When you're a rental owner and you hire a property management company, here's what's supposed to happen.

They work with the tenant. They take care of the property. They hire the contractors.

And there's this passive wall between you and everything that's going on with your rental property so that you can receive your rent check every month.

And you're happy and you're at peace. But after 23 years of being a rental investor myself and then coaching thousands of

other investors, I've learned that it doesn't always work that way. So instead of being happy

and completely passive with your rental property and hands off, many rental investors are actually

feeling anxiety and worry about the property. And yes, there's a management company who's working on

things, but sometimes you get a bill for a maintenance item that's a lot bigger than what you thought it should have been, or the tenant stops paying and you have a turnover this longer than you should have been, and you're having this fork out money for vacancies or evictions, or the property's not taking care of the way you thought it should have been. And all of these things create stress and it's easy to point your finger at the management company. And yes, there are some bad management companies out there, just like any industry. But in this episode, I want to talk to you about what I think the root of this problem is for most of us as rental investors. And it's simply this. We haven't stepped into a new role or a new job that we have to take on as a rental investor.

We can't turn over 100% of the responsibility to the property manager.

We have to accept the responsibility as an asset manager of our rental properties.

And I want to explain what that means and how you can step into that role and actually get to that ideal that we talked about where you have more passive rental properties.

We haven't met yet. My name is Chad Carson. You can also call me Coach Carson. I'm the founder of the

community rental property mastery. And on this channel, I teach you how to use a small and mighty style of real estate investing to achieve financial freedom so you can

spend your time doing more of what matters.

I want to start by learning the difference between the role of property manager and asset

manager. Now, most of us are small and mighty investors. We're not big corporations

that own real estate, but there's something we can learn from big real estate

corporations like real estate investment trust or big venture funds. And is that they typically

have a department for property management. And then they have another department or another role

for asset manager. These are two totally separate things that work together, but they have

different roles and tasks. So I want to go through a list of some of these potential tasks that your property manager would do and that you might do as an asset manager. And if you're someone who self-manages your properties, you can do everything, you're probably doing both of these roles at one time, but it's helpful to think of them separately. So a property manager handles the leasing of the property. the property manager is going to take a property that's about to be vacant or is already vacant and they're going to advertise it. They're going to make sure it gets ready to look to show and it looks good. They're going to take calls or messages from potential tenants. They're going to show the property. They're going to get applications. They're going to screen those applications. And ultimately ultimately they're going to sign a lease with the new tenant. That's their role. But as an asset manager, you're also involved in leasing, but it's more from a higher level strategic standpoint. So you have the strategy of what should you rent this property for, what rate should you rent it for? And this depends a lot on the market. And I just recently had a lot of a couple of vacancies in Clemson because we have a little bit

softer market. So I've had to drop some rents my properties in order to get them full. And I was more

...