I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
Your guest in today’s episode is… me! I want to take some time to talk to you one-on-one about goals, a topic near and dear to my heart. Every year, I sit down to go through what I did last year and what I want to do in the new year. I also bring in accountability partners who will help me keep on track with my goals. Today, I’ll talk about goal-setting with specifics for the property management industry. You can become my accountability partner, and I’ll be yours as needed.
It’s important to set a SMART goal. Tune in to hear what it means for a goal to be specific, measurable, attainable, relevant, and time-bound. I’ll relate all of this to property management specifically, so you can hear what goals can look like in this industry instead of in vague generalities.
While setting a SMART goal is invaluable advice, I’m not going to keep things that broad. Hearing real examples of SMART goals in property management can help you understand how they might work for your company, and that’s another part of what I’ll offer today. I’ll go over my 2018 goals (both personal and professional) and share my wins and losses.
Tune into this episode to hear all about goals across various aspects of the business, from retention to business development to maintenance. I’ll also discuss my goals for 2019, which include reaching 1,100 homes by the end of the year. Don’t miss this episode, which could help you make 2019 the best it can be both professionally and personally!
Show Notes
[01:37] - Brad welcomes listeners to the episode, which is all about goals.
[02:42] - We hear about the “SMART” acronym for goal-setting, which stands for specific, measurable, attainable, relevant, and time-bound.
[06:54] - Brad digs into the “relevant” and “time-bound” parts of the SMART goal concept, and talks about relating this to property management.
[09:15] - We hear a quick review of each part of a SMART goal, and some further recommendations on goal-setting.
[12:22] - Brad shares the recommendation of finding a role model or mentor, and gives an example from his own experience.
[15:32] - Another of Brad’s bulletpoints is to read, listen, and continually learn. Another is to keep a positive attitude!
[20:00] - Brad goes through his 2018 goals and talks about the wins and losses.
[23:41] - One of Brad’s goals involved family trips, he explains. He also gives examples of marriage goals.
[25:34] - Brad didn’t achieve all of his financial goals in 2018, but he did start to make quarterly payments to the IRS. He then shares what his business goals were for 2018.
[27:12] - We hear another recommendation for writing down your goals for the year.
[33:00] - Another of Brad’s goals was to establish retention goals of less than 10% losses.
[33:50] - Brad shares some of his 2018 business development goals.
[39:19] - One of the maintenance goals that Brad had related to open work orders percentage related to homes managed.
[41:49] - Brad takes some time to talk about his goals for 2019.
[45:14] - We learn about the goals that Brad has set up for his team members in Mexico.
[47:27] - Brad challenges listeners to write down their own goals for 2019.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Bigger Pockets Podcast: The Science Behind Setting and Achieving Big Goals
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
I’m sure you’re already familiar with Alex Osenenko and Jordan Muela, since they’re such important figures in the property management world! Today, both of them join me to talk about the upcoming 2019 PM Grow Summit, which will take place in Austin, TX. (As usual, use the discount code “Brad” to get a discount!)
We’ll talk about what the PM Grow summit is, who some of the guests and speakers will be, and what the experience of networking there is like. If you’re deciding whether to attend (which I absolutely recommend), tune into this episode to learn more about what to expect so you can make an informed decision. If you’re already planning to go, this conversation will help get you even more excited for what’s to come!
On the off chance that you’re not familiar with them, Alex and Jordan run the PM Grow Summit. Jordan also runs LeadSimple and ProfitCoach, while Alex is the CEO of Fourandahalf, but our focus today will be on the summit rather than their other activities. They’ll start off by describing who PM Grow Summit is for and why they deliberately keep it to a specific size.
Other topics we’ll include the currently announced speakers for the events (including which ones we’re most excited about), how the PM Grow Summit is different from other conferences, Jordan’s benchmarking study and the next steps that have been growing out of it, and much more about the conference.
Here’s where you can find today’s guests:
Show Notes
[01:46] - Today, Alex and Jordan join me to talk about the upcoming 2019 PM Grow Summit in Austin, TX.
[02:54] - Alex, Jordan, and Brad lightheartedly chat a bit about last names and shirts.
[04:56] - We learn about who the PM Grow Summit 2019 is for, so listeners can identify whether they’re the ideal audience.
[07:15] - We’re in an era where we have to accept that companies outside of the vertical are setting customers’ expectations for property management companies, Jordan points out.
[09:06] - After having been to the PM Grow Summit before, what seemed different to Brad about it as opposed to other conferences?
[12:49] - Jordan responds to Brad’s story about some improvements he’s making in his company.
[13:42] - Alex talks about the guest lineup for the upcoming PM Grow Summit.
[15:03] - Which of the currently announced speakers is Jordan most excited about? What about Alex?
[19:27] - Brad mentions Scott Fritz, another confirmed speaker at the event. He then mentions what he’ll be talking about at the conference.
[24:19] - Are you selling property management, or are you selling financial outcomes? We hear about why the answer to this question matters, then Alex talks about fee-maxing.
[25:48] - Brad and Jordan talk about Jordan’s benchmarking study and the ways that Brad is using it.
[29:08] - Alex talks about the decision to hold the event in Austin, and Jordan discusses the specific venue itself.
[30:40] - What evening events do Alex and Jordan have lined up?
[33:13] - We hear final details such as the dates and where to find the conference online.
Links and Resources:
Property Management Mastermind
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Never Lose a Customer Again by Joey Coleman
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
Jay Berube, a sales expert, joins me in this episode to talk about sales in and around the property management portfolio system. We’ll talk about sales with tenants, owners, and investors. We’ll dig deep into the details, including a lot of specific numbers. This topic is kind of neglected inside the property management realm, so don’t miss this episode!
Jay has been selling real estate for 14 years and has sold over 1400 homes. He also owns a property management company and has helped over 3,000 landlords that way. As if that weren’t enough, he has also built up a real estate coaching business. His expertise, though, is sales.
It’s common, Jay points out, for property management companies to refer their sales outside of the company. This is lost revenue, however, and keeping sales internal can be the right choice for many property management companies. After all, property management is all about maximizing your revenue. Jay recommends looking at the five key factors in real estate: your lead gen, lead follow-up, lead conversion, delivery and service, and repeat and referral business.
Tune into the episode to hear about all of this in depth! We’ll also dig into other important topics like reduced commissions for property management clients, whether to have a listing agreement in your property management paperwork, investor pocket listings, brokerages, and much more. If you’ve ever wondered about how to increase your revenue or handle sales as a property manager, this is the perfect episode for you.
Here’s where you can find today’s guest:
Show Notes
[01:46] - Brad introduces today’s guest, Jay Berube.
[02:52] - We hear from Jay about his history in the property management and real estate industry.
[04:58] - Does Jay ever see property management companies that refer sales to someone outside the company for a cut of the commission?
[07:51] - Jay offers his advice on how to keep owners from straying and looking at another realtor.
[11:26] - Jay digs deeper into the short life cycle with real estate agents as opposed to the long-term relationship between property managers and clients.
[13:44] - Does Jay do a free annual CMA for his owners as a property manager?
[16:47] - Jay talks about what he uses as a CRM platform on the sales side. He also shares his advice on recovering when an owner has a problem.
[22:14] - We learn whether Jay offers a reduced commission inside the property management agreement, or leaves it at the customary number.
[25:06] - Jay discusses whether to have listing paperwork in the property management agreement that creates the agreement to list the property automatically.
[26:07] - Brad reveals what he does in this regard within his property management company.
[31:41] - We hear about a client satisfaction guarantee that Brad heard recently, as well as his thoughts on dealing with USAA.
[35:19] - Jay responds to Brad’s points, sharing his own thoughts on the subject.
[37:52] - Brad describes bad churn, neutral churn, and good churn. He and Jay then talk about specific numbers and splits.
[42:46] - Jay asks Brad how many transactions would generally be from the PM as opposed to self-generated.
[46:26] - What is Jay’s thought process on the topic of helping people develop good investor buyer’s agents?
[50:08] - Brad switches the subject to investor pocket listings.
[52:24] - Jay takes a turn sharing his thoughts on pocket listings, which he doesn’t approach in the same way.
[55:40] - We hear about brokerages, with Jay talking about his thoughts and strategy.
[59:28] - Jay talks about his training options and how he can help people.
[62:08] - We hear more about what Jay does and where people can find him.
[65:26] - Jay shares some parting words for listeners.
Links and Resources:
Property Management Mastermind
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
Today’s guest is Jordan Fleming from Boost PM. I’ve been super impressed with what they do with Podio and implementing it into property management businesses. This is an amazing episode that you’ll definitely want to pay attention to, even if it’s something you won’t use for months to come. Jordan and I will talk about implementing different aspects into your business in terms of getting workflow automation into your business.
Jordan is originally Canadian, but has lived in four countries (and currently resides near Warsaw). He explains that his company grew out of getting introduced to property management companies that needed help with Podio, and found gaps in the existing systems. This led him to launch Boost PM to provide an easy entry into workflow automation. This is what we see as the holy grail of what everyone wants in the property management industry!
If you’re not already sold on the idea of automating your workflow, you will be by the time you’re done listening to this episode. Jordan will go through everything from onboarding, implementation (and the associated timeframe), what you should expect in terms of improvements once the system is implemented, the value of being able to shrink how many systems you’re using, and the cost of using Boost PM (as well as the generous discount that he’s offering to listeners of this podcast).
Here’s where you can find today’s guest:
Show Notes
[01:46] - Brad introduces Jordan Fleming, today’s guest.
[02:34] - Jordan came all the way from Warsaw to San Diego hoping for sun, he jokes, and ended up with fog.
[03:54] - We hear what Boost PM does for the property management industry.
[06:32] - Jordan talks more about the implementation of Podio inside of people’s businesses.
[08:25] - We learn Jordan’s answer to Brad’s question: why Podio? Jordan then talks about how the flow works.
[12:03] - Jordan shares his thoughts on various property management softwares and their integration opportunities.
[14:21] - At Brad’s request, Jordan explains the ticketing system.
[16:43] - Brad brings up implementation, and Jordan talks about what people should expect in terms of an implementation timeframe.
[18:29] - What should somebody expect at the end of this in terms of quantifiable improvements?
[22:28] - Jordan follows up on a point that Brad has made with a critical point that they see frequently.
[24:04] - Is Jordan on the schedule to talk at any upcoming conferences?
[25:10] - Jordan talks us through his pricing and the amazing discount he can offer to listeners of this podcast.
[27:28] - Does Jordan have any success stories that he wants to share with listeners?
[29:56] - Jordan suggests the best way to reach him if you want to learn more or get started with Boost PM.
[32:55] - Jordan shares his parting thoughts for listeners.
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
Before we start today, I want to tell you about our upcoming conference! Pulling Back the Curtain will take place in January 2019 in Atlanta, GA. I’m one of the four speakers at the event, and I’ll be talking about the sales tactics that have helped us grow by adding more than one door per day for the last two years.
In fact, this conference is the subject of the episode! I’m joined today by the other three speakers who will be there, and we’ll talk about what we’ll be doing there in detail. At this conference, we’re dedicated to providing our audience with the best possible information from people who are actually running successful property management companies.
In our conversation today, the four of us will take turns talking about what we’re planning to present at the conference in January. After each of us presents our subject, the other three will go around and share their biggest takeaway from our previous presentations.
At the upcoming conference in Atlanta, you’ll learn about how to make a super-site for your property management, how to measure the health of your company and what to do about the results, how to get more business, the importance of getting good processes and systems in place (and how to do it), and much more. If you’ve wondered at all about what we’ll cover, don’t miss this episode!
Because we each take a turn sharing our biggest takeaway from each other’s previous presentations, you’ll get a powerful sense of exactly the sorts of things you’ll learn and be able to apply within your own business. This gives a unique view of the presentations: not only do you hear exactly what the presentation will be about from the presenter, but you also hear the sorts of powerful, business-changing takeaways that you can expect to get from each of us at the conference from people who have actually learned these things.
Here’s where you can find today’s guests:
Show Notes
[01:46] - Brad introduces today’s episode and the three guests who are joining him for the conversation.
