Sep 29, 2020
Real estate asset management is a critical role in apartment syndication. This is where the business plan is implemented and execution becomes vital for success. Mike Taravella is the asset manager for Rand Partners and is responsible for overseeing over $100 million in their multifamily portfolio. Mike’s primary responsibilities include overseeing property management, budgets, and communications. With multifamily apartments in Tennessee and Kentucky, Rand Partners manages its own assets, instead of using a third-party property management company. Because of this, Mike has to stay close to the rest of the team to ensure proper communication and execution on all property-related matters.
Before deciding to get into real estate, Mike was an accountant for a major accounting firm. He reached out to me on BiggerPockets and expressed that he was planning to move to Chicago. Soon after that, he joined us at the first-ever Midwest Real Estate Networking Summit. Through his continued analysis and networking efforts, he eventually landed a role with Rand Partners with the Jake and Gino team.
As an asset manager, his main
job is to make sure the business plan for each property is being
executed properly. In doing this, Mike monitors key figures such as
occupancy, delinquencies, and expenses. These three items allow him
to understand what’s happening at each property and adjust
marketing and other aspects accordingly. In this episode, Mike
shares best practices for asset management, creating a community
culture at an apartment complex, communicating internally, and
delivering returns for passive investors.
Key Insights on Real Estate Asset Management
You can’t just raise the rents, you have to rebrand
In the end, it all comes down to your expenses and managing your budget
Partner: Download our Sample Deal Package
Thought I was going to lose everything with my first deal, but it just strengthened my resolve.
Asana (free project management tool)
Most Recommended Book:
Principles (Ray Dalio)
Wish I Knew When I Was Starting Out:
Everythings going to be ok, it takes time to course correct.
What I’m Curious About:
The debt crisis