While property management may not be the most glamorous aspect of the real estate business, it is undeniably one of the most crucial components to every real estate deal you invest in. Property management plays a vital role in ensuring smooth move-ins and move-outs, tenant success, retention, along with handling everything else in between. It’s essential to work with a sponsor who is vertically integrated, meaning they own the property management company responsible for the property operations. At Lone Star Capital, we formed Radiance Living about two years ago for this very reason - to have aligned interests. When interests are aligned, it helps prevent a race to the bottom, where property managers do just enough to avoid getting fired but don’t exceed expectations. To incentivize our team and keep everyone on the same page, we offer our VP some of the upside in our deals. This ensures that they put their best foot forward and are attentive to any issues that may arise. As you know, the real estate industry is no stranger to problems - pipes break, appliances malfunction, and tenants have concerns. Having a dedicated team that regularly visits properties and exclusively serves our deals is a vital component to our success. This is why we continue to achieve great results for our properties. Joining our investor list is the best way to stay updated with us. Click the link in the comments to get access to our latest investment opportunities, and high-level updates in our monthly newsl#etter. #propertymanagement #realestateinvesting #lonestarcapital
Craig McGrouther Well said. Your boots on the ground have to be financially aligned with the investors.
Agreed!
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8moEnsuring smooth operations and tenant success is key in property management. It's great to see the focus on aligned interests at Lone Star Capital.