958: Hiring a Property Manager 101: Make More (in Less Time) from Your Rentals w/Luke Rzepiennik and Michael Vialpando
Podcast: BiggerPockets Real Estate PodcastPublished On: Wed May 22 2024
Description: Hiring a property manager can be one of the best or worst decisions in your real estate investing career. The right property manager can give you the time to scale your portfolio to new heights, all while increasing the revenue on your rental properties. But the wrong property manager can drown you in unnecessary fees, push time-consuming tasks back on your plate, and leave your properties worse off than they were before. How do you distinguish between the two when every property manager tells you they’re the best in the business? In today’s show, we’ll show you how. After building their real estate portfolios, Luke Rzepiennik and Michael Vialpando struggled to find property managers that fit their standards. They both had portfolios of short-term rentals, but no manager in their area was making the cut. With busy schedules and full-time jobs, neither of them could drop everything to become the perfect property manager. So, instead, they started Renjoy to not only manage their own properties but other investors’ properties as well. If you’ve struggled to find the right property manager in your area or are at the tipping point of needing one, Luke and Michael can help. They give a masterclass on property management, from the exact questions to ask a property manager to signs of a great one, red flags to watch out for, and when it’s time to stop managing your own properties and start hiring it out. Plus, we’ll share the huge mistake most rental property investors make and the little “fees” that can kill your cash flow when using a property manager incorrectly. Find a trusted property manager in your area today with BiggerPockets Property Manager Finder! In This Episode We Cover How to hire a property manager so you can spend less time managing and more time scaling What a property manager does and the roles and responsibilities you should expect them to take on Questions you should ask any short-term rental property management company BEFORE you hire them Death by fees and the tiny charges that are draining your rental of any cash flow When it’s time to hire a property manager and common property management pricing And So Much More! (00:00) Intro (01:25) Building Their Rental Portfolios (04:07) Property Management Problems (11:59) Questions You MUST Ask (18:42) When to Hire and Pricing (24:53) These Costs Will Kill Your Deal! (28:26) Medium-Term Rental Management (31:25) Saving Your Time (36:35) Connect with Luke and Michael! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-958 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices
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