Funding Real Estate Investment Through Property Management with Elenis Camargo

Whether you’re new to property management or still considering it, remember that the happier your tenants are, the fewer calls you get. And sometimes, too, it can be quite difficult to fully understand a property owner’s predicament when you haven’t put yourself in their shoes.

That’s why investing in your own property goes a long way – not just in building your wealth, but property management-wise, too. Elenis Camargo of Thirdstone Properties shares some best practices that have set them up for success when it comes to managing 12 units of their own and 329 doors under management.

1. Make customer service your #1 priority.

One of the biggest complaints with property managers is that it’s very difficult to reach them. They wouldn't answer the phone or answer their emails. And so, the clients don't know what's going on with their properties. No matter what you're doing, you have to take care of people. Make sure you answer the phone and answer your emails and messages. If you bring somebody on your team, train them to make sure they put customer service at the forefront.

2. Have the systems in place.

Managing multiple properties in the same complex is challenging, much less having to manage properties spread across the country and even out of the country. You’ve got to have the right systems in place to streamline your process and manage these properties smoothly.

3. Learn from other people’s experiences.

One way to gather and digest information is by listening to podcasts such as BiggerPockets. Listening to podcasts also helps you figure out what part of real estate you like to do. For instance, you might realize you don’t want the sales side of things so then you know what tasks need to be delegated to someone else. 

4. Leverage technology, but having local knowledge is still key.

Technology has made it so easy for us to do virtual tours, making long-distance real estate investing much easier. For instance, you can easily pull it up on Google Maps when somebody sends you an address. You'd probably think it's a good block, but then you don't really know everything around there. So it helps to have some local knowledge to make sure you have the right information. 

5. Be honest and transparent.

People have an impression of realtors chasing a commission. That’s probably true for a majority of realtors. But the key is to meet those who are willing to pass on a property to wait for a better one.

6. Invest in your own home.

Somebody who's just doing property management and has never owned their own home is not going to be as invested as those who do.

7. Be flexible and don’t panic.

Realize that the market changes and things change in the blink of an eye. It's very stressful for someone that's just getting into it and having to face eviction or a tenant who stops paying or any unforeseen event that happens. In the real estate world, you have to be flexible. Don’t panic when something goes wrong.

If you want to learn more about funding real estate investment through property management with Elenis Camargo, check out www.trustgreene.com/podcast/zen/032.