Today’s show is sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!
I’m delighted to bring you the brilliant, talented Ruby Rowan as today’s guest. I know Ruby well, because she’s a portfolio manager with my company here in San Antonio. She started with us as a leasing agent around three years ago, but we put her through real estate school, and now she’s one of our portfolio managers.
Lately, I’ve been getting a lot of questions about how our portfolio management system works. While I’ll contribute to the conversation, I thought the bulk of answering should go to someone who’s intimately familiar with the system from the inside out, since it’s what she does every day at work.
In this episode, Ruby will go into depth about how she manages 181 homes with our company. She’ll share the down and dirty of how things work, how we break up the division of labor here, how she’s compensated (and why being paid a percentage instead of straight salary is a great system), and how her work/life balance is maintained.
If you’ve ever wondered about how our portfolio management system works, or have considered implementing a similar system yourself, this is the episode for you! Tune in to to learn what works for us, where we’ve made mistakes, and what Ruby sees as the strengths of our system.
Here’s where you can find Ruby:
[02:59] - Brad introduces Ruby briefly and explains why she’s called a portfolio manager instead of a property manager.
[03:33] - Ruby discusses her background in real estate and property management, and explains how having been a military spouse has affected this.
[04:51] - We hear a bit about the differences in dealing with apartments versus single-family homes.
[06:40] - Ruby talks about her earliest days at Brad’s company, and Brad elaborates on the challenges of growing as a property management company.
[08:34] - Ruby started off with 110 homes. She explains how she addressed the new system with owners.
[09:58] - Brad shares the thought process behind the challenge of dividing homes among the four portfolio managers. He then discusses compensation for portfolio managers. Ruby then talks about some of the main benefits to the owners.
[13:34] - We return from a quick break to talk about what Brad’s company offers the owners, and how the portfolio managers are the one point of contact despite outsourcing certain things.
[15:52] - Ruby brings up the topic of pets, in that some owners absolutely don’t want them, and explains how she tends to handle this.
[17:00] - What tends to generate the most activity and questions from owners?
[18:01] - Brad describes the company’s 21-day leasing guarantee, and explains the various stipulations.
[19:52] - Ruby explains the next part of the process, involving checking statements to make sure everything is accurate. This takes about an hour and a half with her 181 homes.
[22:12] - We move on to hearing about the segmented part of maintenance. Ruby talks us through how the maintenance side of things works with her as the portfolio manager.
[25:58] - Ruby discusses her work schedule (and the fact that every day is different) and systems, sharing what helps her keep her daily flow manageable.
[28:05] - Brad brings us to the topic of business development. Ruby talks us through the transition from the business development side to her, the portfolio manager.
[29:27] - Brad shares his plan for Ruby as the company grows. Ruby explains that she agrees that the company will need to transition to a bigger system, talking about her workload last summer to illustrate why.
[30:54] - Ruby talks us through what she does when a tenant moves out. She and Brad explain the process, which involves a video walkthrough, in detail.
[33:39] - Brad talks more about the security deposit itemization. Ruby explains that some charges go to the owner, because they can’t charge a tenant for general wear and tear.
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