When it comes to property management, having the right systems in place can make all the difference in ensuring success. However, not everyone has the expertise to implement and manage these systems effectively. That’s where experts come in.
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Join Mike Bonadies as he shares how he implemented his innovative systems to better manage his properties that has allowed him to thrive in an industry that can be challenging to navigate. Despite facing complex regulations, he has remained focused on his goals and has a disciplined approach that has produced high returns.
Key Points From This Episode:
- What kind of area is he managing?
- How long did he start his property management business?
- What helped him dominate and grow that fast in the area that he invested in?
- What are the systems that he uses to manage properties better?
- What are some of the differences in the type of properties that he is managing?
- What is the business plan for such a type of property in this kind of area?
- What instances made him think that it is not worth having to deal with all regulations in the area?
- What are his predictions for the real estate market over the next few months?
- What are some of the most important metrics that he tracks?
- What about some habits that he is disciplined about that have produced the highest return for him?
“It’s really important for other property managers and landlords to focus on the economics of the area that they operate in.”
“One of the key things that I do when looking at properties or looking at an area is I find out what’s the average income in the area that I operate in. Because that’s the disposable income of the people in that demographic.”
“You really need to know your tenant demographic and your housing stock.”
“We’re no different. We just knew the region that we were going to operate in. We’re very much a workforce, blue-collar, affordable housing Section 8 landlord, because that’s who the people are, that are inside this area. We knew that.”
“You really do need to have someone who has a working knowledge of the area in order to effectively operate. So that’s how I became a property manager.”
“We know the people, we understand the kind of demographics, and they understand the tails.”
“You need to have someone who is well-trained in or have multiple people and depending on your size that are well trained in going through the pace, the paperwork, making sure rent increases occur, understanding what an RFTA packet is.”
“A really important factor for other property managers and landlords to focus on is to think about the economics of the area that you operate in.
“They have a lot of cases and not a lot of staff to work with. So it’s constantly helping them do their jobs because they’re overloaded.”
“We’re seeing a large amount of people go say, Hey, I can’t afford rent any longer. I’m going to leave at the end of the month, and I’m going to move back with my parents.”
“I look at total rent collection. I look at how often consent agreements breach as a macroeconomic indicator of how well my tenant demographic is doing.”
“The key to life is ask and see. You got to wake up early, do work and then keep working throughout the evening and you’ll get to a point where if you front load your work. It’ll get a lot easier.”
Link Mentioned in Today’s Episode:
About Mike Bonadies
Mike Bonadies is co-founder of TerraVestra Property Managers, a company that specializes in property management and services for landlords. He is also a co-owner of Side By Side MRO. He owns 45 doors across Camden and Gloucester counties and has also done wholesale rent to rehabs in the South Jersey area. Before he entered real estate, Mike was a commercialization manager for DeWALT power tools.
Mike earned a degree in Economics and International Studies from Washington College.
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