A lot of people may want to upgrade their home or location, but money is tight and they are tied down. Mike Kalis of Marketplace Homes has a solution for this. Not only does he help people break ties with their existing homes and move into new ones, but he successfully built a business around this practice.
Today we are talking about how to use options to grow your property management firm. Doing things like helping tenants and owners by leveraging rent-to-own options. The goal is to increase revenues and have enough money to provide a high level of service.
[04:02] Mike's company is close to 3000 doors in 28 states.
[04:49] How we will talk about increasing revenues on transactions.
[06:54] The biggest benefit is helping owners get out of their homes without having to sell right away with a rent-to-own plan.
[08:01] This is also a second chance opportunity for the tenants.
[09:09] Pros and cons a tenant could put money down and if they don't purchase they would lose that. The owner could lose out if they set a price that is lower than future market value.
[10:32] What an option agreement actually is and selling the option to the tenant for $5000.
[12:53] How this method actually helps grow a property management business.
[14:01] How accidental investors are the one's property managers make the least from. This method helps make a profit from this group.
[21:14] Signing the purchase agreement right out of the gate and list and itemize all expenses. Making sure the tenant understands the fee is non-refundable.
Not having enough money to provide high service levels makes us unprofessional.
The better the pricing, the more likely the tenant is to close on the option.
This is a neat thing that offers owners and tenants more than just a service call.
A solid team is needed for any property management business to grow and be sustainable. One of the largest challenges of having, building, and retaining a team is creating an environment that enables team members to thrive. Having a culture and vision is foundational for attracting and keeping the right people on that team.
In this episode, I interview Tim Wehner from Dodson Property Management. Dodson is a large company with a large team, which is perfect for today’s topic of having a culture and vision within a property management business. Tim shares how they create a culture at Dodson and how a shared vision helps motivate team members.
[03:43] Writing out a mission statement, company values, and vision. Then taking small steps to accomplish those.
[05:43] Dodson has about 1475 properties under 10 units and 4000 in the multifamily department.
[07:43] How important it is to make sure everyone shares the same vision and values.
[09:44] Dodson promotes long lasting relationships by dividing groups into pods.
[10:23] Dodson and their purpose or mission statement. Creating a positive relationship with tenants and owners. Trust, comfort, and pride.
[11:57] Values are to be empathetic, honorable, driven, and courageous.
[12:39] Vision to positively impact over 500,000 lives by 2025 is where they want to go at Dodson.
[13:24] The importance of community within their vision and the impact they make on the community.
[14:27] Inspire others to love true principles at Door Grow. Energy management and what is in line with purpose. Learning and sharing for fun.
[19:28] Trust and relying on each other and being able to share while talking with people like they are human beings.
[23:20] Being open to employees with new ideas.
[24:46] Challenges dealing with things like gossip and office politics. Trust and open dialogue go a long way.
[32:07] Making sure a job is a good fit and the team member will be motivated in their role.
[40:21] Celebrating wins and asking how to give support as a leader. This allows feedback and creates momentum.
[46:04] How memories don't even exist unless there is emotion attached to that. Create positive emotions and wins.
[52:02] Finding what is working and continue doing that.
[52:22] Get clear on your purpose and values. Have a vision of where you want to be.
It’s not important to copy another business's culture. It’s important to discover your business's culture.
Our goal is to deliver a living experience unlike any other.
We are a people business that not only focuses on clients but also tenants and customers.
Tim Wehner Twitter @wehner1tim
Tim@DodsonPropertyManagement.com
804-426-1660
Wehner1Tim on Snapchat
KingJasonHull on Snapchat
When starting and building a business growth is an important factor. Emulating successful people can also be a shortcut to success, but keep in mind that doing the same thing as someone else that is in a different growth stage doesn’t make sense. Different tactics need to be used in different growth stages.
