Avoid the Landlord Trap Landlords deal with tenants, trash and toilets.
Investors deal with finding and funding deals, generating cash flow and expanding their business.
As the CEO of your business, you have three main responsibilities: 1.
Grow your business 2.
Create cash flow 3.
Cash your cheques Your focus will determine your wages.
If you focus on a landlord's duties, you will earn a landlord's wages.
However, if you focus on the CEO and delegate management responsibilities, you will earn a CEO's wages.
Hire A Property Manager As a CEO, you have to grow your business.
If not, your business will stagnate and atrophy.
Your first task as CEO is to hire a great property manager.
Interview Several Managers Interview two or three managers and ask them for addresses of their managed buildings.
Ask how many years they have been managing the properties.
Their answer should be at least five years.
Also ask them what types of property they own and where they live.
If a management company owns a similar company in the same area, which property will be tenanted first? Obviously theirs! Visit Managed Properties Once you receive the addresses, drive by some of the properties.
Look at the exterior.
Is it well-maintained or is there deferred maintenance? Even if the owner is too cheap to perform required maintenance, the property manager and on-site manager should keep the property clean and presentable.
They should have enough money to maintain a certain level of cleanliness.
If not, the property manager's attitude matches that of the owner.
Take note and check another building.
Problems tend to repeat themselves with the same management company.
Visit other buildings they are managing that they don't tell you about.
Check for addresses on their website and watch for property management signs as you drive through their neighborhood.
Ask About Their Tenant Retention Policy During your interview, ask property managers about their tenant retention policy.
They should have one.
Then ask about their average turnaround in days for renting a vacant unit.
Make sure they are specific.
Look for a 3-7 day average.
Longer turn around times may indicate a less than desirable building or location.
The units themselves may also fail to compete in the local marketplace.
Review Their Marketing Plan Take a look at their marketing plan to reach tenants.
Check their online presence, including websites, online application forms, online payment for rents, online videos showing the building and suites, paper marketing, newsletters, and cross-marketing with other businesses and trades.
Look for a minimum of 9 to 11 different media and message types.
Investors deal with finding and funding deals, generating cash flow and expanding their business.
As the CEO of your business, you have three main responsibilities: 1.
Grow your business 2.
Create cash flow 3.
Cash your cheques Your focus will determine your wages.
If you focus on a landlord's duties, you will earn a landlord's wages.
However, if you focus on the CEO and delegate management responsibilities, you will earn a CEO's wages.
Hire A Property Manager As a CEO, you have to grow your business.
If not, your business will stagnate and atrophy.
Your first task as CEO is to hire a great property manager.
Interview Several Managers Interview two or three managers and ask them for addresses of their managed buildings.
Ask how many years they have been managing the properties.
Their answer should be at least five years.
Also ask them what types of property they own and where they live.
If a management company owns a similar company in the same area, which property will be tenanted first? Obviously theirs! Visit Managed Properties Once you receive the addresses, drive by some of the properties.
Look at the exterior.
Is it well-maintained or is there deferred maintenance? Even if the owner is too cheap to perform required maintenance, the property manager and on-site manager should keep the property clean and presentable.
They should have enough money to maintain a certain level of cleanliness.
If not, the property manager's attitude matches that of the owner.
Take note and check another building.
Problems tend to repeat themselves with the same management company.
Visit other buildings they are managing that they don't tell you about.
Check for addresses on their website and watch for property management signs as you drive through their neighborhood.
Ask About Their Tenant Retention Policy During your interview, ask property managers about their tenant retention policy.
They should have one.
Then ask about their average turnaround in days for renting a vacant unit.
Make sure they are specific.
Look for a 3-7 day average.
Longer turn around times may indicate a less than desirable building or location.
The units themselves may also fail to compete in the local marketplace.
Review Their Marketing Plan Take a look at their marketing plan to reach tenants.
Check their online presence, including websites, online application forms, online payment for rents, online videos showing the building and suites, paper marketing, newsletters, and cross-marketing with other businesses and trades.
Look for a minimum of 9 to 11 different media and message types.