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While the function of a property management company may seem obvious to many investors, the scope of what property managers actually do is often overlooked. Today we are speaking with Trevor Steadman, Portfolio Manager for Mynd Property Management in Reno, about what property managers actually do for investors and tenants, alike.
Steve Rozenberg: Hey, everyone. My name is Steve Rozenberg with Mynd Property Management and I’m joined today with Trevor Steadman who is the Reno division Portfolio Manager. Trevor, thanks for joining me today.
Trevor Steadman: Thanks, Steve. Thanks for having me, as always.
Steve Rozenberg: So what I’m going to talk about today is what does a property management company in Reno do?
Trevor Steadman: That’s a good question. That’s kind of a first question we have with any tenant-client interaction. And what do we actually do?
We actually do a lot, and more so than I think people give us credit for. We’re the ones that answer the phones at two in the morning when something breaks, hot water tank starts leaking.
We’re also the ones that screen and place your tenants in homes, once they become vacant. And if you went through the list, I mean, we have move-in inspections, renewal inspections, closing out and doing the depositions for the security deposits for the tenants, making sure that they get returned in time based on state statute.
We coordinate work orders. We do preventative maintenance. We’ll help coordinate appraisals. And even if we get to the end of the life of the home, the rental property, we can even help facilitate a referral or even list and sell the home, itself. So we’re kind of full-service and that’s pretty typical of a lot of firms that are here in Reno area. So that’s what you should expect for this market.
Steve Rozenberg: The best way I can describe it, from what you said, is it’s like you’re the operating system of that business. You know, when you own a rental property, you own a business. And I always tell landlords, you are the CEO of that business. The property management company is actually the operating system that makes that business run. And to run efficiently is the goal.
There are a lot of moving parts because you have a house that is used or older or whatever the case may be, and then you have someone living in that house. So now there’s laws and protection of that tenant. There are needs, so the tenant has things that they want and they want to be done. Rightfully so, because they’re paying rent. And your job is to make sure that, basically, the tenant’s needs are met. It’s staying within the confines of the law, which is the lease agreement. And you’re making sure that the property is profitable for the owner.
So it’s a very thin line of what you can do and can’t do, and to keep all parties happy because you can be the best management company in the world, but if your tenants keep leaving all the time, you’re not doing any good for the owners, because the owner is not making any revenue on their company. If you’re great to the owner, or to the tenant, and the tenant is taking advantage and it’s costing the owner a lot of money, it’s not good for the owner.
So again, it’s got to be something where it’s that given and take. And as a property management company, there are a lot of moving parts. I agree with you. I don’t think people realize how many moving parts go on in all the things that happen on a daily basis. And it’s not just for one property. Hundreds and hundreds of properties that are going on with different things and your job is to basically keep running it down the line of what is legal, what is good customer service, what is going to make the tenant stay, what is going to keep the owner happy and how to do it multiple times in a day. And that’s a lot of work to do that for sure.
Trevor Steadman: And the good thing is that we have a staff here, especially in our Reno branch, who love what they do. They’re passionate. They put in the extra work and they make sure, at the end of the day, that the landlords have trust and that you entrust us with your home, your investment, your asset, your retirement. I mean, these are all things that we have to take into account, too, from an investor perspective, but then also from a resident perspective. This is their home. It’s like, we go home at night, they go home at night. So the same problems and issues and complaints that we would have in our lives, they have in there. So, whatever we can do to make that just a little bit better, or make the properties a little bit more profitable, we’re going to try to do it.
Steve Rozenberg: Absolutely. Absolutely. So if somebody wants to get ahold of you, how do they do that, Trevor?
Trevor Steadman: Have them give me a call. 775-335-0124 or shoot me an email. Trevor.firstname.lastname@example.org. And that’s CO at the end. We have a really flourishing Reno branch here and we love what we do.
Steve Rozenberg: That’s great. For those of you that want to learn more about being an investor and how to manage your properties and how to just be more involved, join our Facebook group, Mastermynd Real Estate Investment Club on Facebook. Lots of great investors in there having conversations. I’m in there, Trevor’s in there. Other people engaging, just talking about things you should do and, more importantly, things you shouldn’t do.
Also, if you want to go to our website, mynd.co. M-Y-N-D.co. I want to thank you for watching, I’m Steve Rozenberg here with Trevor. I want to thank everyone and have a good day.
Trevor Steadman: Thanks.
There are many aspects of renting a property that investors may not know or think about. This is especially true when hiring a property manager. In many cases, a property manager will handle much of the minutiae of actually renting a property that an owner would otherwise need to take care of.
For example, a property manager may deal with move-in inspections and renewal inspections. They often deal with obtaining and returning security deposits to tenants. They also deal with work orders and preventative maintenance, which could prove to be a major hassle for investors should a tenant call at 2am with a true emergency.
Overall, property managers are the operating system of the property. They make sure the tenants are happy and the property, itself, remains in working order. By acting as the interface for tenants, property managers make the process of owning and renting a property far easier for many investors.