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AREI 128: Takeaways From The GoBudance Asset Management Workshop - Part 2
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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."
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👉Part 1 : 👉 https://www.buzzsprout.com/1777264/14930266
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