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NARPM Radio
Building a Family Legacy: Insights from Trish and Amber Ferrier in Property Management
Sep 27, 2023
Trish and Amber Ferrier share insights on building a family-run property management business and the challenges of managing Section 8 properties. They discuss involving family in the business, working together effectively, and the dynamics of conversations. They also introduce VPM Solutions, a virtual talent marketplace, and discuss property management software and organizational structure.
49:03
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Quick takeaways
- Allowing children to choose if they want to join the family business and starting at the bottom to gain firsthand experience.
- The challenges and frustrations of managing Section 8 properties, including difficulties in communication, inspections, and maintenance issues, and the need to charge higher fees to compensate for the additional work.
Deep dives
Legacy Businesses and Succession Planning
Trish and Amber Ferrier from First Class Realty discuss the challenges and benefits of running a legacy family business. They share their experiences of how they started the company and their plans for transition and succession. They emphasize the importance of allowing children to choose if they want to join the family business and starting at the bottom to gain firsthand experience. Trish and Amber also highlight the need for open communication, separating personal and business life, and continuously learning and developing skills.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode