馃攳
What You Should Know About a Property Management Career | Ft. Matt Williams - YouTube
Channel: CA Realty Training
[3]
Robert Rico: Hello everybody, thank you again
for coming to this week's video blog we have
[6]
a special guest today.
[7]
Today we are going to talk about something
completely different.
[9]
Again, my name is Robert Rico, California
Realty Training.
[11]
Today, I have Matt Williams here.
[13]
Matt Williams: Hello.
[14]
Robert Rico: Excellent property manager.
[15]
We're going to ask him a few questions regarding
property management.
[18]
We've discussed different things with these
blogs before.
[20]
We've talked about residential sale.
[22]
We've talked about investment.
[23]
But, we have yet to hit on the topic, property
management and that one we do want to get
[27]
across to you, to make sure you understand
how this works.
[29]
Course, we've got the man here himself to
give us some great tips and how this works.
[33]
And maybe, Matt can give you some tips to
help you out with your career, if you're interested
[37]
in getting into a property management.
[38]
Alright Matt, so let's ask you a couple questions.
[40]
When did you get involved with property management
in general?
[42]
Matt Williams: I started doing property management
over seven years ago.
[45]
Robert Rico: Got it.
[46]
Now, why did you get involved in property
management?
[48]
I just mentioned to the audience out here.
[50]
There's real estate residential sales.
[53]
There's investment sales, all kinds of stuff.
[55]
And, you got involved in property management.
[57]
What's the deal?
[58]
Matt Williams: So, I've done commercial mortgage
banking.
[61]
So, three million and up commercial mortgages.
[62]
Robert Rico: Wow.
[63]
Matt Williams: In office buildings, shopping
centers.
[65]
I've done brokerage.
[67]
Sold multi-family properties.
[69]
Robert Rico: As far as sales, right?
[70]
Matt Williams: As far as sales.
[71]
So there was mortgage banking.
[72]
So, that would be finance.
[73]
Robert Rico: Got it.
[74]
Matt Williams: Then I did apartment brokage.
[76]
Then, I did a little development with some
skilled nursing.
[79]
And, the thing was mortgage banking and brokerage
are all pop businesses.
[85]
You have to have your cash flow in line ...
Robert Rico: What does that mean, pop businesses?
[87]
Matt Williams: You pop businesses.
[88]
Basically, it's a pipeline business that you
make a pop every time there's not residual
[92]
cash flow.
[93]
Robert Rico: Okay.
[94]
Matt Williams: So, property management, I
know how much I'm making every month.
[96]
Robert Rico: Got it.
[97]
Matt Williams: And, I know exactly how to
budget for my overhead.
[99]
I don't have to close three, four, five deals
just to get that done.
[104]
Instead, I know I've got so many buildings.
[106]
This is how much I'm coming in and I can manage
it.
[109]
So, the trade off is with brokerage or commercial
mortgage banking or finance.
[115]
Is that, you don't know how many deals you're
gonna get in a year.
[119]
Robert Rico: Got it.
[120]
Matt Williams: Whereas, with this.
[121]
You make a lot less.
[122]
You don't get the big pops.
[123]
But, you know how much you're making.
[124]
But, it's a constant, constant ...
Robert Rico: Oh, I get it.
[126]
So, pop meaning closing a deal and you don't
know when you're gonna pop.
[129]
Matt Williams: That's right.
[130]
Robert Rico: Got it.
[131]
Matt Williams: It's a pipeline business.
[132]
Robert Rico: In your field and I guess, what
you're saying is.
[134]
It's consistent.
[135]
Matt Williams: It's consistent cash flow.
[136]
But, it's a lot of work.
[137]
Robert Rico: Got it.
[138]
Now, explain to us what kind of work is involved.
[140]
Now that you mentioned that, what kind of
work you talking?
[142]
Matt Williams: Okay.
[143]
So, just to give you an idea.
[144]
You've got owners who have expectations of
how they want their properties to be run.
[150]
You have tenants that have an expectation
of what their living environment can be.
[154]
You've got government agencies that have their
own expectations and requirements.
[158]
And, you've gotta find a way to work all three.
[160]
On top of that, you've gotta work with vendors.
[162]
So, you might have an issue, an owner may
have an issue or, a tenant may have an issue.
[169]
Sometimes we have to work with both the owner,
the tenant and the vendor.
[172]
And we have to constantly be problem solving.
[175]
Now, the thing about property management is,
when was the last time you called your property
[179]
manager and told them they did a good job?
