The Adventures of a Real Estate Investor
Welcome to The Adventures of a Real Estate Investor podcast. Your hosts, Suzy Sevier and Michael Barnhart, interview industry experts and chat with them about their passions and how they are leveraging real estate investing to create an impact in their world. What impact do you want to make? There are almost eight billion people on this planet. What if each of us started with ourselves, our family, our in our community? All we have to do is start with a manageable 1% action every day. The effect of those billions of 1% gestures would be astronomical. This is your place to reflect and believe. Let’s create the greatest ROI, Return on Impact. Join Suzy and Michael every Tuesday to start cultivating those ideas on the impact you want to make in your world! We are so excited you are here, let's get this adventure started.
The Adventures of a Real Estate Investor
AREI 120: Performance Metrics for Multifamily Assets: Tracking KPIs for Success Part 2
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Michael & Suzy
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Season 3
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Episode 119
Welcome adventurous family! In this episode we dive into understanding KPIs for Multifamily Asset Success emphasizing the continuous nature of tracking KPIs Part 2 and AI and Machine learning advantages for Multifamily Asset management.Come join us and listen in!
Episode Highlights :
Chapter 1: The Importance of Tracking KPIs
- Reiterates the importance of tracking KPIs for decision making, profitability, and understanding the property's direction.
- Clarifies that this episode focuses on high-level KPIs tracked by the property management company.
Chapter 2: Software and Data Accessibility
- Highlights the importance of user-friendly property management software for both on-site staff and investors.
- Discusses the negative impact of outdated software on data accessibility and resident satisfaction.
- Encourages testing and evaluating the software before choosing a property management company.
Chapter 3: Six Key KPIs Tracked by Property Management
- Resident Retention Rate: Measures resident turnover and identifies potential issues with property management or the property itself.
- Lease Renewal Rates: Analyzes trends and compares them to benchmarks to optimize occupancy and avoid undesirable residents.
- Resident Satisfaction Surveys: Provides valuable insights into resident needs and preferences, informing decisions about amenities and community building.
- Maintenance Response Time: Measures responsiveness to resident requests, impacting resident satisfaction and communication.
- Resident Community Communication and Engagement: Utilizes various channels to connect with residents, address concerns, and build a sense of community.
- Actuals vs. Budget: Compares actual expenses to budgeted amounts, highlighting areas for improvement and ensuring responsible financial management.
Chapter 4: Leveraging Data and Technology
- Discusses the importance of robust software for pulling KPI data and making informed decisions.
- Shares examples of data reports received monthly for further analysis and investor updates.
- Emphasizes the value of data visualization for identifying trends and areas for improvement.
- Highlights the potential of AI and machine learning for predictive analytics, automated reporting, and increased efficiency.
- Encourages listeners to share their experiences with AI tools in multifamily operations.
Chapter 5:Multifamily Myth Buster: Is your Property Manager is your Asset Manager?
- Busted myth :Your property manager is not your asset manager.
- Explains the distinct roles and responsibilities of each:
- Property Manager: Handles day-to-day operations, resident relations, and maintenance.
- Asset Manager: Focuses on long-term strategy, financial performance, and investment decisions.
👉 Link to YouTube episode Here
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