Asset management is the systematic approach to the administration and awareness of the value of assets that an organization is overseeing, over the period of their existence. But this definition only covers the top layer of what asset management really means. Our guest today is a CPA (certified public accountant) and asset manager of Rand Partners. Rand is a vertically integrated investment firm that invests and self-manages 1600 apartment units. Mike explains the complicated world of being an asset manager and give us a simple yet effective way to do it.
Important Points in This Episode
- The most important thing about asset management is accountability
- High rate of occupancy in apartment buildings that you manage
- High occupancy means higher profits
- Making sure that the rhythm of your systems are in tune in order not to make things complicated when doing asset management
- Asset management includes paying attention to every tiny detail about the apartment building that you're managing (i.e. you're executing the right decisions and making the tenants lives easier)
- Updating investors about the progress of the business and reassuring their confidence is also important
- Mike's ideal partner is someone who is willing to learn
- Birge & Held website
- Rand Partners website
- Listen to Mike Taravella's podcast
- Email Mike Taravella at firstname.lastname@example.org
- Call, text or email at 586-668-0248
- Find Mike Taravella on Twitter
- Find Mike Taravella on Instagram
- Find Mike Taravella on LinkedIn
- "In every business model, you're either increasing income or decreasing expenditures and you just want to make sure from day 1 that you're providing value to that."
- "The biggest thing is that we've been tweaking our reporting, so I'm a CPA and I see the spreadsheet and then I see the story in my head."