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Welcome to Property Management Brainstorm, the ultimate podcast for property managers, PropTech ventures, and real estate investors! Join industry expert Bob Preston as he brings you the latest trends, best practices, and invaluable guidance in the world of property management. Whether you're just starting or thriving in the business, Property Management Brainstorm is your go-to destination for all things property management. Please click the "more" button in our episodes below to view the episode notes, listen through the website audio player or the video link, and follow along with the whole episode transcript.

Five Minute Friday #6: Best Practices for Renting Your Home

By Bob Preston Thursday, November 28, 2019

The idea of generating passive income through a rental property sounds pretty terrific. But the reality is, being a landlord is not as passive as you might think. Renting your home is equivalent to running a business, and there are a number of responsibilities that come with it. So, what do you need to consider before becoming a landlord? And what are the best practices for renting your home? 

On this episode of Five Minute Friday, Bob walks us through the main topics covered in his new eBook, Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro. He explains why NOW is an attractive time for real estate investors to enter the rental market, describing how a rental property has the potential to both generate cashflow and appreciate in value. 

Bob goes on to cover the many obligations and responsibilities of being a landlord in terms of compliance, maintenance, record keeping, insurance and 24/7 responsiveness. Listen in for insight around what questions to ask yourself before renting your home and learn how a property manager can help you enjoy the benefits of being a landlord—without having to answer tenant complaints at 3am!

Topics Covered

[0:46] How to access Bob’s new eBook, Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro

[1:28] Why now is an attractive time for real estate investors to enter the rental market

[1:51] How being a landlord is equivalent to running a business

[2:08] The #1 question to ask yourself before renting your home

[2:30] The landlord’s obligation to be on call 24/7 to respond to tenant complaints, maintenance requests and emergencies

[2:45] The option to hire a property manager to take on most of your responsibilities as a landlord

[2:56] The concept of leverage + how a rental property can both generate cashflow and appreciate in value in a strong market

[3:38] Additional obligations a landlord must fulfill in terms of legal compliance and property maintenance

[4:00] What is required of a landlord when it comes to accurate accounting and record-keeping 

[4:17] Making sure your rental property is properly insured

[4:29] Why it’s crucial to advertise a property and speak to prospective tenants in a way that recognizes Fair Housing Laws

[4:56] Where to go for more information about best practices for renting your home

Connect with Bob 

North County Property Group

Resources Mentioned

Best Practices for Renting Your Home: Learn the Pitfalls and Safety Nets from a Pro can be found at https://www.ncpropertygroup.com/ebook.

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Play Podcasts, Stitcher, Spotify, and YouTube.


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Author

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Bob Preston
President & Broker
Bob Preston is the lead consultant and creator of Property Management Brainstorm, founded to specialize in guidance for teams building property management companies and real estate investment strategies. Bob is a nationally known figure in the property management industry with over 20 years of experience in building and growing property management companies. He was the founder and broker/owner of San Diego's leading and property management company, North County Property Group, before successf...
Bob Preston is the lead consultant and creator of Property Management Brainstorm, founded to specialize in guidance for teams building property management companies and real estate investment strategies. Bob is a nationally known figure in the property management industry with over 20 years of experience in building and growing property management companies. He was the founder and broker/owner of San Diego's leading and property management company, North County Property Group, before successfully negotiating the sale of the business to PURE Property Management in 2022. He then remained with PURE as Western Regional Director, during a period of explosive growth for the company, overseeing operations for 28 branch office locations and over 12,000 doors. More recently, Bob has decided to focus on his consulting business, Property Management Brainstorm, to help others succeed in this dynamic and exciting industry.
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