[notyourday]

This an an extremely unsexy long-term market that provides very solid returns in exchange for lots of work. That is why management companies have very low valuation even compared to REITs. It is a market where you hire Jamel and Jose who have been building supers for twenty years and who know what's on sale today in the Home Depo and what kind of light bulbs should be hoarded rather than Jack who will order stuff on Amazon because Jack will overpay by 220% by buying that stuff for just-in-time on Amazon and over a period of 10 years those mistakes are going to be a $100k difference in opex per location.

A company that gives an engineer budget to deck out his desk is fundamentally incompatible with a slow and steady way of making money in real estate management.