BiggerPockets Real Estate Podcast - Hiring a Property Manager and “Fees” That’ll Kill Your Cash Flow

Episode #958 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: https://biggerpockets.com/findapm ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?utm_source=owned_media ~~~~ Expand Your Investing Knowledge With the BiggerPockets Books: https://store.biggerpockets.com/?utm_source=owned_media ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ Find Investor-Friendly Lenders: http://biggerpockets.com/findlenders ~~~~ Property Manager Finder: https://biggerpockets.com/findapm ~~~~ What Does a Property Manager Do? Here’s the Job Description: https://www.biggerpockets.com/blog/property-manager-tasks?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Do You Need a Property Manager—or Can You Manage Your Properties Alone? https://www.biggerpockets.com/blog/do-you-need-a-property-manager-rental?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ 78 Questions To Ask A Property Manager Before Hiring Them: https://www.biggerpockets.com/blog/questions-to-ask-a-property-manager?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with Michael on BiggerPockets: https://www.biggerpockets.com/users/michaelcv4?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with Luke: https://www.biggerpockets.com/users/luker70?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with David and Rob on BiggerPockets: David: https://www.biggerpockets.com/users/davidgreene24?utm_source=youtube&utm_medium=description&utm_campaign=none Rob: https://www.biggerpockets.com/users/robuilt?utm_source=youtube&utm_medium=description&utm_campaign=none Show notes at: https://link.chtbl.com/BPRE 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!