IS A PROPERTY MANAGER ESSENTIAL?

Question

This is my first topic so ill do my best to make my self clear. I have some commercial properties in Miami and as the numbers become to get bigger and as the market starts to move up , i wonder whether theres is a necessity for a property manager . I believe that hiring an administrative who is constantly working to get new tenants and making the current ones happy might be a better option. What do you think?

Marcus Curtis · Answer

Account Closed I believe it depends on your personal situation and skillsets. For residential management it is just as easy to a couple of your own properties than it is to manage the manager. For Commercial real estate- which I am assuming office/retail- things get a little different.

The skills a qualified manager brings to the table is knowing the market. It is all they do so they should be able to do it well. They will also know what a good tenant mix is for, say a strip mall or office building. They also will be able to better negotiate leases and even lease-buyouts. There are a number of factors to consider especially in the commercial  real estate realm, in my opinion.

If you were to hire an administrative assistant to manage the properties for you and find you new tenants do they have the resources in marketing, leasing and financial operations of a property? If the don't then do you? Do you have the time or the willingness to do so at this point?

Allot of things to consider!

Rafael Saldana · Answer

My two cents, it all boils down to the cost of hiring management. Speaking from experience, there are a lot of good commercial property agents that also manage properties in Miami. You just need to know who to ask to find someone trustworthy.

Are you tired of dealing with your tenants? Then if the numbers make sense and you find someone you can trust, I say hire them. You won't make as much money but your investment will be secure and you will have one less thing to lose sleep over.

I invest in apartment buildings but always looking to meet new people in my neighborhood. Send me a message if you ever want to talk. Would love to hear more about what you do.

Account Closed · Answer

Not if you just carry the note and don't rent. I rent AND carry the notes, and I am starting to prefer the latter. Many on this board may not agree with me. Good luck finding your PM.