ABOUT CLIFF HOCKLEY:
Cliff is a Certified Property Manager® (CPM) and a Certified Commercial Investment Member (CCIM). He is the President of Bluestone and Hockley Real Estate Services and has extensive experience representing owners of commercial, investment, and residential properties. In addition to property management, he has served as an advisor, developed budgets, made value improvements to buildings, and trained on- and off-site staff.
Cliff is a frequent contributor to industry newsletters and serves as an adjunct professor at Portland State University, where he teaches real estate-related topics. He is the author of two books 21 Fables and Successful Real Estate Investing; Invest Wisely Avoid Costly Mistakes and Make Money, books that help investors navigate the rough shoals of real estate ownership.
THIS TOPIC IN A NUTSHELL:
[01:26] His career background
[03:01] Joining Bluestone Hockley company
[04:29] Growth of the company over the years
[06:50] Retention of good employees
[07:35] Constant communication to clients
[08:12] Surviving the recession
[11:10] the Best part of his book
[14:30] Difficulties in managing properties with tenants
[17:00] Multifamily vs Commercial properties
[17:40] Why Multifamily is more labor intense
[20:12] Successful stories with the company’s growth
[23:31] Transition program for employees to work from home
[24:40] Importance of having a good operations team
[26:26] How their organizational structure grew
[28:00] Implementations done to generate more income
[34:40] Understanding the business and planning for it
[36:43] Business visibility and referrals from friends
[40:00] Handling the management team
[41:35] Why he likes to be involved in the Brokerage department
[42:40] Handling the most important aspect of the business
[44:59] Golden rule of real estate
[46:43] Syndication business
[47:58] Drop & Swap - Dissolution of Partnerships
[48:58] Innovation of technology in the business
[52:12] Advice to his 25-year-old self
[53:26] His First Entrepreneurial endeavor
[55:25] Formal and Informal Training that shaped his journey
[56:53] His Moby Dick of real estate or the Deal that got away
[59:54] How to reach out to Cliff Hockley
KEY QUOTES:
[16:40] One of the most difficult lessons we learned is that you can’t make enough money in certain parts of the business
[21:16] One of the pieces of the puzzle for us is that helping our clients grow, helps us grow as well.
[27:11] The most important thing a business can do is to have monthly financials that the owner of the company can review. It’s absolutely critical, you’ve got to ask are we making money? Where are we losing money? It takes a lot of discipline and that’s just a critical piece of the puzzle. Then you’ve got to figure out where your revenue is coming from.
[31:02] The way investors make money is by owning real estate. Property management companies it’s a step to see what is working and what does not work, but owning your own real estate is really the magic to personal wealth and increasing your net worth.
[35:40] If you have a company and you don’t have a roadmap, you will not grow. You might grow a little by accident, but if you have a roadmap and you set goals, then you will grow.
Summary of Business:
Founded in 1972, Bluestone & Hockley Real Estate Services is a leading full-service real estate company managing over 2 billion dollars in assets, which include 1650 Residential units, 7000 HOA units and 2 million square feet of commercial property in the Pacific Northwest.
Bluestone & Hockley's well-balanced portfolio includes both urban retail and large anchored retail centers, medical, industrial, mixed-use office buildings, apartment communities, houses mobile home parks, condominiums, and homeowner associations.
ABOUT THE WESTSIDE INVESTORS NETWORK
The Westside Investors Network, is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication.
The Westside Investors Network strives to bring knowledge and education to the real estate professional that is seeking to gain more freedom in their life. The host's AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com.
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You may contact Cliff Hockley via:
Phone: (503) 459-4359
Email: chockley@bluestonehockley.com
Website: https://www.bluestonehockley.com/
LinkedIn: @bluestone-&-hockley-real-estate-services/
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