The Bite-Sized Guide to Mastering Property Management

Property management can be one of the more complex decisions when it comes to investing. Do you save money and ensure the job is done exactly how you want it by self-managing, or do you invest in someone with experience and save yourself time, energy, and headspace? Today’s guest, Karen Lane, breaks down property management in bite-size chunks, so whether you’re deciding between property management vs. self-management or hoping to pursue property management already, this episode is perfect for you.
Karen has been in property management for commercial real estate for most of her career, so she’s seen it all-including a dead deer carcass in the middle of a shopping center parking lot. She’s worked with private investors on both coasts and internationally. Karen’s abundant experience has made her a wealth of knowledge and the perfect person to learn from. While she has thrived in the property management space, she now hopes to beat analysis paralysis and find her first investment.
Karen goes over what it means to be a property manager and how to become one. She also talks about the nuances of juggling the different relationships you need to maintain as a property manager. Today’s episode is the free property management masterclass you don’t want to miss.
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Join the Real Estate Rookie Facebook Group:
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Register for the Rookie Landlord Bootcamp:
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Property Management-When Is it Time to Outsource?
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5 Ways to Overcome Analysis Paralysis:
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The Pros and Cons of Hiring a Property Manager:
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Work with Alison Properties:
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Check Out Karen’s Property Management Company:
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Connect with Karen Through Email:
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Connect with Ashley and Tony on BiggerPockets:
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Episode 203
Show notes at: www.biggerpock...
00:00 Intro
05:45 Property Management 101
13:34 Finding a Property Manager & Being Hands-On
19:13 How to Keep the Owner & Tenant Satisfied
24:48 Understanding Management Agreements & Fees
40:02 The Ideal Reporting Structure
46:32 Key Property Manager Characteristics & Property Retention
49:31 The Dead Deer Rite of Passage
51:25 Questions as a Hopeful First Time Investor
57:18 Rookie Rockstar
#biggerpockets #realestaterookiepodcast #ep203

[@yingng2854]

Hahaha! I love you guys! So honest and sincere. Especially the awkward pauses between Ashley and Tony when telling their stories. So awesome!🤣

[@ErnestoJudyAndujar1]

Agreed!

[@Novice2Expert]

There will always a negative comments. I suggest you spend 80% on your strengths and only 20% on the negative comments and see which ones are constructive to improve upon. It seems you only read the negatives

[@guillermojuarez3030]

If you open w a negative review, that's my only info to judge how good this video is...

[@bloodphantom81]

love you two. I find that I still get value even if the questions aren’t super deep.

[@twocds4751]

Absolutely ridiculous that you two are boring. Your questions are part of the reason why I'm engaged. Keep it going Tony and Ashley!

[@alinazigmantaviciute1625]

Very informative podcast. Wonderful gust! Thank you very much!

[@johnmunoz4305]

Both of you do a great job. Very interesting conversations. 👌

[@YELLzeyLauren]

hahaha OMG I am shocked by these reviews. Love you guys!! :D

[@nicolasvalenzuela6265]

Very good show, super interesting guest. More of this type of episode!

[@rowlandelaird]

How do you pay the property managers do you pay them 5% do you pay them 10% and also do you have the tenants paid the property managers directly and just trust the property managers to take their part out and send you the rest this is a very important question for me

[@ErnestoJudyAndujar1]

We are a PM company in North TX and I do not see anyone charging 10%. We have some good content to share on our channel in regard to property management, services and tips for landlords. I think it would be helpful. Regardless, this is a great video made by authentic people.

[@antoniostephano]

It takes longer to close in Ny than for a deer to decompose. 51:10

[@0309jph]

Yea you guys are boring.. I told you guys let me know when y’all are hitting the Vegas pool parties lol. You both are doing great! The topics are valuable and the way you guys elaborate on what we need to understand is definitely there. Keep being boring because it works for us 👏🏾👏🏾

[@ErnestoJudyAndujar1]

Deep dives help on these topics. For sure!

[@Rose-xc7wz]

I have been waiting for 10 days for some kind of update on the maintenance request for a broken window. Luckily it is summer not winter in MN. But the only barrier between inside and outside on that window is the weather proofing I put up in the winter. It isn't a huge crisis but there is very little keeping rain out and I have no idea if they are waiting for a window or if they have even been here. (I have been here every day except 2 in all those days.)

[@ErnestoJudyAndujar1]

Did your landlord at least respond to your request? Can you share what ended up happening here?

[@Rose-xc7wz]

@ErnestoJudyAndujar1 took 2 weeks. Fixed the window. Installed the window AC incorrectly and never responded to that and acted like I have no idea what is going on. I ended up tipping the AC back to avoid damage from the leak of the condensation. This is what usually happens. They ignored when I told them last year that the door was freezing shut at night, this year the door knob broke because the door was frozen shut again. I have been told, 'you mean the door sticks.' No I mean it freezes shut. Same stuff different day.

[@ce_rouse]

Curious how management companies respond to owners using outside auditors. Would think for the owner who is hands off with accounting it would make sense to do a financial audit once or twice a year to keep everyone honest. 🤔

[@ErnestoJudyAndujar1]

What exactly would you want to audit? The entire PM company?

[@brandonlachance6349]

Great info! Any relation to Roseanne Barr?

[@susanmartin870]

Exactly what i heard and saw the whole time. They must at least live in the same state. Lol

[@patricewilliams5653]

Did Karen recently ask a question on the OG podcast? I just started watching the video but she sounds & looks familiar.

[@ericknutson5497]

She did! We connected with her and thought she could actually help others even though she is looking to get started on her own portfolio.

[@ErnestoJudyAndujar1]

There are still property managers charging 10%!? I guess we need to revisit our fees HA! Very good content and good job diving in deep.

[@antoniostephano]

New line: It takes longer to close in NY than it does doe a deer to decompose.

[@warfighterzas]

Heard tony Robbin’s for a sec lol

[@exitocompartido]

I need real estate license to be property manager?

[@almmason7]

In some states yes

[@ErnestoJudyAndujar1]

It depends.

[@currently9143]

yay

[@xbellabutterflyx]

I’m in the Charlotte rock hill area if anyone wants to partner up. Already own a couple of properties and looking to partner up with someone.

[@ErnestoJudyAndujar1]

What type of partnership are you looking for?

[@nicholasmasi2558]

How do we apply to be on the rookie show?

[@ericknutson5497]

Biggerpockets.com/guest > select Rookie podcast!

[@ErnestoJudyAndujar1]

Yea, we want an invite as well! LOL

[@mkmitchell4028]

Hello i think you could be more aware of the new investors, such as funding and cash buyers isnt as easy as you make it. How to become credible with out opportunity. Thanks

[@ErnestoJudyAndujar1]

Do you mean you want property managers to provide more services?