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Real Estate Fight Club

31
Oct 2022

Should Realtors Also Do Property Management? - EP 162

October 31, 2022

On this episode of the Real Estate Fight Club Podcast, Jenn and Monica are going to duke it out over whether or not realtors should also do property management. Does it make sense for our people to create another stream of income that is property management? Tune in and find out!

 

Episode Highlights:

  • The way Jenn does things is not good for everybody. She refers a lot of business out, and she doesn’t work with buyers.

  • Monica has never been in the property management business. It is an entirely different business with different feels and it is not something that hooks nicely onto your chain if you don’t do it a hundred times to get profit.

  • If you are an agent who does 10 or 12 houses or you are an agent that generally helps investors, property management could be a good source of recurring income, says Jenn.

  • If you are not running your real estate residential business like a business, the chances of you running the property management like a business are pretty low, says Jenn.

  • If you are thinking that a real-estate agent will help the investors and then that person will also serve them as a property manager, that is a recipe for disaster. You are going to lose a client, says Monica.

  • Many real estate agents get into property management because they believe that it is a recurring revenue. But it's always different in reality versus the thought process. 

  • Bridgette is really open to people making their own decision as to what and which way to go. Her only thing is you need to be a type of person that is going to be able to do administrative type things.

  • Many agents if they want to do property management, they stumble and they think this is guaranteed repeatable income, but like being a real estate agent, it's not as easy as it sounds, says Jenn.

  • In the property management business, people only call when they are home and people are only home on Sundays, on holidays, on nights and weekends, the time that you want to be off.

3 Key Points:

  1. If you are trying to be successful in real estate and you get a side hustle in property management, just think that it's a slippery slope into $20 an hour work, says Monica.

  2. Bridgette Long, a real estate broker and property management company owner  from Georgia joins as the tiebreaker for the episode to discuss the pros and cons of property management.

  3. To start in property management, make sure your finances are in order because compliance says when you have your license you are held to a higher standard than a regular owner.

Tweetable Quotes:

  • “Working on your business plan and doing your business cards aren't the highest and best use of your time yet all every agent spends their time doing that instead of lead generation.” – Jenn

  • “When you have another master that is running the show in terms of investor or the owner, they want you to do certain things to appease them. But you have to follow the law based off the housing codes.” – Bridgette

  • “In terms of your brokerage, you have to keep records, but if you're out there working on somebody else, you still have to keep those records for a particular property.” - Bridgette

  • “There are some people that love property management, and I did it for 16 years. But I had different things that I really wanted to focus on and not being on call 24/7 every day.” - Bridgette

Resources Mentioned:

Bridgette Long - 770-895-4580

blong@destinywealthsolutions.com

https://www.instagram.com/bridgettelongmpa/

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