The Importance of Having A System In Place
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Just like with any business in order to be a good property manager it’s critical you have a system in place to keep your tenants in line. And I have clear expectations and this video works for some of the details of our system that we use have ran fast and how you can adapt to it on your own in order to get the best our eye on your properties.
It goes back to these systems you have to use a scalable scalable system eyes into us so we have to do a turn in seven days that when a property becomes vacant with repair paint you fix everything. Do the landscape that’s seven days basically to do with a seven to 10 days is what we have to get estimates in to three that we have worked for about seven to 10 days. That’s really fast. Yeah super fast.
And overall in seven days we’re actually on track to be down begin to seven days. We don’t want know but it’s it’s hard when you have another job and assessments about it you don’t know. Well we’ve moved on 4000 turns in the past two years whatever so we know how did you get this guy lined up here and need this one that I can get these two people to come at the same time.
Who does it affect, other than you do your cleaning last always like but what happens is sometimes as a sub that you’re too busy can’t you have a big calendar you might schedule a cleaner to come and then the next day you have someone coming paired high or later and they make it 30 against it with the cleaner back out there where we we’ve done it so many times I know how many times I’ve gone through my career in fourth out. Well that’s like last two years I know what it is you know thousands of turns that we had to build a system for and to make it one the way we make money as being more efficient. Yeah.
So how can we be more efficient get that done quicker because we want your house amended so we can get paid you know how can I get that money faster. Not to be selfish but our goals align if I can get that bridge faster I get my money faster and I have less dead time with my agents and so yeah.
And it’s on their case you know. You know three week vacancy. I mean you know I mean that could pay for somebody else doing all your stuff. You know if you’re done in seven days. But the thing is so it’s definitely about a system. So I think everybody would agree. As an investor you know you obviously if you’re watching this year obviously at investor Bay I think everybody knows they need a well oiled machine to make money.
Whether you’re own a business or you’re running your rental properties or you know you’re working with employees or whatever you need a well oiled machine. And so you have to have these systems in place and you have to know that the tenant laws in the state you have to know the local taxes and you have to know if you know this stuff and have a system for it and or have the right property management company something you can trust. And the whole point is having it so you skill.
Because if you can’t if you’re too personal you’re always talking to the tenants instead you’re only going to be able to have three or four rentals and can take your time I had a guy. One of my best friends father he had 30 rentals and 28 30 rentals. And he was managing himself and he and he was making incredible money and doing great and he didn’t have another job you just soon as a stop he said was too much work. Is just too much. And the psychological side it was just too much. And I might why would he stop. You have SARS getting out of Mike. He was killing it. If he wouldn’t just on the right people to help him. He could have completely stepped away from almost completely any sense of signed paperwork and you know things like that but you know you know pay his mortgages or hire an account to pay him.
But if he would have gotten those people in place he could step back and have you know what you say like a residual income coming in and without having to do a thing and then you end up starting a business that does between. I don’t know exactly. But tens of millions of dollars a year. So you end up doing as good a business and he figured out needed you a well or a machine. But I have no doubt I mean he did this you know decades ago he could have still had multimillion dollar business with with rentals if he would have figured out that right. Well it well I mean she knew how to leverage other people. And so I wanna go back to your story about your first rental. You know you’re 18 years old. I mean did you have a real estate license did you have I mean did you know anything about real estate.
Yes I did. I’m a real estate license but I wasn’t not 18 years old. You know as just my dad pushed us to get a. How many houses had you sold before that. Oh the guy sold any. So here. Yeah yeah yeah. I mean rentals you know I’d love yeah. And that thing you know I luckily had a lead on my brother in law who was still kind of a brand new realtor. And then my brother you know I knew any mother from my dad wasn’t there.
You know my dad you know he actually helped but these were these are real stages our experience and so like so my dad you know as a real estate agent I remember I would hold open house and so he coming back. Have you seen these you know U.S. homes or whatever it was at the time I mean back then you know and and I’d be like Oh no I haven’t. I go by and through my clients I find good deals and on my own my own previewing and then I go tell my dad I know this is one neighborhood where I found a good deal in villages of eateries in Mesa.
And at the time and and I think did you end up in house there. None of them but me my brother my sister my dad like he sold like 20 investment houses to investors Marty a bunch of guys we end up like buying a ton of homes and it was really successful but it all ended up coming from Mike. I just I was just in I was in the market I was just. Open house and somebody just told me about it and it wouldn’t be the thing if you know you just need some ads in it doing it and that builds the confidence you like with with with you with the Sharla. It’s our sister. She found this deal but yeah the the cause she had done it before.
And from that area. Yes so you think you have to have these things you’re never gonna have experience going from five houses and know how to overcome the you know raising the money past the five year barrier finances unless you deal with deals Amanda had experience. So it’s about having trust I think with the right people. And I know that you guys have always hired probably managers that have investment experience want to get more information on our system and how you can adopt it yourself.
Put our experience to work for you and get in touch. We’d be happy to talk to you. Feel free to comment below or go to RentVest p.m. dot com.