Will Coleman interviews Mike Taravella of Rand Partners.
- Accountability: Keep in constant communication with your property management team in order to address any problems as soon as they occur.
- Key Performance Indicators to look at: Occupancy, Delinquency, and Marketing.
- Communicate and be a resource to your residents so that you always have a pulse on how the property is performing.
- Establish a budget so you can see when you are under or over your usual metrics for the month.
- Utilize accounting and property management software in order to keep organized records of the property’s performance.
- Focus on financial metrics which lenders and brokers will look at in the future.
Key Financials: P&L, Rent Roll, T-12
Expert Pro Tip: “Create Accountability”
firstname.lastname@example.org – Mike Taravella
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