Welcome to the RANCRE show commercial real estate with no stone left unturned.

Hey everyone, welcome to the RANCRE show. I'm your host, Mike Tarabella, and today I just wanted to get on here and talk about property management in general and how I as the asset manager hold our

team accountable. First things first, I leverage a lot of traction in the processes and systems

in there. That book has done a very good job of creating accountability, rhythms and whatnot.

So if you need a resource to use that, check out that book.

And if you don't have time to read it, I would highly recommend they have a lot of resources

on their website.

So check that out, traction by Gino Wickman.

And so the first level of accountability is on the first, before we even buy the deal,

is just aligning with our team and our property managers and setting expectations. So not only just on how the property is going to look,

setting up the turn, saying the expectations of when they will be turned and how many units

will be turning, but when we're meeting, when are we going to meet and discuss this?

What are the meetings going to look like? What are the key performance indicators moving forward?

I think when you take over a property, a lot of people, when they underwrite, really make sure

they understand and say, oh, we can get turned, do five turns in a month or so on and so forth.

But you have to make sure your property

management team knows that we're turning this property and turning it quick, or if we're going

to keep it forever, we're going to slowly incrementally grow. And it's just important that they

understand the business plan through and through so that they can adjust, tweak, and move because the last thing

you need to do work on or need is your property manager not being on the same page as you,

then you miss the marks, then you can't pay your investors. So setting up expectations of what

the meetings will look like and when. And that's important for new property managers if you're

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