In a recent appearance on the Investing for Generational Wealth podcast, EM Capital founder Chris Lento shared his expertise on managing property managers for multifamily properties. Chris’ journey from aerospace engineering to real estate investment offers valuable insights into effective property management.
Key Highlights:
- Transition to Real Estate: Chris began his real estate journey while working in the aerospace industry, gradually scaling up from small properties to larger multifamily investments.
- Early Challenges: Managing small properties (1-5 units) in Boston highlighted the difficulty in finding reliable property managers, shaping his approach to property management.
- Scaling Up: By 2018, Chris transitioned to full-time real estate, managing over 600 units across the Southeast, with a dedicated team of four.
- Property Management Insights:
- Small Properties: Often owner-managed with variable quality.
- Medium-Sized Properties: Require thorough vetting of off-site property managers.
- Large Properties: Benefit from on-site staff, ensuring consistent management and efficiency.
- Best Practices:
- Conduct regular market surveys to adjust rents.
- Maintain clear communication and operational transparency with property managers.
- Implement performance-based incentives for property managers.
- Leverage technology and property management software to streamline operations.
- Role in Acquisitions: Integrating property management expertise during acquisitions ensures informed decision-making and smooth transitions.
Chris Lento’s experience emphasizes the importance of strategic property management in building a successful real estate portfolio.
Connect with Us:
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Connect with Chris Lento: LinkedIn.
Listen to the Full Episode: Available on Apple and Spotify.
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