In this episode, I am talking with Steve Rozenberg from Empire Industries. Steve grew his business from zero to 700 doors in four years. Steve has a really interesting story that he is able to go out and share because he is supported by a really great team. We talk about Steve’s story, stages of growth, and more.
[03:24] Steve's background as an airline pilot and how 911 was a pivotal point in his career and life.
[06:37] He was attracted to real estate because he liked the fact of leveraging time and money.
[07:11] He was doing well with houses and apartments, then he bought 20 low-income properties and got in over his head.
[08:32] While trying to solve his low-income housing problem he and his partner ended up creating a business model for property management.
[09:22] Their first hire was a business coach, then their first full-time employee.
[09:46] They are a sales and marketing company that trains employees to close.
[11:33] If you run a property management business you should be focusing on things other than the actual management.
[13:20] Having a strategic 30,000-foot view of your business.
[17:41] Helping your team in order for them to support you.
[20:12] Doing a time study to understand where time is spent. Time needs to be on strategic business.
[28:06] The importance of mindset and positive self-talk. We can talk our brains into and out of things.
[30:47] The transition of handing the reigns over to your time after being the person who did everything themselves.
[33:39] Growing a company to your level of incompetence, then you need to grow your level.
[38:23] The importance of looking at the numbers and the cost of marketing.
[43:40] The importance of branding yourself as an expert and building an awesome reputation.
[01:01:33] How your number 1 prospect is your existing customer. Asking for referrals is also a good idea.
As a leader, your job is to grow the team and encourage them not to say “get out of the way I’ll do this better than you”.
I’ve learned that the way to grow a company is to surround yourself with much smarter people.
It’s not doing one massive action, it’s taking action continually that has been the key to our success.
Call Steve (888)866-6727
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
Today, I am hanging out with Jameson Brandon and talking about the subject of genius and speed learning. We talk about how to really tap in and connect with your genius and purpose, and how to remove stuff from your life that is preventing that from happening. This all affects growth and how your business is growing. We talk about energy management, time management, and building a team that is motivated and passionate.
Every business, especially, property management businesses want to grow faster. Jameson and I talk about unlocking your inner genius to grow your business faster. Most business owners want to be moving faster, but they run into roadblocks. People commonly think the roadblocks are due to lack of tools or resources, but they are usually rooted in a much deeper belief. In this episode, we explore what it means to be a genius, and how to bring out the genius in all of us.
[04:00] What it takes to be a genius. We all have genius inside us.
[07:11] How people need to find what drives them and gives them joy.
[09:41] How identifying with something creates a dynamic that makes it stronger.
[10:12] Producer is a dreamer and thinker. The performer is a doer. In school, we are forced to become performers.
[12:44] How what gets measured is the thing where the focus is.
[16:47] Shifting our thinking towards passion and what we desire through an increase in awareness and asking deeper questions.
[19:12] Why we deserve to remove the little things that take away our power.
[21:25] Asking the tough questions and removing what we don't want to do.
[24:31] Inspiring others to find their true principles and getting clear on why.
[26:06] How energy management and feeling good is even better than time management.
[27:21] Finding out what your employees love doing and hire them for that.
[29:06] Going through the refinement process of letting go and finding what you love.
[30:04] Knowing your purpose and focus enables you to learn much quicker. Stand on the shoulders of giants and learn from others.
[31:10] Tell your mind to serve up more of what you are focusing on. Thin down your focus.
[32:17] Having each team member focus on one thing.
[33:48] Finding a company or software that fills the challenges you are facing.
[34:49] Focusing on a few core things that you should focus on.
[38:29] The endless to-do list of stuff to learn.
[39:31] Put people in place to manage things. Have a process for how things are done, and even how much you learn.
[44:15] Speed learning hacks. Find in love with the topic. Break it down into micro pieces and study until they become a habit. Create micro goals or measurements, so you know that you are moving forward.
[46:32] Laws of frequency and recently. And reviewing.
[50:44] Getting very good at living in the future to become the future thing.
Everybody is a genius.
