All right...you've made it this far, and I congratulate you. You've earned the right to move forward, and now we will dig into the system you need to build a stable and foundational property management system. Again, this system can be used to scale your own real estate portfolio or manage on behalf of other landlords.
Before we get into the details as to how to operate each leg of the property management system, let's provide a high-level overview of what each of the critical legs is so that we can build a chair that can withstand the impact of everyday "buy and hold" pressures.
So, without further adieu, here are the four legs to an efficient property management system:
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Leasing of Rental Property.
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Rent Collection.
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Repair and Maintenance.
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Property Inspections.
What this means is that regardless of the number of doors managed, number of employees hired, or whatever tech does to compress the property management industry over the coming years, you NEED to focus on building a scalable and efficient system to each of these legs.
Next, I want you to bullet point the tasks involved, in the process, to each of these legs when it comes to an understanding of your property management system. By task, I mean the function that MUST be completed in order to make that system work.
Keep in mind; you aren't going to be able to list all the tasks in one sitting. In fact, I recommend you listen to the rest of our course before starting assigning tasks. Fact is, you will get new ideas or simply learn something new in the process of listening to this course.
For me, it has always been an evolving process requiring the ability to keep and maintain notes on building tasks necessary and improving the process for my clients and myself. So, do a little bit each day for 30 days. Brainstorm while writing it down, then modify, and then modify some more. Flush out those tasks the best you can!
Now, by letting yourself process all of the functions that make up each of the property management legs over multiple sittings, you will obtain confidence that your process is well-thought-out and disciplined. Furthermore, you will be that much more likely to move on the task and perform on your plan. So, don't delay.
Once you have taken the time to exhaust your list of tasks for each of the four legs of our property management system and you have completed this ENTIRE COURSE, now, you are going to assign these tasks based upon your skillset. By skill set, we need to ask ourselves: does the task require a license or specialization? Does the task fit a certain personality profile? Finally, how much does this task take off your plate, as a property manager, so that you can focus on scaling your system along the way?
As we conclude this lesson, please take 20 minutes from your day and begin this process. The sooner you begin, the sooner we can discuss making your system more efficient and flexible to changes in employee structure or as tech furthers works to compress systems and make them more efficient.
If needed, run each of your processes by colleagues that are familiar with you, your property management system, and your goals.
Now, on to our next lesson...discussing the first leg of the property management system in detail: LEASING.
