08/29/2023
Recent thoughts from operating Multifamily real estate
1. Value is maximized if and only if you have an extremely dialed in, high level, investor-minded, property management company as a strategic partner. True value, or forced appreciation, comes in the day-to-day operations of the property. It takes a PM company who has closers as leasing agents and property managers who can look at the property as a business that they get paid to run. Dynamic Property Solutions has been that company for us and they continue to act as an extension of our investment team by taking proactive and creative approaches to the day-to-day operations.
2. Transparency and honesty are synonymous and win every time. An overwhelming number of investors will be ok if the investment is not going as planned, as long as they are informed. Showing initiative that you're actively working to pivot to get back on track will create a greater amount of trust for you and your team.
3. Expanding your operational network will make you more valuable to your investors. Brokers, lenders, and transaction/entity attorneys are critical, but what about insurance brokers/agents or property tax appeal consultants? Investing time to connect with these strategic partners will enhance your ability to deliver on maximizing your investment's Net Operating Income. Just this year, we've decreased our operating expenses across our portfolio significantly in these two areas by utilizing our trusted strategic partners.
