What is the Trifecta?

The Trifecta

Hi, Matt here with Hudson Property Services, and today we're going to cover the Property Management Trifecta. So what is the Trifecta, and why did we put together a whole series about it?

What is the Trifecta?

If you're familiar with rental properties or property management, you'll know that this can be a very messy business. There are a lot of moving parts, and it's very hard to stay organized and keep things where they need to be. So we created a framework that helps you organize all these different things that you have going on at your property and outline a way to handle them.

I'll give a high-level overview of the three portions of the Property Management Trifecta.

1. Leasing

The first section of the Trifecta is leasing. This is everything that the resident experiences all the way from the first advertisement that they see to move-in, all the communications going back and forth, maybe some lease renewals, all the way through the move-out. So, everything that they experience, every interaction that you have with the resident, would fall under the leasing portion of the Trifecta.

2. Accounting

The second part of the Trifecta is accounting. This is essentially anything with a dollar sign at the property. So, incoming things like rent and security deposit, as well as outgoing things like paying vendors and utility bills. It also includes any reporting that you do, recordkeeping. So, whether that's a spreadsheet system or an accounting software, maybe QuickBooks, that falls under the accounting portion of the Property Management Trifecta.

3. Maintenance

Finally, you have maintenance. So, this is the small things, ongoing stuff like groundskeeping and keeping the gutters clean and servicing boilers and furnaces. All the way up through the bigger stuff like repairs and renovations. So, that all falls under the maintenance bucket in the Property Management Trifecta.

The Framework

So when you have this framework and you can take all these moving parts of running a rental property and put them in these clean little buckets, it helps you, first of all, stay organized, and second of all, you can find the areas where you may have some weaknesses and improve on those areas. Maybe find some content and some videos and some checklists to help you improve those areas where you could use a little assistance.

We're Here to Help!

So, we hope that this video was helpful in explaining what the Property Management Trifecta is, and how it can help you run a more efficient and effective rental property.

Please be sure to visit us on our website at www.HPShomes.com. If you're viewing this on another platform like YouTube or social media, please visit us on our website. There's a lot more content there. You'll get access to other videos, free PDF downloads, and a lot of other stuff that's just not available on the other platforms.

Cheers!