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
Imagine yourself drinking a beer, sitting by the pool, and watching the sun go down. Can a picture truly capture your enjoyment? Thanks to editing services offered by BoxBrownie.com, it is possible.
Today, I am talking to Brad Filliponi and Peter Schravemade of BoxBrownie about their online marketing tool that helps others publish quality marketing photographs to get people to their properties.
[01:50] Background of BoxBrownie: Brad was previously a real estate photographer who had trouble finding people to edit his images. Peter is a real estate agent who believes quality marketing can be done for less money. So, they developed an online marketing tool for estate agents, photographers, and others to easily publish marketing materials.
[03:45] The BoxBrownie website features quality output and samples of what can be done. The amazing photos help people envision what is possible.
[06:35] Virtual Staging: BoxBrownie offers virtual staging of properties and rooms that are mapped out in 3D and where furniture is placed. You can select from the following styles: modern contemporary, urban industrial, Scandinavian, farmhouse, or customized.
[07:18] View samples of virtual staging.
[07:31] Virtual Renovations: BoxBrownie takes an unfinished room and adds furniture, appliances, and fixtures for renovations. Then, clients are given something they can use to instantly market the property for sale or rent.
[09:05] BoxBrownie offers image enhancement editing for just $1.60. In a 24-hour turnaround, any photo from an amateur or professional photographer is taken and made to look 1,000x better for MLS listings. BoxBrownie has preset edits that polish your photos.
[10:00] Many property managers use the image enhancement edit product because they do not have the budget to hire a photographer or they don’t have the time to fix photos.
[10:33] Twilight Conversion: BoxBrownie takes an existing property that has been photographed in daylight and is converted to twilight. Day-to-dusk conversions are clicked on more often than daytime shots. It costs $4 and has a 24-hour turnaround.
[12:35] Item Removal: Remove clutter and clean up the photo. BoxBrownie can remove cars, statues, paintings, etc. Some items can turn people off, so eliminate bad vibes - and items.
[15:02] Drone Editing: This service is if you want to highlight a lot or pinpoint the location of a property, such as to identify schools and landmarks. The cost starts at $2.40.
[16:43] Turnaround time from BoxBrownie is 24-48 hours, depending on the type of editing or enhancement service selected.
[17:23] BoxBrownie is currently creating an API and in discussions with property management software companies to provide its services.
[17:50] If marketing a property, make sure to have a floorplan. People tend to not look at your property if you don’t have one. The price frame is $24-36.
[20:23] Custom Jobs: Customers upload images or floorplans and provide a description of what they would like added, changed, or removed.
[21:05] 3D Rendering: Photorealistic or 3D image of a property that does not exist. BoxBrownie creates an image of what the property will look like. It costs $280.
[22:23] Email product suggestions and feedback to BoxBrownie.
[22:45] Copywriting: BoxBrownie can write content to go with your pictures of properties to market them.
[23:15] BoxBrownie contact info - go to BoxBrownie.com to sign up for some freebies and $40 credit. Just use the coupon code: SHOWMETHEMONEY.
Put it up on the market and showcase possibility.
You’ve got something to instantly market the property.
Day-to-dusk conversions are clicked on more often.
Dealing with natural disasters is a crucial part of property management. In this episode, we hear a first-hand account from those who dealt with the devastation to property that occurred when Hurricane Harvey hit Houston. There are all kinds of disasters that could happen in the future. Property management knows this first hand, as well as the importance of an effective disaster preparedness plan.
Steve Rozenberg and Pete Neubig from Empire Industries give their perspective on dealing with the devastation in Houston. They describe their emergency preparedness plans and the crucial steps they took to manage their properties during the devastation. They are able to give us a first-hand look at the things property managers need to consider in the event of natural disasters and how best to manage operations.
[05:09] Roles during a disaster: Steve took to Facebook to show people what happened, and Pete served as the backbone of the operation, coming up with a plan and delegating tasks.
[05:37] Systematically break down all the different problems. Houses were flooded, properties were vacant, can’t contact some people, people are calling in about damage, etc.
[06:48] Identify prerequisites, such as how to notify your clients about how you plan to communicate with them throughout the process. A Facebook group or email are two options.
[08:49] Are there staff members available to help? If yes, make them project managers for each project and provide available resources. For example, one project manager to handle a list of homes that were non-contacted homes.
[09:56] Determine how staff members are personally doing because they are going through the drama, as well. Make sure they are ok.
[14:12] Notify residents as soon as possible about whether their home is damaged and to what extent. Encourage them to contact their insurance company to determine what is covered and what isn’t.
[16:01] During a natural disaster, your property management company will probably not be receiving rent payments. Use leasing fees to sustain your company.
[16:30] Partner with an inspection company to know exactly what’s going on with a property and to allow the owner to make a good decision.
[17:56] Initially, strive for one-way communication to avoid property managers and assistants being inundated with residents or owners asking questions when you don’t have immediate answers.
[19:18] Realize that you are going to have a lot of tenants that need a place to live. As a convenience, compile a list of available properties.
[19:50] Provide good-to-know information on your Website. For example, who to call if your car is towed or phone numbers to popular insurance companies.
[20:24] Work with other companies to help out each other and your residents/owners. Utilize your resources. For example, waive application fees.
[24:15] At some point, someone has to be the leader. Run your business through leverage and team. Develop such a structure and culture.
[27:10] Grow your company as business owners and not doers. Focus a lot of time on working on your business and not in the business.
[30:25] If possible, keep your business open and running the whole time during a natural disaster.
[31:21] Hire someone knowing that they would make a good leader.
[33:45] The definition of a business is a profitable enterprise that runs without you. Your staff is there to support you and minimize chaos.
[35:55] Only one person can be a leader at a time. Know your strengths and weaknesses.
[41:53] Build relationships with everyone, even your competitors. They become invaluable during natural disasters.
[43:20] Invest in a business coach or mentor and training to gain knowledge that you can use during natural disasters. The more you grow, the more your company grows. Take care of yourself.
[48:27] Invest in marketing and try to get free publicity.
[59:17] Look at a VOIP system if you’re not on one. Look at having some assistance elsewhere to keep your business going. Also, have a communication plan for your residents, vendors, teammates, and owners before the natural disaster.
[59:45] Speed is key for property management companies dealing with a natural disaster. Get moving as quickly as possible, don’t overthink it, just do it, and get it done. Talk to your clients about not only the problem, but the solution.
Only one person can be a leader at a time.
Natural disasters just happen. Then, you deal with after effects.
A lot if this was divide and conquer.
Empire Industries phone number - 888-866-6727
A lot of people may want to upgrade their home or location, but money is tight and they are tied down. Mike Kalis of Marketplace Homes has a solution for this. Not only does he help people break ties with their existing homes and move into new ones, but he successfully built a business around this practice.
Today we are talking about how to use options to grow your property management firm. Doing things like helping tenants and owners by leveraging rent-to-own options. The goal is to increase revenues and have enough money to provide a high level of service.
[04:02] Mike's company is close to 3000 doors in 28 states.
[04:49] How we will talk about increasing revenues on transactions.
[06:54] The biggest benefit is helping owners get out of their homes without having to sell right away with a rent-to-own plan.
[08:01] This is also a second chance opportunity for the tenants.
[09:09] Pros and cons a tenant could put money down and if they don't purchase they would lose that. The owner could lose out if they set a price that is lower than future market value.
[10:32] What an option agreement actually is and selling the option to the tenant for $5000.
[12:53] How this method actually helps grow a property management business.
[14:01] How accidental investors are the one's property managers make the least from. This method helps make a profit from this group.
[21:14] Signing the purchase agreement right out of the gate and list and itemize all expenses. Making sure the tenant understands the fee is non-refundable.
Not having enough money to provide high service levels makes us unprofessional.
The better the pricing, the more likely the tenant is to close on the option.
This is a neat thing that offers owners and tenants more than just a service call.
A solid team is needed for any property management business to grow and be sustainable. One of the largest challenges of having, building, and retaining a team is creating an environment that enables team members to thrive. Having a culture and vision is foundational for attracting and keeping the right people on that team.
In this episode, I interview Tim Wehner from Dodson Property Management. Dodson is a large company with a large team, which is perfect for today’s topic of having a culture and vision within a property management business. Tim shares how they create a culture at Dodson and how a shared vision helps motivate team members.
[03:43] Writing out a mission statement, company values, and vision. Then taking small steps to accomplish those.
[05:43] Dodson has about 1475 properties under 10 units and 4000 in the multifamily department.
[07:43] How important it is to make sure everyone shares the same vision and values.
