Chris Wilson is a real estate investor and a licensed real estate agent with more than 30 years of experience! His businesses specialize in fix and flip, property management, wholesaling, land-lording and traditional real estate services. He has found success in residential, land and light commercial real estate transactions. He loves speaking and is willing to share his extensive wealth of knowledge with you, allowing inexperienced investors to benefit from his financial success!
When your time becomes too valuable to manage every asset in your real estate portfolio personally, you need to know how to select, track and evaluate the right property manager for your business! If you are not there yet, learn detailed strategies and tricks of the trade from one of the best property managers in the business. Learn what role a property manager should play in your business and how to manage responsibilities between the investor, tenants and the property management company. Learn how to interview potential property managers and negotiate strong contracts where both the company and the investor win. Learn federal and state laws that apply to the ownership and management of residential housing. Find quality tenants through a systematic and vigorous screening process that is easy to use and manage. Understand the process that must be followed when a tenant breaks the lease terms and how to protect your investment. Interpret responsibility for rental repairs. Understand and identify the required documents for a good tenant relationship. Master the principles of the self-management of rental portfolios, and learn when and how you can transition to third-party management. Experience the level of freedom investors gain when they use property managers to maximize profitability and free up time to find more investment properties. Throughout his course Chris Wilson identifies with you the key components of a strong management agreement, detailed property management checklists, property management documents and the other tools investors need to successfully implement property management.
Chris Wilson is a man with a wealth of experience and knowledge and he dives right into the topic of property managers.
Why is this the number one rule of property managers? Chris share an example to demonstrate some of the responsibilities of a property manager.
The way tenants are managed has a direct effect on the state of the building. Chris shares a video of a home he walked through to emphasize this point.
Personal experience with some properties reinforce the facts about how much can change in a very short time.
Don't let discrimination affect your decisions in who you hire and what they do.
A basic course outline is covered and Chris encourages owners to read their management contract carefully.
Chris covers the different types of property managers and the licenses required.
There are legalities every owner should know, from federal to local. What are the regulations in your area?
Two personal stories about managing a property from a distance emphasize the need for local property management.
As an owner or manager, you need to keep an eye out for people using your house as a care home, a point for smuggling and a vacation rental.
Chris discusses the necessity of utilizing technology and modern tools and apps to manage properties.
What are three of the most important skills of a property manager? Maintaining and increasing property value and retaining renters are two of the three.
Chris explains about tenants who know all the loopholes and ways to take advantage of landlords.
From babysitting to security and psychologist to complaint department, a property manager is responsible for a myriad of duties.
Chris outlines how a property manager must be quick-thinking, available and all-knowing. As your employee, they have a duty to you, but they also have a duty to the renters to maintain a safe residence.
The manager deals directly with the tenants, maintaining a distance between the owner and the residents.
This decision is affected by distance from the property, number of properties owned, experience, personal time available, repair skills and other factors.
Chris addresses questions about determining liability between owner and property manager, comfort animals and medical marijuana.
Section 8 housing and paperwork, 24/7 availability and efficient time usage are all considerations when deciding to hire a property manager.
Know what Excise tax is and what deductions you can take when you hire a property manager. Chris also explains the actions a property manager should take to assist you in filing your taxes and begins listing the services he should provide.
Managing contractors and employees is only a small portion of the services a property manger should provide.
A good property manager should be able to acquire higher quality tenants, reduce legal issues and retain more tenants than you would, saving you time, effort and money.
Which is better, a percentage of rent fee or a fixed fee? Chris gives his opinion and specifies what you should expect.
Know why the lowest cost manager may not be the best, and know how to watch for back-end fees that "hide" costs.
Are marketing fees paid by the owner or the manager? What about reserve funds and eviction fees? Chris explains what he pays and why.
Chris shares his opinions on who should pay the mortgage payments on the property, the owner or the manager.
Know the essential parts of a management agreement, including services and fees, responsibilities and equal opportunity compliance.
More portions of the agreement are discussed, from the liability clause to the termination clause, and legal issues, like breech of contract and attorney fees.
Chris shares four common phrases often found in a management contract, that owners need to be aware of and avoid.
There are more clauses discussed that may be found in a contract between a manager and an owner.
Liability issues are commonly included in contracts and Chris covers the last few issues, including fair housing waivers.
Our instructor shares a sample contract provided by the Department of Real Estate in Arizona.
Know why the tenant's performance is not the responsibility of the manager, and fraud protection is included for tenants and owners.
Chris finishes up the sample contract he uses, covering insurance, liability and fees.
Are recommendations the best way to find a property manager? Chris shares his opinion and lists some professional directories.
Chris provides a list of documents and references that you can request from a property manager and begins his list of questions to ask.
The list of questions continues, from "How do you determine rent?" to "Are you knowledgeable in Fair Housing regulations?"
More questions involve preventative maintenance, contractors and how vendors get paid.
Whose job is it to find tenants, screen tenants, collect rent and file evictions? Know what your role is as the owner and when you should step in.
Chris lists the tasks he likes to have done by property management tools, such as Appfolio, and shares a personal experience about the role reports play in communicating with your property manager.
A walk through a poorly managed property demonstrates a real situation and things to look out for when considering a property manager.