Want to make your life easier when it comes to property management? Once it’s adopted, try the National Association of Residential Property Managers (NARPM) Standard of Accounting. It’s going to positively change the industry!
Today, I am talking with Brad Larsen, who played a major role in the development of the Standard of Accounting. Also, he’s the founder of RentWerx (formerly Larsen Properties) and host of the Property Management Mastermind podcast.
[04:28] Why: Standardize language and charter accounts for industry.
[05:15] How: NARPM participation and vendor selection of ProfitCoach.
[08:33] Going from General to NARPM Accepted Accounting Practices (GAAP to NAAP).
[09:31] System/process to get it adopted; won’t be a perfect solution immediately.
[10:38] NARPM’s value add and thank you to industry; training provided at conferences.
[12:45] Embezzlement: It’s going to happen to you as your business grows and scales.
[14:05] Examples of how to use NARPM Standard of Accounting.
[17:56] Goals: Create common language, adopt industry standards,compare metrics.
[18:02] Acquisitions: To acquire or be acquired, NARPM standard makes you look better.
[18:17] Comparing numbers, data, and metrics; and knowing what to do with them.
[20:20] Transition to follow Standard of Accounting is simple.
[22:16] 87% of statistics are made up - people believe almost anything; businesses need to be comfortable with numbers.
[23:41] Need designation/certification for stamp of approval on Standard of Accounting.
[26:51] Concerns about who controls what and how much of standard.
[29:10] NARPM standard helps improve property management industry’s reputation.
[31:12] Audits are available to build a level of confidence, safety, and certainty.
[32:13] Examples of metrics that help your business make the right decisions and compare against competitors.
Going from General to NARPM Accepted Accounting Practices (GAAP to NAAP)
Goals: Create common language, adopt industry standards, compare metrics
To acquire or be acquired, NARPM standard makes you look better.
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Are you a renter struggling to find a place? Feeling frustrated? Or are you a property manager/owner who would like to be able to manage, monitor, and show your properties without having to manage, monitor, and show your properties? No problem, you just need self-showing technology.
Today, I am talking with Pini Lackner and Edward Gonzales of Rently, which allows prospects to visit rentals themselves when it’s a convenient time for them by using self-showing technology. Rently’s technology helps optimize and systemize the showing process to lower operational costs.
[05:18] Statistics show that 70-80% of people looking online for places to rent tend to be window shoppers; can be frustrating and time consuming for managers to reach them.
[06:08] Property management involves building/keeping relationships with prospects.
[06:48] After self-showings, Rently performs an application follow up to get feedback on a property without having to rely on an agent.
[07:23] Some are concerned that there’s too much risk involved; fear factor fades because of Rently’s reputation and self-policing system based on info from prospects.
[10:22] Those interested in Rently’s technology have a growth mentality; there’s no better way to grow your business geographically.
[11:17] Benefits include lower operational/staffing costs and shorter lease cycle.
[12:05] Considering Rently as best way to optimize business operations while lowering expenses and not losing touch with properties.
[12:42] Self-showings are its backbone, but Rently is a fully encompassing platform - not just a bunch of lockboxes.
[13:50] Rently Keyless addresses the increased prevalent use of smart homes.
[18:02] Regaining control restricting access is instant via Rently after a tenant leaves.
[18:55] Rently provides homeowner reporting, metrics, and analytics to know what’s going on with properties.
[21:07] Initial reluctance to self-showings has eased, so managers who don’t use it now will lose their competitive edge.
About 70-80% of people looking online for places to rent are window shoppers.
Self-showings create positive pressure to report things.
Self-showings are its backbone, but Rently is a platform - not just a lockbox.
Pini Lackner’s Phone Number: 323-375-5773
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Are you a business owner whose background is focused more on sales than marketing? Do you only have a minimal understanding of property management? You’re not alone, and that’s why Kasey McDonald founded a property management training academy that educates business owners.
Today, I am talking to Kasey about business development manager (BDM) growth and marketing strategies. She has 20 years of real estate experience, predominantly in property management. Kasey shows business owners how to set up and structure their property management businesses, as well as what is needed to in terms of BDM to focus on growth and profitability. She’s passionate about property management and wants to do what she can to improve the industry and other people's businesses.
[03:30] Four Doors to Revenue: 1) Deals; 2) Doors; 3) Duration; 4) Dollars.
[04:23] BDM is not just about the landlord/investor, but retention with tenants; know importance of a service to consumers.
[07:10] Kasey’s education and coaching process focuses on a business’s vision around goals and targets for growth; need to have realistic KPIs for team members.
[09:30] Who is a BDM? Prospecting force in property management who has a mindset/skill set to grow rapidly and adapt to strategies.
[13:07] BDM Job Description: Prospecting to increase number of doors, and research quality and type of property; building different relationships with vendors.
[18:35] Other BDM responsibilities include marketing and understanding their market to be the local expert; you should know everything to pull in your target audience.
[20:00] BDMs should make and bank at least 10 connections per day to achieve 20 to 30 new doors a month - 50% conversion of becoming clients.
[21:36] Sales Pipeline Stages: Connections, follow ups, appraisal evaluation, research vs. decision, and conversion.
[26:12] Lead generation is challenging for salespeople; if they don't have leads, they have to prospect and focus on generating leads by understanding their demographic.
[29:05] Batch tasks and use technology to make things easier; different technologies impact and reach different people in different ways.
[33:36] ABCs of being a BDM: Personality, attitude, and work ethic; need to be passionate and driven, have conversations, and overcome/negotiate objections.
[38:55] Focus on marketing and communication strategies that use video because email is becoming obsolete; text messaging, walking door-to-door, and flyers are still effective.
[46:25] Tenants tend to have a negative perception of landlords/managers because they don’t do maintenance or fix things; discuss your procedures/processes with tenants.
It’s not just about how many doors you manage, but the level of income from each.
BDM is not just about the landlord/investor, but retention with tenants.
I'm a big believer that not all business is good business.
Marketing Strategies: Do more guerrilla marketing tactics or go old school.
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