Should you self-manage your property or hire a third-party company to do it? This question is something real estate entrepreneurs need to think about thoroughly. In this #Highlights episode, we look back at our conversations with Mike Ballard of Ascent Multifamily Accounting and Collin Atlas of Atlas Property Management. They talk about property management and the things you need to know about it.
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Mike shares some of the difficulties that his clients face, some of the surprises he has encountered in the past, and what exactly it means to provide human resource services to other operators. Meantime, Collin explains how he brings value to investors by walking with them through the due diligence process and helping them execute their plans. Click the play button now and understand effective property management!
Key Points From This Episode:
- Mike shares a bit about himself and how the firm got into the business.
- Mike attributes the exponential growth of his firm to communicating their desire to grow with their clients and putting content online.
- The typical clients that Mike works with, the size of their portfolios, and why they choose to work with Ascent Multifamily Accounting to save on management fees.
- Ascent’s fees, which get more economical per unit the more units the client has.
- The process of working with Ascent, from accounting to payroll and HR services.
- Why Colin started his own third-party property management company, after self-managing.
- The type, size, and radius of properties that Atlas Property Management has in its portfolio.
- What contributed to Colin’s 300% growth in 10 months, including networking and performance.
- How Colin built his network, starting with building a few relationships and bringing them value.
- What has set Atlas apart from other companies, with Colin being an investor himself?
- Colin’s unique communication with owners: Helping them plan, communicating with property managers, and executing the plan.
“Typically, our client uses one of the major software programs, and we’re agnostic. They all serve a purpose, they all have their place in the market, and you’ve got to figure out what’s right for you, whether it’s RealPage, Yardi, ResMan, Entrata, Buildium, any of the packages.” – Mike Ballard
“I say this to a lot of our investors in my team, that it seems like the bar for property management is set relatively low on what average performance would be, so if we can perform or communicate better than the majority of the other managers out there, then we’re going to succeed.” – Mike Ballard
“Trying to actively manage their property in a way that I would want it managed if I was an investor because I am an investor. I was an investor before I was a property manager which I think may give me a little bit different view than somebody else, but knowing cashflow struggles, and knowing maintenance struggles, and how they can impact the dollars, and trying to control those, and then trying to give guidance to owners that aren’t always self-serving.” – Mike Ballard
Links Mentioned in Today’s Episode:
About Mike Ballard
Mike Ballard is a partner at Ascent Multifamily Accounting and has worked in the real estate and accounting industries for almost 30 years. Early in Mike’s career, he worked in the Information Systems Consulting group for Laventhol & Horwath, CPAs. After Laventhol, he joined McGladrey & Pullen before starting his own consulting firm. At Ascent, Mike leads the firm’s consulting practice, where he advises clients on using tax credits and deductions to improve returns on their projects. He has helped clients secure Section 45L Energy Tax Credits, New Markets Tax Credits, and other types of tax credits. In 2010, Mike was named one of the Top 20 Visionaries in Nevada by Nevada Business Magazine. He is known for his excellent contacts with business, government, and real estate executives throughout the West, and he has served on the boards of several for-profit companies and not-for-profit organizations. He has also helped start three banks and served on the board of Black Mountain Community Bank.
About Colin Douthit
Colin Douthit is passionate about the real estate world and he works in it in three different ways. First, he was an investor. Next, he started a property management company called Atlas Property Management, and, most recently, he has co-founded a construction company called Atlas Construction. After a seven-year career as a professional engineer, Colin started investing in real estate and, in his first six months, he was able to acquire ownership or ownership stake in 65+ doors while self-managing them. This led Colin to start his property management company, which is currently managing over 360 units and is on track to be over 600 units by the end of 2020. When Colin isn’t helping clients buy, hold, and manage their investments, he enjoys helping others through sharing his faith or spending time with his wife and their two children.
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