Are my expectations for property manager unrealistic?

[Don Carey]

What's up BP? So we have several properties that we have been managing ourselves. We are beginning to move towards smaller multifamily deals 6-20 units and are wanting to pass that management torch to a professional company so I can focus on the acquisition side of the business. Sounds easy enough right? I've now spoken with a dozen managers in our area and I'm finding that what I'm looking for in a property manager is not what most people offer. Aside from the standard rent collection, land-lording, and other typical PM duties, im looking for a company that can assist with market analysis and acquisition due diligence. The latter two seem to be the thing no one seems to do around the Hampton Roads area of Virginia. I'm not asking them to do it for free. Are my expectations unrealistic?

[Matthew Olszak]

@Don Carey It sounds like you are looking for a PM that also offers brokerage services. As long as you are willing to pay (market rate, 2.5%-ish of the sale if not paid for by the seller's broker) for those services, I don't think you should have any problem finding someone.

That being said, I won't provide analysis, comps, rental/demographic info, etc unless someone engages me as the broker in the purchase transaction as well. I get plenty of those calls, and the folks always promise me they'll give me the PM contract if I help them. Sorry to break the news to them, but PM is a LOW LOW margin business. Its not a carrot on a string.

You might be better off separating the roles though. Get someone who focuses on the brokerage side to manage the purchase, and then once the purchase occurs you turn the property over to the best PM.