Let’s talk about Real Estate Asset Management after you close Escrow. Rob Rowsell has the rundown on what you should expect from your property management company’s business plan once you close on Escrow. Work hand in hand with your on-site manager and his team, so they know what to expect from you, and vice versa. Regular weekly meetings are key tools to keep up with the management team’s progress. Rob recommends quarterly on-site visits as well.
Real Estate Asset Management through a Property Management Company
You’ve closed Escrow on your new multifamily investment. Now what? When you hired a property management company, they agreed to your written business plan for your real estate asset management. Make sure this plan includes:
- Monday Morning Reports (MMR): Train your onsite manager on how you want this spreadsheet filled out weekly. They should report how much rent is collected, vacancy percentage, evictions, renewals, number of maintenance calls made and performed, and number of parties interested in the property.
- Weekly Meetings: After each Monday Morning Report, you should email your questions and concerns, then have a phone or Zoom meeting to discuss them. For smaller properties, you may not need to meet each week, but at least bi-weekly meetings are important. Ask the hard questions!
- Review Income Statements: You’d be surprised about how much money is leaking out the door due to regular tasks being put off or neglected. Examples include overdue electric bills accruing penalties, and utility bills not being switched over to tenants as soon as they move in. Perhaps the property has bought equipment or tools that the maintenance staff should already own.
- Site Visits (as needed): You should occasionally drop in to see the rental property in person. Quarterly is typically the right frequency.
- Managing Construction (Value Add): Usually, you or a teammate will need to oversee your construction manager for repairs.
- Negotiating Contracts with Vendors
- Approving Cap Ex proposals
- Regular Investor Updates: Rob posts videos in his online portal to update his investors on their property.
- Quarterly Investor Disbursements
- Whatever Else May Come Up…
Join Our Community
Do you own multifamily properties? If not, do you aspire to one day? Then you should consider joining our online discussion group, the ATL Community! Each month, Rob Rowsell will teach you what you must do in order to build wealth in the real estate business. It’s not as easy as it looks! Property taxes, liens, and legal fees can all be hard to navigate, so having a successful guide in your corner like Rob is a must! Enroll today!
