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Updated almost 6 years ago,
multi-family, looking to outsource property management, upstateNY
First time poster and long term investor!
My LLC (small partnership) has been renting a 8 unit property in Rochester NY for the last year. We have been self managing, with OK results, as I am located out of state and my team is small family run. The tenants have a relatively high turnover rate. This type of area and there are some low income tenants and some on government assistance, so finding good tenants can be tricky. Basically has a decently high tenant turnover. We also accept section 8 and tenants on government assistance, which can sometimes be good as it is guaranteed income, but can also be not so great as usually these type of tenants have some issues staying up on rent payments. Many of the tenants have very little technological know-how, so going to a strictly digital management solution is likely not a great option.
We are trying to start expanding over the next year and are looking to outsource some of the property management as we want to start getting some real estate qualifications and also seeing and offering on new multi-unit or small residential places. Long intro, yes - but basically two part question here.
1) Any advice as we look for property managers? How do we find those that may be good at dealing with low income tenants and those with section 8 experience?
2) Anyone have any good recommendations for the upstate NY or Rochester specific area for good property managers? The property is located in downtown Rochester, NY.