property management

Here’s a CompanyCam walkthrough explaining how real estate investors can use it to manage their properties, even from far away. Rob Rowsell shows how he works with his property managers to create virtual walkthroughs in order to monitor the condition of his real estate investments.

CompanyCam Walkthrough – How Investors Use This Property Management App

CompanyCam Walkthrough - Manage multiple multifamily proerties online at onceRob dedicated this episode of his monthly Inner Circle gathering to demonstrating AI technology and online apps he uses daily. Many of them help his personal development and learning.

However, as you’ll see in this CompanyCam walkthrough, this app directly aids his real estate investing business. From the comfort of his home office, a plane, or anywhere he can access the internet, Rob’s property managers and staff can send him photos and reports on the properties in real time.

Rob opened the app on his desktop computer so he could start the CompanyCam demonstration. The account for his St. Louis multifamily investment appeared. For each unit walkthrough, he created a checklist for his onsite property manager to fill out.

As they inspected each vacant unit, the manager would fill out information, check boxes, and attach photos regarding specific needs. Is the door in rough shape? Does trash need to be removed? Can they see signs of pests? All of these and more can be posted, as well as photos for proof.

Property Managers can even circle important parts of each photo and write notes on them. When Rob goes through the report, he can determine the next steps to take before renting out the unit to new tenants.

Join Our Multifamily Investing Community Today

Do you own your own multifamily rental properties? If not, do you plan to do so one day? Then you should consider joining our online financial group, the ATL Inner Circle Community! Each month, investing pro Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not quite as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Sign up today!

Let’s talk about Real Estate Asset Management after you close Escrow. Rob Rowsell has the rundown on what you should expect from your property management company’s business plan once you close on Escrow. Work hand in hand with your on-site manager and his team, so they know what to expect from you, and vice versa. Regular weekly meetings are key tools to keep up with the management team’s progress. Rob recommends quarterly on-site visits as well.

Real Estate Asset Managagement - After you close Escrow, what do you look for in a Property Management company?Real Estate Asset Management through a Property Management Company

You’ve closed Escrow on your new multifamily investment. Now what? When you hired a property management company, they agreed to your written business plan for your real estate asset management. Make sure this plan includes:

  1. Monday Morning Reports (MMR): Train your onsite manager on how you want this spreadsheet filled out weekly. They should report how much rent is collected, vacancy percentage, evictions, renewals, number of maintenance calls made and performed, and number of parties interested in the property.
  2. Weekly Meetings: After each Monday Morning Report, you should email your questions and concerns, then have a phone or Zoom meeting to discuss them. For smaller properties, you may not need to meet each week, but at least bi-weekly meetings are important. Ask the hard questions!
  3. Review Income Statements: You’d be surprised about how much money is leaking out the door due to regular tasks being put off or neglected. Examples include overdue electric bills accruing penalties, and utility bills not being switched over to tenants as soon as they move in. Perhaps the property has bought equipment or tools that the maintenance staff should already own.
  4. Site Visits (as needed): You should occasionally drop in to see the rental property in person. Quarterly is typically the right frequency.
  5. Managing Construction (Value Add): Usually, you or a teammate will need to oversee your construction manager for repairs.
  6. Negotiating Contracts with Vendors
  7. Approving Cap Ex proposals
  8. Regular Investor Updates: Rob posts videos in his online portal to update his investors on their property.
  9. Quarterly Investor Disbursements
  10. Whatever Else May Come Up…

Join Our Community

Do you own multifamily properties? If not, do you aspire to one day? Then you should consider joining our online discussion group, the ATL 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, so having a successful guide in your corner like Rob is a must! Enroll today!

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 are a must if you own multiple rental properties. Just choose a good one!

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!