Episode 617, The Importance of being vertically integrated during Covid-19
About The Episode
There many benefits of utilizing third-party property management services, but when you have the right scale, bringing it in-house makes sense for numerous reasons. Today’s guest, Arleen Garza, is here to share the experience of her company, Reep Equity’s vertical integration. In this episode, we learn more about how Arleen’s background in corporate America has helped her in the real estate business.
We also find out about the differences that Reep Equity has experienced between third-party and in-house management. One of the most important pieces of bringing it back in-house was having immediate access to data and therefore quick decision-making capabilities. Arleen sheds light on some of the most important KPIs they track at their properties. Along with this, we also learn how this vertical integration has helped Reep with their communication and putting a range of supportive measures in place for their employees and their tenants in light of COVID-19. From safety training to buying residents groceries, Arleen and her team have gone above and beyond during the pandemic. Other topics we touch on include building a great company culture and the various ways Arleen likes to give back. Be sure to tune in today!
Key Points from This Episode:
- Learn about Arleen’s transition from the corporate world to full-time real estate investing.
- Arleen and her husband’s first deal and some of the lessons they learned from it.
- Arleen’s main reasons for bringing the property management back in-house.
- Tips for moving from third-party management to in-house management.
- The importance of finding a distinct skillset from your partner’s.
- Why Arleen wishes they had automated their systems and developed KPIs sooner.
- Some of the key KPIs that Reep tracks and how they collect data for them.
- How being vertically integrated has helped Reep get through the pandemic more smoothly.
- The importance of open lines of communication with employees and residents during the pandemic.
- Components of building a great company culture, according to Arleen.
- The hardest part of syndication for Arleen, a recent business improvement, and finding new investors.
- Find out the biggest contributor to Arleen’s success and how she likes to give back.
We felt like we had to distinguish ourselves. What we offered was a culture that we felt was conducive to happy employees. And sounds very cliché, but that really has been a big part of our focus is having an environment where people have the ability to contribute and contribute at a high level to what we were doing. — Arleen Garza”
Links Mentioned in Today’s Episode: