Money Matters
Money Matters
Unlocking Secrets to Effective Property Management
Ever wondered what makes a top-notch property manager? In our latest episode of Money Matters, Grace Nabasabala spills the beans on her journey from necessity to mastery in the world of property management. From handling those midnight maintenance crises to screening tenants like a pro, Grace shares her wealth of experience and the intricacies of a role that goes far beyond mere rent collection. Whether you're a seasoned real estate investor or just stepping into the game, Grace's insights will arm you with the knowledge to navigate the complexities of property management successfully.
Considering hiring a property manager but confused about the fee structures and screening criteria? Unlock the secrets behind the costs and the importance of maintaining clear communication with your property manager. Grace breaks down why these managers charge for maintenance and the significance of securing quality contractors. She also discusses the critical role of certifications to guard against legal pitfalls and outlines the standard tenant criteria, ensuring you stay compliant with fair housing laws. Stay informed and protect your investment with the strategic advice offered in this episode.
Choosing the right property management company can make or break your real estate venture. Through engaging discussions, we explore how to set realistic expectations and avoid common misconceptions. Grace and I delve into the importance of effective communication and the nuances behind different fee rates based on the level of involvement required. We also provide practical tips on how to research and verify potential property managers to avoid scams. For additional resources, don't forget to check out websites like neighborsfcu.org. Tune in for a treasure trove of practical advice and expert tips that will elevate your real estate management game.
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Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want – brought to you by Neighbors Federal Credit Union.
The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice.
Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want. Now here is your host, ms Kim Chapman. Welcome to another edition of Money Matters. I am your host, kim Chapman. Do you have any property that you want to put up for rent? But you're worried about the hassle. You know what does that mean. Do I have to worry about calls at 3 am in the morning because the toilet won't flush?
Speaker 1:Well, today we're going to be tackling an essential topic for real estate investors hiring a property manager. From screening candidates to understanding their role, we're going to cover everything that you need to know so you can go ahead and make an informed decision, if that's going to be right for you. So joining me today is Ms Grace Navasalo. Hi, grace, and thank you so much for joining me today. Hi, ms Kim. Thank you so much for having me when I found out that you did property management, this is definitely a topic that I wanted to cover.
Speaker 1:I know a lot of our listeners are interested because, again, we want to invest in property, we want to have rental property, and it just seems simple on the forefront, but when you really do a deep dive. I've talked to people that do it, and sometimes it can be a headache and having people call you trying to find renters, and so property management seems like that's the solution. So I want to dive in and find out what that's about. But can you share with us how did you get started in property management industry and what inspired you to even pursue this path?
Speaker 2:Oh, thank you so much for that wonderful question, kim. I started in 2019. And the reason I started property management was out of necessity, because at the time, I had a rental and I didn't have a property manager. And also I did a lot of research and did a lot of networking with other investors and all I had were negatives about property managers. Therefore, I was forced into it. I had to learn everything I needed to learn about property management and luckily, I got the best tenants initially, because I didn't learn everything I needed to learn about property management and luckily, I got the best tenants initially, because I didn't know what I was doing.
Speaker 2:I was learning on the go and through that experience, I continued learning as much as I could.
Speaker 2:Online platforms. I would get into other networking events and learn about property management and also ask other investors what they were facing, such that I didn't have to deal with the same thing and how they were handling issues. And also I became a member of the National Association of Realtors in 2021, 2022, whereby I'm able to learn more information about property management, about real estate in general, as a realtor with Goodwill Realty, and also I'm also with NREA, new Orleans Real Estate Investment Association Group so I'm a member of that as well where we meet every other Thursday and we learn so much information about property management, real estate in general, all the legalities of real estate, and that has helped me on Facebook groups, being a part of a lot of circles which can help you, and these Facebook groups are in different states, different countries, and the funniest thing I learned was we face similar issues and so we help each other in that way so can you walk us through what the typical responsibilities of a property manager or property management company are?
Speaker 2:they are several and complex. Initially I thought it was just collecting a check from a tenant.
Speaker 1:I think a lot of investors think that when they get into the business and that's why I really wanted to have this conversation, because it's more than just, you know, having a property, having a tenant and expecting a check every first of the month so help us understand a little bit better what goes into property management.
