AREI 62: Effective Communication with Residents with Sia Senior
Becoming the property manager of a multi-family apartment building is not an easy task. In addition to providing outstanding customer service in property management, there are dozens of shoes you need to fill on a daily basis. You must be a salesperson, operator, support person, accountant and supervisor; All at once. Not only are you responsible for attracting new tenants to fill vacancies, but you are also making sure that the residents you are staying in stay the same.
Now, successfully accomplishing all of these is easier said than done. To that end, this episode would cover how Sia Senior effectively communicates with her residents and provides tips on how best to serve and retain them. Come join us and listen in!
Sia Senior is a full-time real estate investor. Started investing in real estate while she was a high school math teacher. She and her husband house hacked their first property, flipped properties, and bought properties to hold long-term for the next 17 years. They currently self-manage 20+ units (single-family and small multifamily).
[00:01 - 00:50]
• We welcome Sia Senior to the show
[00:52 - 03:59]
• Sia Senior's background Why she and her husband started investing in real estate.
[03:61 - 11:03]
• 2008 and what they learned going through a difficult time in the market and how it serve as a structure to help during the pandemic.
[11:05 - 14:30]
• How they were able to increase rents with their long time residents?
[14:32 - 18:10]
• Long term hold and their strategy and how the business plan impacts JV's? What is "Seller Financing"?
[18:29 - 22:05]
• What Sia and her husband had been focused after achieving time freedom since 2006 and 2015 aside from being fulltime in real estate investing?
[22:07 - 22:50]
• Episode Recap
[22:51 - 26:40]
Closing Segment
• Asking Sia Senior the Adventurous Four
Memorable Quotes:
"Our method in which we got a lot from the millionaire real estate investor by Gary Keller, and that really helped us recognize that you really make the success of your property on the purchase. And so buying at a discount then allows you to, if the rents, have to be stabilized, they have to decrease, you can still survive because you already have great cash flow, which is how we operate.
We always purchase on cashflow and find that the appreciation is just the, what they call it, the icing on the top or the cherry on top. That's what we, that's what we counted at."
- Sia Senior
Until next time…
Explore more. Adventure awaits.
