Multi-Family Property Manager

[Lisa Beard]

We own and manage 5 short term rentals, but are thinking about diversifying into multi-family. My question is, when you make that move, who manages the property? Is there a third party company who can provide maintenance, a property manager, etc? Or do you typically keep the existing staff on at the complex, provided it’s performing? For some reason this thought has been keeping me from really pursuing this, as I am used to having full control. Any insight is appreciated!

[Mark Boutin]

Hi Lisa! Yes, typically when you enter the multifamily space, you will hire a professional 3rd party property management company. There are a lot of great PM companies that can professionally manage a complex and handle all the day-to-day requirements including maintenance. I can understand that if you have historically done the management that hiring another company to do it could seem daunting, however, this is what's going to allow you to scale up your business. You can and still will need to manage the property management company but you'll be more of a manager instead of a doer. Hope this helps but if you have more questions, fire away, happy to give you more input!