We all have a magical ability to make things effortlessly happen.
Genius state is taking the flow state and making it an everyday thing.
How great leaders inspire action Simon Sinek Ted Talk
Today, I am speaking with John Ray, of Inspect & Cloud, a digital property inspection software product. If you haven’t heard of this software, I think you will love it. It is just really cool, and John is also a really cool guy. John began in real estate when he was 18 years old. He soon discovered that selling houses was harder than he thought, but he was good with technology. He started developing websites for realtors and working on marketing and lead generation.
While working on the tech side of real estate, John was offered an opportunity to teach at Google. He ended up traveling with a group of brand ambassadors and teaching SEO, lead generation, and email marketing. John wanted to implement some of the things he was teaching and he was also fascinated by SaaS product. After talking to many realtors, he realized that there was a pain point when it came to managing paper property inspections. Here is John’s story of the creation of Inspect & Cloud.
[04:47] How managing paper property inspections was an issue which created an opportunity for searchable cloud based reports.
[05:44] In three and half years they have grown from zero users to over a thousand.
[06:22] Inspect & Cloud digitizes inspection reports.
[07:51] How Inspect & Cloud makes it really easy to compile and organize property information in a few minutes.
[09:53] Saving time using software as opposed to hiring more people. Scalable businesses use technology.
[11:34] How Inspect & Cloud offers the most features and most streamlined inspection report organization.
[14:10] How using one software that does everything doesn't give you the features and efficiency of specialized software that does the best job.
[18:30] The goal of managing systems and processes and let those manage the team.
[20:55] How Gamification and accountability are incorporated into the software.
[24:21] Leveraging software and communication the right way.
[28:56] Challenges with property managers not communicating the actions they are taking.
[37:37] How it's backward thinking to skimp on software that touches with the property owners.
[40:00] Perceived value is everything. Your competitive advantage allows you to collect prospects.
It was fascinating that I could offer service and build products from a backpack anywhere in the world.
We offer a solution that hits 30 or 40 extra valuable data points.
This new software is helping to bridge the property management gap and utilize the best tools.
If you are frustrated by the support or lack of support from your property management software, you will be interested in this show. Today, I am talking with Nathan Miller, from Rentec Direct. The one thing I keep hearing about Rentec Direct is that they have fantastic customer service.
This is really unique because we don’t often hear that property management software has amazing support. If you want to know what makes great support or are in the market for new property management software, you might want to give this episode a listen.
[02:35] Nathan formed Rentec, in 2007, because he wanted to make landlords lives simpler
[03:19] Nathan has a background in software development and he was also a property manager
[04:59] In 2009, the free version of Rentec turned into a real company with additional functionality
[06:11] Why someone should choose Rentec Direct they know the software and the rental business
[10:08] Why Rentec is profitable and how they treat clients and employees
[11:23] Number one challenge with software is getting people to use it
[13:09] Fine tuning features to save time for property managers which creates huge cost savings
[14:25] Many SaaS companies have a lot of inefficient clicks. Rentec was designed more like an application so that everything can be done with one click
[18:24] How Rentec has the best support team and live chat
[21:25] How they offer free migrations to help with the difficulty of switching property management software
[23:55] Integrations and APIs to work with other software
[26:20] Rentec Direct is cloud-based and can be accessed from a web browser
I couldn’t find software to help me, I assumed there were other landlords with the same problems.
We help property managers with the software and with the rental business.
It’s our goal at Rentec to earn our customer’s business every month.
If you feel that you are an entrepreneur or think that maybe you are an entrepreneur, you should know about Mike Michalowicz and his books. If you are operating through standard accounting, GAAP accounting, or what Mike calls Frankenstein accounting, you are going to want to listen to this episode and how you can increase profitability.
In this episode we are talking with Mike Michalowicz about his most popular book Profit First and how and why you should implement it in your business. I have implemented Profit First into my business and several listeners have reached out and said that Profit First is the secret to the growth of their property management companies.
