If you are a multifamily real estate investor, you already know that the process of managing multiple investment properties only gets more complicated especially as you add additional properties to your portfolio.
Growth is what you want as a real estate investor but, at what expense? You can continue attempting to manage all of your investment properties yourself or as your portfolio grows you can work with a real estate asset manager to assist you in growing your portfolio of investment properties.
If you never considered hiring a real estate asset manager before, this article will provide you with several tips to help you with finding the right person for your business.
What Is A Real Estate Asset Manager?
Before I start talking about the things that you should look for in a real estate asset manager, I need to clarify what this person does and how they can help you to grow your portfolio of investment properties.
A real estate asset manager is an individual who is also known as a sponsor, they develop commercial rental properties for people to invest in. As more people invest in those properties, their goal is to manage them cost-effectively and efficiently, holding on to the properties for a set period of time until they ultimately decide to sell the property and generate an awesome return for their Investors.
If you have been building your portfolio of investment properties for years, there’s no doubt that you may be leery of hiring someone whose job is to find investment properties for you to put your money into.
Thankfully, you can set your mind at ease by following these tips before you hire a real estate investment manager.
Tip #1 – Verify Their Experience Level
The first thing to do before hiring a real estate investment manager is to verify that they have the experience needed to do their job successfully.
Even though many individuals have become real estate investment managers over the last several years, you should hire someone who has experience dealing with the real estate market when it’s up or down.
Your goal should be to work with a real estate investment manager who can help you successfully add investment properties to your portfolio regardless of the state of the economy.
You should also be able to rely upon that individual’s experience so that you can scale up your portfolio of investment properties and create more wealth when you’re ready.
Tip #2 – They Must Have Experience in The Type of Property You Want to Invest In
It doesn’t matter if you plan on investing in multifamily, single-family, or office buildings, your goal should be to hire a real estate investment manager who has experience in investing in the type of property that you want to purchase.
This tip is important because each type of investment property is affected by a wide variety of different factors or variables so it’s important for you to hire somebody who has experience in managing the type of property that you want to invest in before you hire them.
Another reason why to choose an experienced real estate asset manager is the fact that over the years, investors who have hired asset managers that have concentrated experience in the type of property that they’re investing in found that this move enabled them to get the best returns while minimizing their risks.
Tip #3 – They Must Know the Real Estate Market Where the Property Is Located
Once you verify their experience, another thing to look for when hiring a real estate asset manager is to choose somebody who understands the local market where the property that you plan on purchasing is located.
This is another essential tip to follow because real estate is a very localized market and this means that you don’t want to hire someone who has more experience in one market than another.
For example: the Los Angeles rental market is vastly different from the rental market of Columbus Ohio. Understanding the rental market doesn’t just stop with what properties are currently renting for. you should also hire a real estate asset manager who knows the underlying factors that are affecting a local real estate market including employment statistics and other economic factors as well.
Tip #4 – Make Sure They Listen to You
Yes, hiring a real estate asset manager is important but another thing that you should look for when hiring the right person is finding an individual who takes the time to listen to you and will act in your best interests instead of just being concerned about generating profits for their company.
Smart real estate investment managers know that the investors that they are serving are central to the success of their companies and they will do everything possible to maintain those relationships while at the same time finding great Investments that will generate the most return on investment for their clients.
Besides choosing someone who takes the time to listen to you. another thing to look for when hiring a real estate investment manager is to choose an individual who has good character.
This means that they are honest, have proven that they have integrity, are transparent about their personal or business dealings, and can be depended upon to provide you with answers to all your questions.
Contact Trier Capital
At Trier Capital, we have a great team in place to serve all your multifamily real estate investment needs.
Our director of asset management, Thomas Wieser, has over 30 years in business management, sales, marketing, quality, purchasing, customer service, and logistics. His primary objective has been to establish, maximize, and protect revenue opportunities and to grow EBITDA.
Our company will save you the time, money and hassle of investing in multifamily properties yourself so that you can enjoy the ROI from multifamily while living your best life possible.
To learn more about how we can help you to build a profitable portfolio of multifamily investment properties, contact us today by calling (630) 229-2383 or click here to connect with us online.