Have you ever heard about the “who not how” idea? It is about getting people that can help get things done for you so you can focus on the things that matter most and that is to grow your business. In this episode, JC Castillo of Velo Residential shares valuable tips on how you can operate your multifamily property with more profit and less stress.
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JC shares three things that revolve around the profitability of a multifamily business: have a happy and committed onsite staff, make sure to give an amazing customer experience, and it is all about key performance indicators (KPIs). He also highlights the importance of doing the basics brilliantly. Listen now and start making more profits!
Key Points From This Episode:
- JC talks about his third-party property management company for large-scale multifamily properties, Velo Residential.
- Profits are beneficial to both the property owner and the tenants.
- JC shares that he has focused on the third property management company and how they are helping owners to maximize profits.
- How are owners struggling to hit their profit goals?
- The three things revolve around the profitability of your multifamily business.
- Hiring VAs can eliminate unnecessary work for your onsite staff.
- Be on top of your game by doing the basics brilliantly.
- What are the processes in property management that can be automated?
- JC shares the app that they use in property management — Appfolio.
- What are the biggest problems the owners face in operating their business?
- How does JC prepare for a downturn?
- JC shares advice on how you can get reviews from your customers — ask for it!
- JC’s predictions in the real estate market over the next six to twelve months.
- The daily habit that helped JC achieve success in property management and multifamily business — constantly think of a way how you can make the life of your onsite staff live’s better.
- How does JC like to give back?
“No matter what, profits are not just good for the owners. They’re actually great for the residents because when you have a profitable property, you as an owner are able to put money back into the asset and give the residents a great customer experience and a great place to call home.” [0:02:50]
“Your profitability revolves around a happy and committed onsite staff.” [0:05:16]
“A happy resident means they’re gonna renew their rent. When they renew their rent, that means thousands and thousands of dollars right into your pocket, every time.” [0:12:59]
“You have to have a simple set of KPIs (key performance indicators) that tells you — am I tracking my metrics for this year, for the budget?” [0:18:19]
Links Mentioned in Today’s Episode:
About JC Castillo
JC Castillo is the President of Velo Residential, a third-party property management company servicing multifamily owners in Dallas Fort Worth. JC helps owners take control of their operations so they can stop stressing out and start making more money. Over the past 15 years, his companies have acquired, repositioned and property managed thousands of apartment units in Texas. Be sure to check out his podcast – Operate for Profit Real Estate Podcast.
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