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Choosing the best property management company is more than picking a name out of the phone book. There are many things to consider that many investors may not think of. Our guest today is Trevor Steadman, Portfolio Manager for the Reno division of Mynd Property Management. Trevor is here to give us his opinion on how to choose to best property management company in Reno and what to look out for when doing so.
Steve Rozenberg: Hey, everyone. My name is Steve Rozenberg and I am with Mynd Property Management. I’m joined today with Trevor Steadman, who is the Portfolio Manager for Reno, Mynd Division. Trevor, thanks for joining me, today. I appreciate it.
Trevor Steadman: Thanks, Steve. Thanks for having me, as always.
Steve Rozenberg: No problem. So here’s what I want to know, Trevor. How do I choose the best property management company in Reno? Now, obviously, we all feel that Mynd is the best property management company, but I think it’s fair. There’s a free market. I think people have the right to learn and look and make sure that it’s a fit. Because the reality is, we may not be a fit for everyone, and that’s business. And that’s fine.
We want to make sure that we add the most value to our clients and vice versa. We don’t want someone to go with us because of one reason and then they don’t like everything else. I think it’s important to educate yourself. And this should never be a knee-jerk reaction when you hire a management company. This is an important piece of being a successful investor. So, what are your opinions on that, Trevor?
Trevor Steadman: The professional property management industry has evolved a lot in the last 5 to 10 years and picking a property management company is crucial to the successfulness of your investment. And it comes out to a lot of different factors. Owners have some Juju to, you know, it feels this way, I like this person, I know this guy, but you really got to take the emotion out of it and look at the metrics.
Ask the questions. What’s their eviction rates? How many people do they actually throw to their property due to non-payment? How many residents end up breaking their lease agreements? How many vendors do they have for a certain number of trades? And we’ll look at the reviews.
Our industry, I think we’ve mentioned in a segment before, but we’re in the customer service industry. Just like Yelp and Google and all the different off-sites collect responses on certain interactions and experiences, we have the same standards held to us, too. Look and see what the residents are telling the public. See what the owners are telling the public. Do your research and don’t be afraid to pop in at their office.
In the state of Nevada, if the property management firm exists, it has to have a brick and mortar office. So, go in meet the broker. Talk to the property managers. Talk to the maintenance division. See what’s going on in the day-to-day and make the right choice.
Our company may not be the right fit for yours and vice versa. That owner may not be the right fit for our company. But do your research. Do your due diligence and kind of drill down to the nuts and bolts of it before you make a decision.
Steve Rozenberg: And I know that, in the state of Nevada, you have to have a property manager, is it a license or certificate, to manage properties?
Trevor Steadman: Correct, so we can apply for a real estate salesperson, which allows me to buy and sell homes and property, but for me to actually work in property management, I have to have a separate license for specifically property management. So that kind of puts me aside from the real estate and realtors that are in town, that I have to have special education, licensing requirements and just general know-how of federal law and state law in order to manage rental properties and residents. It’s extremely important to make sure all that licensing is in place so that you’re above board with the state.
Steve Rozenberg: Yeah, because what people, you know, sometimes they think, the management company, that’s their problem. At the end of the day, the buck stops with you as the owner. You’re the CEO of that business and you have people that are working for you—management Company being one of them—but it’s basically incumbent upon you, the owner of the rental property, to make sure that everything’s being done correctly. Because, when it happens, and something goes wrong, everyone is wrapped up in that and you’re not immune to that.
So, those are great points, Trevor. I appreciate that. So if someone decides that they want to learn more about Mynd and maybe talk to you about managing their properties in Reno, what’s the best way to get ahold of you?
Trevor Steadman: Have them give me a call. 775-335-0124 or shoot me an email. Trevos.firstname.lastname@example.org and we can answer your questions and even talk property management.
Steve Rozenberg: Great. And if you want to know more about investing, I would suggest you join our Facebook group. We have a great Facebook group. It’s free to join. We don’t sell anything. It’s the Mastermynd Real Estate Investment Club. I’m in there. Trevor’s in there. We’re learning, engaging, having conversations. Make sure you join that. And go to our website, mynd.co. M-Y-N-D.co. I’m Steve. This is Trevor. We’ll talk to later. Bye-bye.
Trevor Steadman: Thanks.
Choosing a company to manage a property can be an already difficult process. But choosing the right management company requires thinking about whether such a company is right for the property and vice versa. Likewise, asking such questions as what are this company’s eviction rates or how many of their tenants break their lease is imperative when picking the right one. Finding the right property manager requires not being afraid of asking questions and thinking about what is right for you, the property, and the management company, as well.