In this clip, Rob Rowsell explains property management companies. Who are they? What do they do? Why do property investors need to know about property managers? If you invest in multi-family apartment homes and rental properties, this video is a must watch!
Property Management Companies Questions Answered
Addicted To Life Community member Andy asked Rob if he used property management companies for his multi-family homes. How does the process work? Rob confirmed that yes, he did, then and began to explain.
Property managers are paid based on a percentage of the rent monies they collect. They are independent, third party companies. The companies that Rob does business with employ an online dashboard with weekly reports on the number of new applicants and how many new tenants those applications converted to. Data also includes how many evictions, moves, and skips happened in the past week, plus how much rent was collected. Plans to resolve rent delinquency are also included.
Another major plus is that, after the Monday morning online reports, Rob can meet with the property management companies online to discuss the stats and keep them accountable.
Agreements With Property Management Companies
Rob pays an annual fee to the company in order to contract them. Both he and the companies and part ways with 30 days notice. Either party can cancel their agreement for any reason.
Andy asked another great question. Do these companies only operate in single states, or do they do business nationwide? Rob confirmed both to be true. He uses one company that manages properties in Missouri, Oklahoma, and Texas, as well as another one that only focuses on one state. One company he let go is doing well in other states, but for some reason, was not performing in Texas.
Join Our Community
Do you own multi-family properties? Do you aspire to? Then you should consider joining our online discussion group, the Addicted To Life Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate. Having a successful guide in your corner like Rob is a must! Enroll today!