Finding the Right Property Manager and Turnkey Team with Stuart Grazier

July 21, 2021 melissa Real Estate Comments Off on Finding the Right Property Manager and Turnkey Team with Stuart Grazier

Finding the Right Property Manager and Turnkey Team with Stuart Grazier

Having reliable property managers and a solid team helps Stuart Grazier successfully manage his turnkey company while being on active duty in the Navy.

But how do you actually find the right property manager and team members for your business?

If you’re just starting in real estate investing or currently in the process of hiring someone to help you, you might want to take a few minutes to read about Stu’s personal experience. You might learn a thing or two, and that might even save you from some bad deals!

The points below are from the tenth episode of the Real Estate JAM. There, Stuart Grazier talks about finding the time to do real estate investing, building your own turnkey company, finding the right property manager and team, and what Veterans REI live is all about. If you think it’s right up your alley, you can listen to it on YouTube, Spotify, or Apple Podcasts.


 

There is No Perfect Property Manager or Team 

Before Stu and his business partner, David Gutierrez, started their own turnkey company, Storehouse 3:10​ Ventures, they already had a fair share of good and bad experiences when it comes to working with property managers and other turnkey companies. So when they decided to focus on turnkey real estate and build a company together, they already have a pretty good grasp of what to do and what to look out for.

One thing Stu realized along the way is that there is no perfect property manager. There’s no single property manager who will manage it exactly the way you want it to be done. It doesn’t work that way. And when you don’t understand that, that’s where problems often arise. Just like any other relationship, it’s a give-and-take situation. It doesn’t mean that you will lower your standards or tolerate lousy management, but you have to be flexible enough to roll with the punches and compromise when necessary.

The same goes for when you’re going to use a turnkey company. You have to have some level of trust with your team. And in order to obtain that, you need to look beyond their skills or their portfolio. Take the time to get to know them. See if their values align with yours and your company’s. This is where asking the right questions is really important.

 

Asking the Right Questions

Here are some helpful questions to consider when finding the right property manager (or even team!) according to Stuart Grazier:

  1. What are the processes and systems that you implement?
  2. How do you communicate with tenants?
  3. How do you deal with tenants who don’t pay?
  4. How do you deal with maintenance problems?
  5. What’s your standard timeline when resolving such issues?

Another way to get to know your property manager is to ask for references. You can get a lot of information from other landlords they’ve worked with in the past. If they are not willing to provide references, that’s a clear red flag with a glaring “NOT THIS ONE” printed all over it.

Ultimately, it’s how you feel about them, so trust your gut. But to do that, you have to be willing to ask a lot.

Want to learn more from Stuart Grazier? Listen to the full episode on YouTube, Spotify, or Apple Podcasts.

 

Outline of the Episode:

  • [02:15] Stu’s first taste of real estate investing and the “hurricane ride” that came with it.
  • [04:12] Preparing for retirement through turnkey real estate. You have to take it seriously!
  • [05:45] Why finding the right property management is super important when you’re in the military.
  • [08:25] The secret to a good relationship with your property manager. It’s not about perfection!
  • [10:11] Building trust with your team and asking the right questions.
  • [11:51] Why Stu thinks the turnkey model is perfect for military people, especially those in the Navy.
  • [14:25] Running the day-to-day operations and the importance of each role in your team
  • [16:52] How to find time for real estate investing when you’re on active duty?
  • [20:38] Stu’s hack to save time on training new employees. It’s worth a try!
  • [22:10] The challenges in hiring the right employee for your business.
  • [25:34] How Veterans REI Live started and how you can join their virtual summit.
  • [32:14] Why self-education is a must. Stuart shares some tips on where to start!

Resources Mentioned in the Episode:

Connect with JD, Annabel, and Melissa!