Pro Tips For Effective Asset Management with Mike Taravella

Jake & Gino: Real Estate Investing & Multifamily

Jake & Gino

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4.9 • 842 Ratings

🗓️ 20 August 2021

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Mike Taravella shares pro tips for effective asset management. Key highlights: Create a weekly accountability rhythm with your property management team Review physical occupancy, delinquency, marketing and profitability If physical occupancy is less than 95%, review your marketing Look at your day to day numbers such as renewals, delinquencies, evictions, etc. Investor Pro Tip: Establish weekly accountability rhythms, establish expectations from the beginning and execute. Listen to the podcast to enhance your asset management skills and strategies. If you have any questions or suggestions, reach out Mike Taravella at MikeT@RandCre.com

Transcript

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0:00.0	Welcome to the RANCRE show, commercial real estate with no stone left unturned.
0:10.0	Hey, everyone. Welcome to the RANCRE show. I'm your host, Mike Tarvella, and today we're going to dive deep into one of my favorite tools being an asset manager that we use to keep
0:21.8	our team accountable. And that is the Pulse document. So every week, we get on a call with our
0:27.8	property managers and we review our internal metrics and our internal scorecard for the property.
0:35.3	And the first thing we look at is our occupancy. We look at our vacant
0:39.5	rented and our vacant unrented because even though they're both vacant, vacant unrented means
0:45.6	that the property, there's no speculative tenant or prospective tenant moving in versus
0:50.9	vacant rented allows us to look at the future marketing and our marketing
0:57.2	efforts are worth it. So if our occupancy is below 95%, then we go into looking at our marketing
1:05.5	key performance indicators. So we look at the first metric is guest cards. So this is general inquiries done at the property, whether it's a walk-in, apartments.com, Lisa, Craigslist, any phone call. We track any inquiry about the property. And then the other key metric is a applicant. So we want to make sure that
1:30.1	those are people who wore guest cards and now applying to live at our property. Generally, if our
1:36.3	occupancy is below 95%, we then would like to see three guest cards for every one applicant.
1:45.7	And this is important, too,
1:50.9	because we've seen when our occupancy isn't high, we see our guest cards could be low, and that could be not really clean ads on Facebook or Apartments.com, misinformation, not high
1:58.7	quality photos, or the ads not even working.
2:01.6	So we've seen that. So it's good to measure the inflow of the funnel when it comes to your leads.
2:07.6	And then applicants, if that number is super low, then we're really making sure if we understand
2:13.6	our dues what we have online, match what's going on in person as our
2:19.3	customer service there these are all really key performance indicators that we really measure to
2:24.1	make sure but if our marketing if our occupancy is really high then we're not as in tune with our
2:30.0	marketing because there's so few units available but it's just one thing we make sure we keep a pulse on.
2:36.6	Next number, we really dive into his delinquency.
	...

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