Alain Villegas is a full-time real estate investor based in Dallas, Texas who has over $60 million of properties under asset management, just under 900 doors spread across seven apartments. He has also invested as a limited partner in eight properties, just over 1,200 doors in total. In this episode, Alain talks about real estate reporting, from the reports acquired from property managers to the ones created for internal purposes and to keep investors updated. Tuning in to this episode, you will learn why you should not only pay close attention to monthly and weekly reports but also daily ones to keep abreast of property performance. This also allows asset managers to assume a proactive approach instead of waiting for things to happen. Alain advises on the most important reporting elements to note, how regularly they should be tracked, and how this information can be communicated to the different parties. We also discuss software tools, the ultimate report, and the importance of anticipating challenges.
Key Points From This Episode:
- Learn about the number and locations of properties that Alain manages.
- What the daily, weekly, and monthly reports from third-party property managers include.
- The three weekly reports: property performance, property make-ready, and status-of reports.
- The channel through which reporting data is communicated daily.
- Hear which elements are most important and how frequently they should be tracked.
- The reports created for internal purposes and the ones used to update investors.
- Trusted property management software tools to manage various reports.
- What the ideal report would look like and the kind of information it would provide.
- Leading by being proactive and anticipating future challenges.
“For me, the most critical is the budget versus actual net operating income. The reason for this is it is already reflective of the overall performance of your operations, taking into account both your revenue and expense.” — Alain Villegas [0:04:07]
“Be proactive. Always stay ahead of things. Lead not only in your team but anticipate future challenges.” — Alain Villegas [0:09:37]
Links Mentioned in Today’s Episode: