{"id":128535,"date":"2020-08-14T10:00:29","date_gmt":"2020-08-14T16:00:29","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=128535"},"modified":"2021-03-16T17:02:03","modified_gmt":"2021-03-16T23:02:03","slug":"successfully-manage-rental-units","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/successfully-manage-rental-units","title":{"rendered":"How One Company Successfully Manages Over 600,000 Rental Units"},"content":{"rendered":"

To be successful in any venture, you need to learn from the best. If you are an aspiring landlord, you can do no better than taking lessons from a company like Greystar. Within a few years, the company became the type of rental business that all landlords aspire to become.<\/p>\n

You might only manage a few properties, and it\u2019s challenging to do it big in a competitive rental market. But the lessons you\u2019ll learn in this article from Greystar will help you build your property business.<\/p>\n

Many of the basics that made Greystar a multinational leader in rental housing apply to small property management companies.<\/p>\n

Company History<\/h2>\n

Bob Faith founded Greystar in 1993 when he envisioned the need for high-quality rental housing that tenants can call home. The first job in real estate that he got was with developer Trammell Crow. He quickly gained experience in turning around challenging projects and managing teams.<\/p>\n

In 1991, Faith teamed up with an acquaintance from Harvard Business School to start a rental housing agency. Within two years, Greystar went from nothing to managing 9,000 rental units in Houston, Texas.<\/p>\n

One of the problems that Faith quickly identified in the rental business was the need to professionalize it. Too many people viewed rental companies as a mom-and-pop business. He also implemented lessons that he learned while at Trammell Crow.<\/p>\n

What was the most important lesson? The need to recruit talented, energetic people who have a vision. But Faith didn\u2019t just hire the right people for the job. He entrusted his teams with responsibility and autonomy while keeping capital allocation centralized.<\/p>\n

The result is that Greystar now manages over $200 billion of real estate in 42 cities and 13 countries. In total, the company looks after over 660,000 rental units in more than 2,400 complexes worldwide.<\/p>\n

Even amid the global pandemic in 2020, Greystar continued to expand, despite downturns in the rental sector.<\/p>\n

\"9<\/p>\n

Factors in Success<\/h2>\n

What are the key factors that have driven Greystar\u2019s success? What lessons can you learn that will help you build a successful rental business in your area?<\/p>\n

Greystar\u2019s rise to become the leader in property management didn\u2019t happen by chance. From the outset, the company developed a clear set of values. It is those same values that drive the company today.<\/p>\n

Let\u2019s look in detail at five property management lessons you can learn from Greystar.<\/p>\n

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  1. \n

    Focus on people<\/h3>\n<\/li>\n<\/ol>\n

    The primary strategy that drives the company\u2019s success is a focus on people\u2014employees and tenants. Greystar strives to deliver the type of properties that people want and give them a place to call home.<\/p>\n

    Bob Faith says, \u201cOur core values and our people are at the heart of everything we do. Though times and technology may change, it\u2019s our people who have made Greystar the global leader in rental housing.\u201d<\/p>\n

    When developing new residences, Greystar focuses on providing comfortable and beautiful living spaces. Due to its focus on people, the company ensures that all units are inviting places for tenants.<\/p>\n

    How you can do this today:<\/strong>\u00a0Develop a set of core values for your rental business. Write them down and discuss them with all the members of your team. Make sure that tenants are at the heart of these values to ensure that you provide the type of residences that people want.<\/p>\n

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    1. \n

      Hire and train the right people<\/h3>\n<\/li>\n<\/ol>\n

      Right from the start, Greystar looked to hire energetic, talented people for its team. One of the factors that has driven its success is that managers are quick to give team members responsibility. They also allow employees to come up with initiatives and implement them.<\/p>\n

      How can you know which employees to entrust with more responsibility? Nellcine Ford, Managing Director of Talent Management for Greystar, says, “Look for employees who have proven experience in turning around a troubled property, effective communication with all levels of management, and time management.\u201d<\/p>\n

      The six core values that all Greystar staff aim for are:<\/p>\n