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The Property Management Mastermind Show

The Property Management Mastermind Show and Property Management Productions was formed to provide information and products BY Property Managers FOR Property Managers looking to grow and run their business. The podcast show is an interview discussion conducted by Brad Larsen – a Property Manager in San Antonio, TX. In this Podcast show, Brad will interview some of the biggest and brightest stars in the Property Management industry to include National Association of Residential Property Management (NARPM) members, Leading Property Managers of Australia (LPMA) members, and key vendors in the property management industry with the goal of being able to gain insight for best practices, new trends, and exciting information to help you grow and run your business more successfully.
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May 25, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

Today, I’m joined by both Andy Shinn with EZ Repair Hotline and Ray Hespen from Property Meld. The three of us will talk about how they got started on their collaboration, and how seamlessly the two services work together. As you’ll learn, they have several levels of support that can make your life easier and allow you to focus on the important things, like growing your company! Maintenance is important, but once you have it set up, you can turn toward growth again.

EZ Repair Hotline coordinates maintenance and takes emergency calls for property managers. As a former property manager himself, Andy understands all too well that maintenance coordination can get in the way of growth. The company now offers four products, one of which specifically teams up with Property Meld.

As you’ll learn in this episode, 31% of non-renewals are due to the maintenance experience. In fact, behind increases in rent price, this is the top reason that tenants don’t renew. As you can see, providing tenants with a fantastic maintenance solution can make a big difference in renewal rates. In fact, we’ve seen this ourselves already; tune into the episode to learn how good our renewal rates have been.

You’ll hear all about the benefits of having a maintenance company offering automated services like you’ll get with EZ Repair Hotline and Property Meld, why it’s important to be able to designate what is and isn’t an emergency, how one work order can sometimes turn into two, and much more.

 

Here’s where you can find Andy and Ray:

EZ Repair Hotline

andy@ezrepairhotlinellc.com

(800) 488-6032 (EZ Repair Hotline)

Andy Shinn on LinkedIn

Property Meld

Ray Hespen on LinkedIn

 

Show Notes

[01:45] - Brad introduces Andy and Ray, today’s guests, and explain what they’ll cover in today’s episode.

[02:53] - Andy talks about EZ Repair Hotline and why he started the company.

[03:34] - Ray takes a moment to explain why Property Meld was started, and then explores the dynamic of how Property Meld works with EZ Repair.

[06:15] - Andy digs deeper into EZ Repair, and the services it offers.

[08:11] - Ray explains that the #1 reason that people don’t renew (other than an increase in rent price) is the maintenance experience. Andy then talks about the full-service maintenance option.

[10:52] - We hear more about the software integration between EZ Repair Hotline and Property Meld. Andy also lists other softwares they can work with.

[12:41] - Brad takes a moment to talk about the fact that not all repairs are emergencies, illustrating his point with examples. He then shares the story of a tenant who was gaming the system.

[14:18] - In response to Brad’s story about a tenant gaming the system, Ray shares a story of his own. Brad then tells another story involving air conditioning.

[15:40] - Andy talks about one of the benefits of his service, which is that the people on staff know what isn’t an emergency.

[18:41] - Andy talks us through the various levels of service that EZ Repair Hotline offers.

[20:52] - Have Andy and Ray thought about building a survey system to get feedback after services?

[23:00] - You have to invest in the process, and the only way you know whether the process is doing well is by measuring it, Ray points out.

[23:43] - Andy talks listeners through other programs that EZ Repair Hotline offers and that he hasn’t covered already.

[24:48] - Does Andy have an ideal company size that he works with?

[26:15] - Andy talks about where listeners can find him and learn more about the services they offer.

[27:03] - How long does implementation take once a new customer signs up? Andy answers, then offers a discount to listeners!

 

Links and Resources:

adisarro@sccombank.com

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

Grace Property Management by Marc Cunningham

EZ Repair Hotline

Andy Shinn on LinkedIn

Property Meld

Ray Hespen on LinkedIn

Appfolio

Buildium

Propertyware

Rent Manager

May 14, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

In this episode, the remarkable Deb Newell will talk about consulting, growth, and how it all ties in together within the property management industry. Deb and I have known each other for quite a while through the NARPM community, and I’m very impressed with what she’s doing, so I’m excited to have her on the show. I hope you’ll enjoy what she has to say about growth as much as I did!

Deb has been running a property management company since 2001. She wanted to get out of debt, so she partnered with a friend to buy a property. She renovated the property, flipped it, paid back her friend, then bought a duplex and has been growing ever since. Deb hired her first employee when she reached 50 doors, and now has around 750 doors. Around a decade ago, she started a separate maintenance company.

Because she believes in running a lean company, she has fewer employees than most people would expect. For example, in Minnesota where she has around 450 doors, she has just five employees. In addition to describing her own property management company, Deb goes into fantastic depth in this episode about her role as a consultant for other companies. If you’ve ever wanted to learn what a consultant does, and what value a good one can offer to your company, this is definitely the episode for you.

She’ll also talk about the difference between consultants and coaches, how much she charges for her services, what she does when she works with a new company, what her stance is on the question of departmental style or portfolio style, and much more. Tune in to learn all about these topics and much more!

 

Here’s where you can find Deb:

Real-Time Consulting Services

Real-Time Consulting Services on Facebook

@realtimefixer on Twitter

Deb Newell on LinkedIn

Deb Newell on Twitter

 

Show Notes

[01:45] - Brad introduces today’s guest and explains what she’ll be talking about today.

[02:53] - Deb explains who she is and how she originally got into the world of property management.

[06:13] - We hear about the current numbers of Deb’s company, and how it runs with or without her.

[09:02] - Deb believes in a very lean environment, so she runs a very lean company.

[10:55] - We hear about how focusing on growing and focusing on consulting can come together, with Deb explaining that growth is the #1 goal for a lot of companies that she works with.

[13:17] - Brad talks about some things that he’s addressing now in his own company.

[15:17] - Deb takes a moment to explain the difference between a coach and a consultant.

[17:41] - What kinds of tangible results are Deb able to project or predict?

[20:17] - Brad agrees with what Deb has been saying about being on-site, he explains, because being on the ground is helpful.

[23:14] - Deb explains that she doesn’t use a template, instead working individually on writing things up for each company she works with.

[24:21] - We hear more about what Deb tends to do when she works with a company, specifically in the first few days.

[25:22] - Deb addresses the big question: departmental style or portfolio style?

[27:07] - We learn about the costs involved with hiring Deb to come in and dissect and rebuild a business.

[30:02] - Who would be Deb’s best target client?

[31:56] - Deb offers some compelling reasons why someone might want to hire her, instead of the competition, as a consultant.

[33:54] - Deb lists some ways that listeners can get in touch with her or learn more about the services that she offers. She also talks about the discount that listeners can get on her services!

 

Links and Resources:

adisarro@sccombank.com

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

Real-Time Consulting Services

Real-Time Consulting Services on Facebook

@realtimefixer on Twitter

Deb Newell on LinkedIn

Deb Newell on Twitter

NARPM

Grace Property Management Systems by Marc Cunningham

The 40 Hour Work YEAR by Scott Fritz

Tenant Turner

ShowMojo

Apr 28, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

In this episode, you’ll hear a fantastic conversation with Aaron Marshall of Keyrenter. If you’ve ever wondered about whether franchising is a good idea or how to get started, this is absolutely the episode for you! Aaron will go into depth about franchises, franchising, the various property management franchises that are out there, how they work, what the benefits are, and much more!

Aaron has been in real estate since 2001, and in property management since 2007. He sold his extremely successful real estate business in May 2013 and started a Keyrenter franchise in December 2013. Since then, he has become an expert on franchising within the property management space, and he shares some incredible wisdom and insight into the realm in our conversation today.

For those just getting into real estate, starting with a franchise can be incredibly helpful. As Aaron explains, he helps people get into the business, set it up correctly with insurance and banking, assists with property management agreements and marketing, and much more. This saves people the trouble of fumbling through it for the first year or two and losing value during that whole period.

Aaron is wonderfully open about the specific costs involved in opening a Keyrenter franchise. There’s no secrecy or vagueness about numbers in this conversation; he’s clear and upfront about what a franchise costs, as well as the reasons that the cost is well worth it.

Tune in to learn much more about all this, as well as how to get started (whether you’re new to the industry or already have a property management business), additional reasons why it can be so valuable to have a franchise, and more. Finally, Aaron will also offer a fantastic deal to listeners, so don’t miss this episode!

 

Here’s where you can find Aaron:

Keyrenter Franchise

Keyrenter Property Management

Aaron Marshall on LinkedIn

 

Show Notes

[01:45] - Brad introduces today’s guest and explains what today’s episode will cover.

[02:58] - Aaron gives us a quick intro to who he is and what he does, as well as how he got involved with Keyrenter.

[05:28] - Why buy a franchise? Aaron answers, then Brad talks about the franchises that he thinks of offhand.

[07:36] - Brad shares a story involving his wife, who gravitated toward a specific brand rather than looking for an individual agent.

[09:06] - We hear about the value of having a franchise for someone who’s brand new to property management.

[12:41] - Brad clarifies some of the specific ways in which Aaron (or a franchise in general) helps with getting started in property management.

[13:38] - We learn about the costs involved with opening a Keyrenter franchise.

[15:28] - Brad talks his own experience with buying a franchise.

[17:07] - Aaron returns to the topic of franchise costs, including the fees involved.

[21:23] - Let’s talk about revenue! Brad talks about the royalty that Aaron has been discussing, and explains how it can be justified.

[23:39] - Are the fees that Aaron has shared consistent across the industry, or are they higher at some companie than others?

[25:22] - Aaron walks listeners through the process of purchasing a Keyrenter franchise.

[29:56] - We hear about the next steps in opening a franchise, which Aaron sees as a mutual interview.

[31:50] - We shift from talking about brand new franchise owners to existing businesses transferring over to a franchise. If you have over 25 doors, Aaron explains, you pay half price.

[34:43] - Is there any sort of exit strategy that Aaron looks at with franchisees as he sets them up from the beginning?

[37:48] - Aaron talks about whether there’s something like a franchise report to help listeners assess different franchises.

[42:08] - Brad talks about the fact that there will always be bad reviews.

[42:47] - How can listeners get in touch with Aaron if they’re interested in getting into a franchise?

[44:31] - Aaron offers listeners a gift: a discount on a review software offered through grade.us. Listen in to hear how you can get your discount!

[47:35] - We hear some final words of wisdom and advice from Aaron.



Links and Resources:

adisarro@sccombank.com

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

Keyrenter Franchise

Keyrenter Property Management

Aaron Marshall on LinkedIn

LeadSimple

PM Grow Summit

AppFolio

Franchise disclosure document (FDD)

grade.us

Apr 2, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

I’ve known Derrick Scott for a while, but we’ve been getting to know each other better recently. Derrick is a property management company owner as well as an insurance company owner with over 25 years of experience in the insurance industry. He’s particularly familiar with insurance as it applies to property managers in working with owners, tenants, and company stuff. We’ll dive deep into the topic of insurance, especially the master policy concept.

We all know that you can require renters’ insurance in your lease agreement, your tenants will show you a copy of the agreement, and then they’ll go cancel the policy. The concept of having a master policy is a potential way of getting around this by having the management company act as the insurer.

The problem with property insurance, or landlord insurance, is that some companies don’t cover specific things like certain dog breeds, while others do. You may never know whether your policy covers these things unless you dig down deep. This sort of thing is what led Derrick to wanting to provide a solution for property owners that makes sure that vicious dog liability is covered.

We’ll cover lots of other topics, too, such as whether you should carry errors and omissions insurance even if your state doesn’t require it, some of the complicating factors surrounding workers’ comp, which kinds of insurance you absolutely must (and definitely should) carry for your property management company, and much more! Tune in to learn more about this different aspect of property management and gain a deeper understanding of how to best protect yourself and your company.

 

Here’s where you can find Derrick:

IMG (Insurance Management Group)

derrick@imgadvisors.com

Derrick Scott on LinkedIn

 

Show Notes

[01:45] - Brad introduces today’s guest, Derrick Scott, and explains what today’s episode will cover.

