Core 4 Mastery: THE PROPERTY MANAGER - THE PARTNER THAT MAKES YOUR ROLE TRULY PASSIVE

Hey Team,

DK here, and today, we're unraveling the final piece of the Core 4 puzzle – arguably the most crucial for a passive investor: The Property Manager. Buckle up, because this is where the magic of true hands-off investing happens.

The Property Manager: Your Day-to-Day Operator

So, you've got the perfect deal, secured financing, and your contractor is turning your property into a masterpiece. Now, who's going to handle the day-to-day? Enter the Property Manager – your secret weapon for a truly passive investment journey.

Setting the Standard: The Right Property Management Cost

Property management costs typically range from 8-10%, and anything higher could be a red flag (unless, of course, you're diving into the world of Airbnb, where rates might differ). Personally, I prefer working with property managers charging around 8%. It's a sweet spot that ensures quality service without breaking the bank.

Alignment is Key: Getting on the Same Page

To avoid headaches down the road, it's crucial to align with your property manager on the type of tenant you want and their application process. Don't find yourself in a situation where your expectations for high-quality tenants clash with their lenient requirements. Communication is key here.

Tech-Powered Transparency: Monthly Statements and Beyond

A good property manager should be using software like Appfolio or Buildium to provide you with transparent monthly statements. This ensures you can track every dollar and stay in the loop effortlessly. They should also be on top of lease start and end dates, giving you a heads-up on upcoming renewals to avoid unexpected surprises.

Market Awareness: Keeping Your Rents Competitive

Your property manager should be your eyes and ears in the market, keeping you informed about current rents and whether your property is below, at, or above market rates. A solid plan to keep your rents competitive is a key element of their role.

Autopilot Activated: Your Investment on Cruise Control

When you find a good property manager, they essentially put your investment properties on autopilot. No more worrying about day-to-day operations, unexpected surprises, or market fluctuations. It's the sweet spot of passive investing.

Stay tuned for more insights, and let's keep building towards those hands-off victories in the world of real estate.

To your passive success,

DK 🏡