248: Why Property Managers Are Heroes with GRE’s John Collins
Why Property Managers Are Heroes with GRE's John Collins
Property management is the glue that makes your investment stick together. But it’s a tough job.
GRE’s own John Collins has done management consulting on a project of 159 single-family rental homes.
Problems he encountered:
- 30% pay rent late or not at all
- Unassigned parking spaces
- Domestic violence
- Abandoned car
- Pets and pests
- “Jerry Springer Show” in leasing office
- Unwanted boyfriend that wouldn’t leave
- Syringes found in home
- Daylight coming in through baseboard
Upgrading tenants from C-Class to B-Class.
Raising the rent attracted better tenants.
With just a $3 monthly rent increase per unit at a 6% cap rate, the project value increases $100,000. We break down the math.
What gets measured gets improved.
Maintenance issues occur with a property about quarterly.
Practicing “tactical empathy”.
To contact John, e-mail firstname.lastname@example.org with “For John Collins” in the subject line.
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