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Money Focused Podcast
Helping ordinary people, become extraordinary with MONEY! Each weekly episode is packed with actionable tips, expert insights, and real-world advice to help you grow financially and take control of your future. Whether you’re just starting out or looking to level up your wealth, you’ve found the perfect place. Get ready to transform your financial journey, one episode at a time!
Money Focused Podcast
EP 64 - Remote Landlord Solutions for Seamless Property Management
Ever wondered how to manage rental properties from afar? In this episode of Money Focused Podcast, I dive into remote landlord solutions with my guest Krista Reuther, Senior Content Education Manager at Turbo Tenant. Krista shares her journey from editing business proposals in college to becoming a property management expert. She provides tips on creating efficient processes, treating tenants like valued business partners, and avoiding common landlord mistakes. We also explore the ins and outs of service animals and emotional support animals, how to stay compliant with the Fair Housing Act, and how Turbo Tenant's tools can make remote property management easier than ever. Tune in for practical advice and smart strategies to help you succeed as a landlord, no matter where you are.
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Welcome back to the Money Focus Podcast. I'm your host, moses Dementor, and on this episode I'm thrilled to welcome Krista Ruther to the show. She's the Senior Content Education Manager at TurboTenant. She's dedicated the past four years to studying the real estate industry and she has invaluable insights on managing properties, improving tenant-landlord relationships and utilizing software just like TurboTenant to streamline operations. I'm eager to hear what she has to share, so let's dive in.
Speaker 2:I was a freelancer, an entrepreneur, trying to just make a little bit of money while I was in college. So I started editing and I started editing papers of all types from all different industries. But projects that continue to catch my eye and that I started getting repeats of were business proposals so a lot of commercial real estate, different kinds of countries that were trying to build up different kinds of resorts and things like that, different kinds of countries that were trying to build up different kinds of resorts and things like that and I remember thinking that there was so much money in that sector and it felt so out of reach for me as a college student at the time. But just learning about how these business proposals were put together and the types of factors that owners had to consider in order to make a kind of business proposal that would cost like a billion dollars for a luxury hotel in Jerusalem, I remember that one very fondly and I was like you know, it's a fascinating industry. I would love to learn more about it and as I continued in my own career, just looking for more opportunities to learn, I eventually stumbled into the CE Shop.
Speaker 2:The CE Shop is a continuing education and overall they've really branched out now overall educator of real estate agents. So I really steeped in the industry for a while and understood the basics of how do you actually buy a property, what are we teaching real estate agents? That they can guide people through this process. And from there it was a natural progression to really focus in on the residential rental industry. So I've been at TurboTenant for just over two years and I've gotten to do so much research, from conducting original studies with landlords and tenants to really get an understanding of what is going on day to day in the industry, to hosting a monthly educational series where I deep dive on topics for landlords of all experience levels to help them better their businesses.
Speaker 1:Nice. So tell us a little bit more about TurboTenant, for anyone who's not familiar with the company.
Speaker 2:If you're not familiar with TurboTenant, I highly recommend you look it up. Turbotenantcom. We are the all-in-one property management software, so we make it easy to be a better landlord just by using our product. We have support for every phase of the landlord journey, from marketing your rental, collecting rent, finding your next great tenant, managing maintenance requests and more. We're also one of the only platforms that was built by a landlord for landlords, so that really informs how we pursue different updates and we're so tuned into our audience that we regularly pull them for different things they want to see in our product and then work to put those into action. Pull them for different things they want to see in our product and then work to put those into action. So really proud to work here and excited about everything that we do for landlords and tenants.
Speaker 1:So let's talk about management, right? So what are some key strategies that you recommend for any landlord or investor when it comes to managing a property effectively? Write that down for us.
Speaker 2:It's a great question. So, at the forefront, I would say making sure that you have organized processes is going to serve you, whether you're a remote landlord like you or you're someone who is right down the street from your process or from your properties. I should say, having a really tuned in process that you come back to time and time again, especially one that's written down, will serve you in the long run more than you could ever anticipate. Not only does having a defined process help you stay out of the courts because if there is a fair housing violation that comes up, you can really point to the things that you're doing and why you do them as you move through your rental property business but it also helps you make sure that you are getting the full return on your investment by not letting any pieces fall to chance. So I'd say, make sure you're staying organized.
