On the latest episode of the Best Ever Podcast, John McGeown shares how he found his way into real estate and High Fidelity Property Management’s business and management philosophies in addition to property management best practices.
Top Property Management Best Practices
1. Don’t Underestimate the Time It Will Take
John says that many people who self-manage underestimate the time it takes to properly manage a building, which is why they often come to him for help. “I think the mistake is people try to do too much too fast too soon,” he says.
2. Make Sure You Have the Right Resources
Others who self-manage their properties tend to struggle because they haven’t yet established reliable connections. “Having a good cast of vendors is one of the hardest things for property owners who are managing themselves,” John says.
3. Your Existing Portfolio Is the Gold
John admits that he is often in “go” mode and forgets this one thing: “Your existing portfolio is the gold, and new people are silver,” he says. He sees many third-party property managers flip those priorities around, making the mistake of devaluing their existing client base and overvaluing new business.