Are you an entrepreneur trying to figure out what you’re going to do with your life? Going from company to company to make money and find something you enjoy? During your career journey, you can learn a lot and build a network of people who come to you one day and ask for your help. You may end up with too much demand and work 80 hours nonstop every week.
Today, I am talking with Taylor Hou, who faced some of the same struggles. Clients kept coming back to him. Why? He discovered that there is great demand for people to clean up businesses’ financial and accounting books. The majority of property managers aren’t bookkeepers or don’t have accounting backgrounds. So, Taylor realized that if clients were willing to pay him to do their bookkeeping as a service, he could start a scalable company. APM Help now offers several services to more than 25,000 units.
[05:15] Property management industry’s accounting duties are regulated via bank reconciliation (bank recs) where every bank account transaction is in some software.
[06:36] 3-way tie out accounts for uncleared deposits and checks, which are liabilities.
[08:42] Instead of one bank account per property, property based accounting keeps track of property balances.
[10:05] Financial diagnostics report lets you troubleshoot to identify where money should be; transfer money to your account - if you don't, it’s in the wrong place.
[11:12] APM Help is currently only available for AppFolio, but offers a level of expertise needed to understand how to do everything compliance related.
[13:40] Software makes bookkeeping easier, but bank recs need to be approved by a broker; software companies can’t take on such liability, but APM Help can.
[14:19] Humans make mistakes; audit your checks and balances by using Google's Eating Your Own Dog Food methodology or an audit program you create.
[15:32] APM Help’s tool goes into your software, grabs necessary data, and crunches numbers related to state compliance requirements.
[16:00] Top issues and red flags include security deposits in the wrong bank account, unaccounted for tenant liabilities, prepayments, and commingling of owner funds.
[18:50] Don’t do or control everything - prevents growth and ability to scale; outsource bookkeeping, accounting, and compliance audits.
[21:42] Accounting and Product Software Expertise: APM Help knows what works and doesn’t to be able to make decisions that move clients forward.
[31:45] APM Help provides three main services: On-demand consulting, daily bank recs, and full charge bookkeeping.
[35:17] APM Help is a resource for those needing to buy or sell a company; performs an audit to determine the financial health of the business - what it's worth.
If you're not doing bank recs, you need to do them.
Pivotal 3-way tie out is the Holy Grail of where you want to start.
Humans make mistakes, but most don't have a gazillion checks and balances.
We eat our own dog food. We're always hiring great people.
Google's Eating Your Own Dog Food
DoorGrowClub Facebook Group
Today, I am talking with Mark Smukler of Bixby about property management and technology. Bixby is a building amenity platform/tenant portal app that helps management be more efficient by streamlining communication, work order management, payments, document storage, and any other component of tenant-related activities. Also, it’s a virtual/mobile concierge for tenants to find services, such as housekeeping, dry cleaning, moving, storage, and public transportation. It’s a win-win for everybody!
[06:40] Bixby’s end-user interface aggregates different tools into a single platform that costs less and is specific to the real estate business.
[08:35] Bixby is modular and flexible with features that you can turn on or off.
[10:08] Bixby’s development principle is that it doesn’t build anything that it’s not asked to build; every single thing in its product was a direct request from a customer.
[11:10] Bixby integrates with smart home devices and creates a world where property managers and tenants have one central hub, instead of multiple apps for a property [12:25] Bixby enhances the property management business, it doesn’t disrupt it.
[13:08] New generations are comfortable with new technology, but older ones still use old technology; Bixby works with your current system - if it’s not broken, don’t fix it.
[14:20] Manage more with less; it’s difficult to gain economies of scale in property management because it is a high-touch, maintenance-oriented business.
[15:25] Bixby cuts down the number of phone calls and time spent communicating with tenants, collecting rent payments, and locating documents.
[16:08] Real estate assets can be monetized beyond rental income; providing housekeeping, dry cleaning, and other services to tenants generates revenue.
[18:52] Set Up a Bixby Account: Go to livebixby.co/signup; Bixby costs $1 per apartment per month, or, if you have fewer than 20 units, it’s free to use.
[20:44] Bixby Branded Application: White-labeled with a client’s logo, color palette, subdomain, hosting, and name.
[22:35] Bixby partners with other businesses, including Coord to let tenants find, reserve, and pay for parking, and TransitScreen for information on public transportation.
Manage more with less
Integration is key; Bixby integrates different features into one platform
Bixby is much more of an enhancement than a disruption
DoorGrowClub Facebook Group
Nobody knows the rental market better than a property manager, and nobody better than a property manager who does real estate knows how to help real estate investors.
Today, I am talking with Sam Kwak about real estate investing as a property manager. Sam’s philosophy is: I don’t manage anything that I don’t own. He prefers to buy properties and manage them or at least understand how the business works.
[03:35] People who don’t necessarily have anything in terms of wealth can become real estate investors, buy properties, and rent them to create income.
[05:25] As a partner, Sam is part of the everyday operation of property management; he’s in the office, sees what’s going on, and does consulting and advising.
[05:58] Property managers need to understand their numbers, cash flow aspects, possible expenses, macroeconomics, microeconomics, and the market.
[06:35] Property managers have a better understanding of where to invest; if they understand the market, they know what to buy to have a healthy cash flowing asset.
[08:09] Education is key; Sam helps new or beginner investors learn a skill set focused on acquisition, negotiation, and understanding business expenses.
[08:45] Acquire properties without using your own capital and credit; learn to acquire properties using the concept of owner financing and raising capital for owner financing.
[11:35] Different states and municipalities have different rules; find an attorney who understands the creative side of investing and how to work with an installment contract.
[14:15] If you understand how to legally, ethically, and morally put together deals, capital finds its way to you; money will come, if you provide value and want to help people.
[15:10] Not all partners are made equally; work with a partner who is of sound mind, values what you do, and has the character to backup their integrity and honesty.
[18:55] Once successful, don’t be blinded by confidence and think you’re invincible; adapt a coachability mindset and become a student again.
[24:10] Some say real estate investing is quick, easy, turnkey money - that pipe dream is oversold and over promised
Anyone can be an investor, buy properties, and rent them to create income.
I’m in property management because I know what goes in it, what goes out.
Money will come, as long as you’re providing value.
Rich Dad Poor Dad by Robert Kiyosaki
Mike Michalowicz on the DoorGrowShow
DoorGrowClub Facebook Group
Are you a property manager? Is maintenance your biggest cost or time suck? Does it keep you from growing your business? You can't expect to grow a company when you're stuck in the operations piece of it every day.
Today, I am talking with Ethan Lieber of Latchel, which helps property managers with maintenance and growth. You can get stuck where you have to hire and hurt your margin or you're growing and just can't keep up. You're behind on work orders and that's not good for anybody. It's not good for your business, tenants, and property owners. Latchel builds solutions and services to try and fix that problem.
[07:10] When thinking about the growth of your business, that comes from the way you acquire your customer scalable and how you get scalable lead generation.
[08:00] Frontend/Backend Scalability: If you're only bringing in new customers and increasing units, there's going to be a problem if your operation can't handle that growth.
[08:25] Latchel focuses on making maintenance scalable; grow without worrying about creating your margin or being able to fulfill any promise you're giving to customers.
[08:45] Latchel realized that technology is support for a process, but it can't be the process; so it offers maintenance software backed by an actual human-based service.
[14:00] 3-step process for a call: 1) Determine if it’s an emergency or not; 2) Send possible emergencies to in-house team member; 3) Send out a vendor/contractor.
[15:35] Companies should create a preferred vendor list/network to send out vendors that they partner with when bandwidth is not available.
[16:35] Human Side vs. Automation: Beautiful thing when you can combine expertise and the human mind with technology; use technology to reduce inaccuracies.
[18:55] Types of transformations of early adopters that implemented Latchel to offload maintenance with phone calls and coordination.
[22:35] Property managers are careful about giving something up; if they want to grow, they have to delegate, give up control, and use a vendor network.
[26:10] When Latchel works with any customer on taking over maintenance, Latchel builds boundaries to work under and sets clear expectations.
[41:00] Latchel makes life easier for maintenance coordinators by earning trust; transparency becomes important, especially through documentation.
[44:50] Latchel works with property management software through an add-on service, but is looking into API connections to integrate with existing systems.
Latchel builds technology to make its human process more efficient
Latchel frees you up to grow but keep your margins healthy
It’s a beautiful thing to combine expertise and the human mind with technology
DoorGrowClub Facebook Group
As an entrepreneur, how can you build a sizable, significant business? Is there a problem you can solve for customers? Save them time and money? If you can offer a good, quality product and there's good margin in it, then you may have a great idea for a new business!
