Property Management 101: Tips and Tricks for beginners - Nicola Domenic Vescio

Property Management 101: Tips and Tricks for beginners

  • When you’re first starting out in real estate, you can’t afford to buy anything larger than a single family dwelling or duplex. This is because you’ll need to build up your brand and trust in the industry before you can afford to purchase larger properties. You can never have enough knowledge or info or examples of issues or stories related to this industry. You have to know your stuff but you have to be smart about it. It’s not enough to just know your stuff, you have to be able to use this knowledge and apply it or use it to help people.
  • When it comes to insurance, you have to make sure that you’re insured for the maximum amount of liability. When you’re insuring your business, you have to make sure that you’re covered for the worst case scenario and that you’re not just insuring against the possibility of a fire or burglary. It’s important to know what sort of insurance you need for your business. It’s a good idea to speak to your accountant or a broker to make sure you have the right amount of insurance. You should also take the time to read up on the different types of insurance that you might need for your business.
  •  Look at things objectively and look at things from another perspective. By doing this, you’ll be able to have an overall greater perspective of things and learn more about the world around you. You can also use this to your advantage by studying things and learning about them. I think it’s very important to not only be a master of your craft but to also be an expert in the field you’re in. If you’re good at what you do then you will be able to communicate that to your customers in a way that they understand.
  •  Working for a property manager, you’ll learn from the best. You’ll learn how to deal with tenants, how to deal with contractors, how to deal with vendors and how to deal with tenants who have a problem. Working for a property manager will make you a better property manager.  It’s important to remember that with everything, there’s a little bit of good, a little bit of bad, and a lot of learning.
  •  Being able to do basic repairs comes in handy when you’re running a small business. There’s nothing worse than working on something and not being able to find the right tool for the job. Having a bit of knowledge in handy-man skills can really come in handy.  You need to know finances. You need to know how much you make, how much you spend, how much you’re worth, and how to get to a point where you can be debt-free.

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