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Lessons in Asset Management: Prioritizing in Real-Time

"WHAT THE HELL ARE YOU DOING"

the asset manager screamed. I remember the chill down my back like it was yesterday (it was nine years ago). 

I was a young property manager, fresh out of college, getting chewed out by the best asset manager at our company. It was not good.

But it's an asset management lesson I have never forgotten: prioritizing in real-time.

apartment_vacancy

First, a little background: I was at a vacant unit figuring what investments to make:

  • A new fridge?
  • Better floors?
  • Bathroom vanity?

I got a call from our leasing manager: a new prospect interested in the unit had some questions about the move-in date. They needed a response from me. I didn't respond right away.

Several hours later, the explosion mentioned above came through my phone

"WHAT THE HELL ARE YOU DOING?".

Stunned, I said:

"umm, I'm working on a vacant unit that's costing us tons of money in lost rent?".

Next came the point I have never forgotten. A lesson that all asset, leasing, and property manager should take to heart:

"Listen, I get it. You are working on what's right in front of you. It feels important. But all of that work will be for naught if we don't respond to our prospects right away. The priority should always be to respond to a prospect, even if it's a quick "let me get back to you later." New floors won't make a difference if we suck at our jobs."

LEARN HOW: Tenant Communication Tips

Multifamily property teams face a barrage of signals, noise, information, and communications.

Given they are responsible for the liability and risk associated with every asset, prioritizing this information is one of the most critical skills for asset managers, and property managers. The best ones leverage this skill to get promoted, manage bigger portfolios, and even become owners themselves.

At ResiDesk, this lesson is embedded into the way we help property and leasing teams. Cutting through the noise and finding the most important conversations is the cornerstone of our investments. All we want to do is help property teams save time AND ruthlessly prioritize their day.

Alex childhood pic

Alex Holman is the Co-Founder of ResiDesk, the easiest and fastest communication hub for property teams. He's a multifamily owner/operator from Brooklyn, NY with a passion for coding.