Today, I am talking with Thad Tarkington of FilterEasy. He describes how his company started due to personal experience with filter issues. He had no background in air filters, but saw an opportunity and jumped at it. After all, entrepreneurship is like skydiving without a parachute, and sometimes you have to make the parachute on the way down.
[05:08] How Thad went from being a solo-preneur to having a team; started his company in 2012 with one partner and now has almost 120 employees.
[06:25] You don't know everything when you start a business, so find good mentors; the dollar amount you pay them is miniscule compared to your company’s ROI and growth.
[07:06] As an entrepreneur, you start by doing everything; you slowly hand off responsibilities/tasks to allow your company to grow and flourish.
[07:25] FilterEasy focuses on who it hires; must have an aptitude and skill for the role, fit in culturally, and be a self-starter.
[11:38] Trust the process and that things are going to work out in the long term; be resilient and adaptive to keep moving forward, even if there’s roadblocks.
[15:37] Trust other people when you hire them for a job; they may not do things the exact way you would, but they could come up with things that are better and unique.
[17:15] Interruptions are costly; eliminating interruptions is critical for you, your team, and your company to progress.
[19:38] Done is Better than Perfect: To accomplish something, you have to get it done; nothing's ever perfect in business, and businesses are not perfect.
[24:08] Culture: When employees are excited, energized, and passionate because the company is growing fast, it's hitting sales numbers, and new projects are successful.
[31:05] If you're complaining about your team not being motivated and you don't have the business that you want right now, you're not the person to lead it yet.
[37:30] Lead-gen and getting a business going can be challenging; there needs to be constant innovation and improvement.
No background in air filters, just saw an opportunity and jumped at it.
Entrepreneurship is like skydiving without a parachute.
Slowly hand off responsibilities to allow your company to grow and flourish.
Entrepreneurs see opportunities everywhere.
Thad Tarkington’s Email
Provide Value to Your Clients with FilterEasy
DoorGrowClub Facebook Group
Property management is like a Rubik’s Cube - you solve one side, which makes you feel great. Then, you go onto the next side. When you fix it, you mess up the first side. How do you get all sides to work together?
Today, I am talking with David Kerner of TouchPoint Property Management. David sold real estate for about 15 years before investing in his own doors and handling rentals. He shares some tips on how he developed systems and processes to grow his number of doors.
[03:48] Difference between doing real estate and property management; going from cold calls to find new business to rental properties that offered residual income.
[04:55] Vertical income streams: Managing properties could feed David’s sales business, and the sales business could feed his property management business.
[05:20] Property managers fear realtors getting into and doing damage to the property management industry; David was successful because he had a mindset from both sides.
[08:15] David successfully transitioned from being a realtor to a property manager by knowing that if he did them both, he would not be great at one of them.
[10:10] Once you make a decision, be 100% in to ensure success and execute it.
[11:21] David learned everything he could to know the right and wrong ways to do things, and made himself available to customers.
[12:40] He systemized and automated processes; many software programs are available to help make property managers more efficient and accountable.
[14:36] David used DoorGrow’s Seed Package to improve his Website and leads; landlords go on the Internet to find property managers.
[18:20] People perceive property management as a commodity/service; the challenge is to shift that perception to being about relationships and taking care of clients.
[19:49] David was able to break his first 100 doors in just a year; does it get easier after that milestone? Depends on you because there’s new challenges every day.
[22:45] David is now at the point where the number of doors is not the main factor - profit and smoothness of his business are key.
[23:25] David attributes much of his success to the Seed Package to help him develop a company name, brand, Website, and sales process; he started creating revenue quickly.
[27:20] Getting help vs. doing it on your own; if you’re not paying for something/someone or have a plan to follow, it takes much longer to get things done.
[32:40] David’s biggest challenge is the entrepreneurial side; he wants to improve collaboration and customer service for his business to be profitable and run well.
[33:45] David recommends making your business more efficient and systemized; focus on entrepreneurial and sales tasks, rather than day-to-day tasks.
[36:50] David started implementing automation, checklists, and other systems right away; be consistent and focus on getting things done.
Once you make a decision, be 100% in to ensure success and execute it.
Shift the perception to being about relationships and taking care of clients.
Does it get easier? Depends - there’s new challenges every day.
TouchPoint Property Management
National Association of Realtors
DoorGrowClub Facebook Group
What are four pillars that successfully build and grow a business? Transparency, value propositions, stellar customer service, and aggressive pricing.
Today, I am talking with Scott Brady. Despite being told by everyone to not become involved with the “Toilets, Tenants, and Troubles” of property management, Scott started Progressive Property Management in 2012. In a short period of time, he has grown his business phenomenally by rebuilding his website, marketing, and company to target self-managing investment property owners.
[05:38] Seekers are just starting out in property management; they get stuck by doing everything on their own instead of using marketing dollars effectively to hire others.
[07:23] Scott built his company of the four pillars to make the floodgates open for generating leads; set up virtual offices and branches to help handle workload.
[09:05] Real estate used to be a structured business, so the challenge was knowing how to get doors; SEO and ads are used to get doors for realtors to buy.
[11:11] Scott is willing to pivot quickly when things are not working; focusing on resolving problems by adding doors, agents, and investors has helped him deal with changes.
[14:35] Conducting product research and talking to clients is important to know what they want and need; serve as resource with connections to help them with pain points.
[17:55] Embrace mutual affection marketing; clients need to know, like, and trust you before they will hire you - build and maintain those relationships.
[19:20] Legislation is a constraint that drives innovation and need for property management; turns you into being more relevant to property owners and landlords.
[20:37] Property management is a complicated business, position yourself as an expert.
[21:56] Spend money on what works for you - whether it’s seminars, direct mail, etc.
[25:13] To get your first 100 doors, test different marketing channels to find out which gives you the best return and connect with experts, such as Scott, for pearls of wisdom.
[28:50] Property management offers multiple streams of revenue: Management, real estate, maintenance, etc.
[29:25] Create market share to help people recognize problems and how to handle them.
[36:08] Growth is not the problem - it’s covering marketing area geographically, and finding the right agents and training them properly.
[36:45] In-and-Out Model: Hire the ding-and-dented to sell them on a path of opportunity - going from front desk to branch manager; no fear of losing employees.
[40:30] Create marketing messages and lead magnets that pivot to: Do you....
[46:13] Constantly try to improve your marketing, sales, processes, and operations; embrace the suck by trying something new and different.
How hard is property management, right?! I’ve made every mistake in the book.
My definition of Hell is 100 doors.
Businesses only exist to solve a problem. We get paid to solve and fix problems.
Progressive Property Management
Scott Brady Email
Bluefishing: The Art of Making Things Happen
DoorGrowClub Facebook Group
Is it possible to integrate real estate and property management?
Today, I am talking with Jay Berube of the Encompass Group about property management being a great lead generation machine for realtors.
[02:45] Jay realized that asking questions and listening to answers is the most important part of sales.
[03:10] Jay helps people figure out what’s the best situation for them; sell a property, rent it out, or get a reverse mortgage.
[04:00] Sharing and giving value; give people value first to build trust and for them to know what you have to offer.
[04:30] Difficult to have both real estate and property management and produce at a high level.
[05:55] People usually don’t know what they need, but think they know what they want.
[07:40] Being in alignment with your clients/lead is key to sales; create a win-win.
[08:50] Velvet Hammer: Be transparent by delivering the brutal truth in a good way.
[10:30] People’s initial reaction is to avoid realtors; many view them as annoying and pushy - just hungry people who want to get the next deal.
[11:28] Property management could be the ultimate gateway drug because of its perception of being high trust, service, and relationship.
[12:30] Only takes 60 hours to get a license to sell someone’s most valuable asset.
[14:30] All realtors are the same; have a unique selling proposition.
[15:35] Easy to get into real estate and property management; but the liabilities, risks, and challenges can be large.
[16:27] Buyers start their home search online; use Zillow, Trulia, and other sites.
[21:40] Know and have a good property management referral source and know how to sell its products; be prepared and nurture relationships.
[29:00] Some people take hours to make a sale/close a deal; only takes Jay 20 minutes.
[30:25] Sales can be taught (asking questions, tonality, and alignment).
[36:55] Jay’s 90-day course results in more income and saving time.
Asking questions and listening to answers is the most important part of sales.
Being in alignment with your clients/lead is key to sales.
It only takes 60 hours to get a license to sell someone’s most valuable asset.
