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These property management companies that we work with, they truly care about the property about your experience and that your goal is to make money on the property and not to be picked apart and nickel and dimed. And because that doesn’t do them any good, right? It doesn’t obviously, it hurts the relationship.
And so their goal truly is to make sure that you’re happy that your property is maintained and taken care of, and they do also care about the tenants. And one of their responsibilities is to make sure that the tenant has a safe, comfortable place where they can you know, live, what would your life look like if you could replace all of your working income with simple and conservative investments that could do it for you?
Over the last 13 years, we’ve helped 1000s of clients transact over half a billion dollars in simple and conservative real estate transactions, allowing them to begin replacing their working income with real estate investment income.
Each week, we’ll be pulling back the curtain on the ins and outs of real time retirement based real estate transactions that will transform your financial future, even if you have no real estate experience. This is replace your income with me, Kevin claesson and Steve Earle. All right, well, hello, everybody and welcome to replace your income with Kevin and Steve.
How’s it going? Kevin? What’s up, dude? How are you? I’m doing well back in the office. Oh, man, he no longer traveling the world. Feels good to just stay in one place not be traveling through an airport and have it be all masked up.
Yeah. See, now I’ve got travel coming up next month. So you had your turn this last month. And now my turns coming up this next month? Any tips and tricks? It’s been a while since I’ve flown consistently. So what should I know? Steve? What do I need to know? To maximize my trip?
Go to the airport naked. Okay, I’ve heard that you get a big reaction. It’s way easier to go through. Already to fully address. It just cracks me up every like Kevin, I literally. I got 17 flights in the last five weeks. Goodness, that is so much.
And so each time I went through security, like for me, like what’s up through security, like I’m good. But until then, like, I don’t know why cut like, and I really don’t get anxious about a lot of anxiety. But I just like, I don’t know if this is gonna take five minutes or five hours. And it varies from place to place.
And now the new Salt Lake International Airport, there’s like been dispensers and it’s like a whole process. But yeah, if you just go through naked you’re like, Hey, you don’t need to do the little X ray thingy. Okay, there’s nothing to hide, guys. Yeah. Okay, good. Well, there’s the tip for the day, ladies and gentlemen, children of all ages. No, not children of all ages.
That was adult content. Dude, well, it’s good to have you back. Man. I know, you had an awesome trip. I was talking to you the entire time you’re there and I got to just hear some of your feedback sort of offline of just how awesome and productive the trips have been.
So dude, thanks for going out and doing that. I know, it’s a lot of work. And I know it’s time away from your family. But it was also super critical and, and a really good set of trips. Right?
Yeah, it was just a lot of fun actually. And just I guess, validating, reassuring comforting to, you know, to get out to. There’s nothing like being with the teams in the markets, the individuals that you know, make it happen boots on the ground.
And Gosh, it’s it’s just awesome to meet with these individuals who we’ve been working with for so many years, Kevin, and to just break bread again with them and spend some time with them. tour the different neighborhoods. And I tell you what we work with phenomenal people, trustworthy, honest, just hardworking, dedicated, they just do their best they get occasionally get they get overwhelmed.
We send them a lot of clients and a lot of people to work with, but for the most part, tell you what, you know, they they truly have the clients best interest at heart awesome. And you know, they they are individually experts in the market in the things that they do.
You know, I met with our real estate agents, our property managers, I also met with the folks at the different title companies who we work with some of our rehab crews, that the staff at the property management companies themselves are just awesome people, you know, I don’t get to interact day to day with each of the individual staff members at the property management companies.
Many of the individuals here at Dunphy, real estate work with all of the different people, but I don’t get that chance and that opportunity to kind of rub shoulders with those people. And you know, our teams out there, they’ve really hired the best of the best, just excellent people, excellent individuals, they they are experts in their area of responsibility.
And so it’s kind of neat. It’s kind of awesome, really to when you get to work with people who are so knowledgeable and so different. handle and who just get after it day in and day out, dude, there’s such a case to be made for specialization, right? I mean, there’s so many real estate investors that want to do it all themselves, right?
Because they think that picking up and swinging a hammer, it’s just easier than hiring somebody else. But there is I, I’ve known, I’ve seen that in my lifetime and time again, that more and more, I’m a believer in specialization, go and find somebody who’s way better at it than you are, and let them do the work. It will cost you less in the long run. We always think we’re saving money by doing it ourselves.
And maybe to a certain extent, some of that might be true, but Okay, I got to kind of give you an example of this. Okay, so my truck is still up in like Centerville, Utah, because I was at a speaking engagement. And I showed up and I got a flat tire, right. And I didn’t know Luckily, I got there was like an hour long drive.
And so thankfully, I got there and I was safe. And we were fine. But I had a flat tire. And I was like, oh man, I’m gonna call triple A Why? Because triple A they know car stuff. I don’t know, car stuff. They know car stuff, then I yeah, I could put on a spare. But do I really want to? Let’s be honest, I probably don’t, especially when I’m in a suit.
And so I’m like, plus, I already have the triple A service. And this is all they do. They put on spares they tow that’s what they do. And so I was like, Okay, I’m just going to call AAA when I’m done, and I’m going to be fine. Well, my brother in law, who is awesome and so helpful. He’s such a good dude. He showed up to my talk. And he’s like, oh, Kevin, let me go put the spare on for you.
And I said, Dude, you don’t have to worry about it. Let me call triple A will get it to a shop, we’ll figure it out. It’s fine. Not a big deal. I have a ride home tonight. We’re good. Well, he insists because he’s just a dude is full of service. So while he was getting my spare tire off, he managed to break my brake line, right.
And so all of a sudden, now my truck is without brakes. And without a tire. He eventually got the spare on. But now I didn’t have a brake line. It is now been almost two weeks since I had my truck. Why? Because the brake line led to other things, which it’s with a fixer upper guy in Centerville. But I don’t have time to go up and get my truck because it’s an hour and a half out of the way.
And I’m busy with scheduling, coaching soccer, and family and school and all of these things. And so I’m like, you know, if I just want to let the experts handle the expert stuff, I probably would have had my truck a week ago. But it’s just a good reminder that sometimes it pays to let somebody do what they are best at instead of you trying to be as good at it as they are.
Well, I tell you what, Kevin, so I may have flown on 17 individual flights in the last five weeks or so. But I also rode, like, I don’t know, 497 Uber rides. So I now consider myself somewhat expert. Yeah, like maybe driving around navigating. I’ve watched I took notes.
So I’m back in town. Okay. I can drive you up there. Like they did you know, you could just text me You don’t? You know? Yeah, you don’t have to like, I don’t have to. Yeah, no, no, none of that. In fact, I might even take you out for lunch when I’m at a hopefully I’ll get my truck back tomorrow. But it’s just funny because there really is truth to this idea.
And to that point, Steve, one of those areas where I think we sometimes as real estate investors, we want to exert more control because we think we know better is property management, right?
And property management, we always talk about this property management is where the rubber meets the road straight up, right? If you buy a property, and you can’t get that thing rented out and managed and consistently rented out, doesn’t really matter how good of a property you bought, or what market it was in, if it’s not cash flowing, right.
I mean, that’s such a critical piece. And we have an opportunity to interact with clients on a regular basis. And we always I’ll tell you on the front end on the onboarding side, is we’re welcoming people into the DNI family.
Almost every conversation I have revolves around property management, how does it work? Who are these people? What’s my role? What’s their role? And so we thought that today, this would be you had a great idea to jump on and do a podcast on how do you get the most out of your property manager and talk a little bit about what should that working relationship look like?
Now, full disclosure, we are coming from a place of experience as done free real estate working with some of the best property managers in the whole country. And so that’s the lens through which we’re going to view this. But if you’re listening, and you were not a DIY client, no problem. If you’re just a real estate investor who works with property managers, you’re going to get a lot of value out of this episode and knowing what are some of the best ways to work with property managers?
And here would be a good question. I think a lot of people they go and try to find a property manager, they’re looking for somebody that can rent the home out. But did you interview that property manager and find out the best way to work with them, how they’re going to communicate with you how you can best communicate with them.
There’s things we can do to get the most out of our property management experience. And we wanted to talk a little bit about that today.
Yeah. So I think Kevin, like the success of an individual product It really does revolve around property management, you hit the nail on the head, that if you’ve got good property management, and they do a good job, your property is most likely going to be profitable, it’s going to maintain and increase in value, because it will be properly, you know, looked after the right types of tenants will be in there taken care of, and so on.
So, I think that this is one of the hardest subjects for a lot of people who get into the rental business, is that real estate is one of those things that you can see touch and feel. And I remember one of my mentors, when I got into real estate years and years ago, that was his philosophy, I remember him saying, Steve, I like to have real estate in my own backyard, because I like to be able to see touch and feel it on a regular basis.
And his words, were actually on a daily basis. And that can be a good thing. He was a full time real estate investor, like that is what he did. And so that potentially could make sense. But for individuals like us, you know, our clients, typically they’re very busy being a doctor, they’re very busy being a school teacher doing the things that they do. And it’s pretty tough to see touch and feel, you know, your property every day.
And in fact, that can be a detriment to the whole experience, because oftentimes, the temptation to get involved in the lives of your tenants, to take on their problems as your problems to take on that, you know, the leaky faucets, and so on. That’s what leads a lot of people to getting into real estate and then getting out of real estate and swearing never to invest in real estate again.
And so that’s actually part of our whole philosophy, part of our whole strategy, in buying out of state properties is that it makes it very difficult for an owner to jump by just drop by the property and, you know, see how it’s doing or talk to the tenant, those kinds of things, that’s when, you know, a lot of issues can occur.
And in fact, some of our clients, in fact, a handful, you know, not all of our clients, a few of them, they’ve been in the real estate business for a long time. And, and creating that separation actually creates anxiety for them, they’re used to getting the phone calls in the middle night and going and fixing things.
And that just became part of their life. Because that’s what it does become it becomes part of your life. And so to turn those responsibilities over to someone, and to have to pay for something when something needs to be fixed, instead of you just showing up. Because right, when you don’t have to like fork out, you know, dollar bills or a cheque or something, you kind of think that I’m doing it for free, or I’m doing it for cheap, right, it all depends on how valuable you feel your time is.
And in addition to that, how skilled you think you are at making repairs and so on. I do know quite a few people here locally, they do their own thing. And a lot of times, you know, the repairs that are done are kind of makeshift, they’re done kind of they find the paperclip in the back of their truck to you know, to fix that thing.
Yeah, that thing of a bobber, and it ends up not being that great. And so getting to this concept of how do I get the most out of my property manager? And how do I, you know, create the best kind of system for how I interact with property management. Because this is really is it truly is an opportunity, because the way that we invest in real estate, and we have our clients did is it truly does become that investment, and not this thing that you’re constantly working on yourself.
So how do you make sure your property is being taken care of? How do you how do you get that confidence in your property manager? And how do you interact with them? How do you communicate? And what are some of those expectations and so on.
So, you know, the very first thing that I’d say is, is in your conversations with your property managers, shortly after purchasing the property, you know, have that, you know, typically a property manager will have kind of an introductory or a discovery call to talk to you and kind of get a feel for in a sense for who you are and what your expectations are. And they’ll try and help set those expectations.
But you got to understand that the property manager their responsibilities are outlined in the property management agreement that you’ll sign, you’ll understand the fees that they charge, the monthly fees, the lease up fees, any inspection type fees that they might charge. And, and so you got to understand and know what those are kind of up front.
And then it’s also important to understand how they do maintenance. Some property management companies have in house crews and other property managers. They strictly have subcontractors who do everything and then others have kind of a combination between the two, most of our property managers are kind of a combination between the two where they have kind of their in house handyman, people who do some of the minor repairs, and then when you need they need a licensed contractor like a plumber or an electrician, or somebody who does something a little bit more technical than they’ll hire those out.
And so one of the important things is understanding what’s the best way to communicate with my property manager. You need to understand that carrier pigeon, right? I think we decided carrier pigeon is the best way to communicate with property managers. Right?
Well, I can tell you what sometimes it feels like a carrier pigeon would be a better, more efficient way to communicate then what sometimes happens, okay, yeah, right. No, it’s true. Yeah.
But the thing though, that you need to understand is that the fault lies on both parties. It’s not Just the property manager, in some cases, because I think most of our property managers, they try to communicate clearly the best way to communicate with them when there is an issue. Because our property managers, they manage hundreds and hundreds of properties.
And so if the person who you connected with it’s typically, you know, higher management or even the owner, sometimes they kind of go through the onboarding process. And if all you’re trying to do is get a hold of that person, that can be difficult, because they’re all over the place, whereas they have people who you can communicate with.
So first and foremost, most of our property managers, all of them have a property management portal, you need to become familiar. So number one, become familiar with this software program that the managers use to help them manage the properties, you’ll get a login, you’ll get those credentials.
And the key is to understand how to login number one, and then how to navigate that software so that you can look at your statements you can look at, you know what repairs have been done, or what are coming up.
And or there’s also ways to communicate like, right within those portals, you can send an email, and sometimes even a text message, that typically is the very best way to communicate with the property managers, because typically, everybody at the property management company, they see those emails, and they get kind of depending on what the issue is, that triggers somebody to respond.
But you bring up a good point. And I just want to double down on it, like, let’s say you onboard with a property manager, and it’s one of the top guys with the owners of the company, and you have an initial phone call with them. And they make time in their day to do those phone calls, as they’re welcoming somebody into that property management family. But then you have a problem.
And you think, well, I talked to so and so on the phone, so you try to call so and so on the phone, well, they maybe have designed their day to maximize working with folks that are coming on with new properties. And they are not picking up their phone.
And maybe they’re not even checking their emails. And so here you are trying to call them every day for five days, and you’re going I can’t get ahold of anybody. These guys are terrible. nobody’s getting back with me, when to your point, what if the best way to interact with them is to send an email through the portal, multiple people are seeing it.
And so it’s really important that you understand how to communicate with the property manager, what the best way to get ahold of somebody is because you could be spinning your wheels feeling like I’m doing I’m it’s a one sided relationship, I’m doing everything to get in touch with them. And they’re not getting in touch with me. But the reality is, you may not be using the preferred or best form of communication.
And that could go both ways, right? I think that happens with a lot of people, like if you’ve got a friend, and you know, they never pick up the phone, right? You could be calling them every day for a month, and they never pick up and they never even check their missed calls or their voicemails.
And so you’re sitting there going, what a terrible friend, I’ve tried to get ahold of them every day for a month, and nothing and they’re on the other end going, how come? I haven’t heard from Steve, he know, I haven’t heard a tech. I haven’t seen a text from him in a month because Steve has been calling and leaving voicemails. And Kevin over here is looking for the text message. And so it’s just a miscommunication.
But it doesn’t mean that communication is not happening. It’s just not the most profitable or the most efficient form of communication is happening.
Yep, exactly. So when you’re doing that kind of that onboarding call with property management, make sure that you get really clear as their client as the owner of the property, what’s the best way to communicate? Hey, if I have like, an issue where I didn’t see the the rent come through, you know, when I was expecting it, first and foremost, find out like, how do you look up to see if it’s been registered?
Or if the rent has been inputted into the, into the system? So you can just look and see. And then if it’s not there, the next question is, who do I go to for these financial type in typically, during that onboarding call, the property manager who you talking to will be like, Oh, yeah, you need to talk to Tim Johnson, or Kimberly Brown, and just send an email here.
