Quote:
Originally Posted by jafski
I want to use a 3rd party management company and know that they should be involved fairly early in the process. While I will work with a feasible consultant to help design the site plan and unit mix, I am wondering at what point in the development process I should begin interviewing potential mgt companies? and then what should be my goal as to when to have one selected?
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Seems like your second question should be answered first - what do you expect the management company to do? That will go a long way in determining when to bring in that sort of help. Some companies are in from the beginning, contributing to the design process, equipment layout, contacting vendors for proposals and, of course, handling the after care once a site is open. Others are more in tune with managing day to day operations once a property is ready for business.
What do you want the management firm to do? How much of the process do you want them to oversee? Even if all you want is operations management, the earlier they are involved in the planning process, the better. Chances are the company will have seen properties similar to yours and will have a good idea of what to expect when its work really begins.