Speaker 2:You can use a product like TurboTenant or really anything that allows you to keep notes where you can refer back to them and keep using them, iterating on them as you go, because this landscape is always changing. But if you have a good core, that can really become your compass and help you get your business where you want it to go. Another important strategy is just treating your tenants like they're your business partners, right? You don't need to be best friends, you don't need to hang out on the weekends, but you should have a good back and forth so that they know they can reach out to you with questions about the property, maintenance issues, et cetera, and expect a timely answer, just like you can expect timely wrench from them. So it's really a symbiotic relationship that you're fostering and it can be tricky, but it doesn't have to be, as long as you remember that these are people you are working with and not against.
Speaker 1:Exactly, and you know, I know we're using landlord as a descriptor here, but in most cases, just like myself, you're an investor first, so you have to understand your property is an investment and your tenant, like you mentioned, is your business partner, so you got to take care of both. You also noticed some things about fair housing. So I'm just curious are there any specifics regarding fair housing that typically you know, typically landlords might, you know, overlook that you can talk about?
Speaker 2:Absolutely there are. I mean, it's unfortunate that there's so much confusion around the Fair Housing Act. It is one of the only pieces of legislation that applies nationally to landlords and that means to me that we should all try and understand it to the best of our ability, but that can get really hard to do. So I'd say one of the biggest mistakes I see landlords making is that you will think that you're acting in good faith. You know you are trying to do right by somebody by making a choice, but it ends up that you're accidentally violating the Fair Housing Act. So, for example, if you have a prospective tenant and they come to tour your property and you note that they are in a wheelchair and you only have a third floor walk-up available, if you turn them away and you say, ah, this probably wouldn't be a good fit for you, you might think, hey, I'm being kind, like I don't have a good way to help them get up to this unit. But in reality you're denying them the choice of how they would like to pursue this.
Speaker 2:And it's those kinds of mistakes or otherwise. You know someone is trying to do something that in their opinion is right and good and they're trying to be helpful, but it just doesn't come across that way and most often that's where I think a lot of housing providers stumble, because we think of the Fair Housing Act and violations of the Fair Housing Act as being very blatant. Like you know, if you're discriminating against someone because they're disabled, you'd think, well, that's probably me saying hey, krista, you're hard of hearing, so buzz off. You probably can't even hear me right now, when in reality it's so much more nuanced than that and we really have to make sure that, as people in this industry, we are super mindful of how we are laying out different opportunities for different folks, but also allowing them the agency to tell us what they need.
Speaker 1:Thank you so much for breaking that down, because I know a lot of people going to rental properties because they want to make money, but they have to understand that this is a business and there's some compliance components that you have to take care of, otherwise you'll be in big trouble. So I appreciate you breaking that down. It's not to discourage people for wanting to do it, but you do need to understand that you're a business person and you need to act accordingly. So appreciate that.
Speaker 2:Oh, of course. Do you mind if I slip in one more little thought? Sure, go ahead, sure, thank you. I would say too, when you get an accommodation request coming in, even if it's something that feels outlandish or something that would drastically change your business as a housing provider, it's your responsibility to investigate and pull together some research to say whether or not this request can move forward.
Speaker 2:You don't have to accept every accommodation request that comes across your desk, but you should make sure that you're going through and analyzing the cost, analyzing the impact on your business, etc. And typically we say you want to gather at least three quotes. If there's any kind of work involved Perhaps someone needs a ramp installed, you know something in that lane you want to make sure that you're doing your due diligence and if you pull at least three quotes and you keep all of this really documented, you can then go back to the tenant or the potential tenant and say hey, I see your accommodation request. Unfortunately I can't move forward with it for these reasons and here's all the research I did to support that and that helps you one make sure that you're doing right by your tenants, but to protect yourself in case there is something that comes up where you might have to pop in court.
