In this episode we sat down with special guest Mike Taravella, the man behind the GoBundace workshop Suzy went to. His an expert in asset management.We discuss Mike's journey into the real estate world, the importance of systems and processes in managing properties, and real-life examples of overcoming property management challenges.

Listen till the end as Mike shares invaluable insights into effectively managing assets and highlights the significance of setting clear expectations and maintaining open communication. Come join us and listen in!

Key Points:

00:00 We welcome Mike to our adventurous Family

00:06 Meet Mike Taravella Jr

01:31 Mike's Journey into Real Estate

03:37 The Importance of Systems and Processes

04:11 Challenges in Property Management

06:28 The Role of Asset Management

09:19 Proactive Management Strategies

12:34 Real-Life Property Management Stories

23:46 Key Takeaways and Final Thoughts

27:10 How to Connect with Mike

Tweetable Quotes:

"People will fall into two camps. They love it or they hate it. The people who love it will run the whole business and will be your best team member ever.And the people who hate it are the people who don't do anything and you're overpaying for their salaries.."
- Mike Taravella Jr.

Connect with Mike Taravella Jr.

• Website: https://www.miketaravella.com/

• X / Twitter: https://twitter.com/valueaddmike

• Instagram: https://www.instagram.com/mike_taravella/

• LinkedIn: https://www.linkedin.com/in/mike-taravella-80b8143b/

Explore more. Adventure awaits.

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Welcome adventurous family!

In this episode, we wrap up our four-part series on the asset management workshop. We delve into the world of leases and leasing strategies, exploring the roles of property managers and leasing agents, the benefits of automated leasing systems, and clever ways to leverage lease audits for resident acquisition. We also discuss the importance of crafting strong lease clauses to protect yourself and your property, emphasizing the value of a proactive approach to asset management. Come join us and listen in and unlock the full potential of your multifamily assets!

Key Points:

• Property Managers vs. Leasing Agents (Focuses on the roles and when to leverage a leasing agent)
• The Power of Automated Leasing Agents (Discusses benefits and data management)
• Lease Audits for Strategic Resident Acquisition (Explores targeting ideal residents)
• Must-Have Lease Clauses for Property Protection (Highlights housekeeping clauses and early termination)

Key Learnings:

• Leverage leasing agents during peak leasing periods or when lacking staff bandwidth.
• Automated leasing agents capture missed calls and qualify leads, maximizing efficiency.
• Analyze lease data to identify preferred resident employers for targeted marketing.
• Include housekeeping clauses and early termination options in leases to safeguard your property.

Adventurous Actionable Tip:

• Review your leases and consider incorporating clauses to protect your property and ensure resident accountability.

Tweetable Quotes:

" You rather have a resident terminate early and have their apartment be perfect, were you don't have to do anything. Rather than have somebody stay for the whole entire 12 months and have to redo their entire apartment because the housekeeping was so bad."

Explore more. Adventure awaits.

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Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB A

FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

Welcome adventurous family!

In this episode as we go into the third part of this series covering Suzy's experiences at the GoBundance asset management workshop. We talk about more on effective communication and strategies to improve property management. Come join us and listen in and unlock the full potential of your multifamily assets!

Key Points:

KPIs and Effective Communication with Property Managers

• Economic occupancy is a crucial metric that considers both physical occupancy and rent collection. Tracking this metric helps identify situations how it could impact overall income.
• L10 meetings, a concept from the EOS system, provide structure for property manager meetings. This ensures all key points are covered and avoids wasted time.
• Implementing a five-point system helps track the status of open units. This system clarifies the progress of each unit, from initial inspection to rent-ready status.

Renewals, Notices to Vacate, and Unit Turns

• Offering tiered incentives encourages early renewals. The earlier a resident renews, the greater the discount they receive.
• Requiring holding fees from applicants discourages them from backing out after applying.
• Strategically planning unit turns allows for proactive scheduling of maintenance and appliance purchases to minimize downtime.

Marketing Strategies for Increased Occupancy

• ChatGPT, acan be used to generate creative and compelling descriptions for apartment listings.
• Property websites and listings should highlight all amenities offered by the complex to attract potential residents.

Multifamily Myth Buster

Anyone can use ChatGPT, regardless of prior AI experience. It's a free tool that allows users to ask questions and receive informative responses. The quality of the response is directly related to the clarity and specificity of the question.

Adventurous Family Call to Action:

Tune in next week for part four of the series, featuring must see curated AI tips for asset management.

Tweetable Quotes:
" Renewals a struggle? Offer tiered incentives! Earlier = Bigger Discount."

Explore more. Adventure awaits.

Please subscribe and leave an honest review - how do you want to create an impact in your world?

Check out Adventurous REI and our social media channels: Facebook, Instagram, and LinkedIn. Michael on LinkedIn Suzy on LinkedIn Invest with us! Start here. GRAB A

If you Missed it here is:

👉Part 1
👉 Part 2

FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers