“You have to have people working with you who have integrity, but that alone may not be enough,” Norman said.
Julie Ziglar Norman, a real estate agent with Dallas-based Prime Properties Realty and vice president of business development at Ziglar Inc., has seen a lot of things. The worst mistake she’s ever seen in real estate, however, nearly defies explanation.
“I think the worst mistake I ever saw an investor make (despite plenty of advice to the contrary, by the way!) was to hire an individual with no experience managing property and not located in the same state as the rental to manage her recent rental acquisition,” Norman said. “The person she hired did not even have any contacts in the state where the property was located. It was kind of like watching a train wreck, especially since everyone except this well-meaning investor trying to give the ‘property manager’ a shot could see where the situation was heading.”
While the investor eventually learned the hard way to go with a property manager with experience in the field and, preferably, some sort of local presence, Norman insists that the broader lesson is much more valuable to all investors: “You have to have people working with you who have integrity, but that alone may not be enough,” she said. “They also have to be dedicated to the pursuit of excellence. That’s the only way you can really have 100-percent trust in someone when they are finding investments to fit your specific strategies or managing your properties. That professionalism and perfectionism lets you know that they will put your needs and priorities as an investor above their own.”
The 2 Ps of Dedication
Norman’s company, Prime Properties, must be particularly dedicated to that perfectionism and professionalism, she said because the company is a full-service brokerage dedicated entirely to real estate investors. The company offers traditional turnkey investments with a twist: The turnkey rental properties are also placed in a prime position to gain enough value in the current market cycle to be sold roughly five years after the initial purchase. The company is truly an “A-to-Z” investment provider, since it also will handle renovations, tenant searches, and even lending in some cases.
“Don’t be a train wreck yourself,” Norman encouraged, noting that the company will be offering free five-minute consults full of no-holds-barred industry insight and, if necessary, a few tough truths about real estate strategy, at the Think Realty National Conference & Expo in Dallas, Texas, on February 24-25, 2018.
You can meet with Prime Properties Realty investment experts and hundreds of other active Texas investors and service providers at the Think Realty National Conference & Expo. Reserve your spot here.