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John McGeown is a self-described old soul in real estate. He grew up in Chicago and joined the U.S. Navy after graduation, where he served from 1999 to 2003. At age 24, he decided to enter the world of real estate.\\xa0

Today, John is the president of High Fidelity Property Management, a third-party property management company that has 1,000 apartment units under management throughout Chicago\\u2019s North Side neighborhoods. In this episode, he shares his top five Best Ever tips for property managers, as well as his experience as a GP in the Chicago MSA.

1. Don\\u2019t 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. \\u201cI think the mistake is people try to do too much too fast too soon,\\u201d he says.\\xa0

2. Make Sure You Have the Right Resources

Others who self-manage their properties tend to struggle because they haven\\u2019t yet established reliable connections. \\u201cHaving a good cast of vendors is one of the hardest things for property owners who are managing themselves,\\u201d John says.\\xa0

3. Your Existing Portfolio Is the Gold

John admits that he is often in \\u201cgo\\u201d mode and forgets this one thing: \\u201cYour existing portfolio is the gold, and new people are silver,\\u201d 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.\\xa0

4. Know What You Know \\u2014 And What You Don\\u2019t

When asked why he hasn\\u2019t ventured into short-term rentals, John answers candidly: \\u201cI\\u2019m a Navy guy, and I\\u2019m very cautious,\\u201d he says. \\u201cI know what I know, and I know what I don\\u2019t know.\\u201d It took him a considerable amount of time to discover who he is, what he wants to offer, why he is different, and why people should work with him. Now that he has that figured out, he prefers not to deviate from his plan.\\xa0

\\u201cThere\\u2019s always going to be a shiny object that somebody is shaking in front of you,\\u201d he says. \\u201cFor me, it never really felt like something that I wanted to do. So I didn\\u2019t do it.\\u201d\\xa0

5. Three Things to Look for When Evaluating Vendors

\\u201cCommunication, trust, and competency are the things that we look for when we\\u2019re evaluating new vendors,\\u201d John says. Additionally, he prioritizes getting the best possible price for the best service he can.\\xa0

John McGeown | Real Estate Background

• President of High Fidelity Property Management, a third-party property management company that has 1,000 apartment units under management throughout Chicago\'s North Side neighborhoods.
• Portfolio:
• GP of 100 units
• LP of 36 units
• Based in: Chicago, IL
• Say hi to him at:
• hifipm.com
• LinkedIn
• Greatest lesson: Never give up! This business doesn\'t slow down for me, so I have to work hard to keep up. Sometimes tomorrow is about learning from yesterday.

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