DoorGrowClub Facebook Group
Are you into technology? Do people always ask you to help them set up their tech devices? Do you take on roles and jobs where technology helps industries?
That’s how Sean Miller from PointCentral describes himself. He was able to take home automation and build it into an enterprise platform for residential property managers to run their businesses better and provide an amenity that residents want.
[02:48] PointCentral focuses on residential property management; its software is designed for short- and long-term single- and multi-family property managers.
[03:21] Some vendors target both property management entrepreneurs and consumers, winding up undercutting and competing with the property managers.
[04:47] Convenience and operational benefits to home automation technology.
[05:05] PointCentral built an operational benefit with its system for property managers and owners; that’s the base of the ROI, and the rest just adds to cash flow.
[05:15] Operational benefits and savings through locks and history of who is on the property; addresses vacant property risks.
[06:45] Thermostats and energy settings for when tenants are home, property is vacant.
[08:45] Keyless-entry offers greater security because floating keys risk is eliminated.
[09:05] PointCentral home automation integrates with various systems and sites.
[10:18] PointCentral uses cellular lines ( AT&T and Verizon) for 99% uptime reliability.
[12:49] PointCentral is a wholly owned subsidiary of Alarm.com; gets access to robust architecture and policies.
[14:08] Home automation is popular right now, but most startups fail; PointCentral will be in business down the road.
[14:33] Leveraging and access to data; handling security and data privacy issues.
[17:25] Data is analyzed to determine how property managers can do their job better and what information can be useful for problems.
[19:56] PointCentral integrates with Property Meld to coordinate maintenance.
[20:35] Onboarding process to get a property set up; cost is around $125-150.
[23:12] Basic hardware package, which includes a cellular hub, thermostat, and lock, costs about $550.
[24:08] Property manager could charge a fee to have a connected home (turn into profit center) and have language in the lease to prevent changes to the equipment.
[24:22] Cost, operational, and other benefits of home automation with PointCentral.
Home automation offers convenience and operational benefits.
The rest is just gravy and creates a positive cash flow.
PointCentral connects and integrates its home automation.
DoorGrowClub Facebook Group
Years ago, James Alderson of OnSight PROS witnessed challenges in property management. So, he decided to step in and step up to help property managers get better at what they do.
James wanted to develop a user-friendly and easier way for tenants to do walkthroughs. The missing piece is a new app called MyWalkThru.
[06:10] MyWalkThru app nags tenant to do walkthrough.
[06:40] 3 options on MyWalkThru: Doors are 1) not applicable, 2) observed with no problems, or 3) picture and comment of problem.
[08:15] App solves various problems by making sure tenant does what they need to do.
[08:39] MyWalkThru is contribution focused and fills a need.
[08:56] How does it compare to other software? MyWalkThru is tenant-driven.
[09:50] Add a charge to cover cost of MyWalkThru for property managers.
[10:16] When a tenant is set up in MyWalkThru, tenant info (as well as property info) stays in app account.
[12:15] If you want to be a MyWalkThru member, you have to be given permission.
[12:36] DoorGrow listeners, try MyWalkThru for free to test it and offer feedback.
[13:28] MyWalkThru uses the OnSight PROS logo; separate but related.
[15:00] MyWalkThru can be used for both move-ins and move-outs.
[15:35] All reports are identical to assist objectivity and offer summary of issues.
[19:20] MyWalkThru is for the tenant; that’s the difference between OnSight PROS.
[19:40] MyWalkThru was just released; only are few are using it; there may be glitches.
[21:35] Benefits of signing up for new software; shape it with your input.
[23:30] Future Possibility: Ways to connect with tenant and automatically send them info.
We’re changing the property management industry and its reputation.
Security deposits should just to go away because disputes are a real issue.
Don’t have time or interest in doing inspections? Time is better spent elsewhere.
Offloading Property Management Inspections with OnSight PROS
MyWalkThru on Google Play Store
DoorGrowClub Facebook Group
Do you feel misunderstood? Not like others? Crazy confused? Alex Charfen knows how you feel. He knows what you need to hear. Begin your journey of personal development.
Get a business coach to help you out. They can help you increase your revenue, and make your life easier. Alex is my business coach, and in today’s episode, we talk about the entrepreneurial personality type (EPT). Successful people are stubborn and obsessive. They don’t give up. The most successful people in history are different and unique.
[10:20] Everyone around you are aliens; or are you the alien?
[11:08] Garage sale game changer; act of generosity.
[12:41] All an entrepreneur needs is someone to encourage them a little bit.
[13:40] Use social media to encourage people; feel return of momentum.
[15:10] If you feel broken as a business person, learn how to have relationships and build each other up.
[17:50] EPTs are asynchronous learners and developers.
[18:50] Most available coaching is disappointing and abusive.
[19:58] 4 Types of Personalities.
[20:30] Caretaker: A need to serve; do you enjoy changing bedpans?
[22:10] Communicator: Carries on oral tradition; do you enjoy small talk?
[24:05] Coordinator: Love organization, memorization, and rules; do you enjoy being on committees?
[26:00] Entrepreneur: Evolutionary hunter who changes things and makes others uncomfortable; can you turn it off?
[28:20] Go out, be who you are, and make the change in the world you’ve always known you could.
[29:24] “All great truths begin as blasphemies.” - George Bernard Shaw.
[30:05] Every great visionary was crazy until they sold something.
[30:15] If the world is fully supporting you, telling you that you are right, and saying everything is going to be ok, then you are probably not doing anything very important.
[30:40] Challenge beliefs in yourself; hook onto contribution and momentum.
The most successful people in history are different and unique.
All an entrepreneur needs is someone to encourage them a little bit.
Entrepreneurial personality types are asynchronous learners and developers.
Entrepreneurial Personality Type book
DoorGrowClub Facebook Group
Today, I am talking to Andy Propst, who runs a national single and multi-family property management company called HomeRiver Group. The company is on a mission to become the first nationally branded property management firm in the country.
For Andy, he can’t grow his company fast enough and big enough. Learn more about what Andy did to grow so many doors, so quickly.
[10:00] HomeRiver Group shifted to multi-family properties for rent investor products.
[11:20] Biggest opportunity for property managers is to build their own products.
[11:55] Rental demand is high, but supply is shrinking, which is bad for property managers, investors, and renters.
[12:30] HomeRiver Group is a matchmaker; it bring investors and builders together for build-to-rent projects.
[14:38] Builders want to build, so it is not difficult to get a builder to pay attention to you; find stats and information that tell a story and generate interest.
[16:50] If you want to grow your business and be successful, you can’t be passive.
[18:15] HomeRiver Group follows a specific workflow to make things happen; then people come to them.
[19:45] Property managers control the revenue, top line, expenses, and net operating income; you’re there to make a sale and be there after the sale.
[21:25] If you are never failing, that’s because you are never trying new things; don’t be afraid to fail.
[22:30] As a property manager, you know what tenants want and what should be done to produce the most revenue and income.
[24:00] Marketing is identifying a need and then supplying whatever it is to fit that need.
[24:40] Timing and difficulty of expanding to new markets; need the right people to execute tasks.
[27:40] Don’t consider expanding unless you are looking for a lot more work to do and get a lot less more money up front; eventually it will pay back, if you do it right.
[32:00] Identify companies to merge with; those with a similar culture, and forward thinkers who are adaptive and open-minded.
[37:20] Big companies vs. mom-and-pop shops: There’s room for both.
[39:25] Big differences exist between franchises and HomeRiver Group; franchises struggle with growth.
[53:20] Stop running your property management company as a paycheck model business; figure out how to build your business to sell it.
Some days I hate it; most days I love it!
Biggest opportunity for property managers is to build their products.
HomeRiver Group is a matchmaker; it bring investors and builders together.
The Art of Buying and Selling Property Management Companies
DoorGrowClub Facebook Group
Property management business owners sometimes have to deal with hoarding problems. They may have tenants who pack the property full of stuff and then have to deal with the costly cleanup afterward.
Today, I am talking to Marnie Matthews, a licensed clinical social worker specializing in hoarding and clutter. She is intrigued by the mental health piece of hoarding, which has many factors tied into it. To Marnie, success is when everybody wanting help has easy access to affordable and professional help.
[04:36] Types of Hoarding: Hoarding disorder, hoarding behavior, and excessive clutter.
[05:10] Hoarding Disorder: Somebody who has extreme difficulty/inability to let things go.
[05:33] Hoarding Behavior: People who can address their hoarding after handling mental health issues, such as depression.
