AREI 129: Takeaways From The GoBudance Asset Management Workshop - Part 3 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 129: Takeaways From The GoBudance Asset Management Workshop - Part 3

May 07, 2024 • Michael & Suzy • Season 3 • Episode 129

Welcome adventurous family!

In this episode as we go into the third part of this series covering Suzy's experiences at the GoBundance asset management workshop. We talk about more on effective communication and strategies to improve property management. Come join us and listen in and unlock the full potential of your multifamily assets!

Key Points:

KPIs and Effective Communication with Property Managers

Economic occupancy is a crucial metric that considers both physical occupancy and rent collection. Tracking this metric helps identify situations how it could impact overall income.
L10 meetings, a concept from the EOS system, provide structure for property manager meetings. This ensures all key points are covered and avoids wasted time.
Implementing a five-point system helps track the status of open units. This system clarifies the progress of each unit, from initial inspection to rent-ready status.

Renewals, Notices to Vacate, and Unit Turns

Offering tiered incentives encourages early renewals. The earlier a resident renews, the greater the discount they receive.
Requiring holding fees from applicants discourages them from backing out after applying.
Strategically planning unit turns allows for proactive scheduling of maintenance and appliance purchases to minimize downtime.

Marketing Strategies for Increased Occupancy

ChatGPT, acan be used to generate creative and compelling descriptions for apartment listings.
Property websites and listings should highlight all amenities offered by the complex to attract potential residents.

Multifamily Myth Buster

Anyone can use ChatGPT, regardless of prior AI experience. It's a free tool that allows users to ask questions and receive informative responses. The quality of the response is directly related to the clarity and specificity of the question.

Adventurous Family Call to Action:

Tune in next week for part four of the series, featuring must see curated AI tips for asset management.

Tweetable Quotes:
" Renewals a struggle? Offer tiered incentives! Earlier = Bigger Discount."

Explore more. Adventure awaits.

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If you Missed it here is:

👉Part 1
👉 Part 2

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