[03:02] - Derrick takes a moment to talk a bit about himself, his career history, and how he got to where he is today.

[04:32] - Brad brings up today’s first major topic: the master policy concept.

[05:46] - We hear Derrick’s thoughts on the renter’s package master policy concept, and what he thinks of the management company owner having a master policy and passing along the insurance to the tenant.

[07:09] - The first problem, Derrick points out, comes from an administrative standpoint.

[08:47] - Brad and Derrick break down the levels of coverage that Derrick has been talking about.

[11:22] - Brad shares a recent example of a military couple who they sadly had to turn down based on the breed of their dog.

[13:37] - Derrick transitions to talking about landlord insurance.

[16:29] - How does this work with somebody who has an escrow account in terms of doing a landlord insurance master policy?

[19:59] - Derrick “translates” what he and Brad have been talking about to laymen’s terms for listeners who may not be familiar with the concept.

[20:57] - We hear about some struggles that Brad has had with trying to get their owners to name them as additionally insured.

[22:06] - What happens when an owner has insurance and you’re not named as additionally insured?

[24:27] - Brad circles back to the topic of renting to tenants with animals and staying covered by insurance.

[26:46] - Derrick responds to what Brad has been saying and points out that it involves setting expectations for the renters while also making sure that the owner and tenant have coverage in case the pet does damage.

[31:21] - Brad switches over to talking about insurance for the management company itself. Derrick then addresses what type of insurance is necessary or ideal.

[34:00] - Things get a little bit tricky with other coverages such as personal and advertising injury, which some policies don’t have.

[37:22] - Brad shares a side story to illustrate the point that Derrick has been making.

[39:22] - We hear about errors and omissions insurance, which Brad isn’t required to have because of a Texas law. He carries it anyway, and Derrick absolutely recommends it. They then discuss tenant discrimination liability.

[42:46] - Derrick digs deeper into the topic of workers’ comp.

[44:42] - Brad brings up some boutique coverages, such as cyber liability.

[47:07] - Derrick lists the insurance must-haves that a company needs, including workers’ comp, commercial general liability, and more.

[48:52] - Now that Derrick has addressed the must-haves, what insurances does he think are should-haves?

[50:25] - What would be the best way to get in touch with Derrick to learn more or work with him?

 

Links and Resources:

adisarro@sccombank.com

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

NARPM

NARPM Broker Owner Conference

PetScreening

Mar 16, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

 

Today’s episode is going to be a different style! It’s always an honor to share my guests’ wisdom with you, but today I want to share some tips and insights of my own, so I’ll be doing a monologue. You’ll hear about some great things going on in the property management industry, best practices and techniques, and some of the questions I hear a lot.

 

You’ll hear about my property management company, RentWerx, that has experienced a 35% year-over-year growth and currently manages 840 single-family homes. I’ll talk about why we count homes versus properties, and what the magic number is (profit per month per door that you manage). I’ll also talk about the reason I started this podcast, and why it’s so important to me to see the property management industry get better as a whole. I’ll also touch on my future goals, including the book I plan to write!

 

Podcasting is going to be the new radio. Since you’re here listening to this, you’re probably already aware of that and ahead of the curve! Right now, it’s still a relatively young industry that’s fairly easy to break into, but that’s already changing. If you want to get into podcasting, now is the time to do it… and if you want to learn how to get into it, you’ll want to listen to my talk at the upcoming NARPM Broker Owner Conference.

I’ll talk about plenty of other hot topics including our eight fantastic team members (not just virtual assistants!) in Mexico, the value of Facebook marketing and how we use it, the importance of search engine optimization, some great projects we have going on, and finally an exciting announcement about our upcoming expansion!

Show Notes

[02:28] - Brad’s first point of discussion is RentWerx, his property management company in San Antonio, TX.

[05:05] - We switch over to the topic of maintenance, with Brad discussing the choice to break out his maintenance company.

[07:09] - Why is Brad doing this? He wants to see the property management industry improve, he explains.

[09:49] - At the NARPM Broker Owner Conference, Brad will be doing a presentation on podcasting. If you’re interested in the topic, it will be a productive event!

[11:09] - Brad discusses his thoughts on competitors, and why he isn’t worried about giving things away to them.

[12:39] - We learn that Brad has eight full-time team members in Mexico. These people are far more than virtual assistants, he explains, and talks about what’s so impressive about them.

[15:10] - Brad moves onto another hot topic: Facebook marketing.

[19:30] - At first, Brad thought the Matterport 3D tour technology was very expensive, but it has turned out to be valuable.

[21:20] - Brad talks about hiring business development managers and employees.

[23:48] - We touch on what has really worked for Brad in the business development side, which is a five-tiered system.

[27:58] - Another thing Brad wants to talk about is their investor pocket listing concept, which reduces the losses from sales.

[30:25] - Brad circles back to how he’s using the Matterport 3D tour videos.

[32:43] - Let’s talk about hiring! Brad discusses the way they’ve typically found applicants and made hiring decisions.

[37:37] - Brad moves onto talking about leasing, saying that he rents to the best-qualified applicant.

[40:04] - Brad is a huge fan of doing leasing where the tenant never needs to go to the office.

[42:31] - We learn about structuring your business, with Brad offering his experience and insight.

[45:36] - Brad discusses something he heard recently about the dynamics of phone calls.

[46:30] - Another good topic for discussion is software providers.

[48:48] - One of Brad’s campaigns with NARPM is to create a NARPM accounting standard. He explains what this means, and what the intentions are.

[52:48] - Brad returns to the topic of his management company, RentWerx, and explains he’s recently teamed up with eXp Realty for Salewerx.

[55:11] - We hear about a potentially industry-changing landlord insurance property. Another thing that will become increasingly prevalent are syndications.

[57:25] - Brad moves into the final point of the episode with an exciting announcement: their company will be moving into Austin!

Links and Resources:

adisarro@sccombank.com

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

NARPM

The 40 Hour Work YEAR by Scott Fritz

NARPM Broker Owner Conference

Matterport

Appfolio

Propertyware

LeadSimple

eXp Realty

Salewerx

Mar 2, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

Today’s guest is Ray Hespen, who’s here to discuss his relatively new product Property Meld. This amazing product, which we recently started using, basically links tenants, owners, and vendors together into one platform to help them coordinate maintenance.

Ray and his cofounder were both climbing corporate ladders, which involved moving around a lot, so they were renting in each new location. His cofounder pointed out how much of a pain it is to be a renter and get maintenance done. From that observation of the renter experience, they realized the need for a product like Property Meld. They then talked to a couple dozen property management firms to learn more, and then decided they had to make maintenance more automated, simpler, and more self-service oriented.

The main reason people rent these days is because they don’t want the hassle of being a homeowner, not because they don’t have the option of buying. This means that not offering a strong maintenance service is the second most common reason that renters don’t renew their leases. In fact, a whopping 31% of non-renewals are because of maintenance.

Property Meld automates a system that allows streamlined coordination and schedules the repairs, verifies completion, and follows up with the resident for you. It can do this without requiring phone calls, which tenants are notorious for hating and avoiding whenever possible. It also keeps a record of contact attempts to ensure that there’s evidence when tenants claim that they were never called. It also ensures quick scheduling; 85% of repairs are scheduled in under four minutes.

Tune in to hear all of this plus much more! We’ll also discuss how Property Meld helps managers favor good service providers (and weed out the bad ones), exactly how important it is to use text messaging instead of phone calls, how much Property Meld costs, and how quickly they can get you up and running with the system!

Here’s where you can find Ray:

Property Meld

Ray Hespen on LinkedIn

Show Notes

[02:40] - Property Meld has been showing up at lots of conferences and intriguing people, Brad points out.

[02:54] - Ray talks about his background and how Property Meld started.

[03:54] - Maintenance is one of the first things that will get you fired as a property management, and it’s often forgotten about. Brad talks about the lessons he’s learned on the maintenance front.

[05:05] - Ray shares his thoughts on the costs of maintenance and the impact it can have. He and Brad talk about the stats of renting.

[07:54] - We learn that Property Meld takes a different approach to coordinating maintenance than in most conventional maintenance management systems.

[09:06] - Brad offers a hypothetical scenario to illustrate how Property Meld works.

[11:41] - Is there a specific stat for how much more quickly repairs are scheduled when using Property Meld?

[12:33] - On average, people open emails 15% to 20% of the time. Text messages, on the other hand, are read within the first 15 minutes of receipt 80% of the time.

[14:35] - Ray explains that their communication, not just scheduling is text messaging and email-based. He then reveals that you can even send YouTube videos through messages.

[16:41] - Brad steps in for a moment to share a story about a tenant whose air conditioning went out.

[17:30] - Brad has just recently implemented Property Meld. He shares some of his early experiences.

[19:12] - There’s a learning curve with everything, Ray points out. He then explains why good vendors love the system, and how it helps to weed out the bad vendors.

[22:02] - Ray talks listeners through the cost for the system and the savings that it can potentially provide.

[23:56] - Your vendors are an extension of your company as far as tenants are concerned, Ray explains.

[25:22] - Ray talks us through the steps of getting his system set up for a property management company.

[27:31] - Ray discusses the automated process of their onboarding. He then talks about the discount he’s offering to listeners!

[28:51] - Where will Ray’s next public appearance be?

[30:13] - Brad offers Ray the opportunity to name-drop some happy customers.

Links and Resources:

Property Meld

Ray Hespen on LinkedIn

adisarro@sccombank.com

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

NARPM Broker Owner Conference

AppFolio

Teamwork Project Management

NARPM

Feb 15, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

My guest today is a true luminary of the property management world. Bob Walters, who hails from Australia, is the founder and godfather of LPMA (the Leading Property Managers Association). Bob has been in the industry for over four decades, and has been doing conferences in Australia and New Zealand for over a decade. He’s a successful entrepreneur who has built up, sold, and successfully exited three property management companies totaling well over 4,000 units. Thanks to his deep expertise, Bob is also a consultant.

Together, Bob and I will dig deeply into the five S’s of property management: structure, strategy, systems, service, and standards.

In terms of structure, you need to keep in mind that there’s no right or wrong way to structure your business; you just need to delight your clients! When you start out, what you need to figure out about your structure is how many staff you need on your team to delight your clients while still making a profit.

One important aspect of strategy is having a properly documented business plan and a properly prepared budget. Even so, when Bob is working as a consultant, he often finds that property management companies don’t have these sorted out.

 

Having good systems for everything you do is an easy thing to say, but difficult to execute. Bob will explain how many property management businesses still don’t have properly documented systems, and clarifies that property management is mostly processes and absolutely requires strong systems to be successful.

The standards category covers both personal performance standards and company performance standards. These should be carefully calculated, achievable, and regularly monitored.

If you want to hear about the customer service side of things, tune into the episode! In addition to the important five S’s, we’ll discuss other topics including keeping your books, health checks for property management companies, why policies and procedures manuals are so important, marketing materials, and lots more. Once you’re done listening, if you can’t get enough about property management, join our Facebook group to get in touch with more industry professionals!

Here’s where you can find Bob:

bob@lpma.com

LPMA

Bob Walters

Show Notes

[03:23] - Bob launches off the interview portion of the episode by talking about the five S’s of property management.

[05:26] - We move onto another of the five S’s: systems. Bob explains why systems are so vital to the property management business.

[06:47] - Next, Bob moves onto the topic of strategy, offering some basic examples of how property management companies should use strategies.

[08:15] - Bob talks about the typical goal of a property management business owner in Australia and New Zealand: to grow bigger. They usually start to stumble when Bob asks how they’re going to get there.

[09:41] - We hear about the numbers that Bob recommends planning for in terms of losses every year.

[10:56] - Bob discusses another of the five S’s: standards. Brad then offers an example of how this can function.

[12:35] - Over his career, Bob has built three property management businesses. He talks about the first one he built, which was during the 1980s.

[14:47] - Brad transitions into talking about doing health checks for businesses. Bob discusses what form a health check takes when he does it, mentioning that no two are exactly the same.

[16:39] - We hear more about Bob’s processes. He explains that many of the owners he talks to don’t value their policies and procedures manuals as much as they should.

