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

The Adventures of a Real Estate Investor

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."

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If you Missed it here is:
👉Part 1
👉 Part 2
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