Fundamentals of Property Management
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Transcript of Fundamentals of Property Management
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Fundamentals of Successful Property Management
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1. We SIMPLIFY the process and make it Easy
2. Step-by-step Mentoring by qualified Real Estate Advisors
3. Hand-picked investment properties all over the country
4. Access to our Resource Team of Real Estate Agents, Property Managers, Accountants, Insurance Agents, Mortgage Lenders, Attorney’s & more!
How do we offer all these services for FREE?
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Meet Scott Pastel VP of Marketing/Co-Owner
10 years of experience in Real Estate
Licensed Real Estate Agent
BS Degree in Business Administration
from Chapman University
Owns 3 rental properties from AZ to AL
Purchased first investment property at
age 24
Personally mentored over 500 real estate
investors
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MY PROPERTIES
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The Basic Principle of Investing…..
Achieving the highest return possible with
the least amount of………
1) Risk
2) Time
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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My Favorite PM Quotes:
• “Property Management is an Art, not a Science” – Dr.
Marshall Reddick
• “You date your real estate agent, but you marry your
property managers” – Jim Moody, MR Ohio Rep
• “Property management is the make or break factor in real
estate investing” - me
• “Think of your property manager as a baby sitter” - me
• “Not all property managers are created equal” - me
• “Who you work with is more important than WHERE and
WHAT you buy” - me
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HOW TO CREATE “Worry-Free” Investing:
No condos or townhomes
Must Cash Flow!
Buy Rent-Ready or Tenant Occupied
Target suburbs of Large Metropolitan markets
3-4 bedroom units
Hire a Home Inspector
Hire a Professional Property Manager
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Top Investment Markets in the Country:
We choose real estate markets
based on the latest research and data!
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Top Investment Markets in the Country:
We choose real estate markets
based on the latest research and data!
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Summary of Property Manager
Responsibilities:
• Estimates fix-up costs
• Gets your property fixed up quickly
• Advertises and shows the property
• Finds and screens applicants
• Gets the tenant to sign a lease
• Collects the rent
• Provides a monthly and year-end statement
• Conducts periodic inspections
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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How Much Will It Cost?
• Leasing Fee
• Management Fee is usually 8%-10% but varies depending on the geographic location
• We have REDUCED fees (6%-8%) for anyone who invests through the Marshall Reddick!
IF YOU BUY IN THE RIGHT AREAS IT WILL STILL CASH FLOW!
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Rule #1:
Read and Understand
the PMA
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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6 Ways to Lower Vacancy
to Under 45 Days:
1) Keep a digital organizer to manage crucial dates
2) Have a separate checking account w/ direct deposit
3) Call your PM 60 days before lease expires
4) Check online to make sure your property is properly
advertised
5) When vacant, call once a week
• “The squeaky wheel gets the grease!”
6) Don’t settle for questionable tenants
• Better to lower rent
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Attracting a Good Tenant:
• 3-4 bed SFH’s
• Good School Districts
• Curb Appeal
• Proper Screening
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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It’s Been 90 days, why is my property still vacant?
• Communication Breakdown
• Poor Advertising
• Priced too high
• Curb appeal / Condition of property
• Who is your Property Manager?
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Mistakes people make when hiring a
property manager:
Not asking the right questions up front
Not reading and/or understanding the PMA
Making a selection based entirely on fees
You get what you pay for
Not building good rapport
They are your employees
• Not listening to our advice
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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How Marshall Reddick Selects our
Approved Property Managers:
• Number of units and longevity
• Importance of strong website / Technology
• Landlord references / Track record
• NARPM.org
• Responsiveness
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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1. Income or long-term wealth?
2. When are you looking to retire?
3. How much experience do you have?
4. What is your risk tolerance?
5. Can you qualify for financing?
6. What can you afford?
Setting your Real Estate Investing Criteria
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Determining Property Class:
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Maintenance and Vacancy:
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Vacancy Example:
A Class 365 days a year x 8% = 29.2 days a year
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Have you spoken to an Advisor yet?
We offer complimentary
consultations from our expert
Real Estate Advisors
Whether you are experienced
or just getting started, we will
customize a plan that fits you
best
We walk you through the
entire process start to finish at
no cost!
Phone: (949)885-5162 Email: [email protected] Website: www.marshallreddick.com
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Christin Tabar Real Estate Advisor
Phone: (949) 885-5162 Email: [email protected]
Christin is standing by to take your call or email now!
Want free guidance?