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EP. 54: Building a Property Management Empire
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What separates exceptional property management from merely adequate service? Kathleen Caldarera, a seasoned asset management expert with Ghan & Cooper, pulls back the curtain on the multifamily investment world in this enlightening conversation about property management best practices.
Having built a property management portfolio from zero to 7,500 units, Kathleen shares the unexpected journey that began with an $8.50/hour assistant manager position in 2009. Her candid insights reveal why middle management quality trumps company size every time, and why transparent communication between owners and on-site staff creates measurably better outcomes for multifamily investors.
"Math doesn't lie," Kathleen reminds us when discussing property performance issues. While some investors are quick to blame management companies, she notes that 80% of problems typically stem from incorrect purchase pricing, unrealistic rent expectations, or insufficient rehabilitation. Her practical advice on where to allocate renovation dollars and how to evaluate management companies provides a roadmap for both novice and experienced investors.
Particularly valuable is Kathleen's comparison between Fort Smith and Northwest Arkansas markets. For investors seeking stability with potential upside, Fort Smith offers unique opportunities with the F-35 project and Chaffee County development creating pockets of growth that mirror Northwest Arkansas's dynamics. Meanwhile, Northwest Arkansas continues its stronger population and rent growth trajectory, particularly in higher-quality properties where home ownership remains challenging for many residents.
Whether you're managing your first duplex or considering a large multifamily acquisition, Kathleen's insights on secret shopping, staff compensation, and the importance of prompt communication will transform your approach to property management. Connect with Kathleen directly at [email protected] to leverage her expertise for your next investment.
Chapters
1. Welcome to NWA Investing Podcast (00:00:00)
2. Kathleen's Journey into Property Management (00:01:17)
3. Building Gannon Cooper Property Management (00:12:06)
4. The Importance of Strong Middle Management (00:17:31)
5. Secret Shopping and Evaluating Properties (00:26:46)
6. Fort Smith vs. Northwest Arkansas Markets (00:39:04)
7. Closing and Contact Information (00:57:01)
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