[03:57] The pain that created Profit First
[06:41] When Mike had to tell his family how he lost all his money being an angel investor
[10:57] How Jason found out about Profit First
[13:03] Why every business owner should apply the Profit First accounting method
[14:15] How Mike is driven by the Profit First system to eradicate entrepreneurial poverty
[15:48] 80% of entrepreneurs are struggling check to check
[18:52] Pay yourself first isn't a new concept, but Mike applies it to business
[21:37] The principles of Profit First and why GAAP is crap
[23:10] Get started by setting up multiple bank accounts and paying yourself first
[25:39] Parkinson's Law - we get the same results with less money
[34:00] How business owners need to take care of themselves financially
[43:53] Mike's other books The Toilet Paper Entrepreneur, The Pumpkin Plan, and Surge
The rich guy next door with the nice house & nice car is just one bad month away from losing it all.
Entrepreneurial poverty is the dirty secret in most businesses (80%) and needs to be eradicated.
No matter how much you make, without putting Profit First, your expenses will eat everything.
The secret to innovation is limitation.
We’re living in a Prime nation, more and more of us receive packages delivered to our doorsteps every single day. But with great convenience comes greater opportunity for crime: Statistics show that mail theft is on the rise.
In this episode, we’re joined by August Cement, tech guru at video doorbell company Ring. You’ll learn how Ring is the future of doorbells, and how creating peace of mind is the most important part of protecting your properties.
[2:20] What is Ring and what are the features and benefits?
[5:00] How Ring protects against package theft
[8:15] Why peace of mind is more important than security
[10:30] Integrating with home automation systems
[13:00] The story of Ring’s conception and why it’s not a gimmicky product
[14:55] Taking neighborhood watch to a higher level
[19:05] How Ring helps property managers and tenants
[26:40] Do you need to be tech savvy to use Ring?
[28:00] Using Ring in extreme circumstances
[29:35] What happens if a thief steals your video doorbell: Ring and customer service
[33:50] Community interaction
[36:00] Responding to a knock on the door from anywhere in the world
Ring is about maintaining a connection to your home, neighborhood, and family regardless of where you are in the world.
Our product has brought to light how common crimes of opportunity occur. Samsung and Apple couldn’t see that, but Ring did.
It’s simplicity that makes things genius.
Want to talk more about how Ring works and if it’s right for you? Email neighborhoods@ring.com to get connected to August and his team.
Picture this: One of your tenants is making dinner and accidentally starts a small grease fire in the kitchen. No one gets hurt, but wading through the homeowner’s insurance claim, the tenant’s security deposit, and all the paperwork and red tape is completely overwhelming. IS there an easier way to deal with tenant mishaps?
Brad Larson, CEO of Larson Property Management and a key player at the National Property Management Network has a solution. Learn how tenant liability insurance protects the homeowner, the tenant, and the property management team and how to begin implementing it in your business!
[3:00] What is tenant liability insurance?
[4:45] How tenant liability insurance protects the homeowner, the tenant, and the property management team
[6:45] Making a revenue by mandating insurance
[7:50] The legality of tenant liability insurance
[12:15] Opt-in rates and conversion rates for renewals
[15:10] How tenant liability insurance saves property managers time
[17:35] Frequently asked questions
[19:10] Admin fees
[20:25] Is there any reason why a property manager wouldn’t want to implement this insurance?
[22:40] Implementing peace of mind and using insurance as a marketing tool
[25:30] The difference between renter’s insurance and tenant liability insurance
The Single-family-home property managers are way behind the times. We’re playing catch up.
Prioritize what you want to implement. Do what’s easy and what will make you money first.
Why do we at DoorGrow do what we do? In this episode you’ll hear an interview with Sterling Davis, a property manager who saw his 60 door business grow to 300 doors in just six months after investing in our Seed Package.
[3:00] How Sterling Davis first got into contact with DoorGrow and why
[5:40] “If you’re serious, you’ll pay it”: Why investing in his business motivated Sterling
[9:30] Creating a brand to sell with the right tools
[12:45] The results Sterling achieved in his first 6 months
[13:25] Portfolio and monthly revenue breakdown
[16:30] Life after the Seed Package: Marriage, business, and finances
[18:15] What would business be like without the Seed package?
[19:15] Sterling’s thoughts on the value of following the Seed Package and getting used to being uncomfortable
[23:50] Breaking down what’s included in the Seed Package and what benefits you can expect from following it
I’m not here to be a property manager. I’m here to get my doors up and make money.
Successful Coachable Mindset: You’re the coach, I’m the player, let’s do this.
How can you expect anyone to value your business and invest in it, if you’re not willing to?
Our goal isn’t just to make money from people. We’re in the business of making a difference.
Are you serious about growing your property management business? Check out our Seed Package, the ultimate foundation for property management growth.
Most property managers are DIY landlords– they have a whole other career besides renting out properties. For the DIY landlord, there can be an overwhelming amount of things to keep track of: Tenants, maintenance services, billing and accounting, and sales. How can we end the disconnect? Enter TenantCloud, a free property management software revolutionizing the way DIY landlords do business.
In this episode we’re talking with co-founder Joe Edgard about TenantCloud is going to completely disrupt the property management software world. Learn how TenantCloud works, the philosophy behind the services they offer, and why the company is one to watch in the next year!
[2:25] Why every property manager needs TenantCloud
[4:30] How free software can be just as profitable as paid software
[6:05] Identifying (and solving) the pain points of DIY Landlords
[9:10] Syncing TenantCloud accounting with Quickbooks
[10:32] How TenantCloud plans to surpass the other property management softwares on the market
[16:30] Pricing and launching for enterprise and consumer customers
[19:38] What à la carte services TenantCloud offers
[24:15] How TenantCloud is an end-to-end solution for DIY landlords
[26:50] Does TenantClould make professional property managers obsolete?
[29:10] Talking about the competition: Cozy
[33:40] Beta testing and focus groups for TenantCloud
TenantCloud allow you to show a property to a prospect virtually from your desk.
We’re thinking big when we talk about disrupting the property management software world.
Everybody wants customization. If you think you’ve got one solution for everyone, you’re wrong.
Rekeying locks on your properties, after the tenant leaves, can get tedious and expensive, inspiring too many property managers to skip the rekeying process entirely, opening themselves up to an uncomfortable amount of liability. Enter Prempoint: A comprehensive messaging, access control, and automation software that allows property managers to manage and grant access to their properties remotely.
In this episode we're chatting with Matt Hartley co-founder and CEO of Prempoint about the newest technology in property management-keyless access. You'll learn what the Prempoint technology is, how it works, and why you absolutely can't run your business without it!
[2:20] All about Matt Hartley’s background and his work with Prempoint
[4:40] The evolution of Prempoint as a company and their mission
[7:35] What Prempoint is and why you absolutely need it for your properties
[11:05] The interaction between tenants and Prempoint
[13:25] How affordable is Prempoint?
[16:00] Subscribing to Prempoint "points"
[18:15] Discussing security concerns with Prempoint
[22:25] How keyless access can build (or destroy) trust with your tenant
[26:35] Being software agnostic: Why Prempoint outdoes the Rently competition
[30:10] Software integrations
[31:45] Why Matt Hartley doesn't worry about copycats
[34:20] Are you in danger of being automated out of your job?
[37:00] Understanding the devices and technology that Prempoint requires
[40:20] Does Prempoint replace Sentrilock for relators that double as property managers?
[44:35] Prempoint's launch date for managers with 1000s of doors
[49:55] Benefits of keyless access for tenants
[57:10] More from Matt Hartley
[58:30] Connecting with the Home app on iPhone
If you’ve ever used Facebook, then you can definitely use Prempoint
Prempoint is a software company. We are hardware agnostic
Want to talk to Matt personally? Send him an email: matthew.hartley@prempoint.com
How do you handle customers who never stop asking for a discount on your services? Learn how Darren Hunter, international property manager trainer and consultant, gracefully manages clients who ask for a reduction in fees and services.
