Multifamily property management means operating apartment communities, buildings of many units, on behalf of owners, handling leasing, resident services, maintenance, staffing, and financial reporting at scale.
Log in to followI've read management agreements on five apartment deals in the last two years as a passive investor, and the base fee is almost never the interesting part. Everybody's at 2.5% to…
I've got signed agreements on three small apartment buildings, 22, 34 and 41 units, all in the same submarket about twelve minutes apart. Fees come to roughly $9,100 a month at 6%…
This is for anyone on the service side thinking about apartment work, because the mistake was simple and I made it anyway. A make-ready, or a turn, is the work done on an apartmen…
LP position, 216 units, 2015 vintage, suburban submarket with a lot of new delivery. Sponsor's management arm operates it, which was disclosed and which I accepted going in. Fee i…
620 units across three properties in the same submarket, all garden style, built late 90s. Insurance renewal quoted 24% over expiring. Submarket rent growth is running about 1.9%…
I own land and I'm looking at a first apartment position with two partners, so I'm reading operating models from scratch and I keep hitting this fork. The centralized version: one…
Closed on this one 14 months ago as an LP with a co-invest seat, so I got to watch the whole thing. 168 units, 1980s garden product in a second-ring suburb, average in-place rent…
I've been asking managers what they pay for software and getting numbers between $2 a unit and $12 a unit with no explanation of what's in either one. One of them told me the AI l…
Family entity ended up holding a 72-unit garden property attached to a parcel we've been sitting on for years. I know land. I do not know this, and I'm the one reading the agreeme…
I've been planning my first purchase for about two years and I'm now under contract on a 12-unit, 1978 brick, two-story walkup in a stable working class submarket. Rents average $…
Been reading operating statements for a 190-unit 2018 build I may take a small position in, and the renewal policy is where I keep getting stuck. Current in-place average is $1,58…
Twelve month contract, ended it at month nine by mutual agreement. Writing it up because the failure was entirely in one assumption and it's an assumption a lot of people are maki…
I'm an LP on a 96-unit apartment deal, small check, and I read the property management agreement before I funded. It's not the operating agreement, it's the separate contract betw…
Six weeks ago I knew nothing and had no way in. Someone in another thread said leasing response time is where most communities lose money, so I decided to measure it instead of re…
I've been talking to an owner group about taking over a 180-unit garden community and their draft term sheet says 3.5% of gross collected revenue plus a leasing incentive. I assum…
We run 410 units across three properties for two owners, fee is 3.5% of collected revenue plus a turn coordination fee. Owner on the bigger asset has been on me about controllable…
I put money into a 180-unit deal as a passive investor and the first real operating report landed. Twelve pages. I read paperwork for a living on the acquisition side but I've nev…
A broker I know told me flatly that managing apartments for a fee requires a real estate broker license. Then I toured a 120-unit community and the on-site manager said she's neve…
Owner of a 96-unit walkup asked me to quote all their turns for a year. I've done renovations for six years, mostly single houses and small flips, so the work itself doesn't worry…
Someone I know is buying into a 60-unit building and asked me whether it needs on-site staff. I said probably, then spent the drive home realizing I couldn't defend it. So, plainl…