Ep008: Get Clear On What You Want From This Relationship – What To Expect From Your Property Manager (Part 1)

The Landlord Profitability Playbook Podcast

This is the first of our 12-part series called What To Expect From Your Property Manager.Whether you are your property manager, you are already in a property management relationship, or you are thinking about hiring a property manager, this series help you set expectations for performance that can only positively impact your profitability over time.Chris and Laci kick off this series with a discussion about getting clear in your mind about what you want in a property management relationship.Specifically, we cover the many hats a property manager wears in the course of a month, being able to articulate your reasons for investing in real estate in the first place, managing property remotely, the value of your time as a scarce resource, and the hidden and not so hidden costs of going it alone.As an extra bonus we are going to be joined for this series by Gretchen Mitchell, Director of Property Management for ROOST Real Estate Co.I guarantee you will find tips tricks habit and mindsets you can you to make your real estate investments work for you – and not the other way around.

SHOW HIGHLIGHTS

We kick off our "What to Expect from Your Property Manager" series, highlighting the importance of defining your expectations for a property management relationship to positively impact your profitability.

Laci LeBlanc and Gretchen Mitchell join the conversation, emphasizing the value of time as a scarce resource and the significance of setting performance expectations for property management.

The recent legislative victory with the Springfield Ohio Landlord Registration and Licensing Ordinance is celebrated, noting the removal of the self-inspection requirement as a benefit for property owners and tenants.

We delve into the concept of becoming an accidental landlord, sharing my personal story of turning a bank-owned property into a profitable rental and the strategic benefits of making extra mortgage payments.

The discussion touches on the necessity of treating real estate investment as a legitimate business and learning from past mistakes to ensure success and compliance with fair housing laws.

We explore the emotional toll and time commitment of real estate investment, particularly for accidental landlords who depend heavily on rental income, and seasoned landlords with a financial buffer.

Anecdotes are shared to illustrate the challenges property managers face, such as unexpected maintenance and tenant turnover, underscoring the importance of proactive management.

We stress the financial and stress-related advantages of hiring a property manager to mitigate the unforeseen complexities and protect against the unpredictables of the real estate world.

In discussing property management partnerships, we reflect on the importance of readiness and finding the right fit for a long-term, collaborative relationship with a property manager.

We conclude by affirming that a property management partnership is about more than offloading responsibilities; it's about creating a path to real estate success and achieving financial goals.

LINKS

Show Notes

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