[06:01] Excessive Clutter: Depending of the level of clutter, someone may have hoarding disorder or just be chronically disorganized.
[06:28] Clutter you can clean up quickly and easily; does not impact daily living.
[06:48] Those with hoarding disorder believe they can clean up their home, but they are actually unable to do so.
[07:05] Brains of people with hoarding disorder work differently; making decisions is difficult, and then frustration and anxiety builds - nothing is accomplished.
[07:57] During crisis case management with property managers, Marnie focuses on safety issues.
[08:16] Uniform inspection checklist is a tool used to help people pass inspections.
[09:28] Remember: Hoarding is a mental health issue; be compassionate, but continue to handle liabilities and responsibilities.
[10:04] Harm Reduction Approach: Have a conversation about safety and reducing risk rather than the clutter.
[11:26] Anyone with hoarding issues needs to get mental health treatment and support, but resources are limited.
[11:56] Typical Response: Property managers don’t know what to say because hoarding situations are overwhelming, but don’t threat tenants or tell them to get rid of everything.
[14:30] Tenant may not achieve 100% of what’s required, ask them what happened to identify their habits - don’t try to control them, but inspire them.
[15:38] The Clutter Movement provides consultations and trainings for property managers, as well as services and support for tenants and their family members.
[18:30] Hoarder’s Mindset: What does it feel like when someone goes through your personal belongings to determine what is and isn’t important?
[21:00] Things people are holding onto are about their identity; it may look like trash to the rest of us, but those things mean something to the hoarder.
[23:45] Marnie asks two questions: If you woke up tomorrow and your home was as you wanted it to be, what would your life be like? What is something you want to do that you are not doing or can’t do now because of the clutter?
[26:09] People are reward-motivated; don’t focus on the problem, but something that will move them forward.
[27:58] Addiction aspect of hoarding could be due to a lack of connection; hoarding is not an addiction, but associated thoughts/behaviors need to be treated like an addiction.
[31:00] Difference between hoarding and squalor; hoarding regards possessions, while squalor focuses on unsanitary environmental conditions.
Hoarding is a chronic, progressive disorder. It only gets worse when triggered.
During crisis case management with property managers, focus on safety issues.
Property managers don’t know what to do; hoarding situations are overwhelming.
The Clutter Movement Individual Support Facebook Group
The Clutter Movement Family Support Facebook Group
TED Talk: Everything You Think You Know About Addiction is Wrong
DoorGrowClub Facebook Group
Do you ever change your home’s air filter? Do you know when or how often you need to change it? Do you just forget about it, or are you just lazy? Do you know what size filter you need? Thanks to FilterEasy, there’s no excuse to not change it.
Today, I am talking with Mark Brandt from FilterEasy, which was created to meet a simple need - help homeowners remember to change their home’s air filter and what size of filter to use. Mark helps initiate and grow the property management side of the business.
[04:10] Property management side of FilterEasy is based on a simple concept in service: Starts with a need.
[04:50] Tenants are even more less likely to change the air filters because they do not have a vested interest in the property; FilterEasy makes it easier for them.
[05:33] This service helps property managers and their team during inspections and walkthroughs to hold the tenant accountable and provides a burden of proof.
[06:28] FilterEasy listens to property managers about the need and awareness to motivate tenants.
[07:55] Many companies do not understand the industry and create a product before conducting research.
[09:30] After implementing FilterEasy, the property managers, owners, and tenants appreciate the convenience, saving money, and other benefits.
[11:45] Not changing the air filter can cause serious and costly damage to repair.
[13:30] Can you guarantee that 100% of tenants will change the air filter? No, but FilterEasy sets you up for success by increasing the number of tenants who will.
[18:00] Such programs and companies are becoming necessary to provide more operating capital to grow and competitive advantages.
[18:35] When owners compare companies, what is the differentiator? What sets you apart from others? Why should they choose your company?
[19:15] Property managers can use reminders to let tenants know they are giving them a gift and taking care of them; generates a positive perception and produces results.
[25:00] Grow with the times and culture to provide awesome service to people; compete on value.
Grow with the times and culture to provide awesome service to people.
These programs provide operating capital and competitive advantages.
What is the differentiator? Why should they choose your company?
Mark Brandt’s phone number: 864-770-3909
Mark Brandt’s email
DoorGrowClub Facebook Group
Make your own decisions rather than dealing with unnecessary pain and doing what the world dictates. Find a way to hit the inspiration point, rather than the desperation point by focusing on four cores!
Today, I am talking with Preston Brown, who started in real estate as a home flipper. Now, he has seven divisions of property management: Roofing, real estate, brokerage, home flipping, hard money lending, title company, and home warranty insurance. He invests in business, but also in his body and mind.
[03:28] Preston found DoorGrow online when looking for franchise property management opportunities.
[04:20] Cycles, models, and understanding the dynamics of various industries.
[04:50] Impact of embezzlement on Preston’s businesses.
[06:00] Low cost of DoorGrow services that offered so much value and showed how to avoid the Cycle of Suck.
[07:55] Preston did a study to show clients their options and costs with his companies vs. other companies; shows differences between price and value.
[10:11] Preston increased pricing, got rid of bad doors, and lowered operational and staffing costs.
[11:30] Launch a business at the right size; bigger is not better, profitable is better.
[13:30] Psychology is linked to success; you don’t buy a product, but you buy a feeling of certainty and comfort that you could achieve success with the product.
[14:50] Four cores people think about to create a natural alignment: Spirituality, physical fitness, family and love, and money and wealth.
[16:30] Happiness: Life condition equals blueprint; progress makes you happy.
[19:55] Preston systematized all of his businesses using DoorGrow processes.
[23:45] Don’t focus on getting rich quick; to have the best business in the world, deliver more value than any competitor.
[27:20] Your body is a direct reflection of your business.
[30:00] What’s your identity in each of the four cores? Notice, appreciate, and believe.
[32:10] Try this tactic: Use one hour each morning to program your body and mind to attract everything you want.
[34:45] Positive vs. negative emotions in business.
[36:37] Secret to Success: You cannot revolutionize, you have to evolutionize.
[38:35] Do 80% psychology and 20% strategy for all parts of your life and business.
[40:05] Be proactive, rather than reacting and putting out fires.
[42:45] Life hits everyone; you will face problems and challenges in life and business.
[46:45] State value and build rapport; out pace strategy problems using psychology.
[52:25] Focus on the four primary needs and two divine needs.
Launch a business at the right size; bigger is not better, profitable is better.
Lose your ego to gain a profit.
You buy a feeling of certainty and comfort that you could achieve success.
Preston Brown email
DoorGrowClub Facebook Group
Providing proof of funds is a problem that most property management companies face with tenants. Every property manager and landlord can benefit from better data faster. Technology can change the game of verifying tenants.
Today, I am talking with Robert Hsu, of FinRET, about how you can use the latest technology to digitally verify your applicants’ income, account balances, and cash flow. He is someone who has combined his two passions and areas of expertise, real estate and technology, into an entrepreneurial business.
[06:20] Issues property managers deal with regularly.
[06:45] How FinRET works with banks to prevent fraud.
[07:10] FinRET instantly provides better and more data.
[07:35] How FinRET gathers financial data from smaller or international banks.
[09:04] FinRET is able to get expense and cash flow data that was previously inaccessible or difficult to obtain.
[10:07] It allows you to make informed decisions about whether to accept an applicant.
[10:14] FinRET will eventually let you score applicants to make decision-making quick.
[10:58] Benefits for renters: A seamless process.
[11:35] FinRET saves property managers time because financial verification was the slowest part of the process; went from being a 5-day process to only 15 minutes.
[12:33] FinRET plans to create integration partnerships in the future.
[13:34] Property management software leaders in the residential space.
[14:34] How to contact FinRET.
[15:00] FinRET’s pricing structure is per use/application basis.
Every property manager and landlord can benefit from better data faster.
Technology can change the game of verifying tenants.
FinRET instantly provides better and more data.
DoorGrowClub Facebook Group
DoorGrowClub Mastermind Group
Do you come from humble beginnings? Only have a high school diploma? Want to own and operate your own apartment buildings and real estate firm? Anything is possible. Just ask Bryan Chavis!
Today, I am talking to Bryan, who is a best-selling author and founder of The Landlord Property Management Academy. He is the author and creator of one of the top online property management designation certifications. Also, Bryan has a blog for real estate professionals and is a property management coach for Keller Williams. He coaches real estate professionals and consults for large housing authorities.
[02:35] Bryan’s background in multifamily real estate leading to a school and speaking.
