RCRE – Deep Dive: Property Management with Jennifer Outland

Key Information:

Budgets should be consistently reviewed to create feedback loops with your property management company and your investing entity.

Property Management first and foremost entails creating a positive resident experience

Every month you should be reviewing budgets to compare actuals with the budgets and to see if there are areas that team members need further training on certain aspects of the business

The biggest change in the last month for Rand Property Management is hiring Area Property Managers to help Community Managers with extra training and reporting

When creating a positive resident experience treat each person like a guest (Ex: smile, move in baskets, giving residents undivided attention)

Language dictates how you feel (Home instead of unit, Resident instead of  Tenant, etc).

Net Promoter Score (NPS) asks: “On a scale of 1-10, would you refer your community to a friend to a colleague?”

A good NPS score has feedback of 70%+

Consistently measure will result in improvements

Invest in the right People, Systems, and Culture to help your company to flourish

Expert Pro Tip: Review your Gross Potential Rents in September so that you can receive market rates in January of the following month.

For more information/to connect with Rand CRE:

www.randcre.com

To register to invest with us:

https://invest.randpartnersllc.com/invexp/accounts/login/

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