And in the subject line, they have it in bold print, or whatever, this is kind of the topic of the issue that I’m trying to get addressed. So whether it’s a repair, you haven’t seen the rent a CH hasn’t come through that kind of a thing, just always making sure that that one that you’re communicating the right way, and then to the communication that you’re sending is as clear as possible. And that that will really help move things along in terms of that communication.
And really, that right there can solve so many problems that are kind of perceived problems that could come up during property management, just adequate proper communication, understanding how all parties interact with each other.
Yeah. And the other thing to understand is that every property management company has kind of different personalities. Yeah, they have a different, different flavor of how they run their business.
And so you may be a client that has a property or several properties in multiple markets. And so just, just remember, keep in mind that each property management comes But he’s going to communicate slightly differently.
And there really is actually a benefit to having different personalities and different styles, because you get to see the differences in how property management is run. And you may make decisions in the future as far as where you want to buy properties based on Hey, I, I really liked the way these guys do things.
And someone else might be like, I don’t like the way they do it, I like the way they do it. And so you end up buying more properties in a particular market, because you just, you know, you like the way things are done it, you know, by a particular property management company. So first and foremost, the whole communication piece becomes super critical.
The next thing is just being engaged with your property. It’s funny, Kevin, I, the other day, I was talking to Mike here in the office, and he had reached out to a client to talk to them about a property market review that they had done with them recently, or they’re trying to schedule this property. And the client literally had forgotten that even had a property in this market.
And that was even there, the guy was just getting his check, like, there were just zero issues with his property, it just came in. And somehow, someway, the guy he like he forgot that, you know, it’s been, I don’t know, a couple of years, since his wife is just putting all the checks in the drawer or something.
So it’s like, that’s the epitome of not being engaged. Yeah, you know, with your property and what’s going on. But my suggestion would be that you should be doing your own bookkeeping. And obviously, you’re going to be doing taxes each year, it’s just be on top of expectations in terms of seeing when you know, the acth, the money’s coming in, hit your account.
And just at the very least, you know, opening up your account and looking and making sure that those funds came in. And then also taking a look, if the amount is less than than what you’re anticipating, then go into the property management portal, and just pull up and see what repairs might have been done, right?
And just being aware, like what maintenance things are happening, and what are maybe some of the issues that that your tenant might be, you know, dealing with. And then you know, and being even a little bit proactive, you might have noticed, may perhaps it’s like you had let’s let’s call it a 50 to $75 repair done three or four months in a row.
And just little things, it’s like, Hmm, maybe I could just have the property manager, go out, you know, one time and just take a look for certain things to see if we can just consolidate some of these little things that seem to be popping up and see if we can just nail them all in one trip, when you save a little bit of money.
And to the tenant appreciates the fact that you were proactive, making sure that things were on the up and up. And then also, thirdly, and most importantly, is that you were being accruing deferred maintenance items that may be $150, leaky faucet could turn into a 15 $100 flood issue or heaven forbid a $15,000 flood issue if you had a bunch of flooring and so on, damaged and ruined. And so just kind of being aware that way.
I’ve found that although we want to be careful, I think it’s important the communication that you have with your property manager, that they know that you’re aware and you’re engaged with the property, they’re going to be more aware and engaged of your property. If you are like minded, and if they know and sense that you’re engaged, they’re going to be a little bit more engaged.
If you’re way more aloof, and you never have contact with them, then perhaps they’re not going to pay as much attention to your property, they tend to reflect the attitudes of the owners of the properties. Now, by the same token, I think it’s important not to bombard and overload and become Yeah, I don’t want to say like a nuisance, you’re never a nuisance to a property manager. It’s never a nuisance to want to be engaged and being really taking care of your property.
But sometimes we can get into a micromanaging kind of a mindset. And we’re not there we’re not seeing. And the one thing that I do have with these property management companies that we work with, is I have a super high level of trust. And you know, I just spent time with them, I’m on the phone with them with the owners and the the higher executives in each of those companies on a monthly basis.
