203: The Ultimate Property Management Masterclass w/Expert Property Manager Karen Lane

Real Estate Rookie

BiggerPockets

Entrepreneurship, Education, Investing, Business, How To

4.7 • 1.8K Ratings

🗓️ 27 July 2022

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

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. In This Episode We Cover What it means to be a property manager and how to know if you have what it takes Finding and vetting a property manager to make sure your goals and expectations align How to keep the landlord and the tenant happy and find a middle ground Management agreements and how to understand the property management fees that come along with it How to check for hidden fees as a landlord The most significant things to look for in a property manager to make sure your relationship is successful The ideal reporting structure, the cadence, and what you should include And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast Real Estate Rookie Facebook Group BPCON2022 BiggerPockets Forums Rookie Landlord Bootcamp BiggerPockets Calculators Buildium AppFolio Quickbooks A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen Connect with Karen: Karen's Property Management Company Karen's Company Email Karen's Website Karen's Email Check out the full show notes here: https://biggerpockets.com/blog/rookie-203 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie episode 203.
0:04.4	I believe that the property manager needs to be seen, but I'm also the type of person that I'm
0:12.1	a hands-on kind of property manager. And, you know, years ago, I'd go up on the roof and go in
0:19.1	the basements and who knows where. But my point being that you're much more involved and you get
0:27.4	much more of the actual detail when you're there on-site when something's happening. You know,
0:35.3	I'm a firm believer that, you know, the property manager needs to be out on the property, not in
0:41.6	the office. My name is Ashley Care and I'm here with my co-host, Tony Robinson.
0:46.4	And welcome to the Real Estate Rookie podcast where every week, twice a week, we bring you the
0:51.1	stories, inspiration and information you need to kickstart your investing journey. And part of
0:57.2	what we do on the shows, we ask our loyal listeners to leave us honest reading and reviews.
1:02.2	And that should always gives me like a hard time when I say honest because some of you are more
1:06.0	honest than others. So I just want to read a review we got in recently that gave us a good laugh.
1:11.7	So, you know, you can give a title for your review and the title for this one says boring.
1:18.3	This is a one-star review from my style underscore M. And most of the guests that they have on the
1:26.3	show seem like interesting people, but can't help to not acknowledge how boring Tony slash Ashley
1:33.0	make the conversation. They should really know how to ask better questions. So I guess we've got
1:38.8	to focus on our our our banter Ashley and our ability to ask a question. So some for us to work on.
1:45.5	Yeah, you know what, there's always room for improvement. We can make constructive criticism.
1:51.3	I would just rather you you deem it to me and not publicly.
1:57.1	Put it up. It's a review. Well, now on to our boring banter.
2:01.1	Yeah, yeah, yeah. So what's new with you?
2:03.6	Yeah, you know, I'm actually going back to Las Vegas tomorrow morning.
	...

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