[09:44] Dodson promotes long lasting relationships by dividing groups into pods.
[10:23] Dodson and their purpose or mission statement. Creating a positive relationship with tenants and owners. Trust, comfort, and pride.
[11:57] Values are to be empathetic, honorable, driven, and courageous.
[12:39] Vision to positively impact over 500,000 lives by 2025 is where they want to go at Dodson.
[13:24] The importance of community within their vision and the impact they make on the community.
[14:27] Inspire others to love true principles at Door Grow. Energy management and what is in line with purpose. Learning and sharing for fun.
[19:28] Trust and relying on each other and being able to share while talking with people like they are human beings.
[23:20] Being open to employees with new ideas.
[24:46] Challenges dealing with things like gossip and office politics. Trust and open dialogue go a long way.
[32:07] Making sure a job is a good fit and the team member will be motivated in their role.
[40:21] Celebrating wins and asking how to give support as a leader. This allows feedback and creates momentum.
[46:04] How memories don't even exist unless there is emotion attached to that. Create positive emotions and wins.
[52:02] Finding what is working and continue doing that.
[52:22] Get clear on your purpose and values. Have a vision of where you want to be.
It’s not important to copy another business's culture. It’s important to discover your business's culture.
Our goal is to deliver a living experience unlike any other.
We are a people business that not only focuses on clients but also tenants and customers.
Tim Wehner Twitter @wehner1tim
Tim@DodsonPropertyManagement.com
804-426-1660
Wehner1Tim on Snapchat
KingJasonHull on Snapchat
When starting and building a business growth is an important factor. Emulating successful people can also be a shortcut to success, but keep in mind that doing the same thing as someone else that is in a different growth stage doesn’t make sense. Different tactics need to be used in different growth stages.
In this episode, I am talking with Steve Rozenberg from Empire Industries. Steve grew his business from zero to 700 doors in four years. Steve has a really interesting story that he is able to go out and share because he is supported by a really great team. We talk about Steve’s story, stages of growth, and more.
[03:24] Steve's background as an airline pilot and how 911 was a pivotal point in his career and life.
[06:37] He was attracted to real estate because he liked the fact of leveraging time and money.
[07:11] He was doing well with houses and apartments, then he bought 20 low-income properties and got in over his head.
[08:32] While trying to solve his low-income housing problem he and his partner ended up creating a business model for property management.
[09:22] Their first hire was a business coach, then their first full-time employee.
[09:46] They are a sales and marketing company that trains employees to close.
[11:33] If you run a property management business you should be focusing on things other than the actual management.
[13:20] Having a strategic 30,000-foot view of your business.
[17:41] Helping your team in order for them to support you.
[20:12] Doing a time study to understand where time is spent. Time needs to be on strategic business.
[28:06] The importance of mindset and positive self-talk. We can talk our brains into and out of things.
[30:47] The transition of handing the reigns over to your time after being the person who did everything themselves.
[33:39] Growing a company to your level of incompetence, then you need to grow your level.
[38:23] The importance of looking at the numbers and the cost of marketing.
[43:40] The importance of branding yourself as an expert and building an awesome reputation.
[01:01:33] How your number 1 prospect is your existing customer. Asking for referrals is also a good idea.
As a leader, your job is to grow the team and encourage them not to say “get out of the way I’ll do this better than you”.
I’ve learned that the way to grow a company is to surround yourself with much smarter people.
It’s not doing one massive action, it’s taking action continually that has been the key to our success.
Call Steve (888)866-6727
Being a property manager is a great career and a great way to earn an income. Getting in on a growing opportunity and building a solid business is fun and profitable. Yet, many property managers can get stuck on depending on only transactional income through adding clients. In this episode, we learn about a way to break this cycle.
In this episode my guest is Jim Ingersoll from Big Money Investor. Jim shares creative ways to fund deals. He is a real estate investor with a lot of great ideas. My goal for this show is to make things very relevant for property managers. We discuss how property managers can break through the transactional cycle and purchase their own investment properties to manage and grow revenues for themselves along with their clients.
[02:05] How Jim helps people get into owning properties of their own and not just managing them for everyone else.
[02:33] How property managers often get stuck in a transactional income stream. They would like to break out of this cycle but don't always know how.
[03:00] Why some property managers don't have properties of their own.
[03:47] Getting rid of the 20% down bank-funded myth.
[04:35] Assuming loans, letting an owner be the bank, joint ventures - funding through someone else, real estate can be a retirement account.
[07:16] Buying a property "subject to" an existing loan staying in place.
[09:53] Structuring financing through free and clear owners who want to sell without any management responsibilities.
[12:52] Joint venture with someone who has money on the sideline, where you do the work and they provide the capital and you share cash flow and equity when you sell.
[16:34] How joint ventures would be a great method for property managers to get properties.
[21:34] Investing retirement accounts in real estate. You are not limited to stocks and bonds.
[22:33] Using self-directed retirement accounts to invest in real estate.
25:03] Using leverage in real estate is a huge benefit.
26:01] Creative options with short-term rentals Airbnb to traveling nurses.
Taking over a loan is a great strategy for truly motivated sellers.
An incentive for owner financing is earning 5-6 times more interest than from the bank.
A problem landlords can run into with 20% down loans is cash flow shortages.
If you have ever thought that managing properties would be so much easier if there was just a mobile or iPhone app that connected to your property management software and linked to your website, your time has come. Today’s episode is all about a mobile app that does just that along with insights and more from the apps creator.
In this episode, I am talking with Evan Savar from MyResisentLiNC a software app that helps manage all aspects of property management from communication tools for residents to custom setup for property managers. They are currently focused on multifamily properties and connecting entire portfolios, but they are also starting to address specific residential needs. Evan shares all of this with us and more on today’s show.
[02:11] About Evan and his background. He is from Las Vegas and has always been an entrepreneur.
[02:48] He created Evinar a live streaming tool for Facebook.
[03:23] He has always been interested in communities and community creation through technology. And he created a tool to connect communities in an apartment setting.
[04:43] MyResidentLiNC is an app that connects property management for all properties within a portfolio. Each community is run separately without having to create a custom app for each one. A flexible mobile app for customizing based on your area.
[06:51] Needs and technology are all over the board, but the app helps organize and aggregate all of the tools and needs.
[08:54] Meeting diverse needs and making it flexible and scalable.
[10:51] Some cool things they have done is integrate with Calendly and reduce print costs.
[15:24] How tools like this make sense once the 100 door barrier is broken.
[21:25] How time is a big challenge for property managers. Advantages of scaling without throwing people at it.
It’s not the place that makes the person, but it’s the person who makes the place.
We want to make sure we understand the needs specifically for each type of business.
MyResidentLiNC enables one to one and one for all communication with residents.
Sales are the backbone of any business, yet it is something that most people struggle with. One thing that can help all of us is understanding the psychology behind what makes influences a persons decision to buy.
Mike Michalowicz the best selling author of Profit First, The Pumpkin Plan, The Toilet Paper Entrepreneur, and Surge is back on the show. This week we are talking about behavior influences regarding sales. It’s all about what affects sales and what helps you sell your property management services. Mike shares his research and insights on this important topic.
Be sure to listen to our popular, previous episode with Mike: DGS 25: Why Every Property Manager Should Implement Profit First
[03:00] How entrepreneurs struggle with momentum mode and overwhelm mode.
[06:11] How we are wired to pay attention to things that are different.
[11:18] How we feel compelled to share our knowledge and power of secrets.
[14:45] Identifying what the customer truly needs and delivering it.
[21:11] The Phoenix Effect and how there is automatic envy of someone in a superior position.
[27:30] Having a compelling story with a high point and a low point and inviting the audience to climb with you.
[31:36] How to have a perfect vision.
[34:35] Focusing on the end benefit and sharing a story of the benefit.
[42:20] Always look and see what the mass is doing and then do the opposite thing.
[43:09] Being different and showing that you are unique and simple.
[43:54] The more options the more paralyzed we become.
[46:08] Catering to specific niches and benefits of frequency, intimacy, and trust.
[55:36] How little guys can move faster than the big guy and always be different in business.
[01:01:07] The way that Mike's website is radically different.
[01:02:12] To make your business stand out, take a step.
Having the courage to be different guarantees attention.
Envy or pity both result in avoidance.
Once you get someone’s attention, you need to sell what they consume.
Mike Michalowicz's Books on Amazon
Previous Podcast with Mike: Why Every Property Manager Should Implement Profit First
Property managers want to get business and make money, but they often make the mistake of underpricing their services. In the long and short run, it would be much better to make more revenue with less clients. The challenge is finding a way to reach an audience that will pay for a quality service and allow you to actually make money.
Today, I am speaking about price sensitivity to the franchisees at Keyrenters. I had done some past consulting work with them,and they invited me to speak to their regular audience. I talk about how marketing to different channels and having a solid reputation while being able to sell to the right audience can make all of the difference with pricing options.
[03:42] Shoring up branding and creating reputation profiles as a business.
[04:53] Category expansion is building brands and creating market share by finding an audience.
[10:33] Focusing on the blue water where everyone else isn't.[13:24] Reviews are one channel for warm leads, but you can multiple review channels.
[14:11] Sales is the number one thing to know.
[15:42] How to deal with pricing and people asking for discounts.
[16:34] Discount type companies have a higher churn rate and lower retention rate.
[17:11] Reaching out and touching people and letting them know you are a better option.
[17:47] Taking on too many doors at low price points will make you overextend yourself and not be able to hire help. It's better to have a profile of half the size and make more revenue.
[18:54] Keeping costs low while getting a fee that makes sense.
[19:19] Decide what you want and what you can part with.
[23:02] Learning how to sell through failure or getting coaching.
[23:59] Investing in yourself is the best investment. Mindset shifts for valuing yourself.
[30:55] Knowing and understanding your business leads to success and more of the same.
[32:28] Multipliers of increasing your sales by a small percentage.
[37:46] Understanding why you are in the business and why you do and how you do it. The art and science of figuring out your why.
[42:32] The number one thing you can do to improve is invest in yourself every day.
[46:40] Taking action on the four main areas of your life.
The majority of property management clients come through word of mouth.
The close rate on reviews from tenants and owners could be 70% by going more personal and leveraging reciprocity.
The difference between a cold lead and a warm lead is that they know you, trust you, and like you.
Increasing Fees in Property Management with Darren Hunter
Cold Calling FRBOs for Property Managers With Daniel Madison
National Association of Realtors Broker Summit
Today, I am hanging out with Jameson Brandon and talking about the subject of genius and speed learning. We talk about how to really tap in and connect with your genius and purpose, and how to remove stuff from your life that is preventing that from happening. This all affects growth and how your business is growing. We talk about energy management, time management, and building a team that is motivated and passionate.
Every business, especially, property management businesses want to grow faster. Jameson and I talk about unlocking your inner genius to grow your business faster. Most business owners want to be moving faster, but they run into roadblocks. People commonly think the roadblocks are due to lack of tools or resources, but they are usually rooted in a much deeper belief. In this episode, we explore what it means to be a genius, and how to bring out the genius in all of us.
[04:00] What it takes to be a genius. We all have genius inside us.
[07:11] How people need to find what drives them and gives them joy.
[09:41] How identifying with something creates a dynamic that makes it stronger.
[10:12] Producer is a dreamer and thinker. The performer is a doer. In school, we are forced to become performers.
[12:44] How what gets measured is the thing where the focus is.
[16:47] Shifting our thinking towards passion and what we desire through an increase in awareness and asking deeper questions.
[19:12] Why we deserve to remove the little things that take away our power.
[21:25] Asking the tough questions and removing what we don't want to do.
[24:31] Inspiring others to find their true principles and getting clear on why.
[26:06] How energy management and feeling good is even better than time management.
[27:21] Finding out what your employees love doing and hire them for that.
[29:06] Going through the refinement process of letting go and finding what you love.
[30:04] Knowing your purpose and focus enables you to learn much quicker. Stand on the shoulders of giants and learn from others.
[31:10] Tell your mind to serve up more of what you are focusing on. Thin down your focus.
[32:17] Having each team member focus on one thing.
[33:48] Finding a company or software that fills the challenges you are facing.
[34:49] Focusing on a few core things that you should focus on.
[38:29] The endless to-do list of stuff to learn.
[39:31] Put people in place to manage things. Have a process for how things are done, and even how much you learn.
[44:15] Speed learning hacks. Find in love with the topic. Break it down into micro pieces and study until they become a habit. Create micro goals or measurements, so you know that you are moving forward.
[46:32] Laws of frequency and recently. And reviewing.
[50:44] Getting very good at living in the future to become the future thing.
Everybody is a genius.
We all have a magical ability to make things effortlessly happen.
Genius state is taking the flow state and making it an everyday thing.
How great leaders inspire action Simon Sinek Ted Talk
Today, I am speaking with John Ray, of Inspect & Cloud, a digital property inspection software product. If you haven’t heard of this software, I think you will love it. It is just really cool, and John is also a really cool guy. John began in real estate when he was 18 years old. He soon discovered that selling houses was harder than he thought, but he was good with technology. He started developing websites for realtors and working on marketing and lead generation.
While working on the tech side of real estate, John was offered an opportunity to teach at Google. He ended up traveling with a group of brand ambassadors and teaching SEO, lead generation, and email marketing. John wanted to implement some of the things he was teaching and he was also fascinated by SaaS product. After talking to many realtors, he realized that there was a pain point when it came to managing paper property inspections. Here is John’s story of the creation of Inspect & Cloud.
[04:47] How managing paper property inspections was an issue which created an opportunity for searchable cloud based reports.
[05:44] In three and half years they have grown from zero users to over a thousand.
[06:22] Inspect & Cloud digitizes inspection reports.
[07:51] How Inspect & Cloud makes it really easy to compile and organize property information in a few minutes.
[09:53] Saving time using software as opposed to hiring more people. Scalable businesses use technology.
[11:34] How Inspect & Cloud offers the most features and most streamlined inspection report organization.
[14:10] How using one software that does everything doesn't give you the features and efficiency of specialized software that does the best job.
[18:30] The goal of managing systems and processes and let those manage the team.
[20:55] How Gamification and accountability are incorporated into the software.
[24:21] Leveraging software and communication the right way.
[28:56] Challenges with property managers not communicating the actions they are taking.
[37:37] How it's backward thinking to skimp on software that touches with the property owners.
[40:00] Perceived value is everything. Your competitive advantage allows you to collect prospects.
It was fascinating that I could offer service and build products from a backpack anywhere in the world.
We offer a solution that hits 30 or 40 extra valuable data points.
This new software is helping to bridge the property management gap and utilize the best tools.
If you are frustrated by the support or lack of support from your property management software, you will be interested in this show. Today, I am talking with Nathan Miller, from Rentec Direct. The one thing I keep hearing about Rentec Direct is that they have fantastic customer service.
This is really unique because we don’t often hear that property management software has amazing support. If you want to know what makes great support or are in the market for new property management software, you might want to give this episode a listen.
[02:35] Nathan formed Rentec, in 2007, because he wanted to make landlords lives simpler
[03:19] Nathan has a background in software development and he was also a property manager
[04:59] In 2009, the free version of Rentec turned into a real company with additional functionality
[06:11] Why someone should choose Rentec Direct they know the software and the rental business
[10:08] Why Rentec is profitable and how they treat clients and employees
[11:23] Number one challenge with software is getting people to use it
[13:09] Fine tuning features to save time for property managers which creates huge cost savings
[14:25] Many SaaS companies have a lot of inefficient clicks. Rentec was designed more like an application so that everything can be done with one click
[18:24] How Rentec has the best support team and live chat
[21:25] How they offer free migrations to help with the difficulty of switching property management software
[23:55] Integrations and APIs to work with other software
[26:20] Rentec Direct is cloud-based and can be accessed from a web browser
I couldn’t find software to help me, I assumed there were other landlords with the same problems.
We help property managers with the software and with the rental business.
It’s our goal at Rentec to earn our customer’s business every month.
If you feel that you are an entrepreneur or think that maybe you are an entrepreneur, you should know about Mike Michalowicz and his books. If you are operating through standard accounting, GAAP accounting, or what Mike calls Frankenstein accounting, you are going to want to listen to this episode and how you can increase profitability.
In this episode we are talking with Mike Michalowicz about his most popular book Profit First and how and why you should implement it in your business. I have implemented Profit First into my business and several listeners have reached out and said that Profit First is the secret to the growth of their property management companies.
[03:57] The pain that created Profit First
[06:41] When Mike had to tell his family how he lost all his money being an angel investor
[10:57] How Jason found out about Profit First
[13:03] Why every business owner should apply the Profit First accounting method
[14:15] How Mike is driven by the Profit First system to eradicate entrepreneurial poverty
[15:48] 80% of entrepreneurs are struggling check to check
[18:52] Pay yourself first isn't a new concept, but Mike applies it to business
[21:37] The principles of Profit First and why GAAP is crap
[23:10] Get started by setting up multiple bank accounts and paying yourself first
[25:39] Parkinson's Law - we get the same results with less money
[34:00] How business owners need to take care of themselves financially
[43:53] Mike's other books The Toilet Paper Entrepreneur, The Pumpkin Plan, and Surge
The rich guy next door with the nice house & nice car is just one bad month away from losing it all.
Entrepreneurial poverty is the dirty secret in most businesses (80%) and needs to be eradicated.
No matter how much you make, without putting Profit First, your expenses will eat everything.
The secret to innovation is limitation.
We’re living in a Prime nation, more and more of us receive packages delivered to our doorsteps every single day. But with great convenience comes greater opportunity for crime: Statistics show that mail theft is on the rise.
In this episode, we’re joined by August Cement, tech guru at video doorbell company Ring. You’ll learn how Ring is the future of doorbells, and how creating peace of mind is the most important part of protecting your properties.
[2:20] What is Ring and what are the features and benefits?
[5:00] How Ring protects against package theft
[8:15] Why peace of mind is more important than security
[10:30] Integrating with home automation systems
[13:00] The story of Ring’s conception and why it’s not a gimmicky product
[14:55] Taking neighborhood watch to a higher level
[19:05] How Ring helps property managers and tenants
[26:40] Do you need to be tech savvy to use Ring?
[28:00] Using Ring in extreme circumstances
[29:35] What happens if a thief steals your video doorbell: Ring and customer service
[33:50] Community interaction
[36:00] Responding to a knock on the door from anywhere in the world
Ring is about maintaining a connection to your home, neighborhood, and family regardless of where you are in the world.
Our product has brought to light how common crimes of opportunity occur. Samsung and Apple couldn’t see that, but Ring did.
It’s simplicity that makes things genius.
Want to talk more about how Ring works and if it’s right for you? Email neighborhoods@ring.com to get connected to August and his team.
Picture this: One of your tenants is making dinner and accidentally starts a small grease fire in the kitchen. No one gets hurt, but wading through the homeowner’s insurance claim, the tenant’s security deposit, and all the paperwork and red tape is completely overwhelming. IS there an easier way to deal with tenant mishaps?
Brad Larson, CEO of Larson Property Management and a key player at the National Property Management Network has a solution. Learn how tenant liability insurance protects the homeowner, the tenant, and the property management team and how to begin implementing it in your business!
[3:00] What is tenant liability insurance?
[4:45] How tenant liability insurance protects the homeowner, the tenant, and the property management team
[6:45] Making a revenue by mandating insurance
[7:50] The legality of tenant liability insurance
[12:15] Opt-in rates and conversion rates for renewals
[15:10] How tenant liability insurance saves property managers time
[17:35] Frequently asked questions
[19:10] Admin fees
[20:25] Is there any reason why a property manager wouldn’t want to implement this insurance?
[22:40] Implementing peace of mind and using insurance as a marketing tool
[25:30] The difference between renter’s insurance and tenant liability insurance
The Single-family-home property managers are way behind the times. We’re playing catch up.
Prioritize what you want to implement. Do what’s easy and what will make you money first.
Why do we at DoorGrow do what we do? In this episode you’ll hear an interview with Sterling Davis, a property manager who saw his 60 door business grow to 300 doors in just six months after investing in our Seed Package.
[3:00] How Sterling Davis first got into contact with DoorGrow and why
[5:40] “If you’re serious, you’ll pay it”: Why investing in his business motivated Sterling
[9:30] Creating a brand to sell with the right tools
[12:45] The results Sterling achieved in his first 6 months
[13:25] Portfolio and monthly revenue breakdown
[16:30] Life after the Seed Package: Marriage, business, and finances
[18:15] What would business be like without the Seed package?
[19:15] Sterling’s thoughts on the value of following the Seed Package and getting used to being uncomfortable
[23:50] Breaking down what’s included in the Seed Package and what benefits you can expect from following it
I’m not here to be a property manager. I’m here to get my doors up and make money.
Successful Coachable Mindset: You’re the coach, I’m the player, let’s do this.
How can you expect anyone to value your business and invest in it, if you’re not willing to?
Our goal isn’t just to make money from people. We’re in the business of making a difference.
Are you serious about growing your property management business? Check out our Seed Package, the ultimate foundation for property management growth.