And I want you to know, they truly care about the property about your experience and that your goal is to make money on the property and not to be picked apart and nickel and dimed. And because that doesn’t do them any good, right? It doesn’t obviously, it hurts the relationship.
And so their goal truly is to make sure that you’re happy that your property is maintained and taken care of and they do also care about the tenants. And one of their responsibilities is to make sure that the tenant has a safe, comfortable place where they can, you know live. And so there’s kind of this this fine line.
There’s this balance between the two. But I tell you what, I’m not aware of any of our property managers who are out there to try and you know, to gouge or take advantage of their goal is to see you make money for them to be able to collect That management fee each month not to be out there doing repairs, these guys don’t make money doing little repairs, I promise you that that is not how it works.
They make money, when there’s less time, on their part, doing the little repairs and that kind of thing. And so their goal is to make sure that property’s in rent ready condition up front. And there’s a high enough level degree of trust, that when they’re saying, Hey, here’s the things that need to be done, that they’re going to do them, they’re going to do them right because it is in their best interest.
You know, we talked about Adam Smith’s invisible hand at work, his hand is at work big time, in that moment, when at the beginning of the whole process, when they’re doing the rehab, if they do a good job on the property rehab, that’s going to make their lives way, way better.
You know, that’s something that I don’t think we think of often enough. And I think that goes not just our industry, but just industry wide. Do we understand how people make money and what they’re incentivized to do because people respond to economic incentive, if you’re a property manager, the way you’re going to do the most amount of business possible, is to manage multiple properties that you’re collecting a property management fee on but if each one of those properties is requiring you to go out every single day and fix 23 items, like it’s taking up so much time that it’s going to be impossible to take on additional properties, right.
And I know I’m talking about this, it’s kind of a microcosm of just using that as an example. But so when you think about property managers, because we do get that feedback, sometimes sometimes people go on, and I feel like they’re nickel and diming me Look, their job is to get the property rented out successfully to give you a happy tenant that wants to hopefully even resign a lease in the future, they’re not going to make money on the nickel and dime, they’re doing these little repairs and things that need to be done.
And so I think that there, it’s important that we have a degree of understanding of what are they economically incentivized to do, they’re economically incentivized to continue to have enough manpower and ability to manage multiple properties and do such a good job, that there’s even more business that comes their way and even more clients that work with them. And I just think that’s important.
Sometimes we overlook that right? Sometimes we, we just, we only look through it through the lens of my investment and how much time it’s taking me or my interaction with them. And we sometimes forget some of the other economic incentives that are a part or that are at work, and at play here. And you know, I mean, think about it, you know, I, for the longest time, I didn’t buy use cars, I only buy use armina new cars, and I’d lease them because I didn’t want to deal with repairs. So now I have this truck, right.
And I love this truck. I love this truck, I purposely got a slightly older truck, because I just wanted to run it into the ground, right, I just wanted to drive this thing to where the doors fell off it just something that I wanted to do. And I haven’t had that many issues with it. But when I took it to the repair guy, he calls me and he’s like, well, this needs to be done.
And this needs to be done. And this needs to be done. I’m not getting it all done. Because you know, it’s not a truck that I’m going to have for the next 25 years. But guess what, it’s a headache for me to think that Oh, man, I, I don’t want to have to have all these repairs. And all these conversations, when we’re doing the kind of real estate that we’re doing.
And we’re trying to put you in markets and in properties that are the kind of markets and properties that that we’re doing these property managers, they don’t want properties, that is just going to be a headache that’s going to frustrate the heck out of them, because they’re going out and having to fix things that have tenants that they just have to constantly, I guess, interact with in a negative way.
And so the idea here is yes, there’s going to be things that come up. But it’s important that you know, that the property managers are interested in working with done for you real estate, because the kind of product that we provide is a high quality product.
