Being a property manager is a great career and a great way to earn an income. Getting in on a growing opportunity and building a solid business is fun and profitable. Yet, many property managers can get stuck on depending on only transactional income through adding clients. In this episode, we learn about a way to break this cycle.
In this episode my guest is Jim Ingersoll from Big Money Investor. Jim shares creative ways to fund deals. He is a real estate investor with a lot of great ideas. My goal for this show is to make things very relevant for property managers. We discuss how property managers can break through the transactional cycle and purchase their own investment properties to manage and grow revenues for themselves along with their clients.
[02:05] How Jim helps people get into owning properties of their own and not just managing them for everyone else.
[02:33] How property managers often get stuck in a transactional income stream. They would like to break out of this cycle but don't always know how.
[03:00] Why some property managers don't have properties of their own.
[03:47] Getting rid of the 20% down bank-funded myth.
[04:35] Assuming loans, letting an owner be the bank, joint ventures - funding through someone else, real estate can be a retirement account.
[07:16] Buying a property "subject to" an existing loan staying in place.
[09:53] Structuring financing through free and clear owners who want to sell without any management responsibilities.
[12:52] Joint venture with someone who has money on the sideline, where you do the work and they provide the capital and you share cash flow and equity when you sell.
[16:34] How joint ventures would be a great method for property managers to get properties.
[21:34] Investing retirement accounts in real estate. You are not limited to stocks and bonds.
[22:33] Using self-directed retirement accounts to invest in real estate.
25:03] Using leverage in real estate is a huge benefit.
26:01] Creative options with short-term rentals Airbnb to traveling nurses.
Taking over a loan is a great strategy for truly motivated sellers.
An incentive for owner financing is earning 5-6 times more interest than from the bank.
A problem landlords can run into with 20% down loans is cash flow shortages.
If you have ever thought that managing properties would be so much easier if there was just a mobile or iPhone app that connected to your property management software and linked to your website, your time has come. Today’s episode is all about a mobile app that does just that along with insights and more from the apps creator.
In this episode, I am talking with Evan Savar from MyResisentLiNC a software app that helps manage all aspects of property management from communication tools for residents to custom setup for property managers. They are currently focused on multifamily properties and connecting entire portfolios, but they are also starting to address specific residential needs. Evan shares all of this with us and more on today’s show.
[02:11] About Evan and his background. He is from Las Vegas and has always been an entrepreneur.
[02:48] He created Evinar a live streaming tool for Facebook.
[03:23] He has always been interested in communities and community creation through technology. And he created a tool to connect communities in an apartment setting.
[04:43] MyResidentLiNC is an app that connects property management for all properties within a portfolio. Each community is run separately without having to create a custom app for each one. A flexible mobile app for customizing based on your area.
[06:51] Needs and technology are all over the board, but the app helps organize and aggregate all of the tools and needs.
[08:54] Meeting diverse needs and making it flexible and scalable.
[10:51] Some cool things they have done is integrate with Calendly and reduce print costs.
[15:24] How tools like this make sense once the 100 door barrier is broken.
[21:25] How time is a big challenge for property managers. Advantages of scaling without throwing people at it.
It’s not the place that makes the person, but it’s the person who makes the place.
We want to make sure we understand the needs specifically for each type of business.
MyResidentLiNC enables one to one and one for all communication with residents.
Sales are the backbone of any business, yet it is something that most people struggle with. One thing that can help all of us is understanding the psychology behind what makes influences a persons decision to buy.
Mike Michalowicz the best selling author of Profit First, The Pumpkin Plan, The Toilet Paper Entrepreneur, and Surge is back on the show. This week we are talking about behavior influences regarding sales. It’s all about what affects sales and what helps you sell your property management services. Mike shares his research and insights on this important topic.
Be sure to listen to our popular, previous episode with Mike: DGS 25: Why Every Property Manager Should Implement Profit First
[03:00] How entrepreneurs struggle with momentum mode and overwhelm mode.
[06:11] How we are wired to pay attention to things that are different.
[11:18] How we feel compelled to share our knowledge and power of secrets.
[14:45] Identifying what the customer truly needs and delivering it.
[21:11] The Phoenix Effect and how there is automatic envy of someone in a superior position.
[27:30] Having a compelling story with a high point and a low point and inviting the audience to climb with you.
[31:36] How to have a perfect vision.
[34:35] Focusing on the end benefit and sharing a story of the benefit.
[42:20] Always look and see what the mass is doing and then do the opposite thing.
[43:09] Being different and showing that you are unique and simple.
[43:54] The more options the more paralyzed we become.
[46:08] Catering to specific niches and benefits of frequency, intimacy, and trust.
[55:36] How little guys can move faster than the big guy and always be different in business.
[01:01:07] The way that Mike's website is radically different.
[01:02:12] To make your business stand out, take a step.
Having the courage to be different guarantees attention.
Envy or pity both result in avoidance.
Once you get someone’s attention, you need to sell what they consume.
Mike Michalowicz's Books on Amazon
Previous Podcast with Mike: Why Every Property Manager Should Implement Profit First
Property managers want to get business and make money, but they often make the mistake of underpricing their services. In the long and short run, it would be much better to make more revenue with less clients. The challenge is finding a way to reach an audience that will pay for a quality service and allow you to actually make money.
Today, I am speaking about price sensitivity to the franchisees at Keyrenters. I had done some past consulting work with them,and they invited me to speak to their regular audience. I talk about how marketing to different channels and having a solid reputation while being able to sell to the right audience can make all of the difference with pricing options.
[03:42] Shoring up branding and creating reputation profiles as a business.
[04:53] Category expansion is building brands and creating market share by finding an audience.
[10:33] Focusing on the blue water where everyone else isn't.[13:24] Reviews are one channel for warm leads, but you can multiple review channels.
[14:11] Sales is the number one thing to know.
[15:42] How to deal with pricing and people asking for discounts.
[16:34] Discount type companies have a higher churn rate and lower retention rate.
[17:11] Reaching out and touching people and letting them know you are a better option.
[17:47] Taking on too many doors at low price points will make you overextend yourself and not be able to hire help. It's better to have a profile of half the size and make more revenue.
[18:54] Keeping costs low while getting a fee that makes sense.
[19:19] Decide what you want and what you can part with.
[23:02] Learning how to sell through failure or getting coaching.
[23:59] Investing in yourself is the best investment. Mindset shifts for valuing yourself.
[30:55] Knowing and understanding your business leads to success and more of the same.
[32:28] Multipliers of increasing your sales by a small percentage.
[37:46] Understanding why you are in the business and why you do and how you do it. The art and science of figuring out your why.
[42:32] The number one thing you can do to improve is invest in yourself every day.
[46:40] Taking action on the four main areas of your life.
The majority of property management clients come through word of mouth.
The close rate on reviews from tenants and owners could be 70% by going more personal and leveraging reciprocity.
The difference between a cold lead and a warm lead is that they know you, trust you, and like you.
Increasing Fees in Property Management with Darren Hunter
Cold Calling FRBOs for Property Managers With Daniel Madison
National Association of Realtors Broker Summit