5 THINGS TO CONSIDER BEFORE HIRING A PROPERTY MANAGER!
- Property managers need to have rental properties before they can be hired. Learn from my experience – starting off with four other people who made more money than me wasn’t a great call!
- Property management companies need to be structured properly in order to make the investor profitable.
- Be careful of ‘Tom, Dick, and Harry’ getting into property management. Real estate agents can call themselves property managers but that doesn’t mean they know what they’re doing.
- Educate yourself as a landlord so you can properly choose the right people to manage your properties.
- Look for a property manager who is responsible and responsive to you as an investor. That’s key to having successful rental properties.
In this video, a panel of experienced property managers discussed how to find a good property manager. They emphasized the importance of understanding the scope of the property manager’s job and how to select the right one for the job. The panel highlighted the need for the property manager to be local, responsive, and well-equipped with the tools and systems necessary to manage properties efficiently. They also warned against real estate agents who call themselves property managers, as these individuals often lack the knowledge and experience necessary to provide good service. Lastly, they recommended regularly scheduling inspections to ensure the property is being managed properly.
How to Find Your Next Property Manager https://www.youtube.com/live/XD2S4jEbS9o?feature=share via @YouTube
The speakers discuss the importance of having a good property manager and how to effectively interview them. The speakers emphasize the importance of onboarding processes, tenant life cycles, client relationships, tenant relationships, and maintenance and repair processes. They also suggest that a property manager should do a preventative maintenance inspection prior to listing a property and should create a financial plan with the investor to estimate costs and timeline. Lastly, they suggest that investors should put themselves in the tenant’s shoes and understand that property management is a people business.
This video discusses the importance of having proper forms and documentation in order to be successful in real estate investing. Lena, Jay and Rob all discussed their experiences in self-managing properties and hiring property managers. They agreed that it is essential to invest in a reliable paralegal and to have a comprehensive lease with detailed clauses. They also discussed the importance of taking the time to ask the right questions when screening tenants and understanding the value of having a team of professionals such as lawyers, mortgage brokers, real estate agents, appraisers and building inspectors. Finally, they emphasized that it is important to educate oneself and not rely on crowdsourcing one’s entire business.
The property managers discuss the different types of tenants and properties that each of them manage. They explain that single family homes require a different tenant profile than multifamily homes, and that understanding the demographic of the area is key in managing property. They also discuss the importance of learning from experiences and taking the time to properly educate oneself on the different types of tenants in order to be successful. Lastly, they emphasize the importance of picking the right property manager for your investments..
There are very important aspects to finding and hiring the right property manager. Lina emphasizes the importance of a personality match between the investor and the property manager. Jay recommends that you educate yourself before hiring a property manager, emphasizing the importance of understanding the legalities and legislation associated with the job. Robert explains that he specializes in rent-to-own properties and offers his website, www.thinkingoutsidethebox.guru/home, for more information. Maria reminds viewers of her website, realwealthrealestate.com, and all of her social media accounts and group pages. Lastly, all three panelists encourage viewers to reach out if they have any questions or need further assistance.