How to Create Winning Contractor Relationships with Maggie Perotin

How does customer service impact your work as a landlord?  How would you rate your relationship with your vendor partners?  One of the integral parts of a successful management plan is to have top-notch contractors provide service to your property and tenants.

In this episode, I have a conversation with Maggie Perotin to discuss best practices surrounding developing contractor relationships and the substantial impact this has on your management business. 

Maggie Perotin is a host of the Diamond Effect Podcast. Maggie has over 15 years of business experience in the Facility Management Industry and 13 years of coaching and leadership experience. In addition, she holds an Executive MBA from Jack Welch Management Institute; Maggie lives in the Toronto, Canada, area with her blended family with four kids. She loves spending time in nature, traveling, reading, dancing, and good food.

Listen and learn:

• How to develop a win win strategy with your vendor relationships.
• The process of finding vendors that will be there when you need them.
• How to stay calm when dealing with maintenance issues.
• How Maggie helped build a system of processes that saved her company a quarter of a million dollars.

And much more... View the full show notes.

What Landlords Need to Know About Fair Housing Part II

One of the first pieces of advice that I give to new landlords is that they should understand both fair housing guidelines and landlord-tenant laws. In this episode, I have a conversation with Mahalia “Mally” Dryden- Mason to discuss the critical issues that impact tenants and landlords related to fair housing. This conversation is timely as we celebrate fair housing month this April.  

Mahalia “Mally” Dryden Mason has been with DPOR for over 20 years and has advocated for fair and affordable housing for the people of Virginia. Mally believes that fair housing is deeper than guidelines that impact landlords and tenants but a human issue that impacts us all.  

Listen and learn:

• The difference between a reasonable modification vs. accommodation
• The most important question that you should ask before you evict a tenant
• A breakdown of the protected classes per federal guidelines and for Virginia property owners
• Potential penalties for Fair Housing violations
• Hear real-life case studies that have impacted landlords like you

And much more... View the full show notes.

What Landlords Need to Know About Fair Housing Part I

One of the first pieces of advice that I give to new landlords is that they should understand both fair housing guidelines and landlord-tenant laws. In this episode, I have a conversation with Mahalia “Mally” Dryden- Mason to discuss the critical issues that impact tenants and landlords related to fair housing. This conversation is timely as we celebrate fair housing month this April.

Mahalia “Mally” Dryden Mason has been with DPOR for over 20 years and has advocated for fair and affordable housing for the people of Virginia. Mally believes that fair housing is deeper than guidelines that impact landlords and tenants but a human issue that impacts us all.  
Listen and learn:

• The difference between a reasonable modification vs. accommodation
• The most important question that you should ask before you evict a tenant
• A breakdown of the protected classes per federal guidelines and for Virginia property owners
• Potential penalties for Fair Housing violations
• Hear real-life case studies that have impacted landlords like you

And much more… View the full show notes.

Service Animals vs. Support Animals with Anthony Russell

What is the difference between service animals vs. support animals, and why is this important to landlords? Unfortunately, there is so much misinformation out there related to this topic. Making an error in judgment here can translate into hefty fines for landlords.  

In this episode, I discuss with fellow Landlords and the author of Leadership for Landlords, Anthony Russell, to demystify and shut down false information that surrounds the public regarding this sensitive issue. In addition, Anthony shares his journey of working and training his service animal Iso. Use this information as a catalyst to deepen your knowledge on this topic. The information in this episode should not be considered legal advice. 

Anthony Russell is a former U.S. Army Sergeant, author, and investor. Anthony’s new book Leadership for Landlords - One U.S. Army Sergeant’s Secret to Land Leading is a book for people looking to start a small rental property business or currently running a rental property business. The book serves as a guide to being a true leader as a landlord by employing advanced, stern but empathetic military-style approaches and strategies. 

Listen and learn:

• The difference between a service animal and a support animal
• Best practice for handling a request for a service animal and what you should expect to receive from a tenant to support the request
• First-hand insight into the training process for a service animal

And much more… View the full show notes.

Have you created your 2022 property budgets? No? Here is a Budget Template to help you get started. 

How to set your property manager up for success - Managing the property manager

Over the years, I have heard so many people say that they can’t find a good property manager.  A real estate agent recently mentioned to me that she has clients ask her if she knows any good property managers, and her response is, “No, because they all suck!”  I know this is not true in the property management industry for twenty years.  I then started thinking about the disconnect between the property owner and the property manager and what advice I could lend to support working more effectively with a property manager.  

In this episode I share:

• Mistakes that landlords make during the vetting process
• Why setting the foundation with your property manager is crucial and how you can accomplish this early in the relationship
• The importance of having a check-in process with your property manager and your property

View the full show notes.

