In the syndication space, raising capital and branding gets spoken about a lot, and while they are hugely important parts of success, they often eclipse other equally crucial pieces of the business, like the execution. After the deal has closed and you get handed the keys, then what? How do you execute everything to ensure that your deal is ultimately a success?
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Our guest today, Mike Taravella, is here to shed light on the numbers and how to tie them into execution. In this episode, Mike walks us through his journey and how working with startups showed him the importance of correlating the numbers with execution. He also shares with us how Rand Partners handles the first 90-days of their property takeovers. Then, Mike highlights the value of getting a rhythm going as well as the importance of communicating with both tenants and investors during this period. If properties were mismanaged, it will take time to teach residents new systems and processes. Mike talks about the document Rand Partners use to ensure that everything is going smoothly during the takeover. Along with this, we also discuss the importance of a granular budget, some notable KPIs to track, and using this lockdown period productively. We loved having Mike on the show, and we know you’ll learn a ton from what he’s got to say. Be sure to tune in today!
Key Points From This Episode:
- Learn more about Mike’s background and how he came to work in asset management.
- Important things to keep in mind once you have the keys, especially in the first 90 days.
- Why it is so important to establish a rhythm before you even get the keys.
- The monthly webinar Rand Partners has with investors when taking over a new property.
- Grand, medium, and light turn: Rand Partners’ game plan and big ROI calculation.
- Some crucial on the ground actions that need to happen when you get the keys.
- Always ask as many questions as possible to get to the root of a problem.
- Rand Partners’ pulse document and how often they communicate with their PM team.
- The most important KPIs that Rand Partners measure and track.
- Why it’s so important to compare your underwriting to the budget after a takeover.
- How Rand Partners was prepared for the current downturn we’re in.
- A recent business improvement, the biggest contributor to Mike’s success, and giving back.
[bctt tweet=”The budget keeps everyone accountable. — Mike Taravella” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Mike Taravella
Mike Taravella, CPA, graduated from Michigan State University in 2014 with a Master’s of Science in Accounting. He has worked five years professionally in accounting. He started at Ernst & Young in public accounting and then transitioned into Detroit’s startup community at Rock Ventures. He began his real estate investing career in 2016 by owning and self-managing investments in Michigan. He also took an interest in real estate development before joining Rand Partners in 2019. Mike is currently the Asset Manager that is responsible for underwriting deals, investor relations, and asset management.
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