How can building stronger relationships with property managers and vendors help you save on fees and ensure your property is well-maintained?

 

In this episode, property management expert Justin Pogue joins Angel to discuss the nuances of managing property management fees, building strong vendor relationships, and navigating potential pitfalls in real estate investing. Justin shares key insights on how investors can ask the right questions to avoid hidden fees and ensure high-quality repairs. The conversation highlights the importance of trust between property owners, property managers, and vendors, as well as strategies for maintaining good relationships to avoid costly surprises. 

 

 

[00:01 - 04:55] The Hidden Factors in Property Management Fees

• Larger property portfolios often result in lower management fees
• Difficult clients may face higher fees due to increased labor
• Sharing responsibilities with your property manager can reduce costs

 

[04:56 - 08:26] Key Questions to Ask Property Managers

• Ask about their mission statement to align their goals with yours
• Understand their operational model for a clearer point of contact during issues
• Clarify whether fees are inclusive or if surcharges might arise

 

[08:27 - 12:54] Relationships and Maintenance: Why They Matter

• Property managers should have vendors on standby for urgent repairs
• Negotiating repair costs can depend on your relationship with vendors
• Being knowledgeable about repairs helps you avoid inflated costs

 

[12:55 - 15:42] Investing in Education and Contingency Planning

• Always have a contingency fund for unexpected repairs
• Plug into local real estate clubs for invaluable connections and resources
• Knowing your vendor’s quality is essential for ensuring good property care

 

[15:43 - 18:29] Trust in the Vendor-Landlord-Tenant Relationship

• Build trust by using vendors you’d trust in your own home
• Tenants rely on landlords to provide a safe and well-maintained property
• Avoid vendors who cut corners to protect both your property and tenants

 

 

Key Quote:

 

"I want to remove friction from the real estate investing process. If we do that, we get more housing, and we can start solving social problems." — 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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