What Managing 10,000 Tenants Taught Us About the Economy
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 22 May 2025
⏱️ 56 minutes
🧾️ Download transcript
Summary
Ken and Danille McElroy sit down with Shannon Wilcox, Director of Property Management at MC Companies, to uncover what managing over 10,000 rental units reveals about the current economy, rental trends, and tenant behavior. From fraud prevention and due diligence to shifting demographics and rent concessions, this candid conversation offers landlords and investors critical insight into what’s really happening on the ground.
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Visit Ken's Bookstore: https://kenmcelroy.com/bookstore
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | So today we had Shannon Wilcox on, our director of property manager, by far the hardest job in our company by a long shot. |
| 0:09.5 | 10,000 plus tenants, all these properties, all these questions by tenants and vendors. |
| 0:15.6 | And of course, guys like me and Ross calling all the time saying, what's going on with these projects? |
| 0:20.7 | She has the hardest job by a long shot. Well, what's going on with these projects? She has the |
| 0:21.3 | hardest job by a long shot. Well, she's always the one I call when I have a property management |
| 0:25.6 | question because here's one thing I know. Shannon's already been through it if I'm going through |
| 0:30.6 | it. It's so funny when I started in this business, you know, the lease was like two pages, |
| 0:35.5 | like front and back. Now it's like 12. Yeah. |
| 0:38.9 | I mean, the things that we have to stay on top of for both on our side and for the tenant, |
| 0:45.8 | you know, just keep growing, right? And so she's got an incredible job and you guys are going |
| 0:51.4 | to hear firsthand what's going on with delinquents with our |
| 0:55.0 | residents with our rents all those kinds of things i think you should stay tuned for this one |
| 0:58.8 | yeah and i will tell you the one of the biggest takeaways i took away from this podcast was that |
| 1:03.3 | our interview with her was that uh i complained that my tenants contact me too much because it drives |
| 1:08.8 | me crazy and she told me she worries when they don't contact you at all. |
| 1:12.7 | For sure. |
| 1:19.8 | So today we have on Shannon and she runs all of the property operations for MC company. |
| 1:27.0 | The biggest job in the company by far, like after we buy stuff, you have to make it work. |
| 1:33.6 | Well, we'd have to do that, but we have to do our due diligence before we buy it, too. |
| 1:37.6 | That's true. That's true. Yeah, that's true. Sometimes it's thumbs up or thumbs down. |
| 1:41.7 | Like, we'll buy something or potentially put it into escrow and then we turn her team over and then they walk all the units. |
| 1:49.1 | They do full audits. |
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