#9: Everything You Need to Know About Hiring or Starting A Property Management Company With Jimmy Murray

This episode is a masterclass on property management and is a great listen if you're looking to better self-manage your portfolio, hire a property manager, or start a property management business. Jimmy shares a TON of great, actionable tips that you can implement into your business TODAY. If you haven't already, please leave the podcast a rating and a review!

Jimmy is a millennial house hacker turned corporate dropout. He was able to escape the rat race by building a property management company which started as a side hustle. Jimmy owns Lyon Property Management, based out of Rhode Island, which manages 600 units in the Rhode Island and Southern Massachusetts market. He is also an active investor specializing in multifamily family flips.

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Time Stamps:

2:20 Jimmy shares how he started in real estate by wholesaling and growing a property management company. 

7:22 We learn the techniques Jimmy used to find wholesale deals by prospecting via mail and abandoned signs. 

10:40 Jimmy discusses how he gained access to capital by building essential connections in his business.

15:01 We discuss the traits that successful property managers need to succeed. Also, he shares how software can help improve efficiency in tracking reports and getting paid. 

18:30 Jimmy shares the KPIs that he uses to assess how well a property is performing and to track multiple assets. Also, we learn the function of Tenant Turner and its ability to receive feedback to make informed decisions.

25:02 We learn the number of leasing agents and maintenance techs needed for a certain amount of units. Also, Jimmy discusses the structure of his team and their specific roles in his business. 

28:33 Jimmy shares the three main driving factors for a tenant leaving a unit (important)! 

33:10 We learn the essential screening questions to appropriately hire a property management company. 

38:08 Jimmy shares the profit margins for his PM business and the fees that impact his profitability

43:00 We learn that individuals should be aware of the services that PM companies complete, which directly relates to the cost of outsourcing PM. ***You get what you pay for!

45:12 Jimmy shares how he scaled his business so quickly by using software to generate leads and how he prioritized content creation.

49:39 We learn how Jimmy wants to scale his wholesaling business and grow the portfolio of his current clientele, and what he wishes he did early in his career to avoid mistakes. 

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