Speaker 1:Well, since you're on a roll, you know I do have another one. What about service animals? Can you break that down for the audience?
Speaker 2:Oh, I love talking about service animals.
Speaker 1:Yeah, enlighten us.
Speaker 2:Yeah. So when we are talking about service animals, I want to be really clear. We have service animals a lot dogs and many horses those folks, those are protected under the Americans with Disabilities Act. Then we have emotional support animals. Emotional support animals can be pretty much any household animal. Most typically they're dogs and cats, but they're also like iguanas, turtles you know, I've seen the gambit and those animals are protected under the Fair Housing Act.
Speaker 2:Service animals have to have specific training. So, for example, a dog that has been trained to recognize and prevent seizures or let their owner know that there's about to have a seizure is about to happen, versus an emotional support animal, they do not have any formal training. They are there just to support the emotional well-being of their owner, right? So two very distinct groups, but there's often a lot of confusion around them.
Speaker 2:If there is a real service animal or a real ESA, you as a housing provider cannot deny them in your property, with very few exceptions, right? If you have a property that's too small for them, it wouldn't be safe for them. If there's an emotional support elephant, for example, and you want them in your third floor walk-up, that might be a little bit of a tricky sell, for example, and you want them in your third floor walk-up, that might be a little bit of a tricky sell. You could turn them down in that case. But by and large, if it is a reasonable request and they have the proper documentation, then you need to accommodate that request, which means you cannot charge additional fees, no extra pet rent, et cetera. You cannot penalize or evict the tenant for making that request or bringing in that animal if they have the proper documentation.
Speaker 1:Yeah, I ran into it really early in my rental property investing career. You know, I was like what you know, like I can't charge any pet rent, I can't charge an additional deposit, you know it was. It was one of those things that kind of blew me away. But at least I ran into it really early in my career so I won't be kind of blindsided in the future. So if you're someone who's just now getting started or thinking about it, you definitely need to understand that you cannot discriminate in any way, shape or form with someone who has, you know, a service animal. It's just a part of the game.
Speaker 2:Exactly exactly. You've got a little taste of it. You get how it works. That continues to be one of the most confusing topics for housing providers across the nation. Especially as there's an increase in illegitimate ESA housing letters online, it gets tricky.
Speaker 1:Yeah, so she did have a letter. But now you got my ears perking up a little bit because I wonder if there are some best practices to you know, vet that information, maybe something that you can talk us through. If someone who's listening is presented with some information, how can they verify it before making a decision?
Speaker 2:First off, there is no national registry for either service animals or ESAs. So what you want to do when you're requesting an ESA housing letter, you want to make sure that it has the provider's name, hopefully their license number as well, depending on what kind of provider they are. For example, a therapist should be a licensed therapist. They typically will include that number or you can request it. It should also detail why this is needed right, so why this pet is needed. We'll use my cat as an example. His name is Butters. If I was having a therapist write up a letter for me, I would say hey, can you make sure that you include his name, what kind of animal he is and also generally why I need this emotional support animal. So that could come across as my therapist saying hey, I've been treating Krista for three years. She has a cat named Butters who is her emotional support animal. Butters helps Krista with her anxiety. Please let me know if you have any questions and they should sign off on it Now.
Speaker 2:You, as the provider, can then go and look at your state's website for registered professionals. In this example, I would look up, like Colorado Therapist Board, and see if I can't search that license number and have them pull up. If you see something where, let's say, my therapist is out in California and there's no obvious nexus point between us, you can ask. You can say hey, krista, I see that you've lived in Colorado your whole life, your therapist is out in California. Tell me more about that. And if the person can't prove a nexus point, at that point I always recommend talking to your local HUD office just to make sure that you're on the up and up. But by and large, if they can't prove the true connection, you can deny that letter. It gets a little bit but you can definitely do it and feel confident about that person moving forward.
Speaker 1:Thank you for that information Very helpful. So now let's shift gears a little bit and talk about optimizing operations. So we talked a little bit about in the beginning about the importance of having processes and how key that is to improving your overall operation. So walk us through some of the key features that a product like TurboTenant provides to its clients to make them operate more efficiently.
Speaker 2:TurboTenant was really built with landlords and tenants in mind, so a lot of the features that we offer are specifically geared toward streamlining your business, trying to automate as much of it as possible, which is especially good for remote landlords, but everybody wins when you automate.
Speaker 2:So some of the major features I want to highlight for you are things that basically just take the pressure off of you, as the housing provider, to always have a hand in the mix. Insofar as we allow for automatic rent payment, you click a button, your tenant can set up their bank account or their credit cards, that they are charged every month the same time, everything like that so that your rent is continually coming in without you having to chase it down. And on the flip side of that, we also automate the late fee collection, so we will let your tenants know if they are past due. In addition to all of the rent reminders leading up to that point, we will then also chase down that late charge for you, so that you don't have to waste your time and you can focus on scaling your business or otherwise doing whatever you wanna do with your time without having to worry about your bottom line.
Speaker 1:Nice, nice, those doing whatever you want to do with your time without having to worry about your bottom line. Nice, nice, those are some great features. Me personally, the hardest part about being a remote investor is the whole vacancy part. Right, so when you have a vacancy number one, you're not making any money, so I definitely hate that part. But the whole process of the move out process you know turnover work, you know that is important for your new tenant to post in the listing, to having the showings, and then you're moving checklist items. So how does TurboTenant actually help landlords like myself with that process? Because it's definitely a challenge.
Speaker 2:Sure thing, we offer everything you need. So you go on to our site. Let's say, you've got your vacancy, you're excited to get your next tenant in. You can easily build a listing through us If you're not feeling particularly inspired that day. We even have an AI generated listing description, which was built and modeled after our fair housing course so that it generates a description for you that is fair housing compliant. Of course, I'm always going to tell people to read over it before they publish it, but that way you can feel really confident about how your property is coming across.
Speaker 2:We make it so simple for you to build that listing. Throw in eight to 10 photos, you press one button and we will syndicate that out across dozens of the top listing sites, which means that you get eyes on that listing faster, and that generally shakes out to an average of 28 leads per listing for our landlords. So in addition to that marketing work, we also have an industry leading pre-screening questionnaire that goes out automatically for everyone and inherently it allows you to get a sense of who a lead is without having to dive down the rabbit hole with them right. So it asks questions like are you a smoker? How much is your household income, do you have pets? And then at a glance, you can see if that person aligns with your rental criteria and decide to move them forward or say, hey, this isn't a good fit. Best of luck on your search.
Speaker 2:The nice thing too when you move them forward, you can send them an application right away. It's all online, it's free for landlords, and so you just have to wait for them to fill that out and within a few minutes you can have their full credit history, their full eviction history, their full criminal history, as allowed by your state. So it really streamlines the process and makes it super simple for you to just look at a glance and see if this person matches up with your criteria. If they don't, you know what that's. Okay, it happens. You can decline them and we will actually handle sending the adverse action letter on your behalf.
Speaker 2:That is a legal notice that everyone has to send out when a credit report is pulled for these sort of things, reminding tenants that they can review their credit report and contact TransUnion in this case to ask questions or make corrections as needed. But that's just one more thing off of your plate as the housing provider so you can focus on getting that great tenant in the door. Oh, and we recently added a schedule showing feature so that you plug in your availability and they can easily on there and just say oh yeah, look, he's free Thursday at two. I'm in and sync you up that way Gotcha, gotcha.
Speaker 1:So it's TurboTenant nationwide or in just select locations.
Speaker 2:Happy to say it's nationwide and in all US territories. So the next time you branch out, Moses, you can really get in there and get something in the Virgin Islands. We'll help you manage it.
Speaker 1:And for someone who's not familiar with this process, you know, because I'm somewhat of a I'm a ringer here Right? So if you are in a different location from your property you live in Atlanta and you have a property in Dallas Can you kind of paint the picture as to how you can support your tenant from afar? Kind of paint the picture for us on how using software like TurboTenant can help streamline your whole operation for something like, for example, a maintenance request.
Speaker 2:I would say that is probably one of the most challenging things about being a remote landlord, as I'm sure you've encountered, is just trying to manage some of those tenant requests as they come up. So with our system, a tenant can very easily input their maintenance issue. They can attach videos, pictures, all of the details of what the problem is when it started and then send it over to you. You can review that. If you have a contractor that you'd like to bring into the loop, you can forward it as a work order. In several parts of the country, though not nationwide, we partner with a company called Lula who will provide professionals to help your tenants automatically. So you enroll for a subscription fee and then your tenant would actually contact Lula with that issue and say, hey, all of the electricity in the living room is out and I don't know why and what Lula is going to do.
Speaker 2:First, one of the things that I like best about them is that they will actually run through some common scenarios with your tenant. They'll say, hey, did you check the breaker box? No, I didn't. Okay, well, go check the breaker box, try and let us know, and if they don't have to go out there, they won't go out there, they'll work with them over text. If they do have to go out there, there is a service fee. They'll evaluate the issue.
Speaker 2:You have a cap on how much you are willing to have the tenant charge without being notified, right? If something exceeds that cap, you will get a notification. Hey, we project that this work is going to cost three hundred fifty350 to replace, let's say, the garbage disposal. Do you want us to move forward, yes or no? So you still have that modicum of control to make sure that things are getting done and that you are comfortable with what is being spent. And I should be clear it's not like your tenant can just kind of go shopping with the maintenance guy and be like yeah, I actually don't like any of these light covers and I don't like this. It's very focused on the problem at hand and you can see detailed status updates along the way investor.
Speaker 1:So are there any best practices for you know my listeners, you know current investors, prospective investors on how to actually improve your relationship with your tenants? And then why is it so critical? Break it down for us.
Speaker 2:Oh, absolutely. I would say, first and foremost, housing providers. Take a deep breath. Most of the time your tenant wants to work with you. In fact, I've conducted a lot of research that suggests the stigma that we hear around landlords and tenants just being at each other's throat all the time. That is not true in practice. On average, landlords and tenants rate each other equally, at about 4.2 out of 5, as of my latest surveys. So you are in a position where you're really wanting to work with somebody, not against them.
Speaker 2:I think that mindset is really the first step in making sure that you have a positive landlord-tenant relationship. The next step is prioritizing good communication. You want to be someone that your tenant can rely on, whether you're again down the street or three states away. They need to know that your word is good and that you're gonna do what you say when you say it. So I would say make that a practice right. If a tenant comes to you and they have a question, answer as broadly as possible. If you don't have an answer and you need to research, let them know that. Say hey, krista, great question, I need to look into it. I will circle back with you by end of day Tuesday, you by end of day Tuesday and then make sure that you do that, because those are kind of the building blocks of any positive relationship. But it's especially critical in housing, because they are taking care of your investment and you are basically taking care of their life because they are living in your property.
Speaker 2:If you want to go above and beyond, something that I've seen Laylords do to great success is keeping tabs of important days like birthdays, and just sending a card. You don't necessarily have to go out and give them like a gift card. Or back in the day I had a landlord who would give goodie bags every season to make a seasonal cocktail which was so sweet, it was so over the top, but it was so kind and it just let me know that he was thinking about us. So you could go that direction where you're giving them something. Or again, even just a little note that says hey, I know it's your birthday, happy birthday, so glad that you're here. That really goes such a long way.
Speaker 1:Yeah, I agree so much I can't stress this enough to people who are listening is that when you have a great relationship with your tenants, they really do treat the property well. They really look out for you and in some cases they look out too much. You know, I do sometimes have to coach my tenants to make sure to report any issues. Do not try to, you know, take care of it yourself, because they can potentially make the problem worse. You know, because, again, it's still an investment.
Speaker 1:This is my investment property and I don't want a $100 issue to turn into a $5,000 issue and so forth. So that's the reason why I have to say, hey, you know what, take care of the property, but things happen. You know, if something happens outside of your control, just let me know, I'll get it addressed and we'll take it from there. But I treat my tenants well, very well. I treat them like gold because, again, we said at the beginning, they're your business partner and your business operates effectively when you're getting paid on time and that they stay. So my goal is to keep them wanting to stay and to ensure that they pay on time so that they can stay. So that's really key.
