Are you unknowingly overpaying for property management services while receiving minimal value in return?

 

In this episode, Justin Pogue dives into the complexities of property management contracts, revealing hidden fees, operational strategies, and management models that can greatly impact your real estate investment's profitability. Justin offers practical advice on selecting the right property management company, avoiding expensive pitfalls, and ensuring transparency in management practices. His insights will empower property owners to make informed decisions that can save them time, money, and unnecessary stress.

 

 

[00:01 - 05:16] The Transparency You Need

• Fewer units per manager lead to better operational support
• Owners should expect financial and non-financial reports from property managers
• Transparency is crucial in management; owners should have access to all reports

 

[05:17 - 10:45] Choosing the Right Operating Model

• Dedicated teams offer more personalized service, but at a higher cost
• Centralized call centers reduce costs but lack familiarity with your property
• It's important to understand which model your manager uses and the trade-offs involved

 

[10:46 - 15:01] Hidden Fees to Watch For

• Some property managers add surcharges to maintenance fees, inflating costs
• Termination fees can still apply even after a contract expires
• Carefully review contracts to avoid unexpected financial burdens

 

[15:02 - 19:09] The Importance of Property Tours

• Self-guided tours might seem efficient but can miss key property features
• Guided tours provide essential feedback about prospective renters
• A hands-off approach to tours can result in higher vacancy costs

 

[19:10 - 23:20] Avoiding Micromanagement and Maintaining Control

• Set an expense threshold for managers to avoid constant oversight
• Budget planning helps ensure expenses align with property needs
• Avoid companies that lack clauses for spending accountability in contracts

 

 

 

 

Key Quotes:

 

"The more transparency, the better off you'll be as an owner." – Justin Pogue

 

"Some companies seem intent on running up expenses without truly adding value for you, the owner." – Justin Pogue

 

 

 

Connect with Justin:

 

Website: https://rentalsecrets.net/

LinkedIn: https://www.linkedin.com/in/justincpogue/

Calendar: https://rentalsecrets.net/IntroductoryCall/

 

 

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