM companies to complete (borrow heavily from Elizabeth Colegrive -->

http://www.biggerpockets.com/renewsblog/2015/10/09/questions-ask-property-management/)

3) Send an email with documents attached to property management firms servicing the area surrounding the apartments

4) Follow-up with a call to ensure receipt and obtain an initial impression.

I have actually already created the property profile and survey but don't see a mechanism to them to this forum post.

Best Regards,

Dan O'Neill (Charlotte, NC)

[Michael Bowman]

hey Dan!! 

Congrats on your new purchase!!

I like your abovr proposal. As brokers ourselves, I think we have all met that buyer or seller that didn't do their homework on an agent, and ended up with a bad egg. I think interviewing is a lost art in this business. 

Whenever I'm hiring for anything, I'm always looking for energy. My hire needs to wake up in the morning excited about what they do. If it's just a J.O.B. for them, you will not be satisfied. 

I do property management myself, and though I don't have the volume like some of the big players, when competing with them for a property owner's business, I consistently beat them because I out-hustle, out-work, and ultimately have more energy than them. 

Other than hustle, the number one aspect of the business that lacks is marketing. I'm amazed at how many PM companies put a sign in the yard and call it a day. You have to blast the units everywhere, and create such a buzz around the property, that you maximize the amount of potential tenants. Good photos, online video tours, and social media advertising are where so many drop the ball. 

We are here in the Charlotte market. I'd love to meet with you and discuss the units further. Let me know if there is anything else I can be of assistance with.