WS1625: Developing the Right Systems in Property Management | Mike Bonadies

When it comes to property management, having the right systems in place can make all the difference in ensuring success. However, not everyone has the expertise to implement and manage these systems effectively. That's where experts come in. 

Join Mike Bonadies as he shares how he implemented his innovative systems to better manage his properties that has allowed him to thrive in an industry that can be challenging to navigate. Despite facing complex regulations, he has remained focused on his goals and has a disciplined approach that has produced high returns.

Key Points From This Episode: 

• What kind of area is he managing?
• How long did he start his property management business?
• What helped him dominate and grow that fast in the area that he invested in?
• What are the systems that he uses to manage properties better?
• What are some of the differences in the type of properties that he is managing?
• What is the business plan for such a type of property in this kind of area?
• What instances made him think that it is not worth having to deal with all regulations in the area?
• What are his predictions for the real estate market over the next few months? 
• What are some of the most important metrics that he tracks?
• What about some habits that he is disciplined about that have produced the highest return for him?

Tweetables: 

"It's really important for other property managers and landlords to focus on the economics of the area that they operate in."

"One of the key things that I do when looking at properties or looking at an area is I find out what's the average income in the area that I operate in. Because that's the disposable income of the people in that demographic."

"You really need to know your tenant demographic and your housing stock." 

"We're no different. We just knew the region that we were going to operate in. We're very much a workforce, blue-collar, affordable housing Section 8 landlord, because that's who the people are, that are inside this area. We knew that."

"You really do need to have someone who has a working knowledge of the area in order to effectively operate. So that's how I became a property manager."

"We know the people, we understand the kind of demographics, and they understand the tails."

"You need to have s

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