[181]
Robert Rico: Yeah, right.
[182]
Hardly ever.
[183]
Matt Williams: That doesn't happen.
[184]
Robert Rico: It doesn't happen.
[185]
Matt Williams: So, the only time you get calls
is when something goes wrong.
[187]
Robert Rico: So, you hate that phone when
it rings, I take it.
[188]
Matt Williams: I don't hate it, cause I love
my job.
[191]
Robert Rico: But I mean as far as, you know
what's coming.
[192]
Matt Williams: I know what's coming.
[194]
I know that it's either, there's going to
be an issue and because, it's someone's home
[197]
they're gonna be ... They can be upset.
[199]
They can be excited.
[200]
Most people are fair and reasonable and can
work through a problem.
[203]
Some people have unrealistic expectations.
[206]
Some people are very, very flexible to work
with.
[208]
Our goal is to manage that process.
[210]
Robert Rico: Now you said, our goal.
[212]
I take it you don't do this yourself then?
[213]
Matt Williams: Oh no, no.
[216]
We've got quite a few people working with
us.
[217]
Robert Rico: So, you have a nice team?
[218]
Matt Williams: Oh, we've got a great team.
[219]
We've got bookkeepers, we've got field supervisors.
[221]
Robert Rico: Oh, this is actually, not just
a team of two to three people like a real
[225]
estate team.
[226]
This is an office?
[227]
Matt Williams: This is an office.
[228]
We manage quite a few buildings.
[230]
And, I couldn't count everybody that works
with us on both my hands.
[234]
Robert Rico: Wow.
[236]
Matt Williams: Yeah.
[237]
Robert Rico: Excellent.
[238]
Hey man, I wanted to ask you something else.
[239]
How important is it to have a property manager?
[240]
Now, some people ... I, myself.
[242]
I owned a few investment properties before.
[244]
Why am I going to pay property manager?
[246]
I could collect rent myself and, I know how
to fix a thing or two.
[249]
And it kind of, backfired on me.
[251]
Why is it important to have a property manager?
[252]
Matt Williams: So, the first deal for anybody's
fun.
[255]
You buy your first house.
[256]
You get your first renter.
[257]
You call your first maintenance company.
[259]
You solve your first problem.
[260]
You think you're flying high, right?
[261]
Robert Rico: I remember those days.
[262]
Yeah, yeah.
[263]
Matt Williams: Everybody loves it cause when
it's a hobby and it's something new and the
[266]
glitter and gold is all cool, you love it.
[270]
There's an old country song, not everything
that glitters is gold, right?
[273]
So, the truth is that, it's more than just
collecting the rents and paying the bills.
[277]
A lot of it is, property managements actually,
people management.
[281]
So, a lot of times ...
Robert Rico: People management, I like that.
[284]
Okay.
[285]
So, you're not really ... I mean, you are
managing properties.
[287]
But, you're managing people.
[289]
I dig that.
[290]
Okay.
[291]
Matt Williams: Yeah.
[292]
If it was just processes and procedures and
it was as easy as tech.
[294]
You send an email, you send a text and boom
everything ... Like our modern day cell phones.
[300]
Anybody can do it.
[301]
You just run the process right.
[303]
But, processes are efficient.
[305]
People aren't.
[306]
Robert Rico: Got it.
[307]
Matt Williams: So our job is to really manage
the people elements.
[309]
So, how do we deal with a tenants got an issue
on their property.
[314]
How do we deal with that issue in a way that
allows the tenant to be happy.
[319]
They still may be frustrated because they
aren't gonna be happy no matter what you do
[322]
but, that's okay.
[323]
We understand that too.
[324]
But, we want to do it in a professional manner
or, we're doing it in a way that's responsive
[328]
quick.
[329]
And, manage the owner's expectations and well.
[332]
When you said, "Boy, that blew up fast."
[334]
Well, I'm sure you can tell a story and I
don't want to misrepresent any of those stories
[338]
for this blog.
[339]
But, sometimes there are real issues that
occur due to misunderstanding.
[342]
So, a misunderstanding could be a tenant's
rent sends the check to us.
[347]
Mails the check but, the mail looses it.
[349]
It happens.
[351]
We call the tenant say we never got it.
[352]
Tenant said, I sent it.
[354]
Well, the tenant suddenly assumes we're saying
their lying.
[356]
They aren't lying.
[357]
Robert Rico: Right.
[358]
Matt Williams: They sent it.
[359]
It didn't get to us.
[360]
We're both telling the truth.
[361]
Where's the gap?
