RCRE - Keeping Everyone Accountable

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5 • 831 Ratings

🗓️ 8 July 2020

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Will Coleman interviews Mike Taravella of Rand Partners. Key Information: Accountability: Keep in constant communication with your property management team in order to address any problems as soon as they occur. Key Performance Indicators to look at: Occupancy, Delinquency, and Marketing. Communicate and be a resource to your residents so that you always have a pulse on how the property is performing. Establish a budget so you can see when you are under or over your usual metrics for the month. Utilize accounting and property management software in order to keep organized records of the property’s performance. Focus on financial metrics which lenders and brokers will look at in the future. Key Financials: P&L, Rent Roll, T-12 Expert Pro Tip: “Create Accountability” Contact Information: [email protected] - Mike Taravella To register to invest with us: https://invest.randpartnersllc.com/invexp/accounts/login/ Rand CRE's Facebook: https://www.facebook.com/randcre Rand CRE's Linkedin: https://www.linkedin.com/company/randcre Rand CRE's Instagram: https://www.instagram.com/randcre

Transcript

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0:00.0	Welcome to the RAND CRA show, commercial real estate with no stone left unturned.
0:10.1	Howdy everyone. This is Will Coleman, your new host of the RANDCRE show. We've got a special show today.
0:18.5	I'm interviewing the previous host of the show, Mike Terravella.
0:22.4	Mike Teravelle. How's going? I'm doing well. Just running the marathon one step at a time.
0:28.3	As a great man once said. I like that. I said your name twice in the intro. Starting it out well.
0:34.7	Well, great. Yeah. I mean, I thought it would be beneficial for us to sit down and talk about
0:39.7	asset management. You know, we do a lot of interviewing and people of what they do and what they
0:45.5	see today today, but we wanted to have Mike come on and share his thoughts, what he's seeing,
0:51.0	and really most importantly kind of talk about the three most important things
0:56.0	in your eyes for asset management in terms of keeping people accountable how to know you're on
1:00.2	track and things like that so with that I guess what are the three things that are really important
1:06.7	for you in asset management yeah I think the biggest thing when it comes to asset management
1:10.9	is you have to keep everyone accountable. The property management group, your investing group,
1:15.9	and all in all to keep your investors happy. So everyone talks about when they're getting a deal
1:21.8	and it's great. But now once you got the keys, now what happens? It's kind of deer and a headlight.
1:27.1	You're like, wow, now we got it.
1:28.5	It's not just a spreadsheet anymore.
1:30.2	What are we doing?
1:31.3	So I think the biggest thing is establishing rhythms with your property management group.
1:36.5	We at Ramp Partners, we're with our vertically integrated team.
1:41.0	So we set up weekly rhythms with our, we call it our pulse dock. So with that
1:45.8	pull stock, we're looking at key performance indicators every week to make sure we're understanding
	...

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