Buyers have much more selection and can now be more picky about a property’s condition.

@Ryan PritchardEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Takes a lot of time and has a low success rate - but I want to do this with select properties only.

I paid for a consultation with a colleague who was the IRS technical advisor on code 469 for 25 years to offer some feedback and clarity because it is so unique. 

When selecting a partner though, I would recommend avoiding close friends/family as first investment properties can be a very stressful experience for many. 

It's definitely a unique strategy for unique situations.  

@Wendy ThurstEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

If you are considering them in this market environment, they must have some uniqueness that is worth considering.The asset and market are important but the operator and how they manage the project are critical.

The city should have had this responsibility.Prior to not getting one of our units selected in the STR lottery, I had contributed to a legal fund to challenge the quota. 

@Clara ConstableEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!