[362]
So, in every situation our philosophy is that
there's a piece of information missing.
[366]
So, right there we don't create a conflict
we say.
[369]
"It's not that I don't believe you.
[370]
We just never got it."
[371]
Robert Rico: It sounds like communication
is huge here, there.
[373]
Matt Williams: Oh, you need communication.
[374]
Robert Rico: So, aside from the list of items
that you do I'm guessing, repairs, collect
[377]
rents, and I'm sure there's others.
[378]
Matt Williams: Oh, collect rents.
[380]
Monthly reports.
[381]
Bank reconciliations.
[383]
Dealing with the city and the county on inspections.
[386]
Dealing with all these different issues.
[389]
The biggest piece that moves it is, customer
service.
[392]
Robert Rico: Got it.
[393]
Matt Williams: And without customer service,
you can't run it.
[394]
Now, the truth is nobody wants to take a call
at 10PM.
[398]
Robert Rico: That was my next question, when
was the last time you got a call at one in
[401]
the morning?
[402]
Matt Williams: Oh, we had one the other day
and I had to let the tenant ... If we have,
[405]
if it's a clogged sink or actually, if it's
a clogged toilet and it's a one bedroom apartment.
[410]
Well, we've gotta fix it.
[412]
But, if it's a two bedroom apartment and there's
one clogged toilet.
[415]
That can wait till the morning.
[416]
So, sometimes it's about working through some
of these issues and it's an apartment.
[422]
It's apartment living.
[423]
You can't change that.
[424]
But the truth is, at the end of the day, our
goal is to deal with the building professionally
[430]
because, we do this full-time.
[431]
Robert Rico: Got it.
[432]
Matt Williams: And a lot of times, owners
might take things personal that shouldn't
[435]
be taken personal.
[436]
And a lot of times, tenants just need to know
that we're actually listening and we care.
[440]
Robert Rico: You're almost in a position of
being a meditator, kinda sorta.
[442]
Matt Williams: Every day.
[443]
Robert Rico: Really?
[444]
Matt Williams: Every day.
[445]
Robert Rico: That must be the most challenging
part.
[446]
Matt Williams: That's actually, the best part.
[447]
Robert Rico: The best?
[448]
Matt Williams: The best part.
[449]
That's what I love about my job.
[450]
Robert Rico: Yeah.
[451]
And, that happens sometimes.
[452]
Matt Williams: Yeah.
[453]
Robert Rico: The toughest ... The most challenging
is usually, the most exciting.
[454]
Yeah.
[455]
Matt Williams: Yeah.
[456]
And the truth is, anybody who works with us
will discover that something's are out of
[458]
our control.
[460]
Something's we just can't get you someone
there in 20 minutes for this issue.
[465]
We can get someone there in 24-hours but,
you are going to die in 20 minutes.
[468]
Robert Rico: Right.
[469]
Matt Williams: But sometimes, it's just knowing
we got it.
[470]
We wanna take care of it for you.
[472]
Robert Rico: Seven years you've been doing
this, huh?
[473]
Matt Williams: Seven years.
[474]
Robert Rico: Sounds like you've been doing
it forever.
[475]
Awesome, awesome.
[476]
Can you let the audience know what your name,
your phone number, how they can contact you?
[480]
If you guys have any questions for Matt, please
go ahead and leave them in the comment section
[484]
below.
[485]
If you need anybody to rent your properties.
[487]
If you guys are investors out there and you
want some help with these kinds of, issues
[489]
as far as, renting properties.
[491]
Give Matt a call.
[492]
You just heard what he said.
[493]
He sounds fantastic.
[494]
One more question.
[495]
Matt Williams: Yes sir?
[496]
Robert Rico: What advice can you give somebody
whose getting their license?
[497]
Let's assume they just go it.
[499]
Cause I've had a few students of mine in the
past, who say.
[502]
"You know what?
[503]
I think I want to do property management."
[504]
And, I never understood why.
[505]
But, now I get it.
[506]
I see the challenges, but I also see the consistency
as to you know what's coming in as far as
[511]
pay is concerned.
[512]
Matt Williams: Yeah.
[513]
Robert Rico: It's consistent.
[514]
What would be your personal recommendation
Matt, as to telling somebody who says.
[517]
"You know what?
[518]
I think I wanna select property management
for my career."
[520]
Matt Williams: My advice is, do brokerage.
[524]
Make the money and buy your own buildings
and manage for yourself.
[526]
Robert Rico: Now, real quick.
