There many benefits of utilizing third-party property management services, but when you have the right scale, bringing it in-house makes sense for numerous reasons. Today’s guest, Arleen Garza, is here to share the experience of her company, Reep Equity’s vertical integration. In this episode, we learn more about how Arleen’s background in corporate America has helped her in the real estate business.
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We also find out about the differences that Reep Equity has experienced between third-party and in-house management. One of the most important pieces of bringing it back in-house was having immediate access to data and therefore quick decision-making capabilities. Arleen sheds light on some of the most important KPIs they track at their properties. Along with this, we also learn how this vertical integration has helped Reep with their communication and putting a range of supportive measures in place for their employees and their tenants in light of COVID-19. From safety training to buying residents groceries, Arleen and her team have gone above and beyond during the pandemic. Other topics we touch on include building a great company culture and the various ways Arleen likes to give back. Be sure to tune in today!
Key Points From This Episode:
- Learn about Arleen’s transition from the corporate world to full-time real estate investing.
- Arleen and her husband’s first deal and some of the lessons they learned from it.
- Arleen’s main reasons for bringing the property management back in-house.
- Tips for moving from third-party management to in-house management.
- The importance of finding a distinct skillset from your partner’s.
- Why Arleen wishes they had automated their systems and developed KPIs sooner.
- Some of the key KPIs that Reep tracks and how they collect data for them.
- How being vertically integrated has helped Reep get through the pandemic more smoothly.
- The importance of open lines of communication with employees and residents during the pandemic.
- Components of building a great company culture, according to Arleen.
- The hardest part of syndication for Arleen, a recent business improvement, and finding new investors.
- Find out the biggest contributor to Arleen’s success and how she likes to give back.
[bctt tweet=”We felt like we had to distinguish ourselves. What we offered was a culture that we felt was conducive to happy employees. And sounds very cliché, but that really has been a big part of our focus is having an environment where people have the ability to contribute and contribute at a high level to what we were doing. — Arleen Garza” username=”whitney_sewell”]
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About Arleen Garza
Before launching the real estate investment business, Arleen Garza was Senior Vice President at Bank of America and served in national leadership roles in banking center management, marketing, lending, and human resources for over 20 years. One of the key programs she developed and launched was the first-ever Hispanic & Affinity Marketing program for Bank of America, developing key operational tactics and positioning the financial services company to attract and serve diverse customer groups. During this time, Arleen served on the Board of Directors of the Asian Chamber of Commerce, Dallas Hispanic Chamber of Commerce, and Texas Association of Mexican American Chambers. In addition, she provided much-needed education regarding financial service products through hosting a financial education program on Spanish language radio. After retiring from the banking industry, Arleen formed a business consulting practice, Inspired Concepts. Through this venture, she provided strategic and targeted sales planning for entrepreneurs in the medical, logistics, construction, technology, retail, and educational sectors. During this time, she also worked with VISA USA to develop a targeted marketing program. In 2012, upon the purchase of the first multifamily property, Arleen formulated the plan to drive the marketing and accounting aspects of their owner-managed property management company. Through membership in various real estate groups, she completed over 100 hours of educational training on the acquisition and management of multifamily communities. Arleen has received accreditation from the National Apartment Association (NAA) as a Certified Apartment Manager (CAM) and Certified Apartment Portfolio Supervisor (CAPS) in recognition of her knowledge of risk management, legal, underwriting, and operational aspects of the multifamily market. Arleen received a bachelor’s degree in finance from Texas Tech University. She was named a top woman in real estate in 2018 by Connect Media.
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