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 Tarvella, and today we're going to dive a little bit deeper into asset management.

So for those who don't know, asset management is they are the accountability

officers to make sure that the property is performing because the asset manager makes the

property managers accountable for making sure the business plan is being executed. And the

investors make the asset manager accountable to make sure the investors are getting paid.

So as an asset manager, to make sure that the property is performing, we're having weekly

meetings with our property managers. With Iran, we have internal property management.

So we have more daily conversation on what's going on. For those who are using third party,

weekly seems to be in a good rhythm of

accountability to make sure you're ensuring the property is being well executed. There could be

times where you have to communicate in between that weekly rhythm, but I think at least

establishing a weekly rhythm is important to make sure that all is going well for the property.

So the first thing I do when reviewing

and preparing for that weekly meeting is understanding the rental. So the first thing I'm looking at

is making sure our occupancy is within Target. And generally in East Tennessee and the Tennessee

markets, we're between mid-90s outside of that and our other markets, maybe low 90s, but just making

sure we're in that range. If not, I'm asking, hey, what's going on with the property? Is it because

there's a lot of renewals that didn't hit and are renovating? But it's just really making sure we're

understanding what our occupancy is and why is that happen. I think as an

asset manager, you get really good at asking really good questions because you don't need to know

the nuts and bolts of everything that's going on, but you need to understand what as a macro picture

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