Presented by By Melissa Prandi, RMP®, MPM® The Complex World of Rentals & Property Management

Melissa Prandi = Property Management 29 years in the industry Former NARPM National President Growth from 100 to 3,000 units Traveled 175,000 miles to visit 300 management offices in one year Studied the formulas of a great property management company

Only 2% of Property Management is Collecting the Rents…..

The Reality of the Other 98% Ever changing policy & procedure manual Must have excellent tenants screening processes Keeping up with ever changing local, state and federal laws Utilize the latest Technology – which today can be your “friend” Employee versus independent contractors Hands on approach – no two problems are like Owner’s want to receive as much as possible monthly Owner’s don’t want to spend the money or can’t to keep the rental property properly maintained – Investors too have financial challenges personally & professionally Need a good Lawyer on your team you can call anytime Ongoing training is needed to keep up in the world of “Property Management”

How to Get Into the Business? c Property Manage National Association of Property Managers Franchising Opportunities Partnering Up with Pros Consultant and Education Options

Understanding the Pros and Cons There are pros and cons to managing rental property PROSCONS It’s a predictable stable recurring revenue model The margins are small You’ll never be boredThe hours are not p.m. Maintain the relationship with your clients for a future sale opportunities The potential to be sued Renting properties is usually profitableThere are many local, state and Federal laws to follow – forever changing It can be fun and challengingYou must rely on and trust your contractors and vendors It’s a people business—you’ll always meet new people Constantly dealing with complaints from tenants and owners

Overcoming the Negatives Invest in systems and processes Network with other professionals (NARPM®) Keep proper records and files (cloud computing) It’s a hands on business Properly screen contractors, vendors and employees Carry Plenty of Insurance Join a Local Organization Focus on employees not independent contractors

Where to Go From Here?

Developing Your Game Plan Consider your options – Joining NARPM vs. Franchising vs. Partnering – Model the business Establish a benchmark for your revenues Determine the cost of delivering the service (employees, insurance, systems, etc.) Understanding how to grow from 25  100  1000 units – Research the laws – Consider acquiring a book of business – How will you differentiate yourself in a crowded space?

Final Thoughts Surround yourself with an expert in the field Thank you for your time Melissa Prandi, MPM® RMP® ext. 203