Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.
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Transcript of Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.
![Page 1: Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.](https://reader035.fdocuments.us/reader035/viewer/2022062519/5697bfab1a28abf838c9ad77/html5/thumbnails/1.jpg)
Presented byBy Melissa Prandi, RMP®, MPM®
The Complex World of Rentals & Property Management
![Page 2: Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.](https://reader035.fdocuments.us/reader035/viewer/2022062519/5697bfab1a28abf838c9ad77/html5/thumbnails/2.jpg)
Melissa Prandi = Property Management
• 29 years in the industry• Former NARPM National President
• Growth from 100 to 3,000 units
• Traveled 175,000 miles to visit 300 management offices in one year
• Studied the formulas of a great property management company
![Page 3: Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.](https://reader035.fdocuments.us/reader035/viewer/2022062519/5697bfab1a28abf838c9ad77/html5/thumbnails/3.jpg)
Only 2% of Property Management is Collecting the Rents…..
![Page 4: Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.](https://reader035.fdocuments.us/reader035/viewer/2022062519/5697bfab1a28abf838c9ad77/html5/thumbnails/4.jpg)
The Reality of the Other 98%
• Ever changing policy & procedure manual• Must have excellent tenants screening processes• Keeping up with ever changing local, state and federal laws• Utilize the latest Technology – which today can be your “friend”• Employee versus independent contractors• Hands on approach – no two problems are like• Owner’s want to receive as much as possible monthly• Owner’s don’t want to spend the money or can’t to keep the rental
property properly maintained – Investors too have financial challenges personally & professionally
• Need a good Lawyer on your team you can call anytime• Ongoing training is needed to keep up in the world of “Property
Management”
![Page 5: Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.](https://reader035.fdocuments.us/reader035/viewer/2022062519/5697bfab1a28abf838c9ad77/html5/thumbnails/5.jpg)
How to Get Into the Business?
c Property Manage
National Association of Property Managers
Franchising Opportunities Partnering Up with Pros
Consultant and Education Options
![Page 6: Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.](https://reader035.fdocuments.us/reader035/viewer/2022062519/5697bfab1a28abf838c9ad77/html5/thumbnails/6.jpg)
Understanding the Pros and ConsThere are pros and cons to managing rental property
PROS CONS
It’s a predictable stable recurring revenue model
The margins are small
You’ll never be bored The hours are not 9 - 5 p.m.
Maintain the relationship with your clients for a future sale opportunities
The potential to be sued
Renting properties is usually profitable There are many local, state and Federal laws to follow – forever changing
It can be fun and challenging You must rely on and trust your contractors and vendors
It’s a people business—you’ll always meet new people
Constantly dealing with complaints from tenants and owners
![Page 7: Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.](https://reader035.fdocuments.us/reader035/viewer/2022062519/5697bfab1a28abf838c9ad77/html5/thumbnails/7.jpg)
Overcoming the Negatives• Invest in systems and processes• Network with other professionals (NARPM®)• Keep proper records and files (cloud computing)• It’s a hands on business• Properly screen contractors, vendors and
employees• Carry Plenty of Insurance• Join a Local Organization• Focus on employees not independent contractors
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Where to Go From Here?
![Page 9: Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.](https://reader035.fdocuments.us/reader035/viewer/2022062519/5697bfab1a28abf838c9ad77/html5/thumbnails/9.jpg)
Developing Your Game Plan
• Consider your options– Joining NARPM vs. Franchising vs. Partnering– Model the business
• Establish a benchmark for your revenues• Determine the cost of delivering the service (employees,
insurance, systems, etc.)• Understanding how to grow from 25 100 1000 units
– Research the laws– Consider acquiring a book of business– How will you differentiate yourself in a crowded space?
![Page 10: Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management.](https://reader035.fdocuments.us/reader035/viewer/2022062519/5697bfab1a28abf838c9ad77/html5/thumbnails/10.jpg)
Final Thoughts
Surround yourself with an expert in the fieldThank you for your time
Melissa Prandi, MPM® RMP®[email protected]
415 482-9988 ext. 203