Key Takeaways:

Hiring a third-party asset manager allows real estate investors to take a step back from active ownership responsibilities while still maintaining control and earning income from their investments.

Asset managers serve as the CEO of the property portfolio, handling execution, optimization, and strategic direction to meet the owner's goals.

Asset managers assess properties, identify issues, and establish action plans to improve performance, maximize returns, and ensure smooth operations.

Regular reporting from the asset manager keeps owners informed without overwhelming them with non-essential details.

Hiring an asset manager typically makes sense once a portfolio grows beyond 20-100 units in size or complexity.

Asset managers can optimize operations, enhance returns, and add value beyond just maintaining the status quo.

Interviewing potential asset managers to understand their experience, systems, transparency, and track record is important for finding the best fit.