One of my apartment buildings was partially burned creating a $1M insurance claim. In this video, you're going to discover what you can learn from this experience so that when disaster strikes (that's right, WHEN, no IF), you can be prepared. Here are the lessons learned from the fire that burned my apartment building:
Here is a summary of what you learned in the video above:
Fire Burns My Apartment Building
Teachable Moment: (1:20)
- One of my favorite shows is called “The Prophet”
- It is about an entrepreneur who partners with struggling businesses to bring them to the next level
- His business model for success is, “People, Process, and Product”.
- Your property management team
- Represents your day to day operations
- The Property itself
Every highly successful, profitable piece of commercial real estate is based off of the 3 Ps
- When you have a great team (People) running a great system with proper procedures (Process), combined with a nice looking property in a great area (Product) that is the formula of success.
- If you have an undertrained team (People) poorly running a property (Process), with a property that is in a poor neighborhood and in poor condition (Product), then it will fail.