Systemizing your Property Management for 100+ units

[Rafael Norat]

My business partner is on pace to manage 100+ units at some point next year. We are brainstorming our options.. whether to outsource the management.. whether to keep in house and develop good systems.

 Any thoughts on the profitability aspect of property management? Bases on experience, is it worth trying to manage 100+ units or consider outsourcing?

Any good management software recommendations?

Any good reads? Figured I'd start with Ken McElroy's ABCs and start from there.

Thanks.

[Marcus Curtis]

What is the portfolio mix of this 100+ units? SF or MF?

There is allot that goes into Property Management that many people do not take into consideration. Not only are you putting your personal brand behind the property but you are also faced with the actual work itself; managing the physical asset, managing personnel, managing funds and accounts as well as overseeing and managing leasing activities and tenant services. All are equally important and will require a diverse team to effectively undertake the management.

Unless you are either fully equipped to handle these tasks or are able to form a team between now and then I would highly recommend Hiring the Management out. There are many management companies out there but many of them are simply treading water in regards to profitability.

You might just find that you and your partner are better off focusing on generating more investment leads and funneling them to your turn-key management company and washing your hands of the dirty work. 

If you are interested in what to look for in a management company feel free to message me. I have worked with several management companies and have seen the good, the bad and the ugly.