Creative Capital Podcast 151: Trust, But Verify

Creative Capital

Josh Ferrari

Investing, Business

5 • 1.1K Ratings

🗓️ 22 March 2022

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

As much as trust is important in any partnership, it never hurts to perform due diligence and verify so you get everything covered. That’s what we will dive in today’s episode. Let’s get right to it!

[00:01 - 13:55] Why It Pays Verify

What is a property manager
Verify the validity of whatever it is they are telling you
Send someone from your team to inspect. Take a photo if necessary
Create systems and process in order for this to avoid happening in the future
Regardless of who you are partnering with, trust but always verify

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Transcript

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0:00.0	Hey, everybody, we're back to this week's segment of the No Limit Minute.
0:07.3	And I learned, honestly, I've learned a lot of valuable lessons this particular past week,
0:11.9	but I wanted to talk about one in particular that I feel like some of you might be struggling
0:19.5	with similar to me. And even if you're not struggling with it, I just want to put a little
0:23.9	emphasis on it today so that we can basically be sure that you don't have to struggle
0:29.6	with it in the future. And you pay attention to these things and you create these systems and
0:33.8	processes in order to prevent things like this from ever happening to you. So what we want to
0:39.9	talk about today is basically asset managing your property manager. Now, typically the way that we've
0:49.0	done it in the past is that we get a third-party property manager. And depending on how excellent
0:57.2	exquisite how professional, how large this particular property manager company is really
1:03.6	depends on the level of asset management that's needed on our end to be sure that what's getting
1:09.4	done is getting done to our standards. And what I mean by that is kind of the whole concept of what
1:17.0	we're talking about today, which is trust but verify. Trust but verify. So your property manager,
1:24.8	especially in the beginning phases in the early stages of partnering with a new property manager
1:31.4	and starting to go down this road of, I mean really in essence what it is is it's partnership because
1:36.0	the your property management company, group, team, they are quite literally the bones that keep your
1:45.2	business plan together. They are what actually moves and executes on the business plan and is down
1:53.1	on the ground day to day making sure that the tenants are paying rent and that the tenants are happy
1:58.3	and that there's no making sure that work orders are being taken care of. And if you've got a larger
2:03.2	property and you have on-site staff like a leasing agent or a maintenance technicians, then you've
2:09.5	got all of that as well. And you've got all these different moving pieces inside of the property
2:14.5	management arm or company or team or third party or whatever. And you want to make sure
	...

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