How to Keep a Virtual Property Management Team Accountable and Productive
May 21, 2020
auto_awesome
Bob Abbott, a virtual property management expert, discusses strategies for keeping remote teams productive and accountable. Topics include data-driven decision-making, communication strategies, navigating investor communication during crisis, challenges with rent deferment, and leveraging a virtual team for increasing occupancy rates.
Establishing virtual property management teams can enhance productivity and accountability.
Data-driven decision-making is essential for successful real estate management and maximizing returns for investors.
Communication and collaboration between asset managers and property managers are vital for executing business plans and achieving projected rent increases.
Deep dives
Anna Myers' Background and Experience in Real Estate Investing
Anna Myers is a data scientist and vice president at Grow Capitalist Investments. The company has acquired 13 properties across the United States in the past 18 months, consisting of about 1,800 units. They focus on residential and multifamily properties outside of California, working closely with investors through syndication deals. Myers emphasizes the importance of a data-driven approach, applying data science to real estate for effective decision-making.
Property Manager's Role in Executing Business Plans
Property managers play a crucial role in executing business plans outlined by asset managers to drive returns for investors. Myers highlights the importance of property managers in implementing renovation and leasing strategies to achieve projected rent increases and maintain occupancy levels. Communication between asset managers and property managers is pivotal in ensuring the successful execution of business plans.
Data Tracking and Analysis for Effective Property Management
Grow Capitalist Investments utilizes data tracking tools to monitor property performance, analyze trends, and identify areas for improvement. Myers stresses the significance of data-driven decision-making in real estate management, emphasizing the need for consistent tracking of key performance indicators to gauge property health and financial viability.
Impact of COVID-19 on Real Estate Investments
Amid the COVID-19 pandemic, Grow Capitalist Investments focuses on capital preservation to safeguard investor funds. Myers anticipates potential challenges in rent growth and occupancy rates due to economic uncertainties. The company adapts its strategies to prioritize capital retention and operational efficiency during these unprecedented times.
Future Outlook for Multifamily Real Estate Investments
Despite economic uncertainties, Myers remains optimistic about multifamily real estate investments due to the essential need for housing. She emphasizes the resilience of multifamily properties during economic downturns, citing historical data from past recessions. Strategies such as boosting occupancy rates and leveraging data-driven decision-making play a key role in navigating challenges and mitigating risks in the real estate market.
Bob Abbott from Alarca Realty in North Carolina used to be a work-from-home skeptic. Now, he’s an advocate, and we asked him to join The Property Management Show to talk about how to establish a virtual property management team and what you can do to keep your team members productive and accountable. We asked him […]