[19:45] - Bob agrees that there need to be some paper-based forms, and talks about the value of color-coding things.

[21:14] - Bob discusses the importance of keeping proper books, and what exactly he means by the term.

[22:52] - Right now, Brad is on a crusade to develop an accounting standard that property management company owners can all use.

[24:12] - How much the owners take as their own profit can be a wild card, Bob points out.

[27:34] - We move onto the subject of customer service levels. Brad and Bob talk about net promoter scores.

[29:40] - Bob discusses the importance of customer service standards in a property management business.

[32:08] - Another thing to look for in a health check is a company’s marketing materials. Bob digs more deeply into this aspect of the health checks he does.

[34:34] - Bob shares something he discovered at the recent PM Grow Summit.

[36:28] - We hear about some of the top mistakes that Bob has made, and what people can learn from them.

[38:05] - Brad shares a story about a mistake of his own.

[40:11] - Another big mistake that Bob made in his career involved wanting to have the biggest company in town.

[42:18] - Bob shares a quick story related to what he and Brad have been talking about in terms of comparing business sizes.

[43:33] - One of the best metrics that we can eventually use, Brad says, is a profitability-per-door metric.

[44:35] - Bob walks us through another mistake that he has made in his career.

[47:47] - Does Bob have any parting words that he’d like to share with listeners?

[49:33] - Bob shares his email address so listeners can get in touch with him to chat more! You can reach him at bob@lpma.com.

Links and Resources:

bob@lpma.com

LPMA

Bob Walters

The 40 Hour Work YEAR by Scott Fritz

NARPM

Net promoter score

PM Grow Summit

Feb 3, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

Scott Lewis, today’s guest, has been wildly successful in just a couple of years, and his company eXp Realty is now hitting a viral stage. Its number of agents has grown almost ten times in size in just two years. Now that we’ve partnered with their fantastic company, it’s easy to see why they’ve been so successful!

I want you to hear about the fantastic collaboration between our companies, RentWerx and SaleWerx, and Scott’s company eXp Realty. We have RentWerx on one side focusing on single-family and multifamily property management, and Saleworks on the other side, focusing on residential single-family home sales. Both are powered by eXp Realty, and we couldn’t be happier.

In our conversation today, we’ll dig into why a property management company like RentWerx decided to team up with eXp Realty, and all the good things that have come out of the partnership. Scott will explain why the eXp model is radically different, including why he feels that the franchise model has been unfair to agents. The eXp model, on the other hand, is designed to empower the agent.

At eXp, the model involves having one broker per state working in tandem with other people to assist with questions, paperwork, compliance, transactions, and more. I used to feel like I had to constantly interrupt what I was doing with property management tasks to deal with state or local compliance issues, and now eXp takes care of all of that and let me juggle fewer tasks.

Tune in to hear more! And if you can’t get enough about property management, join our Facebook group to get in touch with more industry professionals!

Here’s where you can find Scott:

eXp Realty

Explode Your Career on YouTube

explodeyourcareer on Instagram

Show Notes

[03:23] - Scott starts things off by explaining how he and his wife, Traci, transitioned from their work with Century 21 and Keller Williams to owning eXp Realty.

[05:27] - What is Scott’s answer to the question “why eXp?”

[06:34] - Brad points out that the empowerment of agents is a big reason why they changed to eXp Realty. He gives some reasons for why this made so much sense for a property management company.

[08:02] - Scott talks about the recurring revenue stream that Brad has been discussing.

[09:01] - Brad steps in to more fully explain the difference between profit-sharing and revenue-sharing, and clarifies what eXp offers.

[12:20] - We hear more from Scott about how eXp has helped Brad be able to focus more on what he’s best at instead of dealing with distractions.

[13:58] - The key thing to look at here, Scott says, is that the only thing at risk with joining eXp is your ego.

[15:04] - Brad expands on what he’s looking for with agents and mentions the option of working with referrals.

[18:30] - We learn about cloud-based support at eXp. It’s something you have to experience for yourself, Scott says.

[20:48] - Scott quantifies eXp’s astonishing growth for the audience. The company went from 800 agents to over 7,000 in a little over two years, and is now in 47 states.

[22:25] - Brad had some losses as a real estate brokerage because there are small fees with eXp, but discovered that the good agents understand the model and don’t have any problem with it.

[25:03] - We hear some reasons why a hypothetical property management company owner in California might want to join eXp, and how it might work.

[27:52] - Brad brings up a few more points about the benefits that eXp offers.

[29:21] - Let’s talk numbers! We hear about the specific percentage of the split, as well as some of the details of the process of working with eXp.

[31:06] - At eXp, there are multiple people who are highly invested in helping you and answering your questions.

[32:21] - Scott talks more about the 80/20 split, where 80% goes to the company but 20% goes to eXp, which is owned by the agents. He then discusses the potential income one can earn with the company.

[36:26] - What made Brad’s decision for him was the realization that he had very little to lose and gigantic potential to do well.

[37:44] - Scott brings up another point, this time involving CRM tools.

[39:07] - We hear more about the costs at eXp.

[40:14] - One of the challenges that Scott and Brad have talked about is onboarding agents, Brad explains. Brad then talks about onboarding.

[42:07] - Brad talks about some of the next steps, and invites listeners to email him at brad@rentwerx.com.

[43:22] - Scott shares his parting thoughts and advice for listeners.

Links and Resources:

eXp Realty

Explode Your Career on YouTube

explodeyourcareer on Instagram

RentWerx San Antonio

Max Grow products

Seacoast Commerce Bank

Century 21

Keller Williams

LeadSimple

Jan 25, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

Today’s guest is someone truly special whose work spans just about every industry, not just property management. Mike Michalowicz is the author of the groundbreaking book Profit First, which revolutionized the way that many businesses handle making money. We’ve implemented his system in his business and are already seeing fantastic results.

Imagine this: you run your business solidly, and at the end of the year, you see a nice, fat number for your profit that year. Your bank account, though, doesn’t reflect this. In fact, if you’re like the majority of small business owners in the United States, your business is probably operating from month to month, and paycheck to paycheck. So where, exactly, has that profit gone? The sad fact is that it’s already spent and isn’t truly profit in the sense that we think of it.

Here’s why that happens: we think that the formula is sales - expenses = profit. Logically, that makes sense, but in reality it doesn’t work out that way. Instead, we need to swap the formula into a far more effective one: sales - profits = expenses. In other words, instead of running a business and thinking of everything left after we pay all the expenses as profit, we need to pay ourselves first. Whatever is left after you set aside a designated amount of profit is what you’re allowed to use on expenses.

This doesn’t mean you can jump right into setting aside 25% or 30% of your sales as profit. Instead, think of this profit-first methodology as being like exercise. You wouldn’t go straight from being a complete couch potato to running a full marathon, right? Doing so would just leave you injured and in worse shape than before. Similarly, you need to gradually build up your profit. Start with a very small percentage, and gradually increase from there.

Mike will explain all of this in depth, and I’ll talk about how it relates to the property management industry. We’ll also discuss why it can be a great idea to split your business into different parts if you offer different services. This is going to be a great episode, so tune in to learn all about how to truly see a profit from your property management business!

 

Here’s where you can find Mike:

Profit First

Mike Michalowicz

@MikeMichalowicz on Twitter

Mike Michalowicz on LinkedIn

Mike Michalowicz on YouTube

Mike Michalowicz on Facebook

 

Show Notes

[02:22] - Mike shares a bit about his background, explaining that he’s first and foremost an entrepreneur but has been an author for around 10 years.

[03:41] - Brad offers some background on his company and how the payment structure was set up, as well as what implementing profit-first can accomplish.

[04:45] - We hear a story of Mike’s about a moment in which he was confused about where, exactly, the profit was. He then shares the answer, and explains why the traditional formula for profit doesn’t make sense.

[07:58] - Mike explains how his companies function now, which involves setting aside a specific percentage of profit first, then running the business off the remainder.

[09:08] - Brad dives into some of the things that he’s doing now to implement this profit-first strategy. He and a friend are profit-first buddies who help each other stay accountable.

[11:03] - Mike clarifies that he didn’t invent this system; it’s been around for centuries as the “envelope system.”

[14:10] - One of the interesting dynamics of what Brad does involves having both a property management system and a maintenance company.

[16:13] - Mike points out why it was such a good decision for Brad to have his business split into two parts, and gives an example of another company that was far easier to evaluate after breaking it into parts. He also explains why it’s a great idea to face some hard questions today.

[20:57] - We hear about Mike’s great podcast, called The Profit First Podcast. He and Brad then discuss the changing roles of radio and podcasts.

[23:13] - Mike talks about his upcoming speaking gig in San Antonio with Dave Ramsey.

[25:13] - We learn about EO (Entrepreneurs’ Organization), a peer-to-peer group for entrepreneurs in various industries. Brad is applying for membership, and Mike is a member already.

[28:51] - When people ask Mike which of his books they should read next, he responds to the question by asking, “In your business today, what’s the biggest challenge you’re facing?” The answer about which book to read depends on this. He also describes how to get one of his books for free!

[31:45] - For people who are overwhelmed or confused by the process of switching to profit-first methodology, Mike started a company: Profit First Professionals. He also mentions ProfitCON.

[33:27] - We haven’t even scratched the surface on the profit-first system. Mike talks about where to get resources, and gives advice on how to get started.

[35:33] - Mike’s last tip for today involves removing temptation by transferring your profits to a different bank so it’s out of sight and out of mind.

[38:16] - How can listeners reach Mike if they want to learn more or get in touch with him?


Links and Resources:

Profit First

Mike Michalowicz

@MikeMichalowicz on Twitter

Mike Michalowicz on LinkedIn

Mike Michalowicz on YouTube

Mike Michalowicz on Facebook

Profit First by Mike Michalowicz

The Pumpkin Plan by Mike Michalowicz

Surge by Mike Michalowicz

The Toilet Paper Entrepreneur by Mike Michalowicz

Tim Melton

Grace Management & Investment

The Profit First Podcast

Dave Ramsey

EntreLeadership Summit San Antonio 2018

EO

ProfitCON

Seacoast Commerce Bank

Jan 10, 2018

I love offering listeners fantastic benefits, such as some great discounts for products. These include the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more, with new offers coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

Before we dive into this episode, I want to take a moment to give you a quick update. On both of our websites, we’re adding a couple of new tabs. One of these tabs will highlight all the upcoming seminars and conferences through various organizations. The other tab will direct you to our property management mastermind listserv on Google. It’s a great no-holds-barred listserv where anything goes. Check out both of these new tabs to explore more of what we can offer!

My guest today is Scott Brady, a property manager from Southern California. Scott has been in the real estate business for over two decades, and jumped into the property management side of things about six years ago. As he’ll explain in our conversation today, he changed the slant of his company to attract self-managing property owners once he learned that a shockingly high percentage of people self-manage their properties.

Scott will also talk about some fascinating things that he’s doing in his marketplace that are a bit outside the norm. He veers away from the generic cookie-cutter thinking of many property management companies and doesn’t hesitate to think outside the box. As a result, he’s generating several different revenue streams for his business, of which property management is only one.

We’re fortunate enough that Scott isn’t shy to talk about the nitty gritty details and exact numbers. If you’ve been wondering exactly how the financial aspects of these things work, this is the episode for you. Scott will go into detail about how much (or how little) he makes in property management, how he compensates his agents and employees, and much more.

 

Here’s where you can find Scott:

Progressive Property Management

Scott Brady at Progressive Property Management

Scott Brady on LinkedIn

Show Notes

[03:09] - Scott gives us a quick introduction to who he is and how he got into property management. He explains that when he got started, he had no idea that 80% of people manage their own properties.

[06:16] - Brad backs up a bit to talk about several concepts, including the points of distribution (POD) technique, licensing, and franchising, and points out that what Scott has been describing is a hybrid of all three.

[07:23] - Whether we like it or not, property management is still a hyper-local business, Scott points out.

[09:54] - Scott tells his branch managers that every door they manage is a door they’re going to sell down the road.

[10:34] - We hear how Scott compensates his employees.

