RCRE – Keeping Everyone Accountable

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”

miket@randcre.com – Mike Taravella