[528]
Do brokerage.
[529]
What do you mean, do brokerage?
[530]
Matt Williams: I would say, get your pop income.
[532]
Get those big paychecks.
[533]
Robert Rico: Got it.
[534]
So, do residential sales?
[535]
Matt Williams: Do residential sales.
[536]
Robert Rico: Got it.
[537]
Matt Williams: Multi-family sales.
[538]
I mean, they're licensed they can sell office
buildings, shopping centers, industrial centers.
[541]
They can sell apartments and, they can sell
homes.
[543]
Robert Rico: Right.
[544]
Matt Williams: They can even sell hotels.
[545]
Robert Rico: Got it.
[546]
Matt Williams: They aren't limited to residential.
[547]
With their license they can finance.
[550]
You don't have to do just residential.
[551]
Robert Rico: Let's talk about the typical
...
[553]
Matt Williams: Got it.
[554]
Robert Rico: They're just coming in.
[555]
Probably the residential sales.
[556]
Matt Williams: Got it.
[557]
Yeah.
[558]
Robert Rico: So, you're saying go out and
pop, which means close a couple of deals.
[559]
Matt Williams: Yup.
[560]
Robert Rico: And then what?
[561]
Matt Williams: And then, manage for yourself.
[562]
Bring in the buildings.
[563]
You have more control, you have more say.
[564]
A majority of my business is working with
the owners.
[568]
And so, it takes a lot of long nights in order
to make the money.
[572]
To do it, you have to have some money saved.
[573]
Or, you have to be willing to sleep with your
cellphone underneath your pillow for the first
[578]
couple years.
[579]
So, it is a ... It takes a long time.
[582]
It takes a real investment and time commitment
and savings to actually, start and do it.
[587]
So, I recommend you do it.
[588]
I recommend you give it a shot.
[589]
But, the truth is, you get a building.
[593]
You make $200, $300 a month on a building.
[595]
Maybe, a duplex or a single family home.
[599]
Maybe $150.
[600]
How many of those do you have to do before
you actually making a living?
[603]
Robert Rico: How many properties do you currently
manage?
[604]
Matt Williams: We manage over 90 plus.
[606]
Robert Rico: Wow.
[607]
Matt Williams: Yeah.
[608]
So, it takes time to get there.
[609]
So, my advice is you can do it.
[611]
But, if you're gonna do it, it's going to
take three years.
[614]
Robert Rico: One more question, then I'll
let you go.
[617]
Three characteristics that somebody must have
to be a property manager.
[622]
Just three characteristics.
[623]
Matt Williams: You gotta have the patience
of Job.
[625]
Robert Rico: Patience.
[626]
Matt Williams: Not just any patience.
[627]
Robert Rico: Oh.
[628]
Matt Williams: You have to have the patience
of Job.
[629]
You have to have a positive attitude-
Robert Rico: Positive attitude.
[632]
Matt Williams: -that no matter how much people
criticize you.
[635]
You're able to still be kind, patient, and
gracious.
[638]
Robert Rico: So, it's gonna be, patience.
[642]
Positive attitude.
[643]
Matt Williams: And then, the final thing is
a whole lot of problem solving skills.
[647]
Robert Rico: Boom!
[648]
The three P's.
[649]
So, let's go again.
[650]
Matt Williams: Patience.
[651]
Robert Rico: Patience.
[652]
Positive attitude.
[653]
Matt Williams: Attitude.
[654]
Robert Rico: Problem solving skills.
[655]
The Three P's.
[656]
Look at that.
[657]
Matt Williams: That's right.
[658]
The Three P's.
[659]
Robert Rico: I just gifted something you can
use.
[660]
Matt Williams: Thank you, thank you, thank
you.
[661]
Robert Rico: There you go.
[662]
Hey Matt, thanks for being here with us.
[663]
Matt Williams: Thank you, thank you, thank
you.
[664]
Robert Rico: And again, if you have any questions
for us California Realty Training, wants to
[665]
make your career as positive and successful
as possible by bringing guests like Matt who
[668]
have been doing this for seven years now.
[669]
Sounds like he's the best of the best.
[671]
What's your phone number and email address?
[673]
Matt Williams: Matt Williams.
[674]
You can reach us at 310-987-7978.
[677]
That's, 310-987-7978.
[682]
You can send an email to [email protected].
[684]
Robert Rico: Boom!
[686]
Beautiful.
[687]
Thanks for coming in this week to our video
blog.
Most Recent Videos:
You can go back to the homepage right here: Homepage