Property management is a necessity for every property owner. Property management may be done by the owner or by a professional third party property management company. California Attorney and Real Estate Broker Chris Adishian answers the question, “Is it a good idea for a property owner to to self-manage their properties?” at the South Bay Association of Realtors Commercial Attorney Panel on June 2, 2015.
Transcript
The question of “Can the owner self-manage?” I would say if you buy a new building, and it’s empty, you could go down that road. Put up “for lease” and try to save commissions, but I don’t recommend it. Get a good agent on your team. Someone who knows the neighborhood, knows the product type, knows the type of tenant you’re striving to get, and let him and her or that firm go out and present options to you.
It’s worth the money, especially if you’re not in the real estate business as the owner except for owning the property. You don’t have the databases, the networks, the marketing power, or the skillset to properly tenant your building.
What you should be doing is building your team and then reviewing the potential tenants with your team before saying yes or no.