[05:40] From being a poor student to transitioning to be an entrepreneur.
[07:37] Writing a manual while working on a job to figure out how things work in property management.
[09:53] Building a brand, partnerships, and relationships to manage and own properties.
[10:34] Absorbing, learning, and teaching property management.
[12:08] Turning the manual into a book and more books.
[16:13] Fundamentals was the focus of the first book: Buy It, Rent It, Profit!
[17:04] Second Book: The Landlord Entrepreneur is a follow-up with additional details.
[17:38] What Bryan is working on these days; buying, renting, profiting - practicing what he preaches.
[18:18] 5 phases to become an owner and make money: acquisition, implementation, stabilization, growth, and exit strategy.
[22:42] Acquisition: Understanding how to evaluate a property from an income approach, cash basis, and how to evaluate from an income approach.
[22:57] Implementation: Hard and soft systems needed to operate properties; What systems am I using? How am I going to operate?
[23:38] Stabilization: Maximizing income and minimizing expenses.
[24:00] Growth: Growing the asset’s value.
[24:06] Exit Strategy: Determine what you will do with a property.
[24:47] Be an owner, not a steward.
[25:94] Where to start to learn more - DoorGrow.
[26:54] Advice for struggling entrepreneurs: restart and reboot.
[27:19] How Bryan restarted and rebooted after medical issues; opportunities that help you grow as an entrepreneur.
[28:58] Being passionate and making a difference.
[32:50] Resilience, spirituality, and faith.
[34:34] Is your business blessed to go where it needs to go?
[35:55] Spending too much time on your business and becoming ineffective.
[37:00] Client-centric vs. self-centric business; a life of purpose and meaning.
When you’re an entrepreneur...it’s something that’s in your DNA.
I always wanted to own the apartment building, what did it take?
The key to any business is the franchise mindset.
The Landlord Property Management Academy
The Landlord Property Management Academy on YouTube
The Landlord Property Management Academy on Facebook
Buy It, Rent It, Profit! Make Money as a Landlord in ANY Real Estate Market
The Landlord Entrepreneur: Double Your Profits with Real Estate Property Management
Many elements of the leasing process are very painful for property managers. Today, I am talking to James Barrett and Calvin Davis of Tenant Turner, a property management tool and resource that helps property managers manage their tenant leads, schedule showings, and put the leasing process on auto-pilot.
Tenant Turner removes burdens for property managers in a way that’s elegant and simple. This allows them to focus on higher value-added activities, such as growing their business and adding doors.
[02:44] Tenant Turner was created out of necessity to put properties on the market.
[03:12] Simplify and improve leasing process to get feedback, reliable tenants.
[04:43] Tenant Turner focuses on people and simplicity backed up by support.
[06:02] Client-centric vision puts you in alignment with what customers want and need.
[06:53] Success was difficult initially, but became easier - it was a big, but good challenge.
[07:55] Look to experts and customers in the industry for advice and guidance.
[08:29] Determining if someone is a fit with Tenant Turner.
[11:00] There are no shortcuts to success, including bringing on the right clients.
[12:21] Biggest questions and concerns regarding Tenant Turner.
[12:43] Property managers are hesitant to give up control of tenant leads.
[13:35] Software, such as Tenant Turner, is becoming a necessity; it’s not if, but when to plug it in to focus on growing doors and giving owners the attention they need.
[14:00] Tenant Turner size is based on a company’s growth goals.
[15:42] Building technology into processes for improvement.
[16:25] Old school vs. new thinking and possible solutions; change is challenging.
[18:47] Time, savings, and other benefits of being onboard with Tenant Turner.
[20:00] Unaccompanied showings trend in various markets.
[23:05] Future of Tenant Turner: New technology and integration partnerships.
Many elements of the leasing process are very painful for property managers.
Tenant Turner focuses on people and simplicity backed up by support.
There are no shortcuts to success, including bringing on the right clients.
Calvin’s Email
DoorGrowClub Facebook Group
There’s a lot of stress that comes with moving. Push tenants toward the finish line by getting utilities turned on quickly. Today, I am talking to Wes Owens of Citizen Home Solutions, a free concierge service that facilitates utility services for new residents moving into a property.
Property management companies experience pain points and challenges with tenants setting up utilities. They struggle with getting utilities quickly set up in a tenant’s name and placing necessary equipment. So, Citizen Home Solutions engages directly with tenants and takes the stress out of the process.
[03:48] Before and after results of using Wes’ company to save time and money.
[04:52] Tenants’ appreciate the company’s facilitation help and process.
[06:22] Growth Goals: Reach nationwide - outreach everybody.
[06:49] Citizen works with major cable, satellite, Internet, phone, and security providers.
[07:10] Property managers’ biggest questions and concerns about Citizen’s services.
[08:15] Onboarding process for property managers.
[09:00] Citizen only needs W-9 and logo to create a portal for property managers.
[09:20] Property management company provides Citizen with tenant information.
[09:35] Citizen contacts tenant about setting up utilities.
[09:45] Working with Citizen is a value-add piece that sets companies apart.
[10:07] Citizen pays a percentage of what it earns to property management company.
[10:30] How Citizen makes money from the utility companies.
[11:30] No agreements or contracts, only outstanding work required.
[12:13] Percentage of payout for clients.
[12:44] Citizen’s focus on growth.
[13:00] Property management mentors.
[13:24] Citizen doesn’t offer some services, but offers tools and does what it can to help.
[15:15] Citizen follows up with and educates clients on services.
[15:55] Updates and check-ups provided by Citizen.
Moving and making sure everything is set up is stressful.
Growth Goals: Reach nationwide - outreach everybody.
Zero cost to implement, zero cost to the tenant.
Wes Owens phone is 214-493-2010 or wowens@citizenhomesolutions.com
Citizen Home Solutions’ Dashboard and Onboarding (password:letmein)
Brad Larsen Podcast with Wes Owens
Tenant Liability Insurance for Property Management with Brad Larsen
Steve Rozenberg and Pete Neubig of Empire Industries
Kevin Knight of Liberty Management
DoorGrowClub Facebook Group
In this episode, I am talking to Todd Breen of Virtually Incredible about how to spend less time leasing to make more money and grow your business.
Todd manages a property management company and opened an outsourcing solution called Virtually Incredible. It was designed to help property managers spend less time leasing and spend money on a good marketing campaign, business development manager (BDM), and call center to begin the customer journey on the right foot.
[02:27] Business owners devote too much time and resources to leasing properties.
[02:47] Putting less effort into leasing and more into listing can free up energy to grow your company.
[03:54] Analyze and monetize your leasing process.
[04:33] What would a customer’s experience be with your company and what do you need to do to improve?
[05:00] Using the traditional model, business owners tend to charge an owner a tenant placement fee and share some of that with a commissioned leasing agent.
[05:51] The traditional model is inefficient and expensive.
[06:41] If answering a call isn’t your top priority, and booking/showing isn’t something you enjoy doing, then learn how to efficiently monetize leasing calls or inquiries.
[07:17] Utilize mystery shopping to gain data about your customer’s journey.
[09:05] Companies do not grow because they’re not answering their phones, or they’re preoccupied when they do.
[09:19] Specialize your outsourcings and upgrade your technology for your showing process to devote more energy to answering new owner calls.
[10:33] Employees who answer your leasing lines should be Fair Housing trained and certified to properly respond to questions.
[11:45] The most significant benefits to offloading leasing calls include a quiet office.
[13:26] Be good at hiring, training, supervising, managing, and motivating staff.
[14:33] Look at how much it costs you to lease a house. Add up commissions, staff hours to answer phones, mileage expenses, and hours spent showing houses.
[15:05] Do the same analysis on your customer acquisition cost in getting a new customer to manage their house.
[15:38] Are you doing your best job leasing? Can you improve that to free up time and resources to grow your business?
[17:42] Cut the number of days to market to rent faster, do a great job renting, and have higher client retention.
[18:35] Staff that complies with Fair Housing lowers legal liability and provides a greater peace of mind as a business owner.
[19:23] Don’t be afraid to outsource tasks to an outside team.
[20:32] Answer after-hours calls to increase your efficiency and reduce days on the market.
[22:10] Whatever you’re spending in money on leasing, spent that on marketing for new owners and hiring a BDM. Reallocate funds toward growing your business.
[22:52] You should have software to facilitate calls and showings, such as Tenant Turner, Rently, ShowMojo, or Mock Rentals.
[23:55] Make sure the call center you select is as good as you hoped. Get a dedicated leasing hotline.
[25:22] Publish your rental standards in each rental listing. Describe what is needed to rent from you.
[27:24] Have leasing agents who have the listings, but also a leasing director that serves as the leader.
[29:00] People who are 35 and younger don’t call. They book their showing online. If you don’t have an online showing option, get one.
[29:45] There’s got to be a way to reach out to the people who want customer service and a way to reach out to people who want technology.
[30:21] Shift your focus, time, energy, resources, and staff toward growing your business.
[30:58] Utilize videos to accelerate your marketing process, reduce your days on market, reduce phone calls, and reduce your showings.
Don’t be afraid to outsource tasks to an outside team.
That’s the real benefit, spend less time leasing and more time listing.
Reach out to people who want customer service and who want technology.
Virtually Incredible Website
Virtually Incredible email
Virtually Incredible phone number: (561) 693-2648
Do you know your credit score? What about your pet? Does it have a score? Today, I am talking to John Bradford, the “Pet Guy.” John came up with the idea for PetScreening.com by combining his skillsets of being a property manager and pet lover.
There’s two “Ps” that cause property damage - people and pets. Property managers need to know how to handle pet diligence and the increasing population of “assistance” animals - sometimes involving pet owners who try to circumvent policies of property management firms.
[05:00] Service animals is a topic that sparks property managers’ interest.
[07:00] Experience Share: Tell your experiences and don’t hold back any punches. It makes for authentic and real conversations.
[07:16] John started PetScreening to develop a service that reduced the liability for property managers and clients.
[08:12] John did not want the service to cost any money.
[08:21] John loves money, so he wanted a product that generated substantial revenue around pets.
[09:05] John worked with software developers, lawyers, veterinarian consultants, lawmakers, and others to develop the PetScreening product.
[10:09] Hundreds of firms have registered with PetScreening.
[10:55] PetScreening generates revenue through an application fee paid by the pet owner. The cost is $20 for the first pet, and $15 for each additional pet. However, there is no application fee for service animals. [11:40] PetScreening does a revenue share with the property management firm. The tool is free, and they get a rebate besides.
[12:17] The property management firm is given a unique link to share with customers who have a pet or service animal for PetScreening to track applications.
[13:09] The customer is taken to PetScreening to complete the application, which includes questions about the pet: Name, breed, type, photos, vaccination records,etc.
[13:47] The application includes an Affidavit section, which features questions that protect the property manager and owners. Applicants attest and certify their answers are accurate.
[15:12] PetScreening developed an algorithm that takes data points from the application to create a “Pet Score” that goes to the housing provider.
[15:33] The score can indicate risk factors for that pet. Use that score to create a pricing matrix that correlates to the score and identify how much revenue you will generate.
[16:17] Applicants basically know their answers will impact whether a property manager will allow their pet, but they don’t know the pet is being scored.
[17:00] Property managers are building better relationships with pet owners because they tell them what they need for the pet owner to pay less.
[17:52] The best rating - a 5-paw score - is difficult to achieve. Only about 11% of applicants reach this status.
[18:09] It’s up to the property manager how they treat the scoring. If you have an animal with a 1-paw score, you may not allow them or charge more.
[18:59] About 10% of PetScreening’s applications are for assistance animals, either as a service or companion animal.
[19:53] PetScreening collects data and asks HUD questions, then its legal team reviews each assistance animal application, but no score is given. They are either recommended or not.
[20:39] About 32% of applicants who say they have an assistance animal have a status of “waiting for animal owner.” When asked for clarifying information, they disappear. [21:40] PetScreening is disrupting the industry because it is weeding out people who do not truly have an assistance animal.
[21:57] Test of Reasonableness: Is the documentation reasonable? When was the document issued? Who is the provider?
[22:38] If applicants lie, there is no real legal recourse. There are not a lot of statues on fair housing, so people are taking advantage of this problem.
[23:55] PetScreening is a timesaver - and time costs money. John’s firm has saved time and minimized liability risks.
[25:09] Every question asked in PetScreening’s application is designed to protect property manager and owners.
[25:20] PetScreening developed the first nationwide database where property managers can report incident reports of pet damage and pet biting that follow that animal forever.
[26:58] For one, specific pet, the owner only has to submit an application and pay once. Then they can share that information with other businesses.
[28:37] However, pet owners need to renew the application every year, which costs $10.
[29:29] Property managers should re-evaluate data because a lot can change with pets.
[30:10] HIPAA protects sensitive medical documentation. Property managers can ask for such documentation about assistance animals.
[30:42] PetScreening has HIPAA-compliant servers to protect the documentation.
PetScreening - a win for property managers, pet owners, and property owners.
PetScreening’s database offers incident reports of pet damage and pet biting.
It’s up to the property manager how they treat the pet scoring.
Are you stuck? The best way to get unstuck and grow your business is to talk to clients and customers. Today, I am talking to Chuck Hattemer, co-founder and CMO of Onerent, about systems and processes used to scale to 2,000 doors.
While in college, Chuck had a horrible housing experience as a renter. An aspect that drew Chuck into real estate was that he could impact some of the most sensitive parts of people’s lives as renters.
[03:06] Chuck describes his company’s first platform, which was student housing with a few extra bells and whistles.
[03:26] Onerent took that as a model to investors to raise seed capital.
[04:14] Onerent pivoted to a full-service property management. Eventually, it scaled to managing 2,000 doors.
[04:54] Having come from the renter’s perspective and a lack of experience, Chuck is still naive about some things. But that naivate lets him think out of the box for solutions.
[05:20] Onerent identified problems people were facing, how to make the experience consistent, and how value translates to the investor.
[07:33] The current trend is putting money into other things instead of buying a property. So, people, especially millennials, are renting.
[07:50] Chuck expects a big move eventually by first-time investors that is fueled by technology.
[08:25] Onerent hired staff new to the industry and with a different perspective to drive the company’s culture and mission regarding how to interact with renters and owners.
[09:48] At Onerent, it is ok to fail and apply what you learned in the next initiative. It’s a sign that you are making progress toward being successful.
[10:49] Create a culture where staff feels safe and comfortable to express problems. Support your team, and they will support you as an entrepreneur.
[12:33] At Onerent, each part of the rental process is managed by its own team. This helps handle tasks and keeps tenants informed. This collaboration drives motivation, happiness, competition,and success.
[14:59] Onerent follows a workflow business model where staff members specialize in one area.
[15:55] Make changes. Onerent would not be where it is today and able to scale its business without having pivoted from software to full-service property management.
[17:00] Onerent figured out how to grow its business - talk to customers and clients to identify its next move.
[17:48] Companies often try to sell what they can sell instead of what their customers actually need.
[18:15] Don’t change everything at the same time. Make iterative changes over time.
[19:27] To grow your business, determine the scale. What’s the purpose of your property management business? What is your key output metric? What is the closest tie to revenue and customer satisfaction?
[21:20] What are the inputs that go into that output? Consider the customer lifecycle. Determine where you will have the greatest impact to improve efficiency and operations.
[22:40] Unlock growth by having a sales team and defined sales process. Develop credibility by aligning and partnering with large real estate brokerages.
[24:15] Onerent’s key performance indicator is its time to lease. Chuck has to deal with various constraints, including listing exposure; qualified applications; and signed leases.
[25:24] Utilize on-demand scheduling for showings. Onerent then dispatches a mobile manager who shows a property.
[25:45] People usually have to pay application and documentation fees. However, Onerent offers a free application process.
[27:10] How do you start a property at the right price? Educate property owners that if they list the property too high initially, their listing stays on the market too long.
[28:35] In property management, how can you look at things with fresh eyes? Get out of your office and talk to customers. Make sure to have an open mind about all problems.
[29:30] Think about your own problems as a property owner. The best way to start a new business is to solve your own problems.
[30:30] Entrepreneurs love to solve problems. If you could solve a problem, what would it look like? Unpack a problem into small components. Don’t try to solve it all at once.
If you could solve a problem, what would it look like? Be open to feedback.
Companies sell what they can instead of what their customers actually need.
Create a culture where the staff feels safe to express when they are stuck.
Chuck Hattemer on LinkedIn
Chuck Hattemer on Quora
Do you need someone to help you build your dream? Someone who can handle your scheduling, email, and other tasks while you focus on the big stuff? Someone with the same native language and same culture? The only thing worse than not having an assistant is having the wrong assistant.
Today, I am talking to Tim Francis, founder of the Great Assistant Program. During downtime as a touring drummer and after overcoming an illness, Tim had an interest in property management. He realized a brute-force method was not a sustainable long-term strategy. He needed help. He tried assistants from all over the world, only to have disastrous results. So, he created the Great Assistant Program.
[08:02] Tim had the common problems of letting go of control, not trusting others, not wanting to take time to train or manage, not knowing where to find assistants, and not knowing what to delegate.
[08:35] After about four years, Tim was willing to offer higher pay to find an assistant in the United States or Canada and make a long-term commitment to them.
[09:02] Tim learned that paying the lowest dollar amount and making the smallest commitment to someone, always resulted in them being here today and gone tomorrow.
[09:47] Tim started using various tools, such as the Kolbe Index, that focus on different personalities and management styles.
[09:56] Tim has had negative experiences using Upwork, a Website for freelancers to connect with business owners and entrepreneurs about jobs.
[11:15] Tim discovered which marketing and operations tasks he could delegate to his assistant.
[11:29] By having the right assistant, you can go from working 80 hours a week to getting so much done quickly in half the time.
[11:48] Tim started helping others get an assistant, and over time he realized that there was a business need to help clients and friends find great assistants.
[12:05] Tim created a management team and hired a corporate trainer to train assistants to make sure they are ready.
[12:30] The Great Assistant Program has an 85 percent stick rate. For the remaining 15 percent of assistants that don’t fit, there is a 90-day rematch guarantee.
[14:10] What’s the dollar-per-hour cost in real terms? You can pay someone in the Philippines $4 or someone in the United States or Canada for $16-20. The Philippines is less expensive, but it takes hours to explain things repeatedly and fix mistakes later. How much have your really spent?
[16:21] If you have an assistant from North America that is high-caliber, they will produce at least 2-3X the work and results. You can feel safe that they understand you and trust that they will treat your customers well.
[18:28] Finding a great assistant can be an issue for entrepreneurs starting out to multi-millionaires. It doesn’t matter how big or small you are.
[19:14] Time is your scarcest and most valuable resource. Give people money to get more time.
[19:48] The Great Assistant Program takes care of what you need to find the right assistant. It takes everything off your plate - from posting jobs, figuring out what you need, to finding matches.
[21:15] You are probably willing to pay thousands of dollars to undo what previous assistants had done. You don’t want to play Russian Roulette anymore.
[22:40] Go to DoorGrow.com/greatassistant and fill out the form that determines if you need a great assistant. Plus you get a video gift!
[24:01] What is your #1 frustration or challenge in getting a great assistant? The #1 response was control and trust.
[24:33] Anytime in business, including property management, if you feel like you are taking a blind risk, that is a horrible feeling. Use the process provided by the Great Assistant Program to reduce the risk. It involves expanding your pool of talent, using the Kolbe Index, and trying work and cognitive tests.
[26:23] How do you determine what you will have an assistant do? In property management, there is a lot of work to do. Have your assistant work on preparatory documents, lease renewals, pulling records, scheduling interviews, research, setting up events, posting rental ads, contract signing, scheduling move-in appointments, and tenant screening.
[29:15] Just like with surgery, the surgeon does not prepare the patient and tools. The surgeon only does what is appropriate. This is not a form of superiority, it is about appropriateness, and everything done regarding the surgery is vital.
[31:09] Critical decisions when it comes to anything that is strategy and high-level skill or high-level access is yours to handle and keep as the property manager.
[33:28] Unpacking is the secret to delegating work. Categorize your email inbox for your assistant to tackle specific areas, then you do not need to worry about them accessing sensitive information.
[34:53] As a business owner, you need to shift your focus away from tactical work and shift it toward strategic work that moves your business forward.
[35:05] Develop standard operating procedures (SOPs) to teach your assistant how to do specific tasks and perform processes. If you can do it once, someone else can do it forever.
[40:12] For example, if your assistant handles tasks related to an event, it gives you time to connect with people rather than running around performing tactical tasks.
[41:41] Some fear having a virtual assistant rather than an in-office assistant. However, having a virtual assistant can be a competitive advantage. You are not bombarded with constant interruptions through questions and offerings to help, plus you cut your staffing costs.
[44:05] For example, you are in a fender-bender and what to fix your car. You face a myriad of factors and a decision to make. If you want to fix your car good and fast, it’s not going to be cheap. If you want it to be fast and cheap, it’s not going to be very good. If you want it to be cheap and good, your going to have to call your uncle to work on it. So, it is not going to be done fast. Good, fast, cheap - usually, you can only pick two of the three. You can’t have it all!
[45:08] In property management, the three pieces involved with hiring an assistant are talent, compensation, and working conditions. For a 9-to-5 traditional position that meets all three, you have to pay a ton. If you are more flexible on the work conditions, you can get someone at your preferred pay rate who is exceptionally talented.
[46:45] What is more important than salary to these qualified applicants is being able to see their family more often and be a part of precious, once-in-a-lifetime moments.
[47:41] What percentage of Americans want to work from home? About 67-68 Americans wish they could work full-time from home.
[48:39] Various technology and tools, including videos and online project management software, allow more people to work from home.
[51:08] You don’t need to feel like you are exploiting someone by paying them $16-20 per hour. The reality is that if you let someone work from home, they truly appreciate and value the time it gives them with their family, the ability to work in the comfort of their own home, and the money they save on not having to commute or on child care. Working conditions are part of the compensation.
[53:40] When your relationship with an assistant does not work out, figure out why. Did you get an assistant too early? Don’t know what the high- and low-level tasks are yet?
[57:00] If you are an entrepreneur who sees your team as some sort of servitude or slave to you, then you are not a good fit for the Great Assistant Program. You can’t treat someone terribly because you are the problem. Instead, how can you support your team?
[59:00] As an entrepreneur, see the possibilities that come with getting the right person to support you and embracing the role of being a coach.
[01:01:00] What is the order of what you are delegating? As an entrepreneur, rather than going off and doing something else once you hire an assistant, instead show them how to take over stuff that you are already doing. Also, pick the right tasks in the right order.
[01:02:39] Record yourself performing a non-critical task that is easy to learn and teach, let your assistant watch it, then watch them perform the task. The training cycle is complete, and you are getting a pay off just a few days later.
[01:03:48] Trough of Sorrow: The thought that once you hire an assistant, everything is going to be sunshine and rainbows. The reality is the opposite because you need to train, onboard, and manage them. The negative investment becomes less and turns into a positive ROI.
[01:04:45] Investor Mindset: The assistant keeps getting better as you invest in them over time.
[01:06:25] View every team member as an investment. The longer you have them, the better they get. Look for a relationship that will make a massive difference to your company.
[01:07:45] Energy Management vs. Time Management: The biggest wins to when you onboard an assistant is to figure out what’s taking you time and what’s taking you time that you hate doing? The things you hate, are the things your assistant loves to do.
There is compound interest in the people you hire.
Your very first hire should be an assistant.
It’s a problem and a challenge knowing how to get an assistant.
If you outsource properly, you free up time, money, and resources that you can reinvest into growing your business.
Today’s guest is Todd Breen, owner of Virtually Incredible, an outsourcing company. Since 1994 his quest has been to make property management both fun and profitable. Outsourcing achieves both of those goals.
[03:03] Create your own solution to meet the needs of your company.
[04:08] A common mistake property managers make is thinking they are the one that does it all. But they realize they can’t do it all and need to hire others.
[05:00] You don’t need to spend tons of money on new employees. But there’s a better option.
[05:15] When thinking about outsourcing ask: What size is your company? Where are your weak spots? Where is your customer service lacking?
[05:36] Todd’s company, Home Property Management, decided to outsource its maintenance to a company that specializes in it, is staffed adequately, and available 24/7.
[06:21] To effectively outsource, find a business that has systems and processes geared toward a specific task that you need done.
[06:57] Dial into collective genius. Learn from other people, collect best practices, and improve what you offer.
[07:52] What can be outsourced? Maintenance, leasing, bookkeeping, and other areas.
[08:07] Todd decided to outsource leasing because he discovered that 99 percent of the time, money, and effort spent on answering the phone and responding to emails was time lost and wasted.
[09:12] About 60 percent of your calls are on your leasing and generate no revenue. It wastes times and does not yield profit.
[09:48] Outsource leasing calls to avoid lack of response and voicemails - not good customer service.
[10:33] Maintenance is another customer service sore spot for companies. What is your average turnaround on work orders? You may not know, but your tenants do! Lack of response and action generates poor reviews, lower renewal rates...it’s a trickle-down disaster.
[11:40] If companies outsource leasing and maintenance, that is the bulk of where they think their time should be spent. But taking those off their plate lets them use that time to focus on building their business - strategic rather than technical work.
[12:42] As an entrepreneur, you need to be willing to give up a certain level of control, even though that may feel uncomfortable.
[13:37] At one point, Todd decided he wanted to scale and remove himself. He did so by becoming a reformed control freak.
[13:55] The average property management company owner thinks they can’t afford the latest Website. Outsource to the lowest cost solution and invest the savings to grow your business.
[16:25] If an entrepreneur has a clear direction to head in and believe in it, you can’t stop them. They are going to do it. Property managers need to believe outsourcing is a viable option for them.
[16:38] One fear about outsourcing is related to quality. Property managers fear that those they pass off the work to don’t care as much as they do or the output won’t be as good.
[16:58] Fear = False Evidence Appearing Real. For Todd, he felt that as soon as he didn’t do he work, the quality would go down. But, the quality of his life was not so good because he was working so much.
[17:16] Todd’s customers had quality, but he didn’t. He got to a point where he was done with that and things happened.
[17:24] Todd teaches a course called, Run Your Rent Roll From Under a Palm Tree.
[17:54] If you are a workaholic or overworked, Todd figures out what he can do to help them through various processes, systems, quality assurance, and training.
[19:16] Those with the fear factor may be surprised when they let go, they open up to a better way of doing things at their business.
[19:31] Should you hire your own virtual assistant (VA) or a reseller? Do you have the time to hire, train, and work with others? Are you good at hiring, training, and working with your staff? It’s up to you to decide which is better for you.
[21:20] Advantages of a team being virtual is that you can pull the best talent from anywhere and overhead is low. But there are challenges.
[22:13] You can outsource to virtual team members as well as to specialized companies to handle various tasks, such as podcast production.
[23:45] Entrepreneurs do not usually make good managers. Specialized agencies use their expertise to take that management piece over naturally for team members to thrive.
[24:55] With outsourcing, don’t necessarily go with the cheapest option to save money. Time should be higher on your priority list than money.
[25:27] There’s a hustle-and-grind myth that if entrepreneurs work harder and are more aggressive, burn themselves out, they will make more money and get more done. In reality, you become unproductive and make bad decisions.
[26:25] If you don’t feel naturally passionate about something, take it off your plate through outsourcing.
[27:00] The mistake entrepreneurs make when building a team is they build teams around them that make their lives more tactically difficult, instead of more strategically available.
[27:33] Todd knew managing people was not one of his strengths. But his wife is an awesome people manager. So, she manages the people, and Todd has time for the visionary and innovation side of his business.
[28:54] When outsourcing, you will experience hits and misses. But when you get a hit, you are able to shine! It is worthwhile to spend money on agencies that have the tools and processes that can match you with the right person.
[30:37] The beauty of outsourcing is that you get to focus on your core strengths.
[31:00] People want to enjoy property management, but they don’t know how. The trick is to realize it can be fun and profitable if we pursue it to be that way.
[31:38] Pursue better clients and take care of growing and scaling your business at an affordable rate.
[31:48] Learn from other property managers and their collective experience. Then, implement what you learned - that is the greatest skill set that differentiates truly successful property managers from average ones.
[33:11] Entrepreneurs enjoy coming up with ideas and creating things, but they aren’t the ones to usually see things through. That’s why they need a team to support them.
[33:30] There are four personality types: spontaneous (don’t make good business owners); competitive (make good business owners to a point); humanitarian (love everyone, but may not be the best property managers); and methodical (engineers who have to get everything done). Who makes the best business over the long haul? Methodical.
[35:10] When outsourcing, hire those who have methodically figured out the best processes for doing something. However, they will probably not be good at sales and marketing.
[37:47] Join the DoorGrow Club on Facebook.
There’s a better option than spending tons of money.
Take the collective genius of companies to outsource.
Outsourcing - biggest bang for your buck.
Home Property Management; Run Your Rent Roll From Under a Palm Tree
National Association of Residential Property Managers
Have you ever been sued because of a biased opinion on an inspection you did on a property? Did you have a personal, vested interest in the property? Do you think you are safe just because you have documentation and videos? Today, I am talking to James Alderson of OnSight PROS about inspections. Most property managers claim that they do inspections, but do they really?
James was one of those who claimed to be doing inspections. But he just didn’t have time or want to do them. So, he hired people to do the inspections for him. As a result, it developed into a business for James. He saw the need for move-in/move-out, periodic, and initial inspections.
[03:51] How many doors are needed to grow into a new market - 800 to 1,000. James went through about 35 inspectors/technicians initially but did not enough business to sustain them.
[04:57] If your area does not have OnSight PROS, see if you can create 800-1,000 doors for James to make some magic happen in your market.
[05:12] Currently, OnSight PROS is located in Harrisburg, Pa.; Baltimore, Md.; Virginia Beach, Va.; Atlanta, Ga.; Tampa/Jacksonville/Orlando/Panama City/Lakeland, Fla.; San Antonio/Austin/Houston/Fort Worth/Dallas, Texas; Boulder, Colo.; and Phoenix, Ariz.
[06:59] OnSight PROS is committed to hiring the right people and paying them well.
[07:13] In most markets, OnSight PROS pricing is $99 for a periodic inspection and $119 for a move-in/move-out inspection.
[07:57] James has not met a property manager yet who does not want to give back the security deposit. However, 99 percent of the time, an inspection indicates that a property is not rent-ready, so the full deposit cannot be returned.
[08:26] One of the things OnSight PROS values is that you receive the same product, no matter where the OnSight PROS you use is located.
[08:41] OnSight PROS has a quality control system in place to make sure its inspectors do the right thing, every time.
[08:52] Why is it better to hire a company like OnSight Pros rather than having internal inspectors for a company? The main reason - the cost of money. It costs less to have someone else do it.
[09:49] Examples why property managers need such services provided by OnSight PROS.
[12:11] Tenants are becoming more knowledgeable about their rights and how to bypass various factors.
[12:36] Is there a warranty, insurance, or protection in place for inspections? OnSight PROS offers a summary of issues in cases of disputes. This documentation typically prevents cases going to court and a company being sued.
[13:42] There is a power and leverage that comes with a property manager hiring a third-party provider to handle inspections.
[14:17] OnSight PROS convinces property managers to hire them instead of doing their own inspections by addressing the importance of performing certain types of inspections that are not being done currently.
[14:30] OnSight PROS determines if a property is one they want to take on, is it up to code, and if it fits their portfolio of services.
[15:27] OnSight PROS sets up inspections with the tenant, who has to be home. Otherwise, OnSight PROS will not enter the property.
[15:57] Don’t be surprised if tenants to to stonewall you. Inspectors are not usually their friends. They may have a grow house that property managers do not know about!
[16:50] OnSight PROS is willing to go in and be the “bad guy” when it comes to inspections. The property manager is removed from that role.
[17:36 ] Example of a property manager who joined OnSight PROS to do inspections. He discovered how tenants treat property managers differently than inspectors. It’s a different perception from the tenants.
[19:02] With property managers, tenants point out problems that need to be fixed. With inspectors, tenants don’t want them to find problems they created or caused.
[19:41] One of James’ goals in starting OnSight PROS was to manage as many doors as possible, but live wherever he wanted. He has become a manager rather than dealing with day-to-day matters.
[20:41] Cycle of Suck: Screen the types of properties you take on. If you take on bad owners, you are going to have bad properties. You are going to have bad tenants, who leave bad reviews. You will attract more bad clients. So, you need an effective screening process.
[21:59] Property management entrepreneurs are the “weird birds” who want freedom, more than safety and certainty.
[23:35] Owners expect OnSight PROS to pay inspections for them. Otherwise, they try to get reimbursed for them.
[24:40] An admin fee is for all the administrative work, including inspections, done to get a tenant into a house. It usually ranges from $25-200. However, make sure to label it as an admin fee, rather than an inspection fee.
[26:02] A periodic inspection involves checking smoke alarms to make sure owners are not at risk. A property manager’s job is to mitigate risk.
[27:05] Inspections are not cheap, but they are worth the money - and property managers do not have to pay for them.
[27:30] James has onboarding sessions with property managers to help them understand how to turn inspections into a zero-cost situation.
[27:55] Contact OnSight PROS at onsightpros.com or jamesalderson@me.com.
[29:25] James is ready for OnSight PROS to experience rapid expansion. It does take time and money, so be patient with them. They want to make the property management industry better!
Property managers need someone else to do inspections.
It’s a challenge in some markets to find the right person to do inspections.
Inspections are not high on the list for property managers.
National Association of Realtors