Please Don't Laugh
Here is the situation.. I purchased a duplex across the country online because the amout was doable and properties in my area are way too high for me to be competitive at this point. I had been thinking and dreaming of getting into real estate investing and finally just decided to jump in (sink or swim)... Now I have a property, I will be visiting the property this month and have a partner who can fix a great deal of things. We are hoping to get it rehabbed and rented in a month or so. Now here is the punchline... I can't find a property management company or person in that area. The seller recommended a contractor/property manager but when I contacted him I simply wasn't impressed with what he had to offer... communication, since of urgency etc. I know that one cannot recommend any business in this forum, but can you offer advice or resources to research. I am a research analyst and have no problem with research but at this point I have exhausted every resource I can think of on my own. Being 2600 miles away from my investment leads me to believe that I NEED a property manager... any advice will be greatly appreciated. Please be kind in your response as I know that maybe I should have had this lined up before purchasing the property... Live and learn. I know simply have to make this a successful project.
I would recommend visiting www.Realtor.com or calling the local board of realtors in the area where your inv prop is. They should be able to refer you to someone who can manage the property for you. You may want to also contact the local apartment association and ask if they can recommend a property mgr or company that has a mgr that has a CRM designation (Certified Residential Manager).
Hope this helps!
Casey Ellsworth, Broker/ Owner
SourceOne Realty Sales & Investments
Find a local Real Estate Club in the area. They will be able to help you.
I'd take a trip out to your property. Start knocking on the neighbors doors and get to know them a bit. When you find one that impresses you, talk to them about managing your property.
You might also check the classified ads for that area and call "for rent" ads and see if any of them are managers or landlords that would take on another property.
Call people that are selling investment properties, renting homes, etc.
Also call realtors in the area. Real estate accountants and attorneys.
You can always find somebody who wants to make a few extra bucks and learn a new business.
Thanks so much for your responses. You just reduced my anxiety level significantly.
If you tell us where the property is located, perhaps someone will give you more specific direction.
It's worth a shot... the property is located in Buffalo, NY.
Kacey,When you get into the neighborhood your property is located look for well maintained occupied rental properties and find out who the property management company is. Find out if they own this property or just manage it for someone else. Find a few property management companies and find the one you are comfortable with.
In PA, property management can only be done by RE licensees where the property to be managed is owned by other people. If this is the case in NY, then you might find potential property managers in real estate agencies, if you can't find companies in that area that specialize in property management.
This is not a recommendation for any of these companies. But maybe one of them might be able to help you.
Asset Management Group Inc.
2005 Niagara Falls Blvd., Buffalo NY 14228
Phone (716) 691-9995
Toll Free (888) 691-9995
Investors Group Reality
771 Kenmore Ave., suite 5, Kenmore, NY 14223
Phone (716) 832-9510
MPG Property Management, Inc.
156 Stoneridge Ct., East Aurora, NY 14052
Phone (716) 655-0771
DASA Properties LLC
P.O. Box 276, Buffalo, NY 14220
Phone (716) 602-8428
Good luck.[ Edited by alexlev on Date 04/25/2004 ]
I hate to cause your anxiety to go back up again but actually I'm going to make a couple of other suggestions. One is to ask whether you got title insurance, etc. when you bought? There was some difficulty with folks selling property on-line and then not managing to deliver title. Buffallo was one of the cities specifically mentiones. It would make me very nervous to buy on-line property I'd not visited. The second thing that makes me nervous here it that although the property was a bargain relative to the prices in your local market there is no guarantee that its priced right for Buffallo. Did you get comparable sales before you purchased?
Finally, turning to your actual question, how to find a local prop. manager. This is actually much easier. When you are there pick up a yellow pages. Begin calling on real estate brokerage companies who have offices close to your property and ask them about pm services. You'll find someone who seems competent.