[03:06] - David takes a moment to elaborate on the goals of the upcoming conference.
[05:54] - We hear seven of the things related to super-sites that David will talk about in his presentations at the conference.
[07:29] - What is a sommelier (the term David used a moment before)?
[07:58] - Brad shares a takeaway that he got from last year’s presentation.
[08:53] - Marc takes a turn sharing a takeaway from last year, then David shares another goal for the conference.
[10:15] - We hear Deb’s takeaway from David’s presentation last year. Deb then talks about what her presentation at the 2019 conference will be about.
[13:17] - Marc digs into what Deb has been talking about in terms of measuring the health of your company.
[14:44] - Brad and David takes turns talking about what they picked up from Deb’s presentation.
[16:27] - We learn what Brad’s presentation at the upcoming conference will be about.
[17:46] - Continuing with the pattern of talking about each other’s presentations, Marc talks about what he’s learned from Brad.
[19:38] - David takes his turn talking about his main takeaway from Brad’s presentation.
[22:14] - Marc describes what he’ll be talking about in his session at the Atlanta conference.
[25:16] - Brad shares something that he learned from Marc’s presentation last year.
[25:56] - Deb takes her turn talking about Marc’s presentation, followed by David.
[27:25] - Brad proposes a competition at the upcoming conference for who comes up with the best, funniest joke.
[29:08] - One of the benefits of the conference is that the presenters will be around for networking, Brad points out.
[30:09] - We hear some elaboration and clarification about day two of the conference.
[31:38] - Does anyone in the group have any parting comments for listeners?
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Pulling Back the Curtain Conference
Before we start today, I want to tell you about our upcoming conference! Pulling Back the Curtain will take place in January 2019 in Atlanta, GA. I’m one of the four speakers at the event, and I’ll be talking about the sales tactics that have helped us grow by adding more than one door per day for the last two years.
Kellie Tollifson joins me today from Seattle, WA. She’s the incoming NARPM president in 2020, and is a great resource. Today, we’ll take a deep dive into the topic of security deposits, where things might slip through the cracks, and how to deal with everything throughout the life cycle of security deposits. If you’ve ever wondered about any part of the subject, this is the episode for you!
Kellie and her husband, Tom, own and operate T-Square Properties. They started in the industry by buying and selling their own rentals, then realized they could do that for other people too. They’ve been in the business for two decades, have fourteen employees, and manage about 450 doors. About ten years ago, they also developed a maintenance company.
In today’s conversation, Kellie will point out why it can be a problem to charge a security deposit that’s the same amount as one month’s rent: tenants can be confused and think that their deposit was actually their last month’s rent. She’ll also talk about cases in which she charges a higher security deposit, and what regulations are in place in Seattle to limit move-in costs. Tune in to hear more about all of this, as well as trust accounts, the end of the lease and the inspection process, and how to handle negative reviews.
Here’s where you can find Kellie:
Show Notes
[03:21] - Kellie gives a quick introduction to herself and her company to provide listeners context for what she’ll be talking about today.
[05:32] - How much should you charge as a security deposit? She answers, then Brad shares some of his own methods for calculating a deposit.
[10:30] - We hear about some fees that can be charged instead of a deposit.
[11:26] - Brad brings up a technique that involves using a bond instead of a security deposit.
[15:01] - What form of security deposit does Kellie take?
[17:57] - Kellie talks about at what point in the process she takes the security deposit, and points out another quirk of the Seattle market.
[24:10] - Brad brings up another question: what do you do in terms of leasing-only security deposits?
[29:45] - We hear about trust account funds, audits, and reconciliations, specifically in a highly regulated state.
[32:10] - Is Kellie allowed to do anything with that trust fund, such as collecting interest or purchasing CDs?
[35:35] - We move onto talking about the end of the lease, and how Kellie’s inspection process work.
[38:27] - Kellie takes move-out pictures instead of doing videos, because pictures have still been working really well for her.
[40:47] - We learn about how Kellie breaks down invoices for former tenants.
[42:36] - Brad brings up the topic of prorated charges, and how the depreciation scale functions for this purpose.
[46:30] - What’s the review process that happens if a tenant wants to refute one of the security deposit itemizations?
[50:58] - Kellie talks about how she handles negative reviews when it comes to tenants’ security deposits.
[55:01] - We hear about NARPM’s leadership seminar and classes.
[56:58] - Kellie explains her current role at the national NARPM level.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
Have you ever wondered about hiring a virtual assistant? Have you daydreamed about how much easier your life could be if someone else handled all the stuff you don’t like to do? If so, this is the episode for you. Today, I’m joined by Mark and Anne Lackey, who specialize in helping property managers find virtual assistants. Today, they’ll talk through just about everything you could possibly need to know about hiring virtual assistants.
Mark and Anne don’t match their clients up with just anyone. They screen potential VAs carefully, and then put every single VA through a 40-hour bootcamp to make sure they’re up to the task. At the end of the bootcamp, they have a final exam that they need to pass before being matched with a client. Tune into the episode to learn more about the certification process that VAs go through when they work with Anne and Mark.
In our conversation, we’ll spend some time talking about the benefits of hiring virtual assistants instead of local employees. For example, if your VAs celebrate different holidays than you do, you can stand out by being one of the few property management companies with its phone lines open on major American holidays! Overseas VAs also tend to show up more consistently than a lot of people you might hire locally, in my experience.
If you’re thinking that VAs can only do the most basic of administrative tasks, think again. Anything that can be done with a computer and a phone can be done through an assistant in the Philippines, Anne explains. Of course, all of this comes with a price -- but you may be shocked by how affordable it is for the quality of service you’ll receive.
Tune in to hear more about the exact amount you’ll pay when you work with Anne and Mark (and the discount you’ll get for being a listener), how long it takes for a VA to be recruited, vetted, trained, and certified, the role of personality profiling in finding the right VA for you, and much more!
Here’s where you can find Anne and Mark:
Show Notes
[03:11] - Anne talks about their company, Hire Smart VAs, and describes their typical clients.
[05:00] - Brad talks about some of the challenges of working with virtual assistants, including the distance, and phone and internet connections. We then hear more about Mark and Anne’s screening and training process.
[10:40] - Anne talks more about their approach with VAs, and how they get information from clients on what they’re looking for.
[13:22] - Instead of having VAs waiting for work, Mark points out, they wait to have a client before they source a VA specifically for that job.
[14:57] - We hear about personality profiling, and what kind of profiling Mark and Anne use for their VAs.
[19:45] - How do VAs work given the time difference between the US and the Philippines, where Mark and Anne’s VAs are?
[22:22] - Anne talks about the role that cultural differences play when working with a VA, and Mark points out some benefits.
[24:49] - Overseas staff seem to show up consistently and get the job done quickly.
[26:47] - We hear about Anne and Mark’s latest book, which is about property management.
[27:40] - What kind of tasks can virtual assistants do in the context of a property management company?
[28:58] - Anne talks about the cost of having a virtual assistant, including the recruiting and certification process. Of course, there’s a discount for show listeners!
[34:06] - Does the rate go up if you want to hire someone to work in more advanced roles?
[34:42] - It typically takes Anne seven to 10 days to find and vet a candidate, and several weeks total to get a new VA started.
[36:39] - How can listeners find Mark and Anne to learn more about what they offer or to get started with a VA?
[38:54] - Mark points out that there are a lot of different types of VA services, and talks with Brad about the ebb and flow of outsourcing and insourcing.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
Jason Hull from DoorGrow joins me today to talk about his upcoming products, some of his new products, and some of the new systems he’s getting ready to present at his conference. It’s a great conversation to hear about what’s going on in the industry and stay up to date.
In our chat today, Jason points out that he doesn’t have a property management business in the traditional sense. Instead, he started a web design agency in 2008. At the same time, his brother had bought into a property management franchise. (As a side note, his brother’s franchise now has 1,200 doors.) Jason noticed that most of the websites in the industry at the time had the wrong focus, and built his brother a marketing-oriented website instead. A lot of the top franchises in that company started working with Jason, and soon he was on Google’s first page for property management website design.
Before long, Jason had clients all over the US. This led to him getting intimately familiar with property management businesses. He put together a road map identifying the biggest leaks or constraints in sales pipelines, and found the keys that let a business grow past 100 doors. Using this information, he built a program called the Seed Program, which is the ultimate foundation for growth.
In our conversation, he’ll explain how his success with this forced his company to pivot, as their customers were outgrowing what they originally offered. He’ll dig into why it’s so important to invest in yourself before you ask anyone else to invest in you, why you sometimes need to get rid of some of your doors instead of keeping every single one possible. We’ll also take a deep dive into how to handle negative reviews, talk about the topics and guest speakers for Jason’s upcoming conference, and much more!
Here’s where you can find Jason:
Show Notes
[03:32] - Jason introduces himself, and shares his background and how he got started in property management.
[06:27] - We hear about what Jason does in more detail, and how he developed his Seed Package.
[11:55] - Jason loves entrepreneurism, and points out that you can’t segregate being an entrepreneur from your personal life or your physical body.
[14:07] - We learn about how Jason’s own coaching taps into his long-term goals for what he’s doing in the industry.
[15:30] - The “Cycle of Suck” is something that Jason identified. He explains what this is and how to get out of it.
[18:22] - How does Jason respond to negative reviews online?
[21:27] - Brad takes a turn to talk about how he deals with his own negative reviews, specifically when they’re unfairly negative.
[26:44] - Brad shares his thoughts on NARPM as an organization, and offers some ideas on things that could be better.
[29:27] - Jason takes a turn giving his thoughts on NARPM.
[32:34] - At DoorGrow, Jason’s vision and mission is to change the industry, he reveals.
[36:20] - We hear more about Jason’s upcoming conference, including its focus and the two major challenges that it will address.
[40:02] - Mike Michalowicz, author of Profit First, will be speaking at the conference, Jason reveals. He then talks about various other topics he’ll address at the conference.
[46:30] - We hear about the location, dates, and pricing of the conference.
[48:50] - At the conference, Jason will share his roadmap that he believes will create a high-growth company. He also mentions several other speakers who will be at the conference.
[49:56] - How can someone sign up for the conference? What discount do they get for using the code “BRAD”?
[50:44] - Jason talks about the Facebook group he has going.
[54:22] - How can people get in touch with Jason or learn more?
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
The Property Management “Cycle of Suck” by Jason Hull on LinkedIn
13 Rockstar Tips to Get Reviews (That Don’t Suck) by Jason Hull
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
Alex Osenenko from Fourandahalf joins me today to talk about his website solutions, their lead capture, their SEO, their KPIs, their quarterly reporting, and their mentorship and ability to help you grow your management company. We’ll also talk about the Business Development Toolkit and how you can use it with the CRM platform, and another special guest will chime in to talk about how various reports work. This is a great time to learn about what Fourandahalf does and who they are!
One thing Alex will dig into is the value of data to your company. In fact, he says, data is the new oil. He’ll offer suggestions on how to use data more effectively, such as collecting all KPIs and using them to position your budget to where it makes the most sense. (If this sounds overwhelming and like yet another task that you’d rather not put on your plate, this is something that Fourandahalf can handle for you!)
You’ll learn in our conversation that Alex does something that just isn’t done: offers a guarantee on performance and growth. If they don’t deliver, they work for free until they do. He’ll dig deeper into this guarantee in the episode, and explain how your website and data are so important in being able to offer this guarantee.
You probably know that we own a management company in San Antonio, but you may not realize that we’re expanding into Austin. We’re starting from scratch there, and have about five homes so far. We’re converting our Austin website to Fourandahalf, and letting them do whatever they want. As we talk about this, Michael from Fourandahalf will step in to talk about the value of tools like RentRange and RentFax.
Tune in to learn more about all of these topics, as well as what a correction or recession means for property management companies, how you need to provide your free rental reports on your website, what value a KPI dashboard can offer, and much more!
Here’s where you can find Alex:
Alex Osenenko at PM Grow Summit
Grow Your Property Management Business by Alex Osenenko
Show Notes
[03:30] - Alex introduces himself and gives a short description of how Fourandahalf started.
[05:54] - We’re beginning to see a correction in California, Brad points out, and talks about what this means for the property management industry.
[07:55] - Alex talks about the extinction and potential resurgence of the reluctant landlord, and some of what Alex does.
[10:26] - We hear more about the products and services that Alex offers.
[13:41] - Brad talks about a conversation he had and explains why he reached out to Alex to have this conversation on the podcast.
[14:13] - Alex talks about his guarantee for performance and growth.
[16:33] - Brad circles back to talking about his Austin office, and gives an explanation of what he’s talking about.
[17:35] - We hear about the value of having a free market estimate provider on your website, with Michael from Fourandahalf stepping in to explain.
[20:42] - Alex steps back in to make an important point for listeners: you have to present the report on your website in a way that the value is easy to see.
[23:22] - We learn more about the KPI dashboard that Alex has been talking about.
[26:12] - Alex takes some time to talk about the value he can add, and his company’s strengths and point of difference. He also talks about the pricing for the services he offers.
[29:52] - You can get a $500 discount on any of Fourandahalf’s website products by using the discount code “Brad.”
[31:21] - We hear more about the next PM Grow Summit, tickets for which have already begun to sell quickly.
[34:46] - Alex shares a parting word of wisdom with audience members.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Alex Osenenko at PM Grow Summit
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
Gwenn Aspen joins me today to talk about sourcing Mexican talent to help you. Some people like to call them virtual assistants, but we prefer to think of them as virtual team members! Gwenn will help you understand more about the benefits and process of working with people in Mexico to help you run your property management business. At our company, we have nine team members in Mexico, so this is something I definitely personally endorse!
Gwenn and her husband have their own property management company, Wistar Group, in Omaha, Nebraska. Their company manages about 1300 units. About two years ago, they started another company, Anequim, which sources remote assistance from Mexico for property management companies. Tune into the episode to learn how Anequim has grown from there!
Lots of people operate under the assumption that virtual team members are limited in what they can do. What we do, and what Gwenn emphasizes, is that a virtual team member can be just as skilled and multi-talented as an on-site employee. We’ll also talk about the questions of accents in Spanish-speaking team members. We’ve had zero complaints about accents in two and a half years, and hiring bilingual team members can be a huge benefit!
Listen in to this episode to hear much more about hiring, training, keeping, and working with virtual team members from Mexico! This answers a lot of the hot questions that have been going around lately, and I look forward to sharing this powerful information with you. You’ll also learn how to work with Gwenn, and how to get a discount on her services!
Here’s where you can find Gwenn:
Show Notes
[03:18] - Gwenn introduces herself and explains what she does, and how she and her husband started their company.
[05:35] - Brad talks about where and how he and Gwenn met, then Gwenn talks more about how her husband formed his connections in Mexico.
[08:54] - We hear about some of the cultural differences between the US and other countries, as well as Brad’s experiences with some of his virtual team members.
[11:05] - How much does it cost?
[13:35] - The average American company treats these team members better than the average Mexican company, Gwenn explains.
[15:51] - Brad illustrates the point that Gwenn has been making, and then she further emphasizes the links between Mexican and American cultures and workers.
[17:24] - What is the range of things that these virtual team members can do?
[20:37] - Gwenn talks about the training process that she goes through with her virtual team members.
[23:39] - We hear more about Gwen’s thoughts on accents and bilingualism. Brad then points out that they’ve had zero complaints about accents.
[25:31] - Brad takes a moment to talk about the power of voicemail.
[28:58] - Gwenn talks more about other roles that virtual team members can take on.
[29:54] - How can listeners get in touch with Gwenn?
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
Dave Borden joins me today to talk about SEO, making leads, working with websites, what’s going on in the property management world, and more. Dave is an entertaining guest who knows a lot, so we dig down in depth into these topics. I think you’ll learn a lot from this conversation. I know I did!
Dave works with PMW, or Property Manager Websites, which builds, manages, hosts, and maintains websites for about 1,200 property management companies nationwide. Even though Dave’s company provides these sorts of services, this conversation is packed full of advice