“Management must speak with one voice. When it doesn’t, it becomes a peripheral opponent to the team’s mission.” Pat Riley

There are a number of reasons to hire a management company for your multi family properties. This can be a good decision or a terrible one. Choose wisely and if you discover you have made the wrong choice, don’t be afraid to make a change.

REASONS TO CONSIDER A MANAGEMENT COMPANY. There are many reasons to hire a property manager. You may be too busy with other tasks, your property may be too far away for you to personally manage. You may have inherited a property and not feel confident in managing it yourself. You could even decide, after years of operating your property or properties, to take life a little easier- maybe do some traveling. With all the new rules and regulations, you may not be comfortable keeping up with all the ever-changing laws.

FINDING THE RIGHT MANAGEMENT COMPANY. We at PRS Properties do not offer property management, except in the case of properties we own. We have however, hired managers in the past. There are a lot of things to consider when hiring a manager. Fees, of course, are one consideration, but what are you getting in return? The best rate might be the worst fit. You should get a detailed list of all services provided, and extra fees that may be charged. Will you be using your own vendors? Will your new manager provide notices, for late rent or rent raises? How often do they visit your building? How do tenants reach them after hours? What kind of detailed monthly statements will they be providing you with? What about new vacancies? How do they advertise and show? These are just a few of the questions to ask. You should make a list of your concerns.

RECOMMENDATIONS. Talk to other clients that have worked with this company. Who is the manager that will be working on YOUR property. Talk to other property owners who have buildings close to yours as well as owners that you know personally. Last of all, if it doesn’t work out, don’t be afraid to change. Maybe ask for a 6 month period to see if it is a good fit. This is a major decision, so choose as carefully as you can. Recommendations from your apartment owners association would be a good thing as well. Don’t be in a hurry to sign a contract. Do plenty of due diligence before you decide. I have many clients who are happy with their managers, but I have seen some nightmares (including my own experiences many years ago). Best wishes on your journey.

What we at PRS PROPERTIES CAN DO. We are always available to chat. We can give you referrals for professionals, such as lenders, contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparables in the area of your properties, so that you know what rental values are in your area. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

“Always be prepared to start ,”Joe Montana

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.