Dec 12, 2017
I have a special podcast for you
today, because I am in Kauai, the garden island. The backdrop
behind me is just amazing. This is what happens when you get that
wealth that I have been talking about. It enables you to go on
really cool trips and bring lots of friends and stay in amazing
places like I am staying.
Today’s topic is about the
secrets of operations. What operational things do you need to do to
make a big difference. How can you get the most important things
done and free up your time by finding the right person to do those
things for you. You want to run your ship by empowering the people
you put into the system to do their job which allows you to focus
on the money.
Topics on Today’s
management companies or multifamily operators.
them between 4% and 6%. You can pay them less because it is a lot
of business. That is the power of multifamily.
- Questions you ask your management company are
they turn a tenant into a client?
is their sales process for getting people in the door?
are their managers responsibilities?
- Managers should scan the bills to the home
office, and the home office pays the bills.
asking them about all of their systems and processes. Including
staff for X amount of doors.
Practices for a Management Company
sure you ACH all of your tenants. That means they fill out forms to
have their rent ACH drafted each month. Collecting rents wastes an
insane amount of time. Lead manager is in charge of the people who
come on the property, and the financial status of the property.
Accountable to P&L.
manager has the responsibility of leading people. Hiring the
correct managers and maintenance people. Don’t rent to the wrong
- Replace all of the old light bulbs with LED
lights. Replace tenant controlled switches and put lights on a
timer. Take one year and cut all of the overgrown stuff down and
make it look like a new property.
in USB plugs in kitchen and every bedroom. Point this out when
doing the walkthroughs.
the maintenance guys clean the carpet and then have the manager
check to make sure that it is done right. This saves time, money,
and gets the job done right.
can make money by increasing rents or decreasing
are fanatical about P&L and our supply chain. We use buying
power collectively to lower operating costs.
Links and Resources
“The legacy lifestyle isn’t
going to the job each and everyday and managing a bunch of people.”
“Most newbie operators try to do
everything themselves. I think that is a bad idea.” Corey
“Lighting is the number one
biggest bang for your buck that you do at a property level.” Corey
Don’t forget to download my
Free Workshop Quickstart Video
Series, and if you like
what you have heard please
leave a review on
iTunes. On the next
episode, I am going to give a quick shout out to some of my