Hello, everyone. This is Juan Carlos Gastelum. I am a real estate investor in Texas, and today we’re going to continue our discussion on building a team. Remember a couple of weeks ago, we mentioned that you needed to build a real estate team around you to be able to succeed in your real estate investment. We also mentioned that you needed to have a broker that you could trust and one who could understand your financial metrics and your real estate investment goals.
Okay, so the second member of your core real estate investment team should be your property manager. Now, it could be someone that works from a home office and just does your property management on the side. Or it could be a formal property management company. The more formal and professional and institutional your property management company is, the better you should do with your real estate investment. Now, it’s very important that you do your research and you vet your property management company to see if it’s a good fit or a right fit with you.
In order to vet your property management company, make sure to have a list of questions directed towards the company´s systems, procedures and policies. For example, ask Do you mark up or upcharge on maintenance and repairs? And if so, how much?, what percentage do you charge? Ask, how do you advertise for vacant homes? and how do you screen for tenants? Steve Rozenberg, with his expertise, has developed a long list of questions to vet your property management company. He’s an expert at that. So be sure to check out his website www.steverozenberg.com and to join his Think Tank Mastermind, and you’ll get a whole lot of information that is important in this process of vetting your property management company. So our tip for today is to do your research and vet appropriately your property manager or property management company. That´s it for now. Take care. Best wishes on your real estate journey and God bless!
