What are the keys to your company’s growth?
There are multiple funnels for growth: PM sales, investment brokerage, JV and acquisitions. We are a fully integrated real estate firm and we continue to put focus on our virtuous cycle (renter to owner to investor).
How has COVID-19 changed your interaction with tenants?
Zoom calls vs. in-person, Resident Resource Manager, remote showings with Tenant Turner, lots of conversations around government assistance (POP, ERAP, how to apply). We’ve had even more empathy with residents as they are facing a lot of challenges and fears around COVID.
New tenant cost vs. raising rent: what are the key factors when evaluating the decision?
This decision depends on the owner’s goals and financial situation. If the current resident pays on time and is taking care of the property, there is a lot of inherent value there, so we often advise to push rents less. You risk pushing out a great resident and getting a bad resident for an extra $50-$100/mo. which often isn’t worth the gamble.
What has your growth strategy been during the pandemic?
We have made sure that we were able to maintain the level of service throughout the pandemic, even if it sacrificed growth. Fortunately, we were able to do so and we also ended up acquiring two property management companies and closed on our Joint Venture.
What is your latest staffing addition and how will this new position help you grow?
Onboarding manager, renewal coordinator, turn coordinator, remote team members in Mexico City (onboarding specialists). We are integrating specialization while retaining our one point of contact strategy.
What book are you currently reading?
Good to Great, Built to Last, The Advantage, Shoe Dog and The Ideal Team Player.