Key Takeaways:
- Hiring a third party asset manager can allow an owner to take a step back from day-to-day operations and focus on other goals or investments
- An asset manager acts as the CEO to oversee finances and hold the property manager accountable
- It makes sense to consider an asset manager once a portfolio grows to around 100-200 units
- When onboarding a new asset, an asset manager will evaluate financials, goals, timelines, team members, and identify any issues or opportunities
- Turning around an underperforming property requires fixing maintenance issues, improving marketing, addressing tenant complaints, and ensuring the property manager is actually completing tasks
https://www.tylercauble.com/podcast/episode181
The Commercial Real Estate Investor Podcast