Speaker 2:They want to preserve the relationship and they don't want to come across as a burden at the start of your relationship and, as you said, just coaching them through when these situations pop up, because by and large, people just want to live and they don't want to annoy you. You might have a tenant who calls you at 9 pm to be like, hey, a light bulb is out, can you come change it? But by and large, people don't want to be burdensome. But if you can explain, hey, this is exactly the type of situation in which I'd love for you to contact me. Here's the best way to contact me and you're communicative. Through that process, they're going to become more and more comfortable with it and again, it just benefits you in the long run because your property is safer. They're feeling comfortable, bada bing, bada boom.
Speaker 2:And in fact we even try and make that a little bit easier at TurboTenant. So when your tenants pay rent through our platform every month, we send them a little check-in. I think it's three smiley faces One is like big old smile, a flat face and a frowny face. If they indicate that they are having a frowny face time, we will ask them to leave some notes and we will actually send that over to you, because sometimes tenants don't. Again, they don't want to feel like they are bothering you so they're reluctant to say anything. When it comes from a third party, they open up a little bit more. We pass that to you and you can prevent little issues from becoming huge problems.
Speaker 1:Let's talk about money now, right? So break down for the audience some of the financial benefits of managing your property with a software like TurboTenant versus paying a property manager. Break down that math for us.
Speaker 2:You know rental property managers. They have a real like. There's a real need for them. I understand why so many people opt to have someone else manage their properties. However, it does make me cringe slightly, if only because they can be quite costly. On average, they are going to take 8 to 10, 8 to 12 percent of your monthly revenue as their operating costs. Also, you can really easily get into some bad situations with property managers.
Speaker 2:So I recently hosted an in-person educational event and there was this wonderful landlord there named Loretta. Loretta had hired a property manager to maintain her property, do everything for her up in Northern Colorado. One day the property manager came to her and said that the refrigerator is out. She says, okay, you can find a fridge, that's all good. He went out and he found a fridge that was like $3,000.
Speaker 2:I balked at that. She also balked at that. She's like that sounds like a fridge that's nicer than what's in my house, like what's going on. And so she asked him some follow-up questions and he got so insulted by her follow-up questions that he quit on the spot, which meant that she had to now figure out how to manage her properties completely. And I'm not saying that that's something that every landlord faces. In fact, I think that there are great property managers out there, but if you are someone who's really focused on your bottom line and you're doing this for the investment opportunity and seeing that ROI grow and grow, it is best practice to take it in by your own hands and make sure that you're the one in charge of it. You're keeping that bottom line, and a tool like TurboTenant will help you self-manage every property in your portfolio without having to give up such a healthy slice of your pie.
Speaker 1:Yeah, I 100% agree. You know the cost of hiring a property manager to just do some, you know, basic administrative items just was too rich for my blood and no one is going to. You know really care for your property the way you would care for your property, for your property, and when you're looking at industry standards of at least 10%. Also, the rent placement fee what new tenant placement fee? So the moment you place a new tenant, that first month's rent is theirs as well. It's just very rich.
Speaker 1:It's very rich to hire a property manager, especially if you're in an appreciation market. You're in New York, you're in Atlanta, you know the California. Anywhere where cash flow is already light to begin with, the moment, the moment, the very moment you have any type of maintenance requests, you're going to be in a negative. So for someone like myself who invests in Cleveland, which is a cash flow market, I have that buffer. I have the buffer.
Speaker 1:I just choose still not to pay a property manager because I can do it myself a few hours a month, you know, and save thousands of dollars. But you still need to know your area, you know. You still need to understand the market that you invest in. I have an advantage because it's my wife's hometown. We kind of know the ins and outs, but you can do the work. You can go out there, do site visits, you can partner with people. Don't let yourself be limited to just saying I have to hire a property manager, it takes too much time to do it. I don't know the location. No, I think you're pretty much setting yourself up for failure if you have that mindset.