[11:40] - How much overhead and support does Scott have to give his employees to earn the 35% that he gets from them?

[12:43] - We learn how Scott finds realtors who want to work within his system.

[15:05] - In general, real estate is about meeting people. If you meet a lot of people, you’ll be successful, Brad explains.

[16:42] - Scott found out early on that most of his agents don’t want to spend their own money, so he spends the money on marketing and then sells the door.

[18:12] - Brad explains that one of the things he put in place when he did the portfolio model was putting the portfolio managers on a very bad split. Scott then addresses the question of whether his agents might be pushing the owners to sell.

[19:55] - How successful has Scott been in scaling up his model?

[21:42] - Brad and Scott dig into the topic of direct mail targeting, including discussing how far Scott generally goes in the process.

[26:13] - What’s the coolest implementation that Scott has done in the last six months to a year?

[27:58] - Brad responds to Scott’s mention of Rently.

[29:48] - Scott basically breaks even on property management, he reveals. He then talks about his other streams of income.

[31:58] - The biggest barrier to investing in real estate in Southern California is coming up with the down payment.

[33:32] - Brad talks about an upcoming seminar that he wants to go to in Dallas.

[35:38] - Scott talks about a program that he offers to local self-managing property owners.

[38:41] - We hear more about exactly what is included in the seminar in a box that Scott and Brad have created together.

[40:08] - What seminars does Scott have lined up for the California area?

[44:16] - If you’re interested in what Scott has been saying and want to get in touch with him or learn more, you can find him on Brad’s website or send him an email.

[47:09] - Scott has noticed a fundamental shift in the general perspective on property management.

 

Links and Resources:

Progressive Property Management

Scott Brady at Progressive Property Management

Scott Brady on LinkedIn

NARPM

Rently

Tenant Turner

Grant Cardone

BiggerPockets

BRRRR Strategy (and BRRRR calculator)

Local Landlord Seminar

NARPM Broker/Owner Conference

Dec 28, 2017

One of the benefits I love to offer is discounts for products and services including the PM Grow Summit, website production through Property Managed Website, showing services through Tenant Turner, and more coming all the time! You can see a complete list of the current offers at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad”.

A little pre-show information about John Bradford who’s here from petscreening.com

One of the things we talked about in the interview that we forgot to mention is that he catches 32% of the assistance animals have disappeared after they were asked for more information. So essentially almost a third of the applicants after they apply through petscreening.com disappear after they get asked a question. In other words he’s weeding out the pets who owners are illegitimately trying to push through as assistance animals.

He’ll offer a discount code to waive the first hour of integration into your software. As usual, use the promo code “Brad” to access this offer! To take advantage of it, you can email info@petscreening.com.

Talk about petscreening.com. John’s been putting this out for a few months, saw it at the Orlando conference and was really excited about it. He’s graciously agreed to come on the show today to talk more about pet screening. He’s been on Fox News.

He’s been a property manager for 13 years, so he understands why pet screening is so important. Based in the Charlotte region, has about 30 employees, single family property management. He also has a political career, serves in the North Carolina House of Representatives and has developed a reputation as the go-to-guy not only for real estate and property management issues, but also issues surrounding assistance animals.

His three things for his vision: 1. Pet screening to reduce the liability for property managers and owners. 2. Didn’t want it to cost the housing provider or owner a single penny. 3. Wanted a product that would drive new revenue streams around pets.

He ranks pets on a scale of 1-5 paws based on a complex algorithm. This includes shot records, microchipping, breed, and more.

 

Here’s where you can find John:

PetScreening

info@petscreening.com Subject Line: Brad - I’m interested in learning more. Free consultation for integration with an IT company to optimize for your company.

 

Show Notes:

[02:58] - John tells us a bit about his background and how he got into the pet screening field. He explains how his two professional fields intersect to make him particularly qualified to deal with animal screening questions.

[04:14] - We hear about John’s vision when he started petscreening.com, including the three facets of the vision he had in creating it. He also talks about the kind of information that he collects throughout the process.

[07:32] - John talks more about the pet scoring system he created, which ranks pets (and owners) on a 1-5 paw scale. Only about 11% of applicants receive 5 paws; John’s own dog, in fact, only ranks 3 paws.

[08:50] - There is an associated risk with guard dog breeds, but that doesn’t mean that a firm shouldn’t rent to someone who owns one of these breeds.

[10:43] - Everything we’ve talked about so far is for household pets; John now moves on to talking about assistance animals.

[11:56] - Brad interjects to explain that he’s afraid of asking the wrong questions of someone who has a disability. John points out that the questions involved in his service are HUD-permissible questions, so there’s no risk of saying or asking something wrong.

[14:18] - If an applicant answers the first few questions correctly, John’s service moves onto a three-pronged test for the documentation: is it reasonable, credible, and reliable?

[15:19] - What if somebody wants to bring in an assistance animal in the middle of an existing lease?

[16:50] - John talks about how his tool integrates with various other tools and screening companies, listing a few specific examples.

[18:51] - We learn how John’s company generates revenue, which is by charging an application fee to the animal owner for every pet that comes through the tool, which is $20 for the first pet and $15 for each additional pet. This allows them to screen assistance animals without any charge.

[19:35] - John uses Brad (and his dog) as an example to explain how the tool works, and why it’s beneficial for pet owners even aside from property applications.

[21:02] - At the end of the lease agreement, is there any place to leave feedback on the pet? Their database includes two types of incidents: pet bites and property damage. In the future, they’ll be adding a way to indicate unauthorized pets as well.

[22:38] - Brad points out that unauthorized pets are probably the most common issue, more than any sort of dangerous breed incidents. John then gives an example of a potential issue involving a pet death mid-lease.

[25:32] - What kind of feedback has John been getting from applicants and tenants? He answers, then he and Brad discuss the benefits of the privacy that petscreening.com provides for tenants and applicants.

[27:29] - Brad points out that showing favoritism can actually be discriminatory.

[30:16] - John talks about cases in which a cat might not be vaccinated, using the example of a 15-year-old cat.

[31:55] - Has John see anybody integrate different fee structures based on their 1-5 paw score? Lots of firms, he answers, have created a variable pricing matrix based on the pet score.

[33:59] - John talks about how he’s seen this being presented to the owners of the homes. He also explains what information is presented to the owners, some of which is withheld for various reasons.

[37:16] - We hear about John’s integration with Rentscreener (FIND AND LINK THIS), which will become even deeper in the coming months.

[38:52] - Not all pit bulls are bad, and John’s tool is proving it, he explains.

[39:37] - John moves on to talking about renewals. His tool requires the pet owner to answer all the questions every year to make sure nothing significant has changed with their pet.

[40:57] - John shares an offer for listeners! Email info@petscreening.com with “Brad” in the subject line and just say that you want to learn more. If you want to proceed, they will pay for the first hour of the consulting integration with an IT company to make sure that they get the product optimized for your organization. (They’ve never yet had anybody go over an hour, he points out.)

[42:42] - Brad points out that John’s company is currently the coolest thing since sliced bread among property managers.

[43:02] - Will John be at the PM Grow Summit?

 

Links and Resources

Acutraq

RentScreener

Resident Research

AppFolio

ShowMojo

Tenant Turner

PM Grow Summit

PetScreening

info@petscreening.com Subject Line: Brad - I’m interested in learning more. Free consultation for integration with an IT company to optimize for your company.

Managing the Business Risks of Pets and Service/ Companion Animals

Dec 13, 2017

Today’s show is sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

We’re also sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

As property managers, we know the ins and outs of the rental industry. In fact, we’re so familiar with it that sometimes it’s helpful to step back and look at things from the tenants’ point of view instead. These people are likely moving from one rental property to another. They’re dealing with all the hassle of moving, which is exhausting whether it’s across the country or just across town. They’re also dealing with a heavy onslaught of expenses: renting a moving van, hiring people to help, paying rent and a deposit on a new place, and much more.

When your tenants are already overwhelmed with too much to do and lots of money going out the door, the last thing they want to deal with is setting up the utilities at the new place. This can be doubly true if the utility companies require large deposits, as some do. Going back to our side of things as property managers, we also don’t want to constantly field calls from tenants about which companies they should use, whether they can install a satellite in the roof, and how to set up a security system.

Fortunately, there’s an amazing company that makes things easier for property managers and tenants alike. My guest today is Wes Owens from Citizen Home Solutions, a concierge service for utilities. Wes will explain what his company does, and why it’s a win-win-win for tenants, his company, and the property managers alike. Best of all, he offers a commission that’s a quarterly share of 20% if you use the promo code “Brad” when you sign up!

Right now, Citizen Home Solutions operates in Texas and 13 other states. Don’t worry if you’re outside of their current coverage range, though! They’re happy to expand to new locations, and the process of setting up somewhere new generally takes a week or less.

 

Here’s where you can find Wes:

Citizen Home Solutions

wowens@citizenhomesolutions.com

(214) 493-2010

Wes Owens on LinkedIn

 

Show Notes

[02:56] - Wes gives us an intro to himself and his company, explaining what Citizen Home Solutions does. Brad then points out some of the reasons for why setting up utilities is a difficult part of moving for tenants.

[03:54] - Wes walks us through the process of how his company works in more detail. He also addresses the topic of deposits in recommending providers to tenants.

[06:33] - Brad gives listeners the background on his use of Wes’ group, which goes back about two years.

[07:13] - The management company gets a quarterly commission for every service that makes Wes’ company money. In other words, Citizen Home Solutions shares their commission with the property management companies that use them.

[08:46] - Implementation is very easy, Wes explains, and walks us through the five-minute process involved in getting things set up.

[10:25] - Citizen Home Solutions is currently all over Texas and in thirteen other states, but they can get up and running in a new location within about a week.

[13:57] - Does Wes have any good examples of specific discounts?

[15:25] - Wes elaborates on the satellites he mentioned previously. They refuse to allow satellites on the roof, instead putting them on pole mounts in the back yard.

[17:23] - Wes moves on to talking about security systems. The system he uses is wireless and doesn’t damage the property, he explains.

[19:16] - Brad returns to the point that Wes can get his service set up in a new area in a week or less.

[21:44] - We learn more about how Brad has implemented Wes’ service into the backend of the system.

[23:40] - Wes talks about reviews. Lots of places ask their customers or clients to go to Google to review their company. Instead of making the customer do this work, Wes uses BirdEye.

[26:27] - BirdEye flags your reviews, Wes explains, and allows you to respond when you get a review below the limit you chose.

[27:42] - How can someone get started with Wes’ company, or get in touch with him? His phone number is (214) 493-2010 and his email address is wowens@citizenhomesolutions.com.
[29:49] - Wes talks about the promo he’s currently offering for listeners! If you get in touch with him soon using the promo code “Brad,” you’ll get 20% back, which is higher than their norm.

 

Links and Resources:

Citizen Home Solutions

wowens@citizenhomesolutions.com

(214) 493-2010

Wes Owens on LinkedIn

BirdEye

Dec 4, 2017

Today’s show is sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

We’re also sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

Today’s special guest comes all the way from Australia! Ben White is the director of Leading Property Managers Association, or LPMA. He’ll talk a lot about that association, as well as its US expansion efforts, in our conversation today! We’ll also discuss their accounting standard project, which coincides with some of our efforts to standardize accounting practices within the industry.

If you’ve listened to the show, you’ve already heard me talk about the PM Grow Summit, which is one of my favorite conferences. Another of my absolute favorites is the conference put on by LPMA, which goes above and beyond almost anything else you’ll see here. If you want to experience it for yourself, believe me, it’s well worth the flight to Australia or New Zealand. In fact, Ben has even sweetened the deal by waiving the conference fee for property managers or property management company owners who are listening to the show.

In addition to talking about LPMA and its conferences, Ben will offer some fantastic insight into the industry. As we discuss in the episode, despite (or maybe because of) some striking and fascinating differences between the American and Australian markets, we can learn a lot from each other. Ben points out, for example, that your biggest competitor is no longer the best agency in your marketplace. Instead, your biggest competitor (and the one you need to fear) is the worst property management company, because the bad companies are dragging down the industry as a whole. To learn more about this, and other great tips and insights into the industry, tune into this episode!

