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b'Join us on this episode as Sean Thomson shares his framework and rubric for best-in-class asset management in multifamily real estate investing. We\'ll explore the importance of having an asset management plan and how sponsors and passive investors can vet whether or not their sponsors have the right experience and goals. Sean will offer advice on understanding everyone\'s role, setting objectives, evaluating risks, developing strategies, creating accountability structures with clear lines of communication, and more. He will also explain why mistakes can be hidden in a booming market but become more apparent when the market is not so good.\\xa0\\n\\xa0\\nTune in to gain valuable insights from Sean on how to create a best-in-class asset management strategy!\\n\\xa0\\n[00:01 - 06:54] Opening Segment\\nSean Thomson started in real estate 12-13 years ago and transitioned from single-family to multifamily\\nSean created a framework for best-in-class asset management, what sponsors should do in their asset management plans, and what passive investors can look for\\nHe created a platform for excellent processes and systems for asset management to help those struggling with it\\n\\xa0\\n[06:55 - 11:55] Uncovering the Secrets of Best-in-Class Asset Management\\nAsset management is essential for real estate investments, especially when the market isn\'t perfect\\nThe goal of an asset manager is to optimize the upside and mitigate the downside of an investment\\nCommunication is vital for successful asset management, as well as understanding roles and creating accountability\\nThird-party asset managers are often called in when things are not going well\\n\\xa0\\n[11:56 - 16:45] The Difference Between Property Management and Asset Management\\nHow a history of a murder could narrow down the options for buyers\\nIt\'s essential to have an asset management plan before taking over a property\\nThe mission is your destination, and the vision is the path to get there\\nAsset management oversees the overall business plan\\nProperty management is essential for successful operations in large multifamily\\n\\xa0\\n[16:46 - 25:41] Tips for Passive Investors on Asset Management Plans\\nLousy property management is often an asset management problem\\nOwners often put pressure on property management companies to do things that are not in their wheelhouse\\nProperty management needs money, decisions, and guidance from the owner to do their job properly\\nVetting the property manager is important to ensure they have a clear plan and accountability\\nPassive investors should expect regular communication, reports, and updates from their sponsor\\n\\xa0\\n[25:42 - 31:24] Closing Segment\\nBest investment: often the ones that are not made\\nWorst investment: buying a house on a busy street that took a year to sell\\nThe most important lesson learned: the key to being successful is striving to be as good as you can be every day\\n\\nQuotes:\\n\\xa0\\n"My daily focus is to be as good as I can be today. And to serve my investors, serve my community, serve my family. That\'s my goal in life, just in general, is to be as good as I can be." - Sean Thomson\\n\\xa0\\n"Good market will hide mistakes in asset management." - Sean Thomson\\n\\xa0\\n"Making good decisions sometimes hurts the investor in the short term, but it\'s the best long-term decision." - Sean Thomson\\n\\nConnect with Sean!\\nWebsite: www.ThomsonMultifamilyGroup.com\\xa0\\n\\xa0\\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/\\n\\xa0\\nTrack your rental property\'s finances with Stessa. Go to www.escapingwallstreet.com.\\nJoin our Passive Investor Club to access passive commercial real estate investment opportunities.\\n\\xa0\\nLEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or clicking here to listen to our previous episodes.'