ANSWER

Whether the sponsor works with one property management company or more than one, depends on several factors. First, the pros of working with one company: the sponsor can maintain a long-term working relationship and streamline processes. When more than one point-of-contact is used, lines can get crossed and confusion may abound. Using one property management company can help with accessing residents as well. If there is a vacancy, the property management company may refer a tenant from another property. However, if it can be managed well there are advantages for a sponsor to work with more than one property management company. For example, if a sponsor wishes to segue into another market, they may need a second management company who specializes in that market. As well, if the sponsor has two management companies in the same market and one company experiences challenges, then the sponsor can fall back on the second company whom they already have a relationship with.

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