Multifamily Property Management Best Practices with Whitney Ward
Updated: Sep 5, 2020
Many commercial real estate brokers (and educators) will sell you on the ability to just hire a third-party property management company once you buy an apartment community. However, it’s not quite as easy as hire a PM and profit. Property managers are valuable partners whose day-to-day responsibilities include screening tenants and fulfilling maintenance requests. However, they may not be equipped for asset management, where the real profits are made. So what exactly is the difference between property management and asset management?
The two go hand in hand, but the roles and objectives are different. Property management focuses on the resident's needs and physical structure, while asset management focuses on the financial performance of the property. Good property managers optimize rent collection, streamline maintenance requests, and proactively manage risks. Good asset managers monitor expenses and discern between increasing the property’s value and investing in necessary expenses. In this regard, asset managers are involved in strategy and execution, while property managers may only be involved in execution.
Whitney Ward realized that many commercial multifamily brokers have no vested interest after a deal is sold and wanted to create a full-service solution for investors to take them from acquisition to disposition. Whitney is the Founder and Principal Broker for Intuitive Management Partners. She oversees a full-service approach to investing in multifamily assets. She helps investors acquire, manage, and dispose of assets with an active role in asset management. In this episode, Whitney covers her full-service approach, the difference between asset management and property management, insights on third party management, and emerging trends in the Atlanta market.
Key Multifamily Property Management and Asset Management Insights
The benefits of using a full-service multifamily broker and management service
How Whitney built Intuitive Management Partners:
Working on a fee-based vs. an equity stake in deals
Best practices for asset and property management
The differences between an asset and property management
Challenges and solutions of working with large property management companies
What to expect when working with a property management company (pay attention to the fees!)
You should manage 3rd party or partnership opportunities the same way and the fees should be the same as well.
The advantages of partnering vs. hiring a third party management company
The state of the multifamily market and how it’s affecting acquisitions.
Underwriting for no rent growth for 2 years, 3rd year you might see a 4-5% spike due to pent up demand.
The hot real estate markets of Atlanta, Georgia
Best practices for real estate dispositions
Partner: Download our Sample Deal Package
Bonus Content: How to Hire the Best Property Manager
Whitney used to think that her 11 years in corporate America was a waste of time until she realized that the skills and experiences she gained, allowed her to be where she is today.
RealPage (investment management software)
Most Recommended Book:
A Debt (Lane Strickland)
Wish I Knew When I Was Starting Out:
When the pandemic will end and who the President will be.
Best Place to Grab a Bite in Atlanta, GA: