In episode 9 of the Profitable Powerhouse Properties Podcast, your hosts talk about building your team. When it comes to buying your properties, flipping them, or renting them you’re using a lot of energy. You need a good team around you as you buy properties and attempt to make them profitable. Learn what a property management team actually does and why they are more than worth hiring.
Episode Highlights:
- The essential parts of buying a property and making money from it: financing, property management, sales brokerage.
- You should always engage the management firm and know those people before you close on a property.
- When you’re building a team, let it be a team - part of your team will inevitably be your tenant.
- You have to know what your goals are as an investor.
- The best way to go about finding a general contractor.
- A property manager can’t keep a client if they’re treating them poorly.
- Monthly rent can either bring in or deter renters with as little as a $50 monthly difference.
- Accidental landlords commonly think that a management company only collects the rent check and takes the call when something breaks.
- You have to be sure to get the right management team on your side because some will only do the bare minimum.
- What you get for full-service management is 24/7 coverage.
- The vendor network knows when to report suspicious activity including sub-leasing.
- When property owners come in and are excited to learn and get moving, then property managers are happy to help!
- Don’t piece your team together after you’ve already identified a property.
- Each home is its own individual business.
- Don’t show a property without power, water, or gas in it.
- Build a trusted team, use them for what you’ve hired them for, let them be the expert.
- Details about the upcoming property management summit - geared toward property managers, realtors, and brokers.
Key Points:
- You need to know that your property management program has good, sound practices before you close on your property.
- Most people don’t think they can negotiate a rental price so you have to price right the first time.
- When someone has a professional reputation the deals start flowing over to them.
Tweetable Quotes:
- “We’re in it for the long-haul relationship.” -Bryan
- “Negotiation is only possible in an area with too much supply.” -Bryan
- “We’re in the management business to be a partner and help make the property as profitable as possible.” -Bryan
Resources Mentioned:
- Check out our website ahiproperties.com
- Check out Birmingham Insurance Group
- Start earning passive income with Roofstock.com
- Email Jonathan and Bryan at Podcast@AHIProperties.com