If you are a buy and hold landlord, property management is key to profit. You can buy your rentals at a great price and have a great plan in place, but without a solid management team to implement your plan, your deal will likely fail. We manage our local portfolio in house, and I recommend that any investor just getting started try managing their own deals at first to get a taste of the management game. It will give you a better understanding of what it takes to run your rentals effectively so you can hire the right manager when the time is right. You can also do what we did and build a property management business to create an additional revenue stream that also manages your real estate for you.
Related: The 7 Indispensable Team Members of a Property Management Company
Download Your FREE copy of ‘How to Rent Your House!’
Renting your house is a great way to enter the world of real estate investing, but most first-timers (understandably) have a lot of questions. Fortunately, the experts at BiggerPockets have put together a complimentary guide on ‘How to Rent Your House’. All the skills, tools, and confidence you need to successfully rent your house are just a mouse-click away.
3 Not-So-Obvious Tools for Property Management Success
Whether you are managing yourself or outsourcing, it pays to know the tools that a management company needs to have in place to set them up for success. There are obvious tools like a robust and friendly website that has a tenant portal for them to pay online.
In today’s video, I talk about some not-so-obvious tools that I have found to save us time and money—and to create happier tenants in the long run. Check out the video to learn more!
I only listed 3 tools here but there are many more. Why don’t you leave some others that work for you in the comment section down below?
Let’s get a good conversation going! I hope to hear from you.