Many first time real estate investors, whether they be accidental landlords or entrepreneurs, find themselves initially in uncharted territory. How to best handle your newly acquired asset including hiring the right property management company, tenant requests, property maintenance, leases, rental permits and accounting are just a few of the responsibilities associated with being an investor.
In today’s episode, our host TJ Hock and guest Kyle Stephenson share their expertise within the real estate and property management industries focusing on first time investors and the importance of a solid relationship between property owners and property managers.
About Kyle Stephenson: In 2007, after his search for a property management company that focused on his specific needs proved fruitless, Kyle decided to fill that void and founded KRS Holdings. KRS Holdings has grown to manage over 1,300 single family homes and 2,500 multi-family units across the commonwealth of Virginia. Kyle works hard to ensure that his team never loses their focus on delivering quality services to residents and landlords alike. Kyle’s expertise in residential property management has been recognized by many within the industry. He was featured in the book “Successful Property Managers, Advice and Winning Strategies from Industry Leaders” by Michael Levy. Besides being a licensed Realtor, he is a member of the National Association of Residential Property Managers as well as the Richmond Apartment Owners Association.
0:00 - Start
5:17 - What advice do you have for first time real estate investors?
9:05 - How do you see the economy affecting the future of property management?
12:40 - The challenges of being a property manager
15:55 - What do you like most about property management?
21:17 - What value can property managers bring to first time investors?
23:44 - Coaching property managers to communicate effectively with clients
25:59 - Do you see opportunities with AI or Virtual Assistants in the industry?
30:47 - Words of wisdom
Key Takeaways:
Real estate allows the average american to compete from an investment standpoint
Start your investment portfolio with a simple single family home
Self-managing your property initially is a great learning tool
Don’t invest in a property that won’t allow you to make mistakes financially
Money is both personal and emotional
Communication between the property owner and property manager is vital
Training your property managers will help build strong client relationships
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