Asset Management Questions for Experienced Apartment Investors

[Theo Hicks]

Hello everyone,

I am trying to compile a list of the best asset management practices from active apartment investors. If you have experience with asset management and multifamily properties, could you please provide an answer to a one, a few, or all of the following questions? 

1. How frequently do you have calls with the property management company to review the property operations? 
   • What types of metrics (e.g., occupancy rate, rent premiums on renovated units, vacant-leased unit, maintenance issues, evictions, number of units renovated, etc.) do you ask for?
2. Of these metrics, which ones are the most important to focus on? (e.g., expenses align with projected budget, minimizing unit turns or lease-ups, maximizing occupancy, achieving rental premium projections, etc.)
3. What do you expect from the property management company in regards to reporting (i.e. what types of reports, frequency, etc.)? 
4. What is the best way to obtain these reports from your management company? 
   • Email? Integrating with their software? Purchasing your own 3rd party software?
5. Any other advice as it related to overseeing things at the property as an asset manager

Thanks!