In this dynamic conversation we outline specific scripts and techniques you can use when haggling with clients, reasons why you shouldn't take on every client, and how to build trust between you and a client without smearing your competition.
[4:00] Why a property manager is not like a printing press: Avoiding discounts on multiple properties
[6:30] Having confidence in your value to your client
[8:28] "The Lure of the Main Game": Techniques for when a client wants to price match your management fees
[19:10] How to handle other property managers pricing themselves too low
[23:00] Who are C-Class owners?
[26:00] Making a filter for bad clients
[28:20] Scripts and techniques for dissuading landlords and vendors from asking for discounts
[33:45] The benefits of having different price points for buyers
[37:35] What to say when clients ask for a "small and simple" 1% discount
[45:35] Why you can't afford to take on every client
[54:00] The cycle of suck
[56:30] A final script for battling property manager comparisons
[58:00] Building trust by revealing the "dirty secrets" of your industry
[1:01:30] Why studying Australian property management is interesting for Americans
If you believe you’re worth it, your client will believe it too
A C-class landlord is like a packet of cigarettes. They'll take years off your life
You cannot afford to take on people that cannot afford you
Influence by Dr. Robert Cialdini
“11 Wrong Property Types That You Should Not Manage” article by Darren Hunter
The Pumpkin Plan by Mike Michalowicz
Want more from Darren Hunter? Visit his website, connect with him on Facebook, or check out his resource library.
Learn how Noel Christopher, Senior Vice President of National Business Development at Renters Warehouse, has mastered the art of buying and selling property management businesses.
In this interview with Noel Christopher, you'll learn what big box companies look for when scoping out new properties to purchase, how to property value your company and portfolio, making your business attractive to buyers, and how to find the best buyers for your company.
[2:15] Noel Christopher’s background in commercial real estate
[3:25] Renters Warehouse
[6:05] The most common mistakes buyers make when acquiring a new company
[7:50] How to account for and deal with churn
[9:45] Is churn inevitable?
[11:00] The dangers of closing too quickly and not doing your due diligence
[12:40] How to evaluate a portfolio
[16:40] Creating a plan for taking over a company
[18:00] The biggest mistakes sellers make
[21:45] How to create a business that other people want to buy
[24:00] Utilizing a company’s current employees when you take over
[26:55] Creating an incentive for a business owner to transition into an employee
[30:00] Working with brokerages and accidental property managers
[33:00] Identifying the two types of acquisitions: Companies versus contracts
[35:10] Is Renters Warehouse flat fee pricing applicable everywhere?
[38:00] Finding people that are willing to sell
[40:15] Letting go of the all or nothing approach
[41:40] Should you use a non-compete?
[42:35] How Renters Warehouse structures their transactions
[44:44] Do you need a middleman to handle the deal between two companies?
When you buy a portfolio, you're married to the seller for a little while.
The biggest mistake a seller can make is overvaluing their company.
For people looking to buy a property management company, a great target audience are the brokerages that are accidental property managers.
It's not about the lowest price, it's about the quality of service.
Want more from Noel Christopher? Send him an email at noelc@renterswarehouse.com or connect with him on LinkedIn.
Learn how Daniel Madison,CEO of 4M Property Solutions, a residential property management company uses the techniques he mastered as a corporate sales manager to cold call For Rent by Owner prospects and close the deal.
In this interview with Daniel Madison, you'll learn why cold calling is an essential tool for property managers, how to get over the fear of getting told no, and what to say in your conversations with your prospects.
[01:15] Why is cold calling important?
[03:00] How Daniel got his first 50 doors with 4M Property Solutions
[04:13] Identifying the pain points of for-rent-by-owner prospects
[05:10] Why picking up the phone and calling people is the best way to generate revenue
[06:48] Daniel's fool-proof script for cold calling prospects
[09:06] The best way to get over the fear of interrupting someone
[10:30] How to overcome the biggest challenge in cold calling: Finding a source of information
[13:00] Ideas for types of questions to ask your prospect to identify their challenges
[17:30] The importance of giving value to your prospects
[17:19] They personalize the details of your maintenance call-handling with you
[19:08] Daniel's number-one goal when cold calling a prospect
[21:38] Getting into the groove of cold calling
[22:13] Why you should create (and stick to) a follow-up process for your clients
[24:17] Techniques for keeping track of A-grade tenants
[27:07] Advice and tips for new property managers
[28:20] Lessons learned from hearing "no"
[30:34] How to inspire your team to have the right attitude for cold calling
[32:55] Power phrases to know and use
[36:40] Convincing a DIY- landlord that they need your services
[41:30] Getting started in cold calling
The quickest, easiest way to generate revenue is to pick up the phone and call people.
We all start on the level of suck.
If you're not challenged in sales then you're not going to get better at sales.
Get a free trial and 25% off FRBO lead services:https://pmleads.com/doorgrow
Free download of Daniel Madison's cold calling script: https://drive.google.com/file/d/0B1bo76y1mf3ARFNXMVMzX3lBSjl3cFJlT0RyZVo3bzNXNzFz/view?usp=sharing
Want more from Daniel Madison? Give him a call at (864) 640-8877 or send him an email:daniel@4m-propertysolutions.com
4M Property Solutions:http://www.4m-propertysolutions.com/
Learn about the benefits of joining NARPM from 2016 President, Bart Sturzl. In this interview, we get into the benefits of being part of NARPM, the designations you can earn (and how those can help you grow), and the importance of connecting & collaborating with your peers.
03:15 What is NARPM?
05:09 Should I attend the NARPM conference?
05:55 What benefits does NARPM provide for new property managers?
11:17 Technology is causing the PM industry to grow at lightning speed: here's how.
12:04 How can independent PMs compete with the franchise players?
15:45 The PM industry has several designations. Learn how these can help your business grow!
21:38 Discover the unique insight Bart has gleaned from being president of NARPM.
26:31 Is NARPM the best source of information on how to be a property manager?
29:22 How can I join?
"We want property managers to earn more money with less time."
"Industry designations show you're a step above, and that's all that matters."
"If you want where the rubber meets the road education on PM, NARPM is the place to get it."
The National Association of Residential Property Managers (NARPM) Website: http://narpm.org
Learn how Andy Shinn, former AAA executive and property management business owner, came to create a competitive, maintenance coordination call center in the U.S.
In this interview with Andy Shinn of EZ Repair Hotline, you'll learn about his adventure in seeking to create the premier, maintenance-coordination call-center and how they partnered up with Property Meld.
Take Our Property Meld Maintenance Quiz (and get 15% Off): https://doorgrow.com/maintenance/
01:54 What is EZ Repair Hotline?
03:00 Andy's background at AAA, starting a new PM company, & how maintenance was preventing growth
05:13 How putting his family first lead to creating EZ Repair Hotline
06:28 A savvy method for researching and testing a product/service prior to launch
08:22 How EZ Repair compares to other call center options
09:30 Their two-tier system for fielding calls that includes property management specialists.
10:39 Their connection with Property Meld
13:19 About how they only hire U.S. call reps
14:25 How his executive experience at AAA influenced their processes
16:02 How they handle non-emergency calls and prevent unnecessary service calls
17:19 They personalize the details of your maintenance call-handling with you
17:47 They will even handle getting approvals from the homeowners
18:26 Andy's experience preventing negative property management reviews by providing excellent service
19:22 They will enter work orders into whatever property management software you use.
20:11 How their efficiency & processes allow them to keep their costs lower than the competition.