The reason it’s a high quality product is so we can attract a high quality tenant that maybe isn’t going to need as much attention and hopefully the property isn’t going to need as much attention. But it will still happen, things will come up.
But I think it’s just important that we always keep that in perspective, and realize it is still real estate, there are going to be bumps and bruises and headaches along the way. But we’re trying to do what we can to minimize and avoid as much of that as possible, doesn’t mean it’s going to be eliminated. But it’s a big reason why we do the kind of real estate we do and the property managers like the kind of real estate we do.
And it attracts the kind of tenants that it does. Yeah. So lastly, the last thing that I would say in terms of getting, getting the most out of your property manager in terms of how you hope they will take care of your property and so on, is to develop a good relationship with them.
It’s like anything, this is going to be a long term relationship, you’re going to be working with them more and more than likely for a minimum of five years. Like typically, the people at the property management company are going you’re gonna get to know them a little bit. Because you’re interacting with them.
You’re not necessarily having a conversation with them every month, but you’re seeing what they’re doing in your portal, you’re seeing a check come through. And then occasionally you’re talking to them about different things, you know, questions here and there.
And so, like any relationship, you know, this concept of gratitude expressing appreciation for the work that they’re doing, and letting them Know that, that you do trust them, and even sharing with them your goals and your expectations for the property so that they feel invested in you like sharing your story of what this property means to you what that cash flow means on a monthly basis to you. And they’re human beings, right.
And although they have a responsibility to, you know, to every, every property and every client that they have, it’s just human nature, to kind of feel that affinity to somebody who has spent just a few minutes with you, you know, sharing some of your personal story and sharing things that are important to you, and so on.
And people just remember that one of the coolest things was, you know, out, traipsing around the countries, Morgan Tate is a property manager. in Memphis, we’ve had him on the podcast before he gets could go back. And listen, we have and he is phenomenal.
I really enjoyed I spent a full day with him in his office, and then driving grant, the guy’s got like a steel trap for a brain like is really pretty incredible. Like he knew, like actual addresses and how they tied to the client or to the owner of the property, and also knew the tenant by name. And he could tell you details about the property, the types of repairs that were done.
Like, he really takes his job seriously, even though he’s one of the you reminds me a little bit of UK, just a fun guy, you know, and, like, likes to joke and have a good time. But man, it was impressive. It was impressive to drive around with him and spend some time with him.
And he genuinely liked to hear him the way he talked about, you know, I don’t know, we probably had a conversation about dozens and dozens of individual clients. And he knew them he knew their family circumstances. And it was it was just neat. His is awesome. He is vested.
And and I really do feel that in all of our property managers, even the ones that you don’t necessarily spend a lot of time talking to our property managers go above and beyond. And if there’s a fault is that they don’t really have the best mechanism to tell you everything that they’re doing behind the scenes, to make sure that your property is working to make sure that it’s it’s turning a profit and that it’s just doing what you hoped and expected it would do.
Yeah, you know, so to kind of summarize the episode. So Steve, we talked about how do we get the most out of our property managers? Well, number one is to understand the communication methods, right? How do they want to be communicated with how should you communicate with them? How can they best communicate with you? What is the communication? gameplan? Right, that is really critical.
And the second thing that Steve talked about, that we discussed in the episode was be engaged with your property, like, check in, like know what’s going on, like, log into the portal, see what’s happening, see what’s going on, you know, it’s not just a total set it and forget it, it’s a set it and you don’t have to think about it every day, but you should be thinking about it, you know, at least once a month, and really kind of considering what’s going on.
And Steve, I think the point that you brought up that if you can kind of enroll the property manager into your story into your game plan so that they know you and who you are and what you’re trying to accomplish. It’s so important. And I can tell you from personal experience, I’ve never had the result come from me complaining and yelling, and getting upset at a service provider.
