MB 121: Proactive Property Management in the 5 Phases of Multifamily – With Bryan Chavis

There are five key phases in the multifamily investing process, and the property manager you hire plays a key role in nearly every stage. So, what should you look for in a property management company? And what KPIs can you use to assess the property manager’s performance?

Bryan Chavis is a thought-leader in the realm of multifamily property management and the bestselling author of Buy It, Rent It, Profit and The Landlord Entrepreneur. He is also the founder of The Landlord Property Management Academy, an online platform for real estate professionals and property management certification. Bryan was named one of the top 40 up-and-coming entrepreneurs under 40 by the Gulf Coast Business Review, and he is a sought-after speaker and consultant for some of the largest housing authorities in the US.

Today, Bryan sits down with me to share his journey, discussing the obstacles he has overcome and his unique approach to ‘embracing adversity.’ He walks us through the five phases of multifamily investment, discussing the current challenges around the acquisitions process and the fundamentals of the implementation stage. Bryan explains what to look for in a property management company and the Key Performance Indicators he reviews on a monthly basis. Listen in for Bryan’s insight on finding a property manager who is proactive and learn to relish the journey as a multifamily investor!

Key Takeaways

Bryan’s introduction to real estate

• Job as leasing agent for free apartment
• Learned from private, institutional investors

Bryan’s key takeaways as a property manager

• Understanding of asset management, acquisitions
• Real-life experience as operator

What inspired Bryan to branch out on his own

• ‘Why not me?’
• Experience in all facets of multifamily
• Speaking career to develop business

The adversity Bryan had to overcome

• High school diploma, lack of capital
• Devastating brain tumor (no insurance)

Bryan’s approach to ‘embracing adversity’

• Character-building opportunity
• Share story to inspire others

Bryan’s 5 phases of a multifamily investment

1. Acquisitions
2. Implementation
3. Stabilization
4. Growth
5. Exit strategy

The current challenges around acquisitions

• Standoff between buyers and sellers
• Wade through deals to find one that works

Bryan’s view of the implementation phase

• Establish procedures, consistency
• Software (e.g.: Buildium)

How to avoid mistakes during the acquisitions process

• Build margin of error into underwriting
• Focus on low cash multiple but high efficiency

What to look for in a property management company

• User-friendly, intuitive software platform
• Ability to manage every asset class
• Management plan specific to property

The difference between a proactive and reactive property manager

• Control income, expenses during stabilization
• Software, training allows to manage as business

Bryan’s approach to overseeing a property manager

• ‘Inspect what you expect’
• Walk property on regular basis
• Scrutinize KPIs monthly

Bryan’s Key Performance Indicators (KPIs)

• Rent rolls, maintenance tickets/budget
• P&Ls, delinquencies and turnover
• Traffic and closings

Bryan’s current mission

• Wake up and be appreciative
• Relish journey, relationships

Connect with Bryan

Buy It Rent It Profit

Landlord Academy

Multifamily Facebook Group

Bryan on Facebook

Bryan on Twitter

Call 1-800-535-2476

Resources

Buy It, Rent It, Profit: Make Money as a Landlord in ANY Real Estate Market by Bryan M. Chavis

The Landlord Entrepreneur: Double Your Profits with Real Estate Property Management by Bryan M. Chavis

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