Should I Hire a Property Manager Or Do It Myself?
July 9, 2009
One of the biggest questions people ask me is if I manage my properties myself. Yes and No. I manage the management companies. One of the greatest pieces of leverage in commercial real estate is your ability to hire the best and have the margins to pay them. That leaves you free to go after closing more deals and focusing on what will bring you real wealth.
It’s true that you can save more money doing the management yourself if you devote a majority of your time to that aspect, picking over every detail and squeezing everyt dime out of the property.
6 months after I bought my first property I started my own management company. I closed it about 2 months later because I realized it was not the highest and best use of my talent and expertise. So my effort went into building the best team of apartment property managers I could find. I knew that if I hired the best and watched them that I would be free to look for more deals, they would do what they are supposed to and in the end, we’re all working in our specialities.
It still takes work to manage the managers, but look who I’m dealing with now. Instead of dealing with renters and office workers who are just in it for a steady paycheck and could care less about the health of my business, now I’m dealing with professional managers and representatives or owners of the management companies who NEED my business.
It’s a whole new dynamic and I highly suggest that anyone starting out hire the best property manager they can afford.
The reason many people can’t afford it though is because they overpay for the property in the first place and now they HAVE to manage it themselves.
I can show you how to get the apartment at the right price the first time and give yourself the leverage to afford to hire managers while your neighbors and other investors are struggling to manage their own property, you’ll be closing new deals.
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