Being an asset manager can require you to keep track of hundreds of issues — and that’s just for one property. If you don’t have the right systems in place as you scale your business, then managing your portfolio becomes an agonizing task. Today we speak with Ashcroft Capital founder Frank Roessler, whose company manages over one billion dollars of assets. Our conversation opens as we explore Frank’s business model and how he runs his asset management department. A common challenge when scaling, Frank shares his insights on when you should hire people and why you need time to make each hire. We then dive into the nitty-gritty of how Frank tracks his deals and properties through clever spreadsheeting and constant vigilance. After highlighting the importance of managing people, Frank discusses the software that he uses to develop his property metrics. We ask Frank to talk about some of his early mistakes and his answer highlights how business plans unfold over years and that communication is key in sticking to your plan, especially as new people are brought on. Near the end of the episode, Frank reflects on his asset management superpower. A must-listen for any company intent on scaling, tune in to hear more on this topic from the mega-successful businessman, Frank Roessler.
Key Points From This Episode:
- Introducing Frank Roessler and the business model of his company, Ashcroft Capital.
- How Frank’s asset management department operates.
- Why Frank hires asset managers just before he needs them.
- The importance of tracking the small details in every one of your deals.
- Using meticulous spreadsheets to monitor your properties.
- Why managing people is an integral part of successful asset management.
- Hear about the software that Frank uses to develop his property metrics.
- The challenge of communicating your business plan as it unfolds over years.
- Frank’s asset management super-power; working with talented people.
Links Mentioned in Today’s Episode:
Frank Roessler on LinkedIn
redIQ
Passive Income Through Multifamily Real Estate Facebook Group