Even if you are doing sales, closing business, and adding doors, your life and business can still be a disaster - if you don't know what it means and how to optimize for profit.
Today, I am talking with Jordan Muela of LeadSimple and ProfitCoach, which provides third-party fractional CFO advising. They help you take the guesswork out of property management business growth.
[05:10] NARPM Accounting Standard: ProfitCoach provided first set of financial benchmarks for the industry.
[06:59] Numbers are not everything, and it's not just about doors; there's a lot that numbers can tell you that we don't know because people don't track their data.
[08:36] Lifestyle is a factor when growing companies; make sure you have a business that serves your needs and meets your goals in life.
[10:00] Unique ability involves networking and research to develop opportunities and build new businesses around needs; cost and penalty you pay for being a visionary.
[12:12] Nobody can validate that your heart's desire is for your business or life; start making decisions and seek clarity.
[16:25] Separate work from playtime and sense of isolation/lack of connection; create a life that supports you and gives you what you need - it's not just about making money.
[19:09] Growth - a good idea or distraction; greatest determiner of your ability to grow is not the quality of your service offering, but your ability to execute.
[25:25] Business and sales happen at the speed of trust; people don't buy what you do, they want to find someone they can trust.
[27:45] Businesses establish themselves as leaders and capture more business by expressing and expanding their vision, values, mission, and purpose.
[30:48] Content Marketing: Find the most efficient mediums/processes to spread value to target market; people consume content in different ways (i.e videos, conversations).
[33:50] Difference between content for the sake of building authority and helping people vs. content for the sake of SEO and SEO-driven context.
[41:57] Biggest growth opportunity for business owners who focus on everything outward is to change themselves; business is just a means to an end.
[54:00] Growth doesn’t have to be painful; a healthier way of growing and scaling a business is by giving employees meaningful work.
Future of Business: Giving employees meaningful work.
Numbers are not everything. It's not just about doors or money.
Lifestyle is a factor when growing companies.
Business and sales happen at the speed of trust.
Profitable Property Management Podcast
DGS 65: The NARPM Standard of Accounting with Brad Larsen
DoorGrowClub Facebook Group
Are you tired of chasing doors? Do you need help to define the areas you’re managing? Do you know how much bandwidth is required for those areas? How do you establish rents? How do you predict rental profits?
Today, I am talking with Scott Abbey of RentFax, which is a tool that helps you figure out the answers to all these questions. It helps you, as a property manager or investor, grow your business.
[03:25] Each door doesn’t require the same bandwidth, which is a critical metric for determining whether you want a door or not, and how to charge for it.
[04:37] RISC Index: Features 15 sub-indices of census data that identify demographics about properties to indicate probability of an income stream and interruptions with it.
[08:45] RISC Index weighs comps based on proximity and likeness of the demographic; it considers square footage, number of bathrooms, and other factors to predict rent.
[10:05] Cycle of Suck: If you take on bad owners and bad properties, you’re going to get bad tenants and a bad reputation in the market; operational cost is much higher.
[12:05] Shift from being a service provider to a consultant to give advice with supportive data that improves customer satisfaction and wins you more deals.
[14:09] Areas can change over time; something can happen in the area that materially reduces the demographic forces and causes a decline or absence of improvement.
[14:55] RISC Index enhances range of rents that are probable for the address by taking additional algorithms to the data; if the range is too wide, it’s not helpful to you.
[15:20] RISC Index is only product that quantifies relative risks of an address for every U.S. neighborhood; when looking at rents, it’s helpful to know the risks.
[16:00] Rent affordability is #1 factor for disrupting rents; be sensitive to demographics of the people who are going to be attracted to the property to adjust rents.
[17:30] Rent Package includes a risk report, rent analysis, and historic vacancy number.
[21:10] RISC Index can be used as an indicator that helps make buying decisions; property manager turns into a deal maker to help existing clients grow their portfolio.
Each door doesn’t require the same bandwidth.
Provide consulting with data as support to win more deals.
Cycle of Suck: Loop of high operational cost, not able to scale and grow.
Census Bureau - Year 2000 Results
DoorGrowClub Facebook Group