248: Why Property Managers Are Heroes with GRE’s John Collins

Property management is the glue that makes your investment stick together. But it’s a tough job.

GRE’s own John Collins has done management consulting on a project of 159 single-family rental homes.

Problems he encountered:

• 30% pay rent late or not at all
• Arson
• Unassigned parking spaces
• Domestic violence 
• Abandoned car
• Condensation
• Pets and pests
• “Jerry Springer Show” in leasing office
• Unwanted boyfriend that wouldn’t leave
• Syringes found in home
• Daylight coming in through baseboard

Upgrading tenants from C-Class to B-Class.

Raising the rent attracted better tenants.

With just a $3 monthly rent increase per unit at a 6% cap rate, the project value increases $100,000. We break down the math.

What gets measured gets improved.

Maintenance issues occur with a property about quarterly.

Practicing “tactical empathy”. 

To contact John, e-mail info@getricheducation.com with “For John Collins” in the subject line.

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