Speaker 2:That's how it works. You got to be strategic about it. There are so many different ways to succeed in rental property investing, but you got to tailor it to your goals, what you have access to and where you're comfortable. So it sounds like you have a great strategy.
Speaker 1:Yeah, and although I teach people all the time on how to actually manage rental properties, it's still again a mindset right? Just recently, you know, I got a call, a notification excuse me in the middle of the night, that there was a plumbing emergency in one of my properties. Right Now, what can I do? I'm not a plumber, you know. I already had the systems in place to where my tenant contacts my maintenance team and my maintenance team will then contact the plumber. It's going to be resolved as soon as possible. I'm not a plumber and I'm 800 miles away, you know.
Speaker 1:So it's one of those things that you know I looked at like worst case scenario. I have insurance. If it's something so big, you know, I just have to use insurance. But if it's truly just you know, a plumbing emergency that my tenant can handle, I want to get it resolved as soon as possible for them so that they don't have to, you know, live in a flooded home, but at the end of the day I'm not there. You know what I'm saying. So you just have to really set your process up to be able to account for anything that happens. The system can run on its own, because if I live down the street.
Speaker 1:And if it was a plumbing issue again, what would I do, you know, other than say, oh, I can see it's a plumbing issue, like that's, that's not really changing anything. I still would have to hire a professional and let the professionals do their thing. So, again, mindset is so key because that would, you know, potentially get someone out of the game. Oh, I don't want to deal with those types of issues. But how frequently does that happen? It's very rarely that would happen. But you know what's frequent the first of the month, you know it's the host of the world keeps turning. The first of the month, I'm getting paid. That's what's frequent. The first of the month, you know, as the whole of the world keeps turning the first of the month, I'm getting paid. That's what's frequent. So keep your eye on the prize and not on these rare instances. That might be a pain. Yes, so that's what I would say.
Speaker 2:You're right on the money Again. There are so many different things that work for folks. But be realistic about what you're willing to take on so you don't get yourself down a hole and can't dig yourself out of it.
Speaker 1:So what final thoughts or advice would you give to current or prospective investors who are struggling with the idea of self-managing their properties and then close this out with the best way to reach you and also tap into TurboTenant? So the floor is yours, thank you so much.
Speaker 2:I would say final thoughts for those who are considering self-managing but aren't ready to pull the trigger Again really be realistic about what your goals are, how involved you want to be and your comfort with really heading a human-focused business, because that's what rentals are. You know they really depend on tenants. Tenants are the lifeblood of this industry and if you don't feel comfortable having some connection to your tenants, that's okay. Not everybody is but self-managing might not be the way for you. However, if you are looking to get the most that you can out of your investment and you don't wanna give up any of your revenue, try self-managing. Put a good system in place. Make sure that you have the contacts you need. You have a team around you who can help insofar as you know. I would say, have a real estate attorney that you can call. If you are part of any landlord groups, lean on your friends and peers. If you're not a part of any, this is your formal invitation to go join some. We have a Facebook group called Better Landlords. If you just want to have a space where you can talk shop with landlords across the nation, your peer group is going to be a huge motivator, educator, everything that you need. So really tap into your community, whether that's local or online, and you'd be surprised at how much you can do.
Speaker 2:I think so often people stay out of self-managing because it feels so nebulous and so scary. But it doesn't have to be, and in fact, one of the best ways to combat those fears is just to make sure that you are staying on top of industry trends and continuing your education. That is why, over at TurboTenant, I host a monthly webinar series. We do deep dives on different topics. We also have a whole library of blogs, newsletters, videos, podcasts that you can tune into to find information on anything that you desire, from ESAs to frogging, to squatters to evictions. We've covered it all and we're just going to continue working for you to make sure that you have all the knowledge you need to feel confident in managing your business. So if you'd like to check any of that out, go over to TurboTenantcom slash education. We have, again, just a whole host of free resources for you to build up your business and make sure that you are being the best landlord that you can be.
Speaker 1:Nice, nice, and I'll definitely include all your contact information in the show notes. So again, thank you so much for joining the show and we're out.
Speaker 2:Thank you for having me. This was wonderful.
