Mon, 28 June 2021
Asset management may not be as sexy as raising money or chasing deals. But it’s the aspect of multifamily investing that makes a deal successful—or not. So, what’s involved in the operation of an apartment building? And how can an asset manager work with their property management team to solve problems together?
Kyle Mitchell is the cofounder of Asset Management Mastery, a platform designed to help multifamily investors become best-in-class operators. Kyle owns and operates a portfolio of 400 units worth $400M in Tucson and Phoenix, Arizona. He is also the coauthor of Best in Class: How to Manage Your Multifamily Asset, Avoid Mistakes and Build Wealth Through Real Estate and serves as a mentor with The Michael Blank organization.
On this episode of Apartment Building Investing, Kyle joins cohost Garrett Lynch and me to discuss the role of a multifamily asset manager, explaining how he conducts monthly secret shopper audits and what KPIs he tracks on a regular basis. Kyle describes what attracted him to the asset management side of the business, discussing how he partners with the property management team to get the best out of a property. Listen in for Kyle’s hands-on approach to renovation management and find out how he is navigating material and labor shortages in the aftermath of the pandemic.
The role of a multifamily asset manager
What attracted Kyle to asset management
Why Kyle moved into the market where he invests
How Kyle conducts a monthly secret shopper audit
What key performance indicators Kyle tracks
How Kyle handles multifamily renovation management
How to navigate the current material and labor shortages
What Kyle does when a property manager isn’t performing
How to be proactive when it comes to asset management
Connect with Kyle Mitchell