Right? Whenever something has gone wrong. If I jump on the phone guns, blazing cannons out swords ready to slice, and I’m like, how dare you? What do you think you’re doing? Don’t you know who I am? It never goes my way. But because a lot of times the person you’re talking to on the other end, they’re not the ultimate decision maker anyway.
So why would we take it out on them. But when we jump on that call, or when you jump on that communication, and you do it from a place of gratitude, you do it from a place of realizing here is somebody that you can enroll in your ability to help you get the result that you want, and you treat them like a human, not some sort of, I don’t know, you know, deviant, that’s just trying to ruin your life, you get so much more of what you were hoping to get by being kind, you know, and make it a point.
If something ever doesn’t go just right, with a service I’ve purchased or something, I never call and complain, I always call and let them know that things haven’t gone as well as I would like. And I’m trying to seek some kind of a solution, it really does make a big difference how you treat others. And I just think it’s one of those things that’s important to remember when you’re interacting with the property managers. And I think it’s just a good way to approach humanity, just in general.
And I would just add to that, sometimes, there’s a little bit you know, you get to a loggerheads right, where the two parties just aren’t communicating. And occasionally, that is the case, you know, personalities clash or somebody took something the wrong way and now you’re butting heads, you know, and and the communication just kind of stops at that point.
And so on occasion, we’ll have clients who Take advantage of Dunphy real estate. And our relationship with the property management companies is one of the roles that we play, we actually have a concierge service here for service type issues where we need to kind of open the the lines of communication again, and Gosh, we have a phenomenal success rate at opening those doors, getting both of the parties communicating and issues resolved, when occasionally they do happen.
And so that’s one of the roles that we here at DFO, I get to play on occasion, and happy to do it. It’s one of the benefits post purchase that we provide, you know, to our clients, and quite frankly, to our service providers out in the market.
And Steve for both the annual property and market reviews and then kind of that concierge service for property management. Let’s go ahead and tell everybody how much extra we charge for that once somebody closes on a property.
Yeah, it’s a zero. I don’t know how to say it free, 99, free night. That’s what I was looking for. You know, it’s funny, Steven, I Steve was sending me emails last night, there’s another big turnkey provider, we don’t need to mention them.
And they tout this, if you got at least five properties, we’ll give you a phone number to call. And not only that, we’ll maybe reviewed the property with you once you’ve bought five properties. And we’re like, Wait a second.
And that’s just what we do, because that’s what’s critical to the customer experience. And so, you know, us, us us done for you real estate as a piece of that pie for you. If you’re a client, if you’re not a client, what we talked about today is critically important know how to communicate with your property manager, be engaged with your property, approach problems and issues from a space of not necessarily contention, but seeking a solution.
And a lot of that can really make a big difference in your property management experience. And with your ability to succeed on the property. And if all else fails, give us a call and we’ll kind of grease the wheels.
That’s right. That’s right, we will do that. Because we love you, Steve, any final words as we wrap up this episode, nothing other than it’s exciting to be a part of the client experience during this part of the process. You know, you you go through the buying process is arduous is that can be sometimes the hardest part of the process is post purchase, becoming a real estate owner. And that’s where I feel like we as a company get to shine.
That’s one of our unique, I’ll call it advantages where we are so engaged, invested in the success of our clients post purchase, that it’s a big part of who we are and what we do. And we have the systems, the people the processes in place to to just help ensure an overall successful investing experience over the long run and long run. I mean, anywhere from five to 10 to 15 to 20 years and on.
That’s awesome. All right, thank you so much deep. Thank you everybody for tuning in. We hope this was a valuable episode to learn how to kind of maximize and get the most out of your property manager. thank you as always for listening for subscribing for following for sharing for the five star reviews. We appreciate you guys so much. We hope you enjoyed this episode and we’ll see you next week. See ya.
Thanks so much for listening to replace your income with Steven Kevin. If you’re not subscribed already, be sure to head over to your favorite podcasting platform and do that now. If you enjoyed this episode, we’d love it if you could do as a quick favor and rate and review the podcast on Apple podcasts.
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