Flip Tip Summary
All experienced property owners know that your property management company can make or break your business. Check out this great tip from Dave Lindahl on how to select a property management company. Only on Flipnerd.com!
Flip Tip Transcript:
Mike Hambright: Hey it’s Mike Hambright from FlipNerd.com and we have a quick VIP Flip Tip to share with you from Dave Lindahl about selecting a property management company.
Dave Lindahl: When you’re selecting a property management company, you want to be asking them certain questions, so you can pick the right management company that’s going to do you right. So, your questions should have double meanings. For instance, whenever I’m selecting a property management company for one of my properties in a new area, I’ll always ask them, “How many properties do you own that are like mine?” Now they’re thinking that I’m asking that question because I want to know whether or not they have experience managing my type of properties. That’s not why I’m asking that question. I’m asking that question because I know from past experience that when I hire a management company that owns properties like mine and we’re both going after tenants, which we usually are in the same market, then they’re going to advertise, and then they’re going to screen the tenants, and they’re going to get the good ones and I’m going to get the ones that are left over. So we never hire a property management company that owns properties like ours. We always hire the ones that have experience managing properties like ours. How’s that?
Mike Hambright: That’s great advice. Yeah, you kind of often assume that if somebody owns properties, then they know how to treat your property like an owner, but yeah, that’s counterintuitive.
Dave Lindahl: Absolutely, they’re going to look out for their own best interest for sure.
Mike Hambright: Absolutely. Great advice. Thanks, Dave.
Narrator: Thank you for joining us for another FlipNerd Flip Tip.
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Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.