Here’s where you can find Ben:

ben@lpma.com

lpma.com

Show Notes

[04:05] - Ben gives us a quick intro to who he is and how he got involved in property management.

[06:48] - For listeners who are wondering, Brad talks about why it’s worth listening to Ben even though he’s from Australia, which is a different market.

[08:31] - Ben explains that the infatuation with real estate is greater than that in the United States, in that many more people own investment properties.

[11:45] - We learn about Ben’s books, which he wrote after having been lucky enough to have visited well over a thousand property management companies.

[16:10] - Ben offers a synopsis of what he’s doing during this visit to the United States. He then discusses his affiliate program.

[20:09] - Brad takes a moment to rave about the many available resources on Ben’s site.

[22:09] - We hear about one of Brad’s recent changes, which was switching to Seacoast Bank.

[24:20] - Ben expands on the idea that staff churn can create a negative impact that lasts for years. He walks us through the four possible scenarios that can happen when a property manager leaves.

[29:47] - In Australia, there’s a trend to not give property management staff personalized email addresses, because there’s so much staff turnover.

[33:29] - Brad clarifies that Australian property managers charge weekly instead of monthly.

[35:39] - Ben talks about how the LPMA conferences are run, and offers a discount for listeners who want to come to one of these conferences in the future.

[38:12] - LPMA originally had two brands, both of which are now part of LPMA, Ben explains.

[41:36] - Ben expands on the formula he’s been working on coming up with to produce potential valuations for companies.

[43:46] - You can’t just value a property management company based on its income, Ben explains.

[46:16] - Ben shares a story about one of the first days that he was in property management. He and Brad then dig into specific numbers and percentages within the property management industry.

[50:08] - Brad points out that prioritization shouldn’t be overlooked, because it lets you know exactly where you should be focusing.

[53:08] - Ben talks about trying to develop a membership base for the LPMA in America.

[56:05] - Brad takes a moment to talk about how he and his company use LeadSimple to manage their workflow.

[57:24] - There are three kinds of core property management systems, Ben explains.

[59:33] - Where can people get in touch with Ben if they want to learn more or stay in touch?

Links and Resources:

ben@lpma.com

lpma.com

Numbers Game by Ben White

Seacoast Bank

Xero

Nov 2, 2017

Today’s show is sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

We’re also sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

Before we dive into this week’s episode, I want to take a moment to talk about the recent NARPM National Convention that took place in Orlando, Florida in October 2017. This episode was actually recorded there, and the event is still fresh in my mind. Overall, my family and I had a great time! The weather was fantastic, as were Disney World and golfing!

The conference itself was good too, but a few things bothered me there. As a result, I plan to offer a bit more commentary on the state of the property management and the trade organizations around it in future episodes of this podcast. I want you to be aware of what’s going on so you can make a fully informed decision on how you want to proceed with booking (or not booking) some of these conferences.

This week’s episode features the brilliant Allison DiSarro from Seacoast Commerce Bank. After hearing what she could offer, we’ve decided to switch banks. Our current bank isn’t bad by any means, and we weren’t necessarily looking for a new banking solution, but what Seacoast offers is so phenomenal that we just couldn’t resist switching.

If you’re familiar with this podcast, you know that we tend to speak to people in the property management industry. This interview goes a bit further outside those lines, but is absolutely relevant to all property managers, even those in the four states where Seacoast doesn’t operate. Allison specializes in property management banking, and in this episode I’ll ask her all sorts of questions about banking as it relates specifically to property management. Tune in to learn more!

 

Here’s where you can find Allison:

adisarro@sccombank.com

(619) 988-6708

Seacoast Commerce Bank

 

Show Notes

[03:45] - Allison introduces herself briefly. Brad then explains why he has a banker on a property management mastermind.

[04:42] - We hear what Allison does, which is specializing in property management trust accounts.

[06:42] - Brad points out that what Allison has been explaining is kind of scary because a lot of us just assume we’re in trust accounts even when they may not actually apply.

[09:04] - In response to Allison mentioning that they don’t have a physical presence in certain states that they operate in, Brad takes a moment to talk about electronic banking.

[11:38] - Allison talks about debit and credit card solutions. She also explains that they do ATM fee reimbursements since they don’t have an abundance of ATMs.

[14:24] - Brad digs into how Allison convinced him to switch to Seacoast Commerce Bank.

[16:57] - Allison explains more about how their system works for property managers. She then comes up with a specific scenario to explain what she means.

[21:54] - Brad steps in to use his company as an example to show the benefits of Seacoast.

[22:58] - Allison continues to explain Seacoast’s benefits, using the example of AppFolio to illustrate their system.

[26:05] - How does Allison help clients with the pain of switching over to different software?

[29:54] - Brad points out that lots of people want to switch softwares at the end of the year to minimize hassle with sending out 1099s.

[31:51] - Do people need to split trust accounts when they reach over the $250,000 secured by the FDIC?

[35:25] - Allison lists some of the states that they can’t work in for various reasons, including Florida, Nevada, Oregon, and Utah.

[37:47] - Seacoast Commerce Bank is planning to go more national than they already are pretty soon, Allison explains.

[41:26] - Brad talks about managing HOAs and its impact on the banking industry. Allison then explores HOAs in more depth.

[44:55] - Allison talks about safer and less safe ways of paying and conducting transactions.

[46:19] - How can listeners get in touch with Allison? She offers her email address and work number: adisarro@sccombank.com and (619) 988-6708.


Links and Resources:

adisarro@sccombank.com

(619) 988-6708

Seacoast Commerce Bank

AppFolio

Buildium

Propertyware

Rent Manager

Yardi

Oct 11, 2017

Today’s show is sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

We’re also sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

Today, I have the honor of being joined by the remarkable and knowledgeable Tom Sedlack. Tom is a longstanding NARPM member and instructor teaching cash flow analysis. I was lucky enough to have the opportunity to take his class, and found it incredibly valuable. If you want to experience his knowledge firsthand too, don’t miss out on his upcoming speech in Orlando at the NARPM National Convention!

In this episode, we’ll mostly talk about a separate business model that you may want to consider for your management company: HOA management. As Tom explains, he and his wife manage 20 HOA associations with a total of over 1,000 HOA doors. These are spread across two areas: the Twin Cities and Kansas City. (And yes, Tom will also touch on how he handles running a company in two locations.)

Throughout our conversation, we explore the details of HOA management. We’ll talk, for example, about how it’s different from standard property management, how Tom got started in working with HOAs, and what the process is for winning HOA clients. Tom also offers fantastic insight into the details of running this part of his company with recommendations about software, checklists, and much more.

 

Here’s where you can find Tom:

33rd Company

@33rdCompany on Twitter

33rd Company on YouTube

@33rdCompanyMN on Facebook

Tom Sedlack on LinkedIn

 

Show Notes

[02:37] - Tom starts things off by introducing himself, talking about his background, and explaining how he and his wife got into property management.

[04:12] - Is Tom running his two offices from a central location, or do they operate independently?

[05:24] - Tom discusses how he and his wife broke into the property management market in Kansas City after already having a business in the Twin Cities.

[08:03] - Tom explains that they knew they needed 40 to 50 doors in the Kansas City area to break even.

[09:57] - We hear about the software that Tom uses specifically for HOA management, and whether it’s different from general property management software.

[12:34] - Did Tom join a trade organization specifically for HOA management?

[15:59] - Tom discusses who is doing the actual in-office work of handling the HOA management side of the company.

[16:53] - What are some of the unique challenges in managing HOAs as opposed to single-family homes?

[18:16] - We hear about Tom’s company is getting leads, which Brad points out is step one. Tom then talks about whether he has a long-term goal in terms of door count.

[20:50] - Tom talks about the next step of the process, which involves talking to the HOA board members.

[24:33] - Tom discusses the challenges of getting people to switch from a developer’s default management system to his company.

[27:57] - We learn that Tom uses an incredibly detailed onboarding checklist to ensure they don’t miss anything.

[29:27] - Does Tom have any leads on where to get a checklist and a draft management agreement?

[31:19] - Tom talks us through some information about the profit potential for HOA management.

[34:08] - Tom’s company uses both flat-fee and percentage-based pricing, but it’s usually a fixed price based on the number of doors.

[34:54] - Brad requests a story about a case in which Tom walked into a bad situation and turned it around.

[37:20] - The average size of his HOA clients is around 50 doors, and so about 20 clients make up the 1000 HOA doors that Tom’s company manages.

[40:03] - What are the best techniques Tom has found to help agents learn about cash-flow analysis?

[42:09] - Tom talks about how he breaks down and illustrates numbers to his investors.

[46:46] - Brad and Tom discuss the fact that property managers are pretty much recession-proof.

[47:15] - What’s the coolest thing Tom has implemented in the past six to 12 months?

[49:15] - Tom shares where listeners can find him and learn more about what he does.


Links and Resources:

33rd Company

@33rdCompany on Twitter

33rd Company on YouTube

@33rdCompanyMN on Facebook

Tom Sedlack on LinkedIn

LeadSimple

Fourandahalf

PM Grow Summit

NARPM

Grace Property Management

PropertyBoss

Rent Manager
Caliber

Seacoast Bank

Sep 27, 2017

Today’s show is sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

We’re also sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

One question many of us struggle with regularly is that of service animals. For example, can a pit bull qualify as an assistance animal even though it may be considered dangerous? Can a twelve-foot python be an emotional support animal? What about a chicken, or a pig? Is it a reasonable accommodation to allow a blind tenant to keep a horse on the property if that is his or her primary mode of transportation?

Robert Brown, a local San Antonio attorney licensed here in Texas, joins me on the show today to talk about all this and much more. Before we go any further, let me just take a moment for a quick disclaimer: nothing in this episode should be considered legal advice. But it gives you a starting point for your research and decisions, and conversation points to touch on with your own attorney.

If you’ve ever wondered about questions related to reasonable accommodations for disabilities, service or emotional support animals, or how the process of having a claim filed against you works, tune into this episode. Robert is an expert whose services we use, so I can vouch for his ability to provide value-packed, insightful information!

 

Here’s where you can find Robert:

Robert Brown Law Firm

Office phone: 210-782-9111

 

Show Notes

[02:51] - Robert introduces himself. He explains what he does and that he specializes in representing landlords.

[04:05] - Brad asks Robert to define what a service animal is, then talks about an incident in which he couldn’t get a straight answer.

[06:28] - Robert explains that people with service animals may ask for either reasonable accommodation or reasonable modification. He clarifies what the difference is.

[08:27] - What scams are Robert seeing from tenants these days, and how can property managers protect themselves from these scams? Robert answers, then talks about how and when to ask for substantiation of a disability.

[13:38] - Robert discusses determining whether a request for modification is or is not “reasonable,” offering a colleague’s case as an example.

[16:25] - Robert’s suggestion is to have a dialogue about accommodations in writing instead of orally if possible.

[18:00] - We hear Robert’s recommendations on how to push back when you suspect someone’s requests might not be reasonable or justified.

[21:01] - Robert responds to an example of Brad’s about someone bringing in a giant snake and claiming it’s their emotional support animal.

[22:28] - Cats are one of the better emotional support animals, Robert explains. Pot-bellied pigs and chickens are other examples of possible emotional support animals.

[26:41] - Robert talks about the steps of having a claim filed against you, and the options for what to do if your tenant files a discrimination lawsuit.

[29:50] - What kind of insurance covers these sorts of issues?

[32:20] - After a short break, we come back to discuss options for what to do when there’s a case against you.

[34:00] - Brad brings up his first-ever fair housing claim, which occurred a few months ago. Robert talks about how he would work through a case and make a response.

[39:50] - Is there a no-brainer documentation situation in which Robert would always approve a service animal?

[42:15] - Brad jokes that one should never rent to attorneys or realtors. He then brings up a recent case of a new attorney applying and suggesting lease changes.

[45:04] - Robert shares a story of his own about applying for a place to live when he was in law school.

[47:03] - Robert talks about the ability to post negative reviews, which he explains isn’t the same as defamation. He then talks about how the law in question applies to landlords, tenants, and property managers.

[49:45] - What is Robert’s advice for what you should do if you get a bad review online? He and Brad discuss options, and point out that it’s vital to manage your online reviews in today’s world.

[56:18] - How can listeners reach Robert?

 

Links and Resources:

Robert Brown Law Firm

Robert’s office phone: 210-782-9111

LeadSimple

Fourandahalf

PM Grow Summit

NARPM

The Profitable Property Management Podcast with Jordan Muela

Property Management Podcast with Alex Osenenko

Grace Property Management

Sep 8, 2017

Today’s show is sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

We’re are also sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!
Today’s show is also sponsored by Virtually Incredible who provides tenant screening services, call center services, and video production services to property managers. You can visit them at VirtuallyIncredible.com.

With hurricane season in full swing, I have a very timely interview for you. Today, I am talking to Pete Neubig and Steven Rozenberg from Empire Industries out of Houston. This interview is golden with lots of lessons learned on how to handle natural disasters. These lessons can apply to any property management company no matter where you are, and what natural disasters you may face.
Pete and Steve have both been on the show before and are old veterans when it comes to podcasting and talking about property management. They also feel as a company they have come out stronger. Today, they share how they managed 700 homes in the aftermath of Harvey. They share how they needed to act fast and be strategic with solving multiple problems. Then they share how they broke things down and created actionable items for each team member.
They share how they prepared the lines of communication in advance by creating one-way channels that could be used even during the storm and then organized their people into teams and groups to accomplish everything. They also remained helpful to everyone and shared communication through their channels while always remembering to put people first. They share their philosophies and strategic actions along with lessons learned through this catastrophic event.

Here’s where you can find Pete and Steve:
Empire Industries
Steve Rozenberg on LinkedIn
Empire Industries on Twitter
Empire Industries on Facebook

Show Notes

[02:31] Pete and Steve kick things off sharing how Houston is still hurting, but Empire as a company has grown through the experience.
[04:12] Pete shares how they managed to stay on top of things by having a plan and a great team.
[04:57] Empire manages 700 homes in the Houston area. That's 700 families and 700 potential owners.
[05:52] Steve shares how taking action and coming up with a strategic plan helped them to respond and break things down into actionable steps.
[08:35] They let owners and residents know how to get updates through their portal and Facebook to create a one-way line of communication.
[10:20] The first thing they did was make sure everyone on the team was okay, then they took stock of available resources.
[11:03] Everyone at the company was assigned an emergency job. They used conferences calls twice a day to create an action plan. They assigned project managers to attend the calls to cut down on communication time.
[13:29] They used a spreadsheet to keep track of each property. They walked their vacant units to make sure they were rent ready because of the Houston housing shortage.
[16:08] Steve utilized social media for communication. They wanted to let the owners know that their properties were alright. He did a Facebook Live video every day.
[17:30] Steve shared all of the information he found out from FEMA and other agencies and then became a one-stop shop for tenants, landlords, and everyone. They combined forces and became a social media point of contact.
[19:52] They also created a Hurricane Harvey landing page on their website that answers all kinds of emergency and hurricane questions.
[20:54] They also filmed a public service announcement to help people find information and properties.
[21:48] Using a voice over IP phone system. These phones aren't down like a flooded landline would be.
[23:25] What happens when a home gets flooded out. If the house is uninhabitable, the tenant can break the lease.
[24:31] They made a company policy that residents who have lost everything get their security deposit back.
[25:06] How property management is a people business at the end of the day.
[26:11] Helping tenants by getting repairs done right away.
[26:38] Using Facebook groups for communication with owners and tenants.
[27:30] Creating expectations to eliminate too many phone calls.
[28:29] It's important to create the job roles in advance before emergencies happen. Also, have a list of emergency vendors and contractors.
[29:31] Treat people well, value relationships, and be calm, structured and organized.
[30:17] Trusting your current vendors instead of onboarding new people who come into town for the disaster.
[30:57] They have had about 350 homes that have reported issues.
[32:32] They had a vendor who waded through water to light a pilot light and didn't charge for it. They also found a new house for a family that lost everything and they donated things to help the family.
[35:12] The best thing a property manager can do for the community is doing their job.
[36:28] How Pete ended up adopting a dog with a broken leg.
[37:54] They waived late fees this month and think their new leases will make up for lost rent from people who have damaged homes. They have estimated to collect about 90% of rent this month.
[40:33] Pete shares a story about a homeowner and a tenant who lost everything. The owner didn't have a lot of compassion and is no longer a client.
[42:48] Problems that happen when owners bypass the property managers, and how it's better to worry about people, not property.

Links and Resources:

Jean Storms Property Management Manual
Google Hangouts
Uber Conference
Facebook Live
Google Calendar
Citizen Home Solutions
NARPM

Sep 6, 2017

Today’s show is sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

We’re also sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

I know a lot of you have been curious about automating lock boxes and the tenant viewing process, so I’ve brought on some experts to talk about the subjects! Joining me today are James Barrett and Calvin Davis from Tenant Turner, a company I use myself and have been very satisfied with. James is the Head of Business Development at Tenant Turner, while Calvin is the Sales Director.

In our conversation today, James and Calvin will explain in detail what Tenant Turner does, how it can function in your business by providing solutions for some of the unaccompanied showing techniques you may want to use, and how they can save (and make) you money. If you’re convinced after listening to them, sign up for their services using the promo code “Brad” to get a goodie package!

James and Calvin will also talk in depth about providing self-access for prospective tenants, automating some scheduling activities, the nitty gritty of using automated lock boxes for viewings, and much more. This is a value-packed episode that will answer lots of questions and provide insight into the future of tenant showings, so listen in!

 

Here’s where you can find James and Calvin:

tenantturner.com

Calvin Davis on LinkedIn

James Barrett on LinkedIn

@TenantTurner on Twitter

 

Show Notes

[02:24] - James and Calvin start the episode off by introducing themselves.

[03:16] - We hear the short version of what Tenant Turner can do for someone, and how it can save time.

[03:54] - Brad steps in to share his experiences, trials, and tribulations with various vendors he has worked with. He then mentions how he ended up with Tenant Turner.

[06:54] - We learn more about how the Tenant Turner process can work in any market, and that one of the company’s advantages is that it has in-house developers.

[08:47] - Brad shares the story of how Tenant Turner worked with him to meet his needs regarding pets.

[10:10] - Every market is a little bit different, but there are themes. Some markets that you might expect to be very different are in fact similar.

[11:12] - One of the huge benefits of Tenant Turner is repurposing the people you’ve hired, and automating more tasks to let employees accomplish more.

[12:36] - Brad spends some time digging into why these sorts of processes can save time and money for property managers.

[14:54] - What are some best practices tied into the things that Brad, James, and Calvin have been talking about? As part of the answer, we hear about the leasing line being an integrated component.

[16:26] - There are two critical things that help Tenant Turner and VirtuallyinCredible work together so well.

[17:15] - We learn about Tenant Turner’s impressive hours, which are a great selling point.

[19:19] - James and Calvin have been happy with the advanced marketing platform from FreeRentalSite.

[20:25] - We hear about the various ways available to let people into a property.

[21:22] - Brad brings up the process involved in a potential tenant viewing a home, and brings up the question of whether to get ID before allowing tenants to self-access the property.

[23:33] - Brad offers James and Calvin some feedback from his biggest investor, who mentioned that he would like to see a credit card being charged but refunded to the applicant after they leave feedback.

[25:38] - We move onto the next portion of the lifecycle of the leasing process, with the topic of lock-box best practices.

[26:23] - Tenant Turner needs to be used as an electronic handshake for a prospective applicant to meet an agent.

[28:49] - As a leasing agent, Brad would recommend getting in touch by text, email or phone before driving across town to meet a potential tenant.

[30:13] - We return to the topic of lock boxes, and hear James and Calvin’s thoughts on Codebox.

[31:52] - Calvin talks about how Tenant Turner and Codebox have worked to build solutions together.

[33:01] - Are there any other similar lock box solutions out there?

[34:12] - We move onto wireless and Bluetooth options. Brad thinks that this will become increasingly prevalent. He, James, and Calvin then talk about their predictions for when this will become the norm.

[36:53] - Do James and Calvin see this changing technology as more of a disruptor or an aide within the industry?

[39:57] - Calvin suggests that the best way to get in touch is to go to tenantturner.com. For the promo version, go to www.tenantturner.com/brad!

[40:47] - James talks about the benefits of ordering code boxes directly from Tenant Turner.

 

Links and Resources:

tenantturner.com

Calvin Davis on LinkedIn

James Barrett on LinkedIn

@TenantTurner on Twitter

LeadSimple

Fourandahalf

PM Grow Summit

Grace Property Management

VirtuallyinCredible

FreeRentalSite

Zillow

Trulia

Apartments.com

Codebox

Aug 30, 2017

Today’s show is sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

We’re also sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

I have a particularly remarkable guest on the show for you today. Greg Doering is the Regional Vice President for NARPM in the Central Region, which has 10 chapters across more than a dozen states. He’s also the owner and founder of GDAA Property Management, located in the North Austin (specifically Round Rock) area.

Since Greg has been a NARPM member for around a decade, he knew the ins and outs of the organization even before he became Regional Vice President. If you’ve listened to this show before, you’ve probably heard about NARPM at least in passing, but this episode is your opportunity to learn about the remarkable organization in depth from this long-time member who has ascended its ranks!

Greg will talk about some of the ways to get involved with the leadership of NARPM, including sharing his own story. He also describes the benefits that can come from helping to lead NARPM (which is a volunteer rather than a paid position). Some of these benefits, as he’ll point out, aren’t limited to the organization’s leadership.

With that said, we don’t only talk about NARPM. Greg describes what it’s like to work with his brother Jeff, who joined the company recently. We clear up some misconceptions about virtual assistants. Greg describes some of the changes and innovations that he’s seen in the property management industry, and finishes things off with an inspirational message about why change is a good thing.

 

Here’s where you can find Greg:

GDAA Property Management

Greg Doering on LinkedIn

 

Show Notes

[02:57] - Greg starts things off by introducing himself and telling listeners a bit about what he does.

[03:45] - Brad explains some of the reasons that he invited Greg onto the show.

[04:36] - Right now, the biggest challenge that Greg is facing with his company is staffing. He describes some of the specific difficulties.

[06:04] - What have Greg’s plans for growth been this year? He answers, then discusses how the company has transitioned into one in which people have specific tasks and roles, instead of doing everything.

[09:58] - Greg describes the single most important lesson that he learned during his company’s growth and transition period.

[11:01] - Brad takes a moment to make sure listeners understand the acronyms that Greg has been using.

[12:24] - What advice would Greg give someone working their way up through the ranks of NARPM?

[14:02] - Greg discusses how the auditing system works after you’ve submitted your packet and checklist.

[15:59] - What are some of the innovations that Greg has seen, or done himself, in the last six months or so?

[17:17] - Brad steps in to clarify some common misconceptions about virtual assistants.

[18:47] - Greg discusses the dynamic involved with his brother, Jeff, recently entering the business.

[21:12] - The reality of working with his brother is that they still enjoy each other’s company despite seeing each other at work and many weekends, Greg explains.

[22:46] - Greg talks us through his ascent through the ranks of NARPM, of which he’s been a member for around a decade.

[24:29] - Greg goes into more depth about the process of becoming a regional leader in NARPM.

[25:53] - We learn what Greg’s current role in NARPM entails, and how long the term lasts.

[27:05] - Greg discusses what he envisions as where he’s going and what he hopes to do by the end of his two-year term. He and Brad then talk about the rapid changes in the industry over the last few years.

[30:00] - Last year, Greg had less than 20% of the inventory condition forms returned, he reveals.

[31:08] - What are the benefits of being involved in the leadership of NARPM, since it’s a volunteer position?

[33:30] - Greg reveals that NARPM’s major events are about to go through some big changes, and offers some insight into the types of changes to expect.

[35:35] - The majority of the vendors that Greg uses regularly have all come from the NARPM trade show.

[36:14] - The industry is getting ready to change, Greg explains, and he’s excited because change creates opportunity.

 

Links and Resources:

GDAA Property Management

Greg Doering on LinkedIn

LeadSimple

Fourandahalf

PM Grow Summit

NARPM

CRMC

RMP

NARPM National Conference

Broker/Owner Conference

Tony Robbins

Robert Kiyosaki

Aug 16, 2017

Today’s show is sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

 

We’re also sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

 

On the show today, I’m joined by Angela Gonzales and Erin Landis from Moxie Property Management out of Fort Worth (near the Dallas, Texas area). Erin and Angela started the company just a couple years ago, so it’s still in its infancy time-wise, but they’ve already accomplished some remarkable things. As they put it, the company actually operates in dog years!

 

One of the reasons I wanted to have Angela and Erin on the show is that they’re doing some different things that you might not have seen in other property management companies. They don’t hesitate to think outside the box, as you’ll hear in our conversation today. For example, part of Moxie involves doing consulting work for other companies and helping them manage their properties, meaning that they’re far more than just a strict property management company.

 

In addition to talking about their consulting services and how they seamlessly blend these with their own property management, Erin and Angela discuss topics such as how they’ve grown their company so quickly, how they got started, why they realized they don’t need a third partner, their roles in NARPM, and the tools they use to stay in communication with each other, their clients, and their tenants.

 

Here’s where you can find Angela and Erin:

Moxie Property Management

Angela Gonzales on the Greater Fort Worth Association of REALTORS

Angela Gonzales on LinkedIn

Angela Gonzales on Facebook

Erin Landis on Facebook

Erin Landis on LinkedIn

Moxie Property Management on Facebook

 

Show Notes

 

[02:36] - Erin and Angela start things off by introducing themselves.

[03:06] - We hear about how Moxie has grown so large in such a relatively short time, with Angela explaining how she and Erin met and got started.
[06:52] - What were some of the challenges that Erin and Angela came upon when they decided to step out and doing everything themselves?

[08:06] - Erin is doing some coaching for AppFolio soon, partly because she has been using the software since 2009. Angela then talks about how difficult the business would be to run without Erin on the financial side.

[10:03] - Brad shifts to a tangent about something he learned on the NARPM listserv about full-month accounting. He, Angela, and Erin then discuss how this type of accounting works along with its pros and cons.

[14:16] - Angela discusses the consulting side of the business.

[16:15] - The places we’ve been hearing about are in outlier areas, we learn, with Angela describing what they do as a “if you build it, they will come” scenario.

[17:26] - We take a deeper dive into the consultancy side of Moxie, learning what exactly that entails and how that side functions.

[19:40] - Angela and Erin use Evernote, we learn. It’s also helpful for communicating with their clients.

[20:27] - We hear about the division of labor at Moxie.

[22:45] - Part of hiring really great people is that they have ambition above the position they’re hired at.

[24:04] - Erin explains more about the details of how their consultancy works, and the ways in which it was like entering into a marriage.

[25:51] - Brad dives into the topic of the service items offered by Moxie. We hear about what it takes to add a consulting aspect to your property management business.

[27:35] - Erin points out that a big part of what they do is cleaning up old accounting, which is something they could take nationwide.

[30:04] - A lot of what Erin does is just auditing what a company has done up until now, she explains.

[31:21] - Brad is developing an annual business health report.

[34:19] - It’s not so much that good members of NARPM are perfect so much as that many others do lots of things wrong, Brad points out.

[35:52] - If Angela and Erin could do everything all over again with Moxie, what would they do differently the second time around?

[39:08] - Erin is the treasurer of the greater Fort Worth area NARPM branch, and Angela is working with the organization on the state level. Erin and Angela then discuss work-life balance and the experience of having careers as women.

[42:32] - While Angela’s son is a teenager now, Erin’s family is younger. She describes what it’s like to work from home under these circumstances.

[44:30] - Brad talks about his “good idea fairy” concept, then shares a cool concept he has recently implemented with listeners.

[46:49] - Moxie has been using Rently for almost two years now, and have been finding that it results in better tenants overall.

[49:24] - We learn that Brad got rid of his dropbox when he moved to the new office.

[50:09] - Erin talks about how one of their older residents (who is over 80 years old) took some extra coaching to make electronic payments instead of dropping off a money order or other paper payment.

[52:01] - Brad discusses the role of virtual assistants and how it’s changing in the industry as time goes on.

[52:49] - Do Angela and Erin have any other “good idea fairies” that they want to share with the audience?

[54:56] - Moxie’s application fees are nonrefundable, but they are transferrable to other properties, we learn.

[56:38] - The mortgage industry took in 36% fewer applications for mortgages this year than last year, Brad reveals. This means that more people are going to be renting.

 

Links and Resources:

 

Moxie Property Management

Angela Gonzales on the Greater Fort Worth Association of REALTORS

Angela Gonzales on LinkedIn

Angela Gonzales on Facebook

Erin Landis on Facebook

Erin Landis on LinkedIn

Moxie Property Management on Facebook

LeadSimple

Fourandahalf

PM Grow Summit

AppFolio

NARPM

Evernote

Basecamp

SharePoint

Bob Walters

Leading Property Managers of Australia

Tenant Turner

Rently

Aug 2, 2017

Today’s show is sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

We’re also sponsored by LeadSimple and Fourandahalf. Together, they’ve come up with one of the best conferences for property managers, called the PM Grow Summit. This event is laser-focused on growth strategies and brings together some remarkable thought leaders from around the country. I attended last year and was thoroughly impressed all around -- and that was just their first year! The next conference will be in San Diego in 2018, and I’ve already booked my spot. Go to pmgrowsummit.com to learn more, and enter promo code “Brad” to get a $100 discount on your ticket!

 

That description of the upcoming conference is a perfect introduction to today’s two guests, Alex Osenenko and Jordan Muela. Together, they represent the two companies coming together to put on the summit, with Alex coming from Fourandahalf and Jordan coming from Lead Simple.

 

Of course we’ll talk about the summit in depth, with Alex and Jordan going over some of the remarkable speakers who will be attending, talking about the venue, and explaining why the weather alone should be a persuasive reason to attend!

 

Before that, though, we talk about many other topics relevant to anyone in the property management industry. We start off with a discussion of LeadSimple and its value for property managers in terms of efficiency, then cover various recent and upcoming trends within the industry. We address fee maximization and discuss the fact that customers are increasingly happy to do their showings themselves. Tune in for all this and much more with these two influencers in the property management world!

 

Here’s where you can find Alex and Jordan:

Alex Osenenko on LinkedIn

Alex Osenenko at Fourandahalf

Alex Osenenko on Facebook

@PMGrowSummit on Twitter

Jordan Muela on LinkedIn

@ManageMyProperT on Twitter

 

Show Notes

 

[02:56] - Alex gives us a quick intro to who he is and what he does.

[05:23] - Brad chimes in to tell a quick story about his first attempts to implement LeadSimple, and his return to it later.

[06:02] - Jordan tells us about who he is and what he does, explaining that he’s the CEO of LeadSimple.

[06:59] - One of the things that Brad likes about LeadSimple is that it prompts you with a list, allowing his staff to work straight off that list every day.

[09:36] - We hear a reminder that the consumer has different criteria than we have as experts in the property management industry. We also get advice on what to do once someone requests the analysis that Brad has just been talking about.

[12:41] - Brad explains that the part of his website that talks about free market estimates shows the graphic that people are going to get, which improves his capture rate.

[15:30] - We learn about how inbound call tracking and texting can function within the process that Brad, Alex, and Jordan have been talking about.

[16:52] - Brad shifts us to different trends, bringing up the topic of fee maximization.

[18:07] - Alex has been thinking a lot about fee maximization lately, he reveals, and shares his thoughts and perspective on the topic.

[19:49] - How does Brad set his pricing? He answers, and then offers a tip to listeners about using a flat-fee, tiered pricing system instead of percentages.

[21:33] - Brad steers Alex and Jordan to talk about the conditioning of customer expectations in terms of not needing to talk to anybody and have privacy.
[25:33] - Does Brad know offhand how many states what he’s been describing about co-brokering is relevant for?

[26:32] - Alex points out that the one-star reviews that every property manager gets are from tenants who never got a showing.

[28:00] - Brad admits that a lot of property managers, including himself sometimes, are very hesitant to implement things.

[30:38] - You’re often competing against the status quo, Jordan explains.

[32:17] - Brad transitions to talking about PM Grow Summit, offering Alex the opportunity to explain why this is such a valuable event and resource for property managers.

[36:07] - We hear about Brad’s personal experience at last year’s PM Grow Summit, in terms of both having a great time and making valuable connections with people he still speaks with today.

[37:30] - Alex and Jordan spend a huge amount of time vetting and interviewing potential speakers for the summit.

[39:06] - We hear more about the personal development aspect of the summit.

[41:46] - The venue for the summit is the US Grant Hotel in sunny San Diego, which should be a pleasant relief in terms of temperature in January!

[43:40] - We learn about the impressive caliber of speakers who will be present at the summit, with Alex and Jordan listing a few of the most noteworthy speakers and talking about their qualifications and areas of expertise.

[53:13] - Where can listeners learn more about the PM Grow Summit? At pmgrowsummit.com for the upcoming event, or at 2017.pmgrowsummit.com for last year’s event.

 

Links and Resources:

Alex Osenenko on LinkedIn

Alex Osenenko at Fourandahalf

Alex Osenenko on Facebook

@PMGrowSummit on Twitter

Jordan Muela on LinkedIn

@ManageMyProperT on Twitter

LeadSimple

Fourandahalf

PM Grow Summit

ShowMojo

NARPM

Tony Robbins

Robert Kiyosaki

US Grant Hotel

PM Grow Summit 2017

Jul 19, 2017

Today’s show is sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

My guest on this episode is the remarkable Dave Borden, who was nice enough to come to town and go over some information on marketing for property managers. He’s so full of information and great advice, though, that we decided to split the episode into two parts! This is part 2 of 2; part 1 aired last week.

This part is all about online best practices and industry trends. Dave and I dig deeply into how to do well online. We discuss what kind of domain name is ideal, as well as when you should (and, just as importantly, when you shouldn’t) use redirects to bring customers to your site. We also talk about content, with Dave giving great information on the minimum number of words you should have on certain pages and offering some suggestions for where to get ideas for what to write about.

Dave and I then move on to talking about the sometimes complicated relationship between property managers and owners. We discuss ways to handle the question of who’s in charge of deciding when to fix things and how much to spend on them. We also talk quite a bit about pricing models and attracting the right owners.

If you haven’t heard about Dave’s own product, Rent Screener. This is an absolutely invaluable tool for property managers, and I highly recommend you try it out if you aren’t already using it! Best of all, Dave is generously offering a 10% discount to listeners of this podcast. Tune in to learn how to get your discount!

 

Here’s where you can find Dave:

Kohva.com

David Borden on LinkedIn

propertymanagerwebsites.com

dave@kohva.com

 

Show Notes

[02:24] - Dave begins by talking about domain names, explaining that many people don’t take certain important things into account when choosing one.

[04:31] - We hear some words of caution for people who are already doing well with an existing URL but are considering switching to a new domain.

[05:59] - Should you buy multiple other exact match domains and redirect them to your main domain? Dave says no, and explains why.

[08:16] - Brad brings up a story that Dave told him yesterday, so Dave recounts the story for the audience. He then draws out the lesson from this to explain how to best appear in search results.

[10:08] - Brad talks about diluting your brand, offering an example to illustrate what he means. Dave then offers his own advice on the topic.

[12:40] - We learn about windshield time, with Brad explaining how he reduces the need for his employees to drive across town to work for a couple minutes.

[14:03] - Dave talks about content, revealing the magic number of words to have on your property management page.

[17:12] - Brad suggests becoming a full-disclosure company on your site, then brings up the pricing model that he uses. He and Dave then discuss this before Dave returns to talking about ranking well in Google by having at least 2,500 words of content on their landing page.

[21:20] - Every conversation you have with an owner could be a blog post, Dave points out.

[22:00] - Brad points out that there’s a larger mindset in society that people want to have all their information upfront, tying this into his pricing system. He and Dave then talk about how your pricing brings in the type of owner you want.

