EP 331: Lessons Learned from a Rock Star Property ManagerDec 21, 2022
Welcome ladies to the Real InvestHER Show! Today, Liz and Andresa, recently went on a bus tour with a rockstar property manager and learned five "golden nuggets" from the experience. They plan to share those nuggets with you ladies in this minisode. The first nugget is that investors should involve a property management company during the due diligence period when purchasing a property, rather than after the fact. Other nuggets include the importance of working with a property management company that specializes in the type of asset you're investing in and the value of having a property manager who is knowledgeable about the local market. They also discuss the importance of having good communication with a property management company and the benefits of building a strong relationship with them.
· “But I completely agree to be in true partnership with a company and to be growing with a company, it makes so much sense. But you gotta be mindful of wasting people's time. No one wants their time wasted. "(03:55 - 04:05)
· “There are no property management companies that are specialized in everything. There's no such a thing, so that will be a red flag for me.” (04:18 - 04:28)
· “It creates a lot of conflicts and miscommunication [between owners and property managers] when they are not speaking the same language or have different timeframes in front of them” (06:17 – 06:26)
· “Getting aligned with a business plan is critical”. (07:08 - 07:11)
· “If they [residents] feel that they are there renting, and they have no ownership of that place, then it just doesn't work”. (09:18 - 09:28)
· “Taking good care of your customers is everything in this business”. (10:16 – 10:19)
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