Asset Management Pro Tips

[Will Edwards]

Asset Managers of BiggerPockets! 

What are some of your biggest takeaways for managing your properties well? It's super attractive to discuss how to acquire a deal and raise capital, yet the management of those properties is where real the rubber hits the road.

I'd love to hear those pro tips and strategies that you're using to maintain operational excellence, along with any project management software or solutions that you're passionate about. I'll go first!

Pro Tip: Collect good data during due diligence. Ensure you know, and have an accurate record of, the condition of each unit. You should be able to have an understanding of the current condition of appliances, flooring, countertops, plumbing fixtures, etc. Knowing that information in advance will allow you to order supplies and schedule improvements appropriately once you receive a notice to vacate. Without good info on current apartment conditions, you're going to be going in blind and waiting on those items to be delivered, thus causing you to extend the down time of that unit and loose out on potential income.