AREI 128: Takeaways From The GoBudance Asset Management Workshop - Part 2 Artwork

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.

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The Adventures of a Real Estate Investor

AREI 128: Takeaways From The GoBudance Asset Management Workshop - Part 2

April 30, 2024 • Michael & Suzy • Season 3 • Episode 128

Welcome adventurous family!

In this episode we talk about more takeaways from our GoBundance confrence mainly Asset Management Challenges and Solutions and how to teaching your team to think like owners. Come join us and listen in and unlock the full potential of your multifamily assets!

Key Points:

Asset Management Challenges and Solutions

Teaching Staff to Think Like Owners:
Explain how the property generates income and how expenses impact profitability.
Consider offering profit-sharing or other incentives based on property performance.
Help staff understand the bigger picture of real estate investing, including syndications.

Importance of Clear Communication:

Communicate openly and honestly with staff about property goals and challenges.
Avoid accusatory language when addressing problems.
Empower staff to make decisions and offer suggestions for improvement.
Staff Incentives:
Consider offering incentives for achieving specific goals, such as zero delinquency or reduced NOI.
Allow staff to choose their own incentives to increase engagement.
Recognize and reward both individual and team achievements.
Access to Reporting for Asset Managers:
Grant asset managers access to all relevant financial reports.
This empowers them to be proactive in managing the property and identify potential issues.
Real-time access to data allows for quick decision-making.

Importance of Uncomfortable Conversations

Open communication is essential for effective asset management.
Don't shy away from difficult conversations with property managers.
These conversations can be an opportunity to learn from each other and improve overall performance.

Multifamily Mythbusters: Skipping Uncomfortable Conversations?

You cannot achieve success in asset management without having uncomfortable conversations with your property manager.
These conversations are necessary to address financial issues, explain investment structures, and motivate staff.
If you struggle with difficult conversations, delegate the task to someone on your team who excels at it.

Tweetable Quotes:

" People aren't necessarily, like, truly motivated by money. Like, there's a lot more that goes into it."

Explore more. Adventure awaits.

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👉Part 1 : 👉 https://www.buzzsprout.com/1777264/14930266

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