Have you created your 2022 property budgets? No? Here is a Budget Template to help you get started. 

Let me know what you think of the show. Leave a review and send me a screenshot, and I will send you a $5 amazon gift card. One per person. Good through March 2022. 

How new landlords can be best prepared for the tax season with Donna Mitchell

With tax laws constantly changing, it’s hard to stay on top of the requirements. But, as a landlord and business owner, you need to be in the know and understand the basics, so you keep more of your dollars in your pocket. In this episode, I have a conversation with Donna Mitchell to discuss how landlords can be best prepared for tax season.  

Donna Mitchell is the largest Liberty Tax franchise owner in Hampton Roads with six locations and the top five franchises with longevity. Donna is one of two African Americans owning multiple units within the franchise. Donna still loves and feels blessed to work with clients after being in the industry for 22 years and owning a franchise for 17 years. Donna enjoys watching her clients evolve and feels pride as she watches them arrive at the first destination to the point where their dreams become a reality. "Although these are challenging times, they also present the most significant opportunities if you have the vision, and your business is in order."  

Listen and learn:

• How often should you be speaking with your tax professional?
• The best processes for tracking business expenses
• The #1 concern that landlords have during tax time
• Business expenses that are commonly overlooked
• Are there tax breaks for renting to low-income families?
• Are there COVID 19 deductions that landlords can take advantage of?

And much more... View the full show notes.

Have you created your 2022 property budgets? No? Here is a Budget Template to help you get started. 

Let me know what you think of the show.  Leave a review and send me a screenshot, and I will send you a $5 amazon gift card.  One per person. Good through March 2022. 

How to handle slip and fall incidents on your property

If you are a landlord, you must be prepared for the possible reality that accident incidents may occur at your property.  Knowing how to handle the incident properly is critical.  I have dealt with many slip and fall incidents throughout my career, and in the episode, I share pro tips that you can use if you find yourself in this situation.

Listen and learn:

• Things that you can do to set up your system so that you are prepared to address an incident if 
     it occurs. 
• The importance of maintaining detailed inspection records
• The best method for communicating with a claimant
• The best timing to complete deficiency repairs 

View the full show notes.

Have you created your 2022 property budgets? No? Here is a Budget Template to help you get started. 

Property Insurance 101 – What New Landlords Need to Know with Katy Norell

Property Insurance is one of the critical components of your risk management strategy and protecting your asset. However, understanding the basics can be tricky; that’s why in this episode, I sit down with my insurance broker Katy Norrell and break down the basics of understanding property insurance. 

Katy Norell is an Insurance Advisor for the Weichert family of companies which encompass real estate, mortgage, title, and insurance. I have worked for Weichert for four and a half years and helping people with their insurance for about seven years. 

Katy’s goal is to help clients make the most informed decisions on their insurance needs. While I do help hundreds of people every year purchase insurance policies to protect the things they love and their most important assets, I do not consider myself an “insurance salesman.” Instead, my job is to provide an insurance consultation which leads to the client making a well-informed decision on their insurance coverage and any claim they might have.

In my free time, I am an avid equestrian enthusiast who spends time at the stables with my horse riding and competing in dressage.

Katy share's so much good information - Listen and learn:

• The information needed to obtain a quote and when you should start this process
• A simplified way to review multiple quotes
• How to check insurance company ratings
• “Rule of thumb” to determine how much coverage you need
• The difference between cash value and replacement costs
• Why renters insurance is essential for landlords and how they should be listed on the policy. 

And much more... View the full show notes.

Have you created your 2022 property budgets? No? Here is a Budget Template to help you get started.

How to interview a property manager - Questions that landlords MUST ask before hiring a property manager

Okay, you have decided to hire a property manager. Now you are rushing to get the responsibility of managing this property off your plate as soon as possible. Not too fast. Now the work begins to find the right person to take on the essential role of operating your asset. As a manager that has been through many interviews with real estate investors, I share crucial questions that I have commonly been asked before being awarded management. The key to success in this phase is to avoid acting fast; the last thing you want is to repeat this process in six months.  

Listen and learn:

• The most important person you should be speaking to during the interview process.
• The documents that you should be review during your due diligence period.
• How to get a preview of how the company performs. View the full show notes.

Do you have a question that you want me to answer on an upcoming episode? Submit your question at REIChics.

Should you hire a property manager?

Should you hire a property manager?  Unfortunately, the answer to this question is not a one-size-fits-all.  Before making this crucial decision for your business, many factors should be considered, and it goes deeper than the management fee.  In this episode, I share three areas that you should focus on while preparing to make this decision. View the full show notes.

Do you have a question that you want me to answer on an upcoming episode? Submit your question at REIChics.