How to Find the Best Property Managers
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- čas přidán 6. 08. 2024
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🎙️ Episode 333 - Coach and Erion guide you through the essential steps of finding a reliable property manager, covering everything from defining your needs to evaluating crucial qualities such as market knowledge, incentive alignment, tenant management skills, and company stability.
📄 Show Notes: www.coachcarson.com/findprope...
▶️ Next Video: The Top 5 Mistakes I’ve Made as a Real Estate Investor
• The Top 5 Mistakes I'v...
🎬 Timestamps:
0:00 - How to find a property manager
1:56 - Define your expectations
6:25 - 1: Superior market knowledge
10:35 - 2: Incentive alignment
14:48 - 3: Proactive maintenance approach
18:41 - 4: Tenant communication
20:59 - 5: Experience & reputation
26:49 - My Top 5 Mistakes
🔗 Connect with Erion Shehaj:
• Twitter: / investarchitect
• Website: www.signaturehouston.com/
• LinkedIn: / erionshehaj
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OMG!!! I can totally relate! Alignment of incentives is definitely a big one! The worst management company I worked with charged 10% on top of a vendor’s cost that they called « coordination fee »! I only found out after I noticed a bill that didn’t match what the vendor charged. So if they paid the gardener who charges $180, they would charge the landlord $198. They pocketed the difference. Unbelievable. That’s on top of the 7% monthly management fees of rental income they charge the landlord. What was the point of paying them a monthly fee for?! If they did a periodic inspection, they charged another $150. I can keep going. I definitely learned that the property management company you hire can make or break your investment.
Managing is the easy part for me. So far I've had a hard time finding a good/reasonable handyman.
yeah - that can be a tough one for sure.
This information is so valuable that I revisited . Thank you so much Couch Carson and Erion Shehaj, for sharing your knowledge.
Thanks for watching!
Wow this was fantastic advice thank you very much!
Glad it was helpful! Thanks for watching.
Such a great watch! The section about the importance of incentive alignment between investors and property managers really got me thinking. For fellow multifamily investors, our channel is packed with invaluable insights and strategies.
Chad thanks for this great session. Much needed for us newbies.
happy it was helpful! thanks for watching!
AT 15:55 THE STRESS OF LEVERAGE !!!! LOL !!!! This is why I love Dave Ramseys 100% debt free real estate ways. I am far more less stressed now that I paid off every house we have. When your 100% debt free you really dont even need any reserves. The reserves flow in every Month like monstrous massive gargantuous cashflow when your 100% debt free !!!!
Great topic! Love the information on how to select a PM.
Thanks both for sharing your knowledge.
Happy to share! Glad it was helpful.
Great episode, Coach! We're in the process of starting to rent a SFH in Greenville SC. Do you know of an honest property manager in the area that's worth of recommendation? We had a bad experience with one PM in the past (in another state) and pretty much ruined PM reputation for us, but maybe there's one out there, just a needle in the haystack??
Great presentation! My only question is where to find such a great PMC in US when 99.9% of services we get now, regardless what field, are in line of Banana republic services?? Regardless what and where services we receive now SUCK!
I’ve yet to find any property managers worth their salt
My PMs take the late fee and keep it for themselves. To be honest I was flabbergasted. This is what the contract says:
"Any rent payment that is not received by Owner by 11:59 p.m. on the 4th day of the month it is due will be assessed a late fee of XX. The parties agree that this late fee shall serve as liquidated damages, and not penalty for the late payment. The parties also agree that this amount is a reasonable sum to serve as the liquidated damages, and further agree that the actual damages suffered by Owner because of the late payment would be difficult, if not impossible, to ascertain. Total amount of late rent and late fee is payable by money order, cashier’s check, or other certified funds. Deductions made from rent without written permission from Owner are considered as unpaid rent and will be subject to a late fee."
Please let me know your thoughts on this, thanks.
That language doesn't say who gets the late fee which makes it sound like the owner should get it. My contract with my property manager makes it clear that the property manager takes the late fee.
So tenant pays late and “potentially”causes your mortgage payment to be late. Lender charges owner a late fee for late mortgage but property manager keeps all of the tenants’ late fee(s)??! Lol!
Mine takes half 😏
I guess we need to change the contract
You don't... because they don't exist
There have to be some, right?😄
@@CoachChadCarsonthey just have to be good not great or competent