Growing a Property Management Company to Seven Figures

The Freedom Chasers Six Figure Strategies Podcast recently featured real estate investor and owner of Landmark Property Management in Chicago, Jason Marcordes. In the podcast, he shared valuable insights on starting a property management business, finding reliable vendors, and his investment strategy in real estate.

To start a property management business, Jason recommends obtaining a broker's license and finding a property management-friendly brokerage. It is also essential to build a book of business through marketing and networking. He emphasized the importance of building relationships and providing value in the real estate industry.

When it comes to finding reliable and cost-effective vendors for maintenance and repairs, Jason suggests actively reaching out and networking. He also recommends documenting processes and creating standard operating procedures (SOPs) and checklists to train employees. Jason has used various software such as Lead Simple, Asana, and Slack to manage workflows, communication, and property management. Additionally, he suggests using Loom to record training videos to avoid teaching the same tasks to multiple employees.

Jason also discussed his investment strategy in real estate, particularly in Florida. He is considering improving management, unit turns, and some rehab as part of his value-add approach. He notes that Florida has growth potential, landlord-friendly laws, good weather, and diverse exit strategies. Combining short and midterm rentals can be particularly lucrative in Florida, where short-term rentals can fetch higher prices. However, finding vendors and the high costs of materials and labor can be challenging.

In terms of building a property management team, Jason recommends hiring an admin as the first employee to manage day-to-day tasks, freeing up the property manager's time. He suggests running on the Entrepreneurial Operating System (EOS) and using the "Elevate and Delegate" tool to delegate tasks to others. He prefers a remote work model, as it taps into a global talent pool and saves overhead costs. He also suggests hiring international talent, which can be cost-effective.

Finally, Jason cautions investors to do their research before investing in the South Side of Chicago, which has a bad reputation. While there are beautiful areas there, it is crucial to talk to people and do thorough research before investing.

In conclusion, Jason Marcordes provided valuable insights for those looking to start a property management business, find reliable vendors, and invest in real estate. His emphasis on building relationships and providing value, documenting processes, and using technology to streamline workflows can benefit anyone in the real estate industry.

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Don't forget to reach out to Jason Marcordes
Website: www.Chicagospropertymanagement.com
Instagram: https://www.instagram.com/landmarkrgc/
Linkedin: https://www.linkedin.com/in/jasonmarcordes/
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