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Updated over 1 year ago on . Most recent reply
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Is it a good idea to self manage when unable to find a good property manager?
Hi BP community.
When I owned around 10 units I managed them myself, and I think I did it efficiently. Then as I acquired more units I hired a property manager. As you probably know, most managers will not manage as good as the owner. For example, I would find a qualified tenant faster, I would not let’s a tenant fall behind in wait until they owe $3K in rent to start the eviction process, or I would respond to maintenance calls faster etc. (Tenants complaining nobody answers the phone when they call or take to long to get back to them).
Now that I own around 100 units and bringing a million a year in rents, I wonder if hiring a full time employee to help me manage my own units would be a good or bad idea.
The rational is since I am paying around $70K a year I management commission, I could hire a small team to help me manage my units more efficiently.
Has anyone done this? Is it a good or bad idea? I know it will take more of my time until I fully train my assistant to solve 80% of the problems. Should I find ways to help my manager be more efficient instead?
what would you do in this case.
Thank you in advance!