📌 Multifamily Wealth Project Conference, Apr 26 – 28, 2023
The Multifamily Wealth Project connects you with influential leaders, deal makers, investors, brokers and peers in the multifamily industry. 👉 Book your spot HERE http://multifamilywealthproject.com/
Art Lieb, an experienced apartment manager, faces an uphill battle as he attempts to manage thousands of units amidst a tumultuous economy with renters expecting discounts, buyers fleeing the market, and remote workers desiring amenities to accommodate their lifestyle.
Art oversees the daily property management operations of Provence Real Estate including financial reporting, human resources, training, leasing, and marketing. He has two decades of experience in managing a wide range of assets including conventional, student housing, condominiums, tax credit, seniors housing, mixed-use, and high-rise properties, including years of experience in individual-lease student housing communities.
Here’s what Art Lieb and Jonathan cover:
How has the COVID-19 pandemic affected the real estate market and why did it cause an abrupt decrease in leasing activity?
How are property owners and managers utilising new amenities to cater to an increased demand for remote working spaces?
What strategies did Art Lieb use to successfully launch his own apartment management company?
Some key points:
(00:42) Art gives us a property manager perspective on the current market conditions
(04:40) It’s been said that the extraordinary rent growth has stopped, what is Art seeing?
(08:07) The home sale market has really taken a beating, this can only be good for multi family
(09:01) Have the demands of the tenants changed in the current market and are some properties better positioned to service them? A big trend is remote work and co-working spaces
(13:20) Due to COVID, a property’s ability to receive home deliveries has become very important
(17:35) How Art went about getting his first management clients and starting his business
Building a corporate infrastructure from scratch
(20:09) Operating as a brand new company with no track record
(23:03) Daily considerations of running the business
(23:45) The growth journey and scaling from 2500 units to 30K
(25:01) Working with new ownership groups and how to vet them
(27:17) Art’s primary niche is A and B properties with some C-class value-adds added in
(28:36) The business has relied heavily on word-of-mouth marketing
(29:16) Tips for people looking to start in this business: it’s all about the first few deals to get the ball rolling
(31:21) How to reach out to Art
🌎Reach out to Art Lieb
Provence Real Estate https://www.provencere.com/about-provence/team
🌎Reach out to Jonathan Twombly
Loved this episode? Leave us a review and rating on Apple podcasts by clicking here.
Make sure to also check some of our previous episodes:
Going From Working In Hospitality To Multifamily Investing & Hotel Conversions With Charlie Rushton
Hotel Conversions To Multi Family Housing With David Peters
🎤 Podcast production Everglade Media