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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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Now displaying: June, 2017
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

Jun 7, 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”! 

Today’s episode is going to be a little bit different. Instead of sharing a conversation with another expert in property management, I want to give you some context to think about your business and its future in broader terms.

With that in mind, today’s guest is my beautiful, amazing 7-year-old daughter, Corah! She and I have been talking for some time now about doing a daddy-daughter episode, and we’re both thrilled that it’s finally happening.

In addition to sharing this facet of the business with my daughter from a young age, my goal with this episode is to get you thinking about things like legacy issues from a new perspective. Corah and I talk about the future in a way that may help you figure out how to have these conversations with your own children, as well as give you some insight into things you should be considering.

One topic I bring up is that the second generation in a business (meaning Corah, in this case) generally does well with the business, while the third generation more often squanders the wealth that the previous generations have created.

I’ve set up some requirements that Corah needs to meet before she becomes part of the business, which I’ll touch on in this episode. You’ll also hear about the importance of setting up a trust to avoid having your estate go to probate if the worst happens. We then discuss potential major disruptors to the property management industry.

  

Show Notes

[02:38] - Corah gets warmed up by talking about her favorite things to do.

[03:38] - Brad brings up the topic of legacy issues, talking with Corah about generational issues. Corah then reveals that in the future, she would love to do what her dad does and own the company (rather than being a dentist).

[04:54] - Brad discusses a couple who he recently spoke with in Florida who gave him some insight into working with their children. He then outlines some requirements for Corah before she can join the business.

[05:54] - We learn more about Brad’s background, including the fact that he started the business from scratch.

[06:38] - Brad shifts to the topic of having legal protections in place, explaining to Corah (and the audience) that he and his wife put everything into a trust several years ago. He recommends Matt Spahn as a trust attorney.

[10:35] - After a short break, Brad and Corah talk about the future, with Brad mentioning that the property management industry is still waiting for its big disruptor. He and Corah then talk about the importance of technology.

[12:06] - We circle back to the idea of major disruptors. Brad explains one possible option to Corah using the clear example of their upcoming vacation.

[12:58] - Brad asks Corah a big question: would she rather go on vacation to the same place every time, or to a new place each time? He then ties her answer into how the industry may be changing.

[14:26] - We hear about the potential role of drones in property management. Brad then talks about the possibility of cash becoming obsolete, with everything being done electronically.

[16:14] - Corah shares what she’s most excited about this summer: not having school!

 

Links and Resources:

Marc Cunningham on LinkedIn

Grace Property Management

Property Management Systems by Marc Cunningham

Matt Spahn

Dave Ramsey

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