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What you’ll learn in just 17 minutes from today’s episode:
- Find out how asset management differs from property management, so you ensure systems are in place and your business plan is being executed, and staying within budget
- Learn about the necessary skill sets to focus on if you want to do your own asset management to make systems more efficient, identify challenges and attend to them quicker
- Find out the bottlenecks that happen every now and then with asset management, so you make sure everything is as efficient as possible
- Register for FREE: Virtual Asset Management Summit happening this June 21 – 27, 2021. Click here https://glipsky.clickfunnels.com/3-01599670850445
Kyle Mitchell is a real estate entrepreneur who focuses on Multifamily Syndication and currently has $41MM AUM. He is the Managing Partner and Co-Founder of APT Capital Group and the Asset Management Summit. Their mission is to positively impact their investors’ lives and the communities they invest in through the highest level of transparency fiduciary responsibility.
Kyle is also the co-host of the weekly real estate podcasts, Passive Income through Multifamily Real Estate & Asset Management Mastery. He speaks with various real estate industry experts to help educate and create clarity for passive investors and new operators. With a background in operations, management, and logistics, he has overseen multi-million-dollar businesses and has a passion for doing the same in the multifamily syndication space.
In this episode, Kyle shares what advantage having asset management has over just entrusting your asset portfolio fully to property management. How the need to trust is one thing, and verifying it is something else you need to do with your property management, so you work closely with it, thereby making sure systems are in place to make things as efficient as possible.
01:08 – What is an asset management
02:19 – How does an asset manager differ from someone in charge of a deal
03:55 – What is so important about having asset management for multifamily
05:49 – When do you necessarily have asset management in place
06:58 – What skill sets you need to have to do your own asset management
09:36 – A FREE summit Kyle and his team is holding every year to train people on asset management
09:59 – What is a KPI — Key Performance Indicator and how to track it
“A lot of general partners out there will buy the property and not pay too much attention to the property. And the more you pay attention, the faster you can get things done, the more efficient you are, and the more money you can make and drive that ROI.” – Kyle Mitchell
“A lot of people say, oh, golf compared to real estate, there’s no correlation there. And I always disagree with people, there’s always something you can take from your past experience and translate it into real estate or whatever you’re going to do in the future.” – Kyle Mitchell
“You’re buying multimillion-dollar businesses here, and multifamily is a business. And if you’re buying a business, you should have someone in charge of managing it. Whether it’s an operations manager, or yourself, or an asset manager, you need someone keeping an eye on the business.” – Kyle Mitchell
“If you have a single-family home, are you going to asset management? Probably not, but in multifamily five-plus units, there’s definitely ways that a good asset manager can make that property much more profitable than someone that doesn’t know what they’re doing.” – Kyle Mitchell
“You don’t have to be a professional asset manager or have a huge background in management operations to do well. It’s about peeling back the onion, a layer deeper, asking questions, instead of just trusting your property management company with everything that they say. You’ve always got to trust, but verify.” – Kyle Mitchell
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