RCRE – Keeping Everyone Accountable

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Will Coleman interviews Mike Taravella of Rand Partners.

Key Information:

  • 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”

 

Contact Information:

miket@randcre.com – Mike Taravella

 

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