In today’s podcast, we’re going to talk about property management, and more specifically what a property manager does.
There will be some things that surprise you.
We’ll also talk about how to select a property manager, because if you’re going to build a business, a property business on the side, you’ve got to have one that doesn’t have too many working parts and that works for you even when you’re not there.
And that means finding a property manager who cares as much about your property as you do.
Then, in my mindset moment, I’ll share a lesson from my mentor, Jim Rohn, about 4 important emotions that can turn your life around.
What do property managers actually do?
- Collect rent
- Keep vacancies to a minimum
- Check references
- Advise landlords on tenant selection
- Ensure compliance with legislation
- Ensure leases are legally enforceable
- Have and apply market knowledge
- Choose tenants with whom they can have a long-lasting relationship
Questions to ask a potential property manager:
- Pretend to be a tenant and arrange a mystery shop experience. See how they treat tenants.
- This is important because tenants are just as important as customers as landlords.
- Does the agency have a dedicated property management department?
- Is there a director or owner involved in day-to-day property management?
- How long has the property manager been in the industry?
- What are the specifics of the property manager’s experience?
- How long have they been in the industry?
- Is their presentation professional?
- Who is in the office handling inquiries and concerns from tenants/landlords/investors while the property manager is out in the field?
Links and Resources:
Metropole’s Strategic Property Plan – to help both beginning and experienced investors
Some of our favourite quotes from the show:
“I know that at Metropole what we do is we have systems looking after the property and people looking after the systems.” – Michael Yardney
“If you’ve got a multimillion-dollar business, don’t take shortcuts with the people who are part of your team, including your property manager.” – Michael Yardney
“The day you allow the emotions to fuel your desire, that’s the day your life’s going to turn around.” –Michael Yardney
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