Property Management Systems with Sean Morrissey

Sean Morrissey is a “buy and hold” investor and real estate broker/owner who resides in Aurora, Illinois with his wife, two children, dog, and cat. He hosts a weekly podcast for entry-level real estate “buy and hold” investors called “Landlording for Life” and just surpassed 85 episodes launched.
 
Sean started his real estate journey as a landlord in 2003. He earned his real estate license in 2006 and opened his real estate brokerage, “Chicagoland Realty Group Partners LLC”, in October 2011. Since 2010, Sean has managed up to 200 single-family homes while building his real estate rental portfolio in the western suburbs of the Chicagoland area – primarily in the Aurora, IL community. His current goal is to earn three times his family’s monthly expenses in passive rental income and earn financial freedom by the year 2021.
 
In this episode, Sean discusses how you can self-manage your properties as he shares tips with regard to the components of property management systems.

Checkout: Raising Capital Without Rejection Full-Day Workshop (Online): https://investorattractionworkshop.com/

What you'll learn in just 19 minutes from today's episode: 

Discover the four components of property management systems and what each one is all about;
Gather tips on how to manage a leasing system effectively without being deceptive; and
Find out how you can avoid conflicts with your rent collection system along with the importance of considering the comfort from your side and your customer when deciding on the payment process.

Resources/Links: 

Rent Application: https://www.rentapplication.net/
Buildium: https://www.buildium.com/
Zelle: https://www.zellepay.com/
Venmo: https://venmo.com/
CBS News Chicago: https://chicago.cbslocal.com/

Topics Covered: 

01:44 – Components of systems in property management along with the mistakes people make with regards to self-management
03:01 – Sean’s real estate experience back in his early years, him being challenged to do more as the year's pass
04:45 – Sean’s tip to manage a leasing system effectively: take quality photos
06:09 – How to take photos that will capture people’s attention without being deceptive through the angles
08:42 – More tips for leasing: price it right and choose an application process that is easy to understand
11:26 – Site that is non-techy friendly: Rent Application
13:09 – Software to use for your rent collection system: Buildium, Zelle, Venmo
15:38 – The importance of understanding the eviction process in your state
16:45 – The rent collection challenges Sean encountered in the midst of this pandemic
18:09 – Check out Chicagoland Realty Group’s website, grab a copy of Sean’s book called “Building Your Efficient Property Management System”, and listen to his podcast “Landlording for Life”

Key Takeaways:

“Whether you have one property or whether you got 10, 20, whatever the case might be, eventually you’re going to be challenged, and it’s really setting yourself up for those challenges that you’d want to prepare for.” – Sean Morrissey
 

“Photos are the name of the game. Quality photos go a long way. You’d always want to set your photos up so that you’re going to enhance the experience, but keep in mind that the majority of people are going to want to visit that property regardless, so you’d never want to appear deceptive.” – Sean Morrissey
 

“You’d want to make sure your price is right. You’d want to have your price reflect what you’re comfortable with and not only generating your appropriate cashflow or what the market’s going to call for.” – Sean Morrissey
 

“There are so many different websites out there now. Make sure you find the site that you love and is easy for the tenants to understand.” – Sean Morrissey
 

“Your lease is going to set up the parameters of when rent is due, what’s considered your late fee, but you’ve got to notify your residents how you’re going to collect payment. Provide a few methods so that the resident is always choosing the method that they’re most comfortable with.” – Sean Morrissey

 

“The last thing you’d want to do is show up in court and find out that a judge doesn’t think that your case is valid based on how you serve the tenants. You have to make sure that you have a few Attorneys on speed dial that have a working relationship with the judge that handles evictions in your county, and make sure you’ve got your rent collection process in place.” – Sean Morrissey
 

Connect with Sean Morrissey:

Website: https://chicago-realty-group.com/
LinkedIn: https://www.linkedin.com/in/sean-r-morrissey
Podcast: https://chicago-realty-group.com/podcast-for-landlords/

Connect with Dave Dubeau: 

Podcast: http://www.propertyprofitspodcast.com/ 
Website: https://davedubeau.com/home 
Investor Attraction Workshop: http://www.investorattractionworkshop.com/ 
Facebook: https://www.facebook.com/thedavedubeau 
LinkedIn: http://linkedin.com/in/davedubeau 

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