This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
Let us come now to the third essential to success in tenement house management - the skilful agent. Let the skilful agent respect his vocation as manager of property and believe that it has excellent possibilities. It provides a steady income and supports an office force and equipment for an all-round business. Booms may wax and wane, dull periods may continue long, the agent who has a good line of property has little occasion to worry. Industrial depressions may come when rentals depreciate and incomes shrink, but he need not fear. They will even work to his advantage, for then owners who in better times could manage their own property will want his professional skill and assistance. It is a good preparation for any special line of real estate work that one may desire later to follow. Men with enviable reputations have laid the foundations of their fortunes in the care and management of property, much of it of the tenement kind. An agent who has managed a varied line of property in any locality should know the needs and possibilities of that section along real estate lines better than anyone else. A very profitable class of real estate work is the appraising of property. A great volume of it is carried on constantly. The city is all the while taking property for public uses. Estates have to be appraised for the collateral inheritance tax. Large properties are often involved in litigation. Men that can value them correctly and maintain their values under severe cross-questioning are sought and well paid. Then there is a mass of appraising for loans and purchases. There is no better preparation for an appraiser than to have managed a variety of property. To be able to discern the earning power of property is to unlock the very secrets of its value, for, in the last analysis, property is valuable in proportion to what it will earn.
Again, the manager of property becomes familiar with much connected with the building business. A volume of repairs is passing under his supervision all the time. Sometimes expensive overhauling will be done under his direction. Rebuilding after fires will have to be supervised. All this work enlarges his knowledge of real estate.
The acquaintance one makes managing property, if one has a good measure of success, is a valuable asset. Any office with a successful period of managing property behind it comes to have clients who will not purchase nor sell except upon its advice. If this relation is skilfully maintained, such an office comes to have an advantage over all others in marketing, in good times, the properties it has put upon its books. There can be no doubt that the managing of investment property is the best preparation and foundation for a broad and successful real estate business.