With all the different concerns that go into real estate investing and the multifamily business, the human element can sometimes be understated. After all, managing a residential property is first and foremost about providing people with a place to stay! This is the attitude of our guest today, Jamie Gruber, who has a strong philosophy of putting people first. This does not mean that he is not business-minded or focussed on making money and shrewd decisions, rather that he does so with a strong emphasis on the human element and what the effect will be on the residents of his properties. Jamie tells us how he aims to treat residents as he would like to be treated and tries to have as much meaningful communication with them as possible. This means surveying their needs and desires, providing good maintenance services, and reasonable notice on rent increases. We get into some examples of issues that can be encountered in the game of multifamily and Jamie shares his ways of dealing with potential hurdles. So for all this and a bunch more useful info for your business, join us on this edition of Asset Management Fridays!
Key Points From This Episode:
- Jamie's current professional set-up and how real estate fits in.
- The tenant experience Jamie tries to provide on his properties; safe, clean and affordable.
- Rent-raising plans for Jamie and handling this in a sensitive and sensible way.
- Using average rent as a KPI when addressing a new property's residents.
- Issues that arise with residents and ways to deal with these in a people-first manner.
- Jamie's asset management superpowers! Relatability and understanding.
“It is about the people aspect and it is about not even calling them tenants, but more residents.” — @TheJamieGruber [0:01:44]
“We try to create a sense of community within the units by communicating effectively, meeting with folks face to face, meeting them in the common areas.” — @TheJamieGruber [0:02:09]
Links Mentioned in Today’s Episode: