In this episode, our hosts tell us about their experience managing their properties in-house. They used to outsource their property management, but learned that it is best for it to be done within their own company.
Comment below and let us know what you think about today's episode and don't forget to rate us on iTunes!
This Episode is Sponsored by
Core Rentals offers full service, residential property management in Columbus, Ohio and surrounding areas. They are equipped to handle single-family and multi-family homes. Visit CoreRentalsOhio.com today to have the day-to-day operations of your rental property handled by professionals.
Covered Topics:
- Why property should be managed in-house.
- Using software to streamline the process.
- Lease agreements that protect both tenants and the company.
- Dealing with maintenance requests.
Show Notes:
01:02 – Recent goings on.
- Hiring a new employee and growing the company.
- Creating process manuals.
03:40 – Managing property in-house.
- How the guys quickly learned that a former property manager was not up to their standards.
05:32 – Software that the guys use to manage property.
- The wide array of features that the software has.
- Add-ons available for the software.
- Getting leads through the software and other avenues.
- The scoring sheet that the guys use to screen tenants.
11:20 – The lease agreement.
- A recent incident involving a leak.
- Various conditions included in the lease for both the tenant and the guys.
- The checklist that Brian and John give new tenants when moving in.
16:17 – Processing maintenance requests.
- The flow of events when receiving maintenance requests.
- Expensive problems with drains that the guys have encountered.
- Seasonal planning.
21:39 – Quarterly inspections.
- Advantages of doing regular inspections.
- How a quarterly inspection led to a swift eviction.
Topic Takeaways
- There are many advantages to managing your own property.
- Have a solid lease agreement in place.
- Inspect your properties regularly to avoid costly repairs.
Tweetable Quotes
“Nobody cares about our properties more than we do.” (Tweet This!)
“We’ll bring an iPad that has an application…they can fill out an application at the showing if they’re interested.” (Tweet This!)
“We’re responsible to make repairs quickly. If something fails in the house, we gotta get there and take care of it quickly.” (Tweet This!)
