How do you sort the good from the bad when selecting tenants? Do you check previous landlord references? Run a credit report? Verify employment? There’s a way you can save about 47% of the time you spend faxing, emailing, and calling to verify tenants.
Today, I am talking with Vitaliy Merkulov of Renter, Inc. about how to automate giving landlord references and rental verifications.
[02:10] Vitaliy’s move from the tech industry to property management.
[02:57] First Tenant Fail: Fake landlords and fake information.
[04:10] What did I do wrong? How can I prevent people from doing this?.
[05:50] Solution: Create SaaS way of requesting or sharing rental verifications online.
[06:41] Property manager’s biggest problem without automation? Compliance.
[10:20] How fake companies fool tenant screening companies.
[14:00] Reference requests require identifying owner of property.
[15:12] Registering an account to post online rental verification request form.
[17:51] Plans to partner with property management software companies.
[23:41] Problem with Property Managers: Trying to do everything and not being effective.
[27:20] Apple’s client-centric focus with its products to solve problems and be profitable.
[29:18] Simple design, so users don’t get stuck; automation sounds difficult, but you don’t have to be hi-tech savvy.
[34:15] Ask: What's the biggest challenge or problem you're dealing with in your property management business?.
[38:37] Storing information in a database to give to other landlords, is that legal?.
[39:22] I trust myself, not a system, to do rental verifications.
[40:20] API purchase not required; “robot” analyzes information and converts it into data.
Solution: Create SaaS way of requesting or sharing rental verifications online.
Save almost 50% of time spent faxing, emailing, and calling to verify tenants.
Problem with Property Managers: Trying to do everything and not being effective
The 7 Habits of Highly Effective People by Stephen R. Covey
Fair Credit Reporting Act (FCRA)
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What should you do when starting a property management business and trying to grow your number of doors?
Today, I am talking with Benton Cotter of RentVest. There’s no question that he knows how to grow a property management business.
[01:33] Benton’s background and how he got into property management.
[03:55] Going nationwide and growing from 79 to 4,000 doors in a few years.
[04:33] Steps to take when starting from scratch: Identify kind of company to create to determine clientele and marketing strategy Set fee structure: Do organic marketing, PPC, and SEO.
[05:13] Rework Philosophy: Start small, work hard, and start/pay marketing.
[06:14] Constant interruptions and constraints; it doesn’t have to be crazy at work.
[08:37] Benton built big growth and expanded his network; opportunities are available.
[12:16] Being an owner and involved in all of it - from computers to marketing.
[13:46] Define your avatar, and narrow your niche.
[20:57] Don’t get distracted; focus equals power.
[24:20] Identify strengths and weaknesses, but don’t give up ownership too soon.
[28:18] Everyone makes mistakes; businesses are built on thousands of failures.
[31:07] Put profits back into the business, it will pay off later.
[37:35] How to get unstuck in sand trap of 50 units as a solopreneur.
[40:07] Entrepreneurs are resilient and adapt easily, but should self-reflect on skill set.
[42:30] RentVest’s future goals regarding growth and getting great talent.
[44:20] #1 Growth Limiter: People’s ability to offload and bring on new team members.
[47:50] Hiring Process: How to filter and find the right fit; ownership is a critical quality.
Start small, work hard, and start/pay marketing.
It doesn’t have to be crazy at work; create a calm culture.
Simple secret for growth: Focus equals power.
Put profits back into the business, it will pay off later.
It Doesn't Have to Be Crazy at Work
Profit First by Mike Michalowicz
DoorGrowClub Facebook Group
You finally find time for your first vacation in seven years, so you leave your property management company in good hands with a long-term employee. Just as you’re feeling relaxed, having fun, and enjoying time in the sun, you get a text message from your worker, “I quit.” There goes your vacation. It’s time to head back to the office!
After experiencing the same situation, Mark and Anne Lackey decided to start HireSmart Virtual Assistants, which helps property managers and companies find, train, certify, and outsource full-time dedicated virtual assistants.
[04:22] Definition of a virtual assistant (VA) via 3 segments.
[07:55] Why get a VA and how to prepare for one.
[12:03] HireSmart’s 10-step hiring process to source the perfect person.
[13:05] Criteria and Assessments: Why HireSmart has a 97% success rate.
[17:47] Changing the Landscape and Lives: VAs are in top 1% of remote workers.
[21:05] Difference between a dedicated staff and productivity.
[23:14] How to start the VA search process with HireSmart.
[27:03] Local vs. international hires; don’t treat them any differently.
[30:25] Benefits: Save time, energy, money, and become better business people.
[32:45] Basic things to consider (i.e., language, education, availability)
What isn’t getting done because you’re too busy, don’t want to do it, or not good at it?
Criteria and Assessments: Why HireSmart has a 97% success rate.
Changing the Landscape: HireSmart’s VAs are in the top 1% of remote workers.
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Do you work for or regularly spend your money at Subway, McDonald’s, or Starbucks? Did you know that if you combine all their locations in the United States, there’s still more self-storage facilities?
Today, I am talking with Paul Moore, a real estate entrepreneur, author, and podcast co-host. He’s made a lot of fun moves and money over the years, but a lot of mistakes, too. He shares how self-storage management offers a lot of opportunities.
[01:44] Paul’s semi-retirement pain from not having a plan in place.
[04:09] Entrepreneurs know things that work, that don’t, and how to lose money.
[04:21] What makes self-storage appealing and useful to property management.
[06:10] Passive real estate investment with a lack of optimization and systemization.
[06:54] Ways to juice returns, increase income and value.
[08:00] Where and how to find self-storage opportunities.
[10:25] Biggest financial leaks to generate revenue; know renters’ motivations and income levels, add U-Haul and ancillary services/fees, and restructure units.
[14:00] 7 ways to get into self-storage when you don’t want to do self-storage.
[15:42] All about Wellings Capital and branching out from multifamily investments.
[17:46] Paul’s property management tips (Apartment Life, ACH, and staging)./p
Retirement feels like death to most entrepreneurs.
Entrepreneurs know things that work, that don’t, and how to lose money.
If you build self-storage facilities, customers will come.
The Perfect Investment – Create Enduring Wealth from the Historic Shift to Multifamily Housing
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