[26:16] - Brad’s multiple property owner agreement is a great way to encourage people to buy another investment property Dave then points out that you may also be able to get a commission for helping them to buy this additional home.

[29:03] - Dave brings up something he’s seen property managers deal with: the question of who’s in charge (the property manager or the owner).

[32:02] - Brad brings up a side story that happened recently, then he and Dave further discuss the issue of making fixes to the property and when to consult the owner first.

[35:04] - Dave talks about his tenant screening product, which is called Rent Screener

[38:02] - Transunion has made a commitment to the tenant screening industry, Dave explains, then talks more about Transunion’s process and how to use its scores in screening tenants.

[40:44] - Brad is now pushing into an unaccompanied vacant home showing situation. Dave then elaborates on what Brad has been saying about this topic, explaining how much time it can save.

[45:47] - Dave talks about how to reach him and how to get a 10% discount on anything you order through his company.

[47:25] - Dave takes a moment to rave about how great his team is, and to emphasize how much he cares about doing right by his customers.

 

Links and Resources:

Kohva.com

David Borden on LinkedIn

propertymanagerwebsites.com

dave@kohva.com

Rent Screener

Exact match domain

301 redirect

Jul 5, 2017

Today’s show is sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

My guest on this episode is the remarkable Dave Borden, who was nice enough to come to town and go over some information on marketing for property managers. He’s so full of information and great advice, though, that we decided to split the episode into two parts! This is part 1 of 2; part 2 will be available next week.

This part is all about the must-haves of online marketing for property managers and property management companies. This is absolutely Dave’s area of expertise, as his company services a thousand management companies nationwide, covering a total of 300,000 to 400,000 units. His skill at what he does is revealed by his company’s strikingly low cancellation rate; they’ve only had 30 companies stop using their services. 

In this part of our conversation, Dave spends some time discussing the broad strokes of a successful marketing strategy, including the various steps to take depending on what your goals are. For example, he recommends starting with a great website. If that doesn’t get you where you want to be, you can move on to a social media strategy. If that, too, doesn’t achieve enough success, the next step is a content marketing strategy with videos.

As you may have inferred from this, Dave is a proponent of taking a measured approach. This is reflected throughout the conversation in his deliberate, specific insight and advice. In short, if you’re interested in learning how to go about marketing online the right way, tune in to this episode and the one coming next week!

 

Here’s where you can find Dave:

Kohva.com

David Borden on LinkedIn

 

Show Notes

[02:24] - Dave introduces himself briefly, explaining why he’s on the show. He then explains what his company does.

[05:00] - Brad explains where today’s conversation with Dave stems from. Dave then talks about the first question he asks companies who want to work with him, and talks about the importance of a good website.

[08:42] - We learn about the importance of being able to capture a lead in a pay-per-click campaign. Dave then lists a few places where you can create a website for free.

[10:42] - Dave lists the three elements that go into SEO: relevance, usage data, and domain authority.

[13:09] - Dave returns to the topic of establishing a goal, explaining how this relates to SEO and specifically usage data.

[16:09] - Brad takes a moment to dig into what Dave has been saying about video, emphasizing how important (and powerful) a video strategy can be.

[17:58] - We learn about using Facebook for marketing purposes as a property management company. This is part of the basic social media strategy that Dave recommends, and he walks listeners through some best practices for using Facebook successfully.

[21:56] - Brad draws out what Dave said a moment ago about putting homes on Facebook, and Dave points out that this advice is only good if you’re interactive with it.

[23:42] - You can buy likes on Facebook, Dave explains, or boost a post. Brad shares his own experience with doing this.

[25:48] - Dave reiterates that he’s here because Brad is the poster child for property management marketing.

[26:35] - We hear more about Dave’s advance marketing platform.

[28:26] - Brad adds his two cents, recommending the automated rental analysis Dave has been talking about to anyone (except people in his local area!). He explains more about how it works.

[30:14] - Dave talks us through the three parts of his process.

[33:13] - Brad and Dave talk about the possible discrepancies in automatic estimates, and why these can potentially be good things.

[34:34] - We hear the difference in number of properties that Brad signed up last year compared to this year, now that he’s using the product that Dave has been talking about.

[37:50] - Dave begins to offer some advice on the marketing strategy with video, then shifts to talking about companies that are successful. He then talks about the automated system in more depth.

[40:45] - We come back to the topic of videos, with Brad talking about the advanced marketing platform widget.

[41:46] - Dave discusses having a content strategy.

[42:36] - Brad offers a thought for videos involving having them automatically transcribed for viewers on Facebook with the sound off. He and Dave then discuss various strategies for videos and marketing.

[45:08] - Brad uses a service called Virtually Incredible; he explains here what they do for him. Dave then raves about the company.

[48:12] - If someone watches your home listing video all the way through, it gives you a lot of SEO credit for the view.

[49:49] - What you need to do depends on your goals and your market, Dave explains. This means your strategy will be very different depending on those two factors.

 

Links and Resources:

Kohva.com

David Borden on LinkedIn

NARPM

Wix

GoDaddy

Google Plus

Fiverr

Four and a Half

LeadSimple

Virtually Incredible

Todd Breen

Jun 28, 2017

Today’s show is sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

Don’t miss this insightful and value-packed conversation with James Alderson from OnSight PROS, an inspection company based in Texas but with locations in 14 cities in 7 states. We use them for third-party inspections, which (as we discuss in this episode) offer neutrality and reassurance when it comes to issues such as security deposits.

James isn’t only the founder of OnSight PROS; he and his wife are also property managers in the San Antonio, Texas area. In fact, James started OnSight PROS to fill a need of his own within his property management company. It wasn’t originally meant to be a business; James just wanted to get inspections off his plate. The company’s services were so in-demand, though, that it has now blossomed across the country.

In this conversation, James and I talk about various aspects of inspections. We explore why they’re so important, and several reasons that it’s better to have them done by a third-party company than to do them in-house (which we temporarily tried before returning to using OnSight PROS). James and I go into a fair amount of detail about using OnSight PROS for renewals and periodic inspections, discussing why it’s so important to do these inspections properly.

Of course, we all want to know how much things cost, so we talk about that (and about how to defer these costs to the tenant or owner). We offer some advice and tips on what to do if you don’t yet have a branch of OnSight PROS near you. Finally, we also spend a few fun minutes discussing technology and how we anticipate it will impact the property inspection industry in the relatively near future.

 

Here’s where you can find James:

onsightpros.com

james@onsightpros.com

Alderson Properties

James Alderson on LinkedIn

 

Show Notes

[02:07] - James gives us a quick intro into who he is and what he does, explaining how OnSight PROS got started.

[03:23] - Brad steps in for a moment to briefly explain exactly what OnSight PROS does. He then explains his company’s process as it relates to OnSight PROS. James then points out that they prefer vacant properties, or else set up appointments with tenants.

[06:22] - James explains how having a third party do the assessment offers neutrality and takes away the concern that the property owner or manager is trying to retain an unfair amount of the security deposit.

[07:41] - We move onto the topic of using pros inspections for renewals. Brad and James talk about the frequency of doing inspections. James also mentions some of the things to look for to see if someone has a pet on the property without it being in the lease agreement.

[12:15] - We transition to the topic of periodic inspections. James points out that the job of a property management is to protect owners from tenants. He and Brad talk about a few issues that may arise, including trampolines and smoke alarms.

[16:43] - Brad talks about code compliance, explaining the rules in Texas specifically.

[19:00] - James goes back to the topic of periodic inspections, sharing a story of why one particular company works with OnSight PROS.

[21:44] - We hear about what Brad calls “desktop inspections” and the importance of giving owners reassurance that you’ve actually done an inspection.

[22:40] - Brad shifts to discussing the move-out process. He explains exactly what his management company does in this regard, particularly as it relates to inspections.

[25:38] - James responds to Brad’s point about vendors, and describes what he does in his property management company.

[26:27] - We return from a quick break to talk about some of the costs involved in using OnSight PROS.

[29:45] - Brad talks about ways to defer the cost to owners and tenants rather than putting it all on the property management company.

[32:00] - Since OnSight PROS is only in 14 cities (in 7 states), many listeners may not have one operating in their area. What should listeners do if there isn’t one nearby?

[34:03] - We learn about Brad’s history with OnSight PROS, why his company temporarily did inspections in-house, and why they returned to using James’ company.

[36:58] - Does James like any of the inspection softwares that are currently on the market?

[39:06] - Brad asks James what sorts of dynamic changes are on the horizon and will change the world. As he answers, James points out that he wants to keep up with the times. He and Brad talk about technology such as drones and Roombas, and how these relate to future changes in inspections.

[43:17] - How can listeners get in touch with James?

 

Links and Resources:

onsightpros.com

james@onsightpros.com

Alderson Properties

James Alderson on LinkedIn

Stephen Foster

zInspector

Jun 14, 2017

Today’s Guest:

Today’s show is sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!

I’m delighted to bring you the brilliant, talented Ruby Rowan as today’s guest. I know Ruby well, because she’s a portfolio manager with my company here in San Antonio. She started with us as a leasing agent around three years ago, but we put her through real estate school, and now she’s one of our portfolio managers.

Lately, I’ve been getting a lot of questions about how our portfolio management system works. While I’ll contribute to the conversation, I thought the bulk of answering should go to someone who’s intimately familiar with the system from the inside out, since it’s what she does every day at work.

In this episode, Ruby will go into depth about how she manages 181 homes with our company. She’ll share the down and dirty of how things work, how we break up the division of labor here, how she’s compensated (and why being paid a percentage instead of straight salary is a great system), and how her work/life balance is maintained. 

If you’ve ever wondered about how our portfolio management system works, or have considered implementing a similar system yourself, this is the episode for you! Tune in to to learn what works for us, where we’ve made mistakes, and what Ruby sees as the strengths of our system.

 

Here’s where you can find Ruby:

Ruby Rowan on LinkedIn

Ruby Rowan on Realtor.com

  

Show Notes

[02:59] - Brad introduces Ruby briefly and explains why she’s called a portfolio manager instead of a property manager.

[03:33] - Ruby discusses her background in real estate and property management, and explains how having been a military spouse has affected this.

[04:51] - We hear a bit about the differences in dealing with apartments versus single-family homes.

[06:40] - Ruby talks about her earliest days at Brad’s company, and Brad elaborates on the challenges of growing as a property management company.

[08:34] - Ruby started off with 110 homes. She explains how she addressed the new system with owners.

[09:58] - Brad shares the thought process behind the challenge of dividing homes among the four portfolio managers. He then discusses compensation for portfolio managers. Ruby then talks about some of the main benefits to the owners.

[13:34] - We return from a quick break to talk about what Brad’s company offers the owners, and how the portfolio managers are the one point of contact despite outsourcing certain things.

[15:52] - Ruby brings up the topic of pets, in that some owners absolutely don’t want them, and explains how she tends to handle this.

[17:00] - What tends to generate the most activity and questions from owners?

[18:01] - Brad describes the company’s 21-day leasing guarantee, and explains the various stipulations.

[19:52] - Ruby explains the next part of the process, involving checking statements to make sure everything is accurate. This takes about an hour and a half with her 181 homes.

[22:12] - We move on to hearing about the segmented part of maintenance. Ruby talks us through how the maintenance side of things works with her as the portfolio manager.

[25:58] - Ruby discusses her work schedule (and the fact that every day is different) and systems, sharing what helps her keep her daily flow manageable.

[28:05] - Brad brings us to the topic of business development. Ruby talks us through the transition from the business development side to her, the portfolio manager.

[29:27] - Brad shares his plan for Ruby as the company grows. Ruby explains that she agrees that the company will need to transition to a bigger system, talking about her workload last summer to illustrate why.

[30:54] - Ruby talks us through what she does when a tenant moves out. She and Brad explain the process, which involves a video walkthrough, in detail.

[33:39] - Brad talks more about the security deposit itemization. Ruby explains that some charges go to the owner, because they can’t charge a tenant for general wear and tear.

  

Links and Resources:

Ruby Rowan on LinkedIn

Ruby Rowan on Realtor.com

Larsen Properties

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