Managing In Multiple Markets With Streetlane Homes COO: Michael Cook
Today, I’m talking with Michael Cook, the Chief Operations Officer of Streetlane Homes, a real estate investment and property management firm serving Atlanta, GA, Chicago, IL, Houston, TX, Las Vegas, NV, Miami, FL, Phoenix, AZ and Nashville, TN.
Michael is also the Director of Asset Management for GTIS Partners, a leading real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Paris and Munich
Listen in as he shares how he has continued to have high performance while maintaining a market for single-family homes nationwide.
- (01:09) – Intro
- (01:50) – Background
- (04:14) – What Is Dislocation?
- (06:45) – In-House vs 3rd Party Management
- (07:30) – Michael discusses the challenges involved
- (09:35) – How do you know if you have a good property management company?
- (12:12) – How to Determine Properties
- (13:58) – Properties, Markets and Yield
- (15:40) – Trials and Tribulations of Maintenance Coordination
- (16:05) – Communication and Coordination methods
- (20:30) – Advice on managing 3rd party relationships
- (22:10) – Challenges around of organizing contracted labor
- (25:10) – The Leasing Process: Optimization Works
- (27:35) – What type of Leasing Terms
- (28:58) – The Approach of Raising Rent
- (30:27) – Misalignment of Incentives by 3rd Parties
- (32:30) – Hub and Spoke Model
- (33:00) – 4 Main Considerations
- (35:30) – The Rise of Smart Homes
- (36:00) – Is it Cost-Effective?
- (37:10) – What Michael has tried
- (37:38) – Home Inspection Process
- (39:10) – How to Choose Tenant Renewal or Replacement
- (39:25) – Leasing VS Sales
- (40:25) – Why Michael advocates for 3rd party sales
- (41:00) – What led to the sale to Roofstock?
- (42:47) – Where do you see Roofstock heading?
- (45:00) – Advice for Entrepreneurs
- (47:08) – Standards for Metrics
- (49:35) – Closing
Where to learn more:
Michael has an upcoming podcast that will be titled “The Real Haze”