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Is a Property Manager right for your Multi Family Units?
If you own a multi family apartment unit â€“ or two, or three, or more â€“ you may be holding off on hiring a multi family unit property manager because you donâ€™t want to part with precious profits. And yes, of course it costs money to hire a property manager.
But a property manager can save you untold amounts of hassle and aggravation in managing your several multi family units. Do you really enjoy getting phone calls at 2 am from an irate tenant whoâ€™s toilet is overflowing? A property manager can save you the hassles and give you back your sleep and peace of mind.
The real question, though, is whatâ€™s it costing you to not have a property manager for your multi family units? Consider the value of your time.
You only have 24 hours in the day, 7 days per week. You can spend your waking hours running here and there to pacify upset tenants from your multiple multi unit properties, calling plumbers, supervising the work and checking to make sure it gets done right.
Or you can spend your time looking at new multi family units and arranging financing with the bankâ€¦so that your wealth continues to grow.
So tell me again why you think you canâ€™t afford a property manager? The cold hard facts are that you canâ€™t afford to not have a property manager. If you try to do everything yourself, youâ€™ll end up like John Smith.
When I first met John Smith 20 years ago, he was a landlord whoâ€™d inherited 20 rent houses. He spent his days driving around in a beat-up old work truck loaded down with supplies, going from house to house, fixing things, as the houses were old. Then I lost track of him about 15 years agoâ€¦
I saw him again 5 years ago, at the Home Depot. He was still driving around in an old truck loaded with paint, carpet, and toolsâ€¦still doing everything himself. Nothing had changed except that heâ€™d put on weight and there were now bags under his eyes and gray in his hair.
Had John hired a property manager for all his multi family units 20 years ago, he couldâ€™ve spent time doing deals for new propertyâ€¦and would probably be out on the country club golf course right now, or sipping single-malt scotch in the clubhouse.
Donâ€™t be Johnâ€”hire a competent property manager and spend your valuable time completing more deals!
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