When I got started in multifamily, I was much too hands-off with property managers. Yes, I reviewed the numbers, but otherwise, I stayed away and simply let them manage everything.
Then I realized that experienced syndicators are much more actively involved with their property management companies, and we started to build more collaborative relationships.
So, where is the sweet spot between too hands-off and too involved? What does a healthy relationship between property managers and ownership groups look like?
Nathan Ridgeway is Regional Vice President at First Communities, one of the nation’s most successful property management companies.
Founded in 1978, FCM has managed over 200K units in 100K communities, growing their market reach to include Washington DC, Dallas, Austin, Houston, Atlanta, Charlotte and Nashville.
On this episode of Financial Freedom with Real Estate Investing, Nathan joins Garrett and me to discuss the relationship between property management companies and ownership groups.
Nathan explains what differentiates FCM from other property management companies, describing his team’s approach to building a deep bench in a given market and managing expectations with ownership groups.
Listen in for Nathan's advice on vetting a property manager and learn how to strike the right balance between trusting your management team and verifying their performance.
For full episode show notes visit: https://themichaelblank.com/podcasts/session337/
