And, why do I need one?
"Asset managers have long-term value squarely in mind, while property managers like their invoices padded."
Yes, There is such a thing as a real estate asset manager ("asset manager"). "Oh! Like a property manager," you ask. Well....no, there's a very important difference; one that adds considerable value (wealth) to your portfolio. An asset manager strategically positions your properties according to value and revenue. By contrast, A property manager is concerned with the day-to-day issues of the property. Therefor, a property manager needs more day-to-day issues in order to keep themselves paid. An asset manager, is incentivized by the appreciation in value; hence the long-term outlook on a client's property.
You can now take a wild guess at the distinction between wealthy real estate investors and worn-out landlords. The wealthy real estate investor likely has an asset manager looking after her portfolio. This would include having the asset manager manage the property manager. It never hurts to have professionals check behind the maintenance schedule for price gouging and invoice padding. As my business partner said of the subject, "Asset managers have long-term value squarely in mind, while property managers like their invoices padded."
Whether you are looking to get started or want to take your current holdings to the next level, you can now reserve this exclusive service for yourself. Think of it as enjoying the "good life" without paying "good life" money. Companies like Once Fiduciary offer the exact services that family office providers and so-called "coaches" offer, for a fraction of the fees. I can't imagine paying someone $50k to teach me to invest when I could use that same money to make a better investment- plus I only pay a fraction in fees to have the same mentorship for life! Asset managers are a much better way to go.
Meanwhile, remember that the rich own nothing, yet control everything.