20:36 Why you should leverage services that have expertise instead of trying to find one person to try to match an entire company.
It is a mistake to assume you can hire a single employee that could outdo an entire company that provides a low-cost service.
Property management vendors replace a single employee with an entire company that has a singular focus, tested systems, and proven processes.
Get 15% Off: https://doorgrow.com/maintenance
EZ Repair Hotline: http://www.ezrepairhotline.com
In this episode, we revisit Property Meld with Ray Hespen after he reached out to let me know about some updates.
Now you can hand off all of your property management maintenance coordination, calls, data entry, etc. to Property Meld!
Take Our Property Meld Maintenance Quiz (and get 15% Off): https://doorgrow.com/maintenance
02:15 Background on Property Meld
03:33 Exciting new announcement from Property Meld
04:47 How much can they actually take off a property manager's shoulders?
05:58 What impact does Property Meld have once implemented?
07:04 The importance of leveraging technology to keep staffing costs low.
07:56 Focusing only on maintenance makes them more efficient at it
08:29 Common questions PM's ask Property Meld
10:04 Their typical 3-stage onboarding process
11:50 How they can help you improve your maintenance strategy and keep you informed
13:10 How they represent your business to your owner/clients
14:03 Is their call center is based in the US?
14:34 How to find out more about Property Meld
15:09 Can Property Meld actually save a property manager money?
16:21 Their competition, including Night Tenders (now SuperTenders) & Appfolio's maintenance.
17:32 Why you should ask yourself if you would rather do maintenance coordination or spend that time growing your business?
19:42 Why you should focus on technology & systems before incurring the expense of hiring.
21:45 Be sure to get a competitive advantage of getting more done with less.
Some property managers try to save money, but really just prevent themselves from making money.
Being cheap to save hundreds of dollars on software costs, doesn't make sense if it translates into spending thousands on staffing costs.
Get 15% off: http://doorgrow.com/maintenance/
Property Meld: http://www.propertymeld.com
Learn from Salvatore Friscia about Snapchat and the benefits of branding yourself an expert & creating a personal image that is real and approachable.
02:09 Being innovative helped him get mentioned in a Zillow article
03:02 Marketing power and attention brought by being one of the first in his niche
03:17 Snapchat = Sexting? How social platforms evolve for business use
04:39 Gary V pushes it
04:55 What Snapchat is (in a way that actually makes sense).
06:24 You're own personal reality show
06:37 Have the intention to make it enticing and fun
07:27 Salvatore's "winning recipe" for social media
09:00 Why the 24hrs shelf-life is a benefit and is attractive
09:44 Importance of transparency in showing continuity throughout your actual day.
11:13 Stop trying to just be "professional" be real & relatable.
12:09 How Snapchat trumps other platforms - less followers, but higher engagement.
12:38 How Salvatore makes Snapchat and other social media fit into his day.
13:58 The concern of "will people find your life interesting"
15:09 Salvatore has others help him snap even during the interview
15:51 Just showcase your actual day, your real life.
16:39 How to get Snapchat followers.
18:23 Who follows Salvatore on Snapchat & does he get business from it?
19:14 How did he get featured on Zillow?
20:18 Be real - Snapchat is about reality - how it compares with Instagram
21:52 Have an intention, a purpose of benefitting your brand
23:57 Want to get good at video? Snapchat is a safe place to start.
26:01 Why we started our own Social Platform #DoorGrowClub for Property Management Entrepreneurs to connect.
27:16 Repurpose your content! Download the Story then push it elsewhere.
"In property management, we're typically slower to catch on to trends than some of the other industries"
"The winning recipe is to have multiple social channels that all push people towards your favorite channel that leverages video."
"Snapchat is an opportunity for you to bring reality to the property management industry and create trust"
"You can fake things on Instagram, but Snapchat is real."
Salvatore's Company: http://SDPmanagement.com
Snapchat: http://www.snapchat.com/
#DoorGrowClub http://doorgrowclub.com