Speaker 2:It is a lot from finding the tenant and also screening that particular tenant, because not everybody who is going to reach out to you will be the best tenant. So screening all those prospective tenants and through the screening process you get the most qualified one according to your criteria. Once they become your tenant, you make sure they do the walkthrough inspection and also they have to abide with the lease. So enforcing the lease throughout the tenancy is a big thing which most times we forget. But you have to keep up with the lease and remind the tenants to do the same Through that, also making sure they make timely payments If they are behind on rents, making sure you're reaching out and if you have to initiate an eviction, that's a big thing because sometimes you might deal with some people who might not be able to keep up with the rents.
Speaker 2:So going through with eviction, that's another thing. Another thing would also be any maintenance issues. So that's been one of the biggest things that I've dealt with, because things break down at any time. You just never know. 4 am, like you mentioned 3 am calls.
Speaker 1:That would be a nightmare. That's what I always think about when I think of oh God you know, do I want to really rent some of this property? Do I want somebody calling me for a plumbing issue? I don't want to deal with my own plumbing issue.
Speaker 2:Exactly. And the funniest thing is, for some reason I've never really dealt with any emergencies late at night in my own house. But if I tell you how many tenants have called me at three or four in the morning, it's several. Sometimes it's even a little thing. You see, it is an emergency to them. However, it might not be an emergency to you. So training tenants, telling them what is an emergency and what isn't an emergency, and in cases where it's like a fire, water hazard, like serious emergencies, of course they have to call you in those wee hours in the morning. However, if you're talking about theft, you need to call 911. Don't call me.
Speaker 2:So training tenants is a big thing that we do.
Speaker 2:And also making sure that the properties are actually covered that's a big thing, because sometimes we forget that the houses need to stay covered with insurance. And making sure when something is coming around say, for example, there's a weather change Like recently we did have like some storms that happened making sure that even before that you prepare the tenants, you see, are they evacuating? You need to keep up with that. If they are, who's securing the property? And then, after the storm passes, then are you shaking on the properties to make sure that nothing was damaged and reaching out to the tenants. So it's a few things here and there and also risk risk mitigation, because so many times if we don't do the right thing, sometimes people might be triggered to do what? To reach out to their legal team to make sure that they can file a claim against you. So making sure that at least it's less in the business because you rather communicate and have a good relationship with those tenants such that they will not bring a suit against you and your company.
Speaker 1:Sounds like there's a lot of education involved and I know, of course, one of the benefits is definitely the fact that you do the screening in terms of finding those tenants. But as an investor or a property owner, how do I choose a good property manager who's going to help me screen? You know what are the things that I should look for in a property manager or a property management company.
Speaker 2:That's a good question. I would recommend researching and also finding out from other investors in the area who they recommend and through that that can give you a good idea who to maybe who to work with, and also have something in writing. Don't just go with whoever they gave you and they have this whole agreement but you don't even have know exactly what's, what are the expectations of that property management service. You need to have that in writing. Know what are the fee structures, because there are different fees which initially I didn't know and I didn't charge for, because I have a couple of clients that I manage their properties but I never charge them all these fees because I was just trying to be nice and helpful to them. However, I realized maintenance is a big fee that you need to make sure that you're following up with those.
Speaker 2:Maintenance that takes your time, that takes your money, and then also securing all those contractors. You see, because that's why sometimes property management companies make an upcharge for such services, because you have to follow up and make sure that those people did the work right, to follow up and make sure that those people did their work right. And other fees whereby we are securing our tenant. That's a fee the monthly maintenance. That's a fee whereby the homeowner or the landlord has their peace of mind, but for you your phone keeps ringing, you see, so that's the fee that you have to compensate the property manager for, and other little things such as risk mitigation, whereby if I'm having this relationship with this tenant, is it really preventing all these suits. You see, so making sure that those property managers pretty much have the experience and expertise in those different areas.
Speaker 2:Communication is a big thing. A lot of people don't really like communicating, but I really like to communicate and that's why I'm with Toastmasters, because I wanted to get better in my communication and make sure that our email, text, call and whereby everybody is on the same page, and so communication is important and also making sure that they are complying with your needs and goals.
Speaker 1:So in your introduction you talked about a lot of different organizations you belong to. So for a property management company or just an individual, are there minimum credentials or certifications that are required that I should look for as an investor?
Speaker 2:As an investor. Actually, in Louisiana, you're not required to have any certifications and credentials. However, the more credentials you have, the better. No-transcript. I remember before I became a realtor, I thought maybe I didn't need to become a realtor. However, when I was going through the certification to become a realtor and the licensing, I learned so much and all the things that I didn't think were important. Right now I look at it as this is important. You see, I could have been liable for something if I didn't know it, and just because you don't know something doesn't mean that you can't be found at fault, you see. So a lot of people, especially mom and pop landlords, do some things without knowing that actually that's violation of the law. So I recommend learning as much as possible and also having the certifications needed, and even if they might not be required, I really encourage them to go ahead and get those certifications. At least you learn something whereby you're protecting yourself and also you're doing right by yourself and your clients.
Speaker 1:Okay. How do property managers handle the tenant screening and leasing process?
Speaker 2:So it's done differently. Different companies do different things, but I'll say what we do as Giza Homes. We have an online platform through apartmentscom where for particularly with the screening with the listing is different. Listed through Apartmentscom, the tenant or prospective tenant can go on that particular property and put in an application and through the application, they do a credit screening and a background check and also they can upload the information on there, such as their W-2s and their ID, whereby, as soon as they get approved, we would review that information and let them know if they're accepted or they're not, depending on what our criteria is. So most times we show them the property and then they get to apply online to fill out that application and submit the forms that are necessary, and then we get to tell them if it's a goal or not.
Speaker 1:So as a property manager, or really as the property owner, can I specify, or, I guess, how close of a line is it for me to be able to say, ok, I want this type of tenant or that type of tenant, without being discriminatory? Can I say I only want a family, nobody single. You know what kind of things can I specify again without discriminating somebody?
Speaker 2:So that is a big violation because that's a fair housing violation. I recently had a tenant who was like I don't want a family. And I was like if you're not living in a property, you really cannot discriminate. Or if it's not a neighborhood which is 55 plus older, you can't really discriminate, you see, because that's an age violation. So there are so many violations, especially for fair housing, such as race, color, age, sex you see familiar, origin, things like that.
Speaker 2:So we try to make sure that we encourage and educate our clients to have a standard whereby the way we enforce it is like we have this criteria whereby if this particular person meets that criteria, it doesn't matter if they have a family, if they're single, we don't even have to ask them do they have kids? That's a discrimination. So we have to ask them how many people believe in the household. So whereby we are covering ourselves, not thinking OK, what ages are these? Not thinking, okay, what ages are these. And you see, so at least we are covering ourselves and we are letting our clients know that please make sure that we have this standard and we are not discriminating.
Speaker 1:And so what are the typical things that go with that standard?
Speaker 2:The typical things would be we I'll say maybe one of the ideal clients would have some kind of credit, Okay, and kind of credit would be like at 580. You see, about 580, they would have an income, An income. And if they don't have a particular income, if they have, say, for example, they're a voucher client and they're getting some source of income, because then we have to show that we are able to pay for that rent, and normally we have it as two times, two and a half, the amount of that month's rent. Okay, yes. And the other thing would be there's background. You see, what is actually on that background Is that background? Is it? Does it have like sex offender? Does it have like somebody maybe committed a very, I don't know?
Speaker 2:like something really violent, but it has to depend on exactly what crime you see. You see, was it a firearm? And then if it was a firearm, how long ago? And things like that how long ago, whereby we have to protect ourselves and also the people we send into the property. And then, for whatever they come up with, if we approve them, that's when we'll put it in addendum that we do not accept such and such Because we are going back to what we accepted. But if they did such and such, yes, and then the other thing would be evictions. We try not to approve anybody who had an eviction in five years or less, because then we feel like the way you treat it, it's a higher risk.
Speaker 2:Exactly the way you treated that previous person is the same way you might be able to treat us, and we try to avoid that. And the other thing would be screening for pets. Do you have pets?
Speaker 1:we ask that too and can you list that as a standard, that you don't want a resident or a tenant with pets?
Speaker 2:yes, because then sometimes they're aggressive breeds. If they're aggressive breeds, our insurance won't cover, and so that restricts us taking that particular tenant.
Speaker 1:That's a very good point.
Speaker 2:Yeah, and also the weight limit, you see, because recently I got a tenant who was great on paper, but they told me their dog weighed 110 pounds and I had to look back and look at that criteria. It says 50 to 60 pounds max, so I have to go with that. You see, I won't be able to go with that particular tenant, unfortunately, and I think it was also an aggressive breed, I believe. So I was like that's already two things that I have to compensate, and if you keep changing your rules for everybody, it's not a standard, you see.
Speaker 1:So you need to pick one set of rules, be comfortable with it and then go with the flow because, like you said, maybe they were the perfect tenant, but it was just that one little detail, that the dog was a little chunkier than it needed to be exactly.
Speaker 2:and then the other thing also will be reviewing their previous tenancy. So that's a big thing. Normally we call the previous landlord and ask them would you recommend this particular tenant? It will be surprising how many people have said no, because at first when I learned about that trick where you can ask the previous landlord, I thought they would probably lie and say yes to get rid of the tenant. People are honest because then they're like you know what? I don't want you to deal with the same thing I dealt with and I've had so many people tell me no. And when they tell me no, I know it's for a good reason and I don't want to deal with the same thing that they deal with.
Speaker 1:So that's really important and a key thing. Exactly, oh. So that's really important and a key thing, Exactly, oh, wow. So you mentioned, of course, the calls at 4 am and you having to kind of teach clients or residents. You know what an emergency is and what an emergency isn't, but how do you handle those? You know whether it's 6 in the morning or 6 in the evening. How do you handle maintenance issues on behalf of the actual property owner? Are you making all those calls? Are you handling the plumbing issues? Are you going there with a plunger yourself?
Speaker 2:That's a good one. So luckily I have a team of individuals who are helpful and I have a plumber, electrician, and I have a few of each Whereby in Baruch I have a different set of contractors versus in Hammoos I have a different set of contractors versus in Hammond, where I have a different set of contractors because some people don't like to travel. If it's anywhere after 30 miles they're like nope, we're not going. So I try to have different people whereby at least if something happens, an emergency, I'm covered and the tenant is covered, because one thing about any emergency is you never know when it's going to happen. And then tenants don't like to wait, of course, which I understand, because if I was in their shoes, I probably would be freaking out and want things to be done yesterday. However, sometimes it's like it's not really an emergency and you're like you know what? I'll give you 24 to 48 hours.
Speaker 2:I'm reaching out to this particular contractor and most times they are calling again, calling it. When are they coming? I'm like most times a contractor has to finish a job before they show up. So what I say doing, giving the contractor their number please call them when you're on your way and give them a timeline such that they need to be home when you show up, because if not, I'll be the one bringing the key. And I'm like, if they can meet there on their own and also that covers me, whereby I'm not in their property with their belongings just in case they say somebody came and took my belongings while I wasn't home. They were home, I don't have to worry about that issue.
Speaker 1:So, as the property owner you know, your take of course the property manager. You're taking care of the calls. You're making sure the plumbing issue. Am I ever getting calls from you as the property manager saying hey, you know, Ms Jones has called me again. This is the third time that I have to send a plumber. Or am I able to live my life blissfully and you're just sending me a bill?
Speaker 2:So that's the thing. Most of my clients, especially property owners. They don't really have to deal with any of that. I have to schedule everything on my end and then all they get was this happened, it's resolved and this is pretty much how much it costs and everything like that.
Speaker 1:You see, that's what everybody would want. So let's kind of back up. I know you mentioned the free structure before, but let's talk just a little bit about that in terms of are there different? Maybe packages, you handle just the leasing and I handle the maintenance, or you handle the maintenance and I handle the leasing. How are fee structures set up? And, you know, is it a one size fits all?
Speaker 2:No, it's not, and I'm glad you mentioned that, because so many times we think it's one size fits all but it's not. So the property owner can decide OK, I want you to just manage the day toto-day, but I'll take care of the emergency calls, of the repairs and maintenance things like that, because then they will have their own system set up and if that's the case, then I won't charge them the same fee as opposed to if I'm doing everything to manage that particular property. Normally I charge between 8% to 12%. For the ones who are 8%, pretty much they are managing everything, which none of them do, unfortunately, because one time one of my clients started as 8% but I ended up doing everything anyway. So we had to go back to 12% because I was literally managing all the calls and whatnot, because they will call her. She wasn't able to respond, she was so busy, and then they end up calling me back and it was both of us were doing the same thing. So I told her we're either going to do it. You see, it's like we have to be fair to each other.
Speaker 2:The other one is glad to not handle anything at all. She doesn't want to deal with it, she just gives me, uh, tells me grace what happened. That's all I need to hear. It was resolved moving on. So for that particular one, I don't really have to call her and tell her this is going on right now. No, she's like she doesn't even want to know what's going on at the moment because it will stress her out. So I should rather I resolve everything, then get back to her when everything is resolved, let her know how much it costs. Yeah.
Speaker 1:I kind of get the feeling that you're in the middle and that it could be a headache on both sides in terms of the tenant and the property manager. I already know what type of property manager I would be, that's why I'm not one. But you know what liability as a property manager do you have. But you know what liability as a property manager do you have, because if I set a standard that, as we mentioned before, I don't want a dog over 50 pounds, and I just so happen to be driving by and I'm like I swear that dog looks like he's 55 pounds and then something happens, so what type of liability as a property manager do you have to deal with in terms of making sure you are meeting? You know the criteria that the property owner has, and to that satisfaction, because I'd be the person passing by.
Speaker 1:Why are the blinds crooked? And you know this one folded back, grace, you know, can you have the tenants fix the blinds? They're not straight. So you know, tell me the hassles that you have from the property owners and what type of liabilities you have as a property manager.
Speaker 2:Yes, some of the hassles I'll mention the hassles first would be cleaning up and whatnot. But we do maintenance checks every six months and I do explain to them too. Sometimes we tell tenants OK, this is what we expect from the property. We put the blinds up when you move in. They were up, we took pictures and we did a walkthrough. All this was in the house. However, it's hard sometimes to go through all that checklist and make sure everything is exactly like you found it, you see. So I tell property owners that wear and tear can be understandable and it's okay. Say, for example, maybe worn out carpet, you see, or a few scratches on the walls, things like that. So just be concerned that things might not be 100%. Because this is a tenant, they're not going to take care of your property the way you would if you're living in there, that's absolutely right.
Speaker 2:However, just be more understanding that we are doing our best. And also, the good thing I like is knowing that this is a big structure. You see, so long as it's still there, it can still be salvaged. Whatever we are worrying about these cosmetic things can be salvaged. So I tell them not to stress so much about those small small things and if they feel like maybe that's not the right client, if this is a problem client, I'm sorry to say, then we'll figure out. Do they need to get at the least Like what do we need to do? But then also you have to think about if those small small items are what you're worried about. Think about leaving that property vacant and losing out on rent, and then you know, guaranteeing that you'll find the best 100% client who will meet all these things and treat your property the best way you want it to be treated.
Speaker 1:So what are some misconceptions that, for starters, a property manager may have? Because, like you said, you learned a lot. There were some things that you didn't know. So what were some misconceptions that maybe you had about being a property manager that you learned along the way and obviously you're okay with them because you're still in the field?
Speaker 2:Oh, some of the misconceptions that I would not deal with people's problems, that I was just that in between I just collect this check and pass it on or whatnot. I've dealt with so much and things which don't even concern me, things which I shouldn't really know about. But then you have to understand when people leave somewhere, leave work, they go home, that's their home, and guess what? Anything that's not functioning in their home. Guess whose problem it is?
Speaker 1:It's my problem.
Speaker 2:So that's the biggest thing here and that's one thing I had to realize and just have compassion for them about that. And a good thing. I come from a medical background, as a registered nurse, so I deal with that at work, knowing that people have a lot of stress. So I try not to bring my stress to them and I'm like, okay, I know this is happening, I know it's stressful. I try to calm them down as much as I can and if something is happening, I'm like what is the best solution? How can we work together, always trying to find a win-win, so to make it at least easier on everybody.
Speaker 1:But yeah, it's interesting. This is not really what I want. I want the 8% price, but I really need the 12% care. So what are some of the misconceptions that you found that the property owners had in terms of going into an agreement with you and found out oh, you know, this is not quite what I thought it would be.
Speaker 2:Sometimes it's hard to understand what goes into the property, especially when it comes to repairs and maintenance. Say, for example, an HVAC system breaks down. If it's not able to get repaired, you're going to have to replace it. So which means you need to have enough reserves to take care of that issue and the tenant is now waiting for months. You have to make sure you have those results there and then.
Speaker 2:So things like that can be a little discouraging for some property owners, and also they're so sudden because you don't know when it's going to happen, whereby I always encourage them, always have reserves, whereby when we have this big issue coming up, you need to take care of it, because the tenants are not going to wait, and then you're going to lose money if they have to leave and things like that, and they can also sue you, you see, because then if that property is inhabitable legally, they can sue you that you're not taking care of that problem, and so we can try to work together and I can try to prepare for it and they'll reimburse me through the rent. But yeah, we try to take care of all those issues as they come up.
Speaker 1:And how easy is it in terms of communication to work together? Is there basically a digital platform? Is a lot of this taken care of through computers or electronics or, you know, is it still old fashioned? You're going to be picking up the phone and giving me a call and letting me know what's going on or that I need to go and buy a new HVAC system.
Speaker 2:I do email and text a lot and call yes. However, I do have an apartmentscom. I have accounts set up whereby I input all the information there. Do the maintenance requests encourage tenants to request online, whereby our maintenance technicians can also see those requests? Most times, tenants are texting calling me directly. However, I also go back in that system and fill in whatever was done and all the requests that came in. And the other thing about the property owners I do email them. Okay, this happened, this is how we took care of it and just keep them abreast of everything, and it depends on their mode of communication as well. So some people prefer call me. Some people don't even check their messages, you see, or emails. So I call them and let them know what's going on.
Speaker 1:And how do you keep up with the new trends in terms of properties and even just the new laws and rules and regulations in terms of what tenants can and can't do, what property managers and property investors can and can't do?
Speaker 2:That's a good question. It's being aware of what's going on in your surrounding and also networking a lot. I do a lot of networking and that's why I'm involved, and also the CEs that we take as realtors. That also help, because we learn a lot of anything to do with properties. You see, even property management. They teach those classes, and so that keeps me abreast of what's really going on, and I listen to a lot of podcasts like yours, as well as other online platforms on Facebook, youtube and different platforms, whereby I'm learning more information about property management, not just in Louisiana, but literally in New York and different states as well.
Speaker 1:Well, I've definitely learned a lot. So I guess, as we wrap up, what would be your final piece or best piece of advice to somebody looking to find a property manager and then for that investor that's trying to decide do I want to try and be my own property manager, or should I call somebody like Grace?
Speaker 2:I would recommend doing your research and also finding out exactly what do you want from that property manager. What are your goals for that property? Think about what you want that property for before you even purchase it, because having that in mind is important, because then that influences the location You're able to purchase that property in, instead of just thinking it was a by the way afterwards. That would help you have the exit strategy. And also, look around you. You say I'm sure there's a property manager in that area. Something might be going on. Ask those people for references. You see, do your research online. Yeah, and call and interview as many as you can and whoever you feel most comfortable with. Just try them out for a few months and see how the relationship goes and go from there.
Speaker 1:I see you have that calming spirit. Seems like you've already mentioned that you try and take the stress out of the situation, so I imagine it's, you know, piqued a lot of curiosity. So how can people that may need a property manager reach out to Grace and find out more information?
Speaker 2:Oh, thank you. I can be reached at grace at goodwoodrealtycom. Thank you. I can be reached at grace at goodwoodrealtycom, or my cell phone number is 985-269-6615. And again, this is grace at goodwoodrealtycom and 985-269-6615.
Speaker 1:And you also have a podcast too. You might want to throw that in there too. Thank, you.
Speaker 2:It's Wealth and Wellness with Grace on YouTube. Wealth and Wellness with Grace.
Speaker 1:Well, grace, thank you so much. I still don't know which way I'm going to turn, but I'll definitely give you a call if I decide that I want to go ahead and have some rental property, because I can tell you for sure, I don't want the headache. I want you, you know, I want a property manager that's going to take care of it all. Just send me an email saying hey, you know, we had a problem, it's fixed, we're all good, go back to life.
Speaker 2:Oh, thank you so much, kim, I really appreciate that.
Speaker 1:It was great having you.
Speaker 2:Yeah, I really appreciate it so much.
Speaker 1:Selecting the right property manager or management company is crucial for your success of your real estate property. Here are some tips to help you make an informed decision. For starters, define your needs. Start by identifying your specific needs and expectations of a property management Research. You heard Grace say it over and over again Conduct research. Do a thorough research to identify the potential property managers or management companies in your area. Be sure to check the credentials. You know there are lots of scam artists out there, so verify the credentials and qualifications of the property manager or management company. Check out their certifications, memberships. Ask for references. You probably will do really, really good by getting a personal reference from somebody that you may know. And then, finally, check out neighborsfcuorg forward. Slash financial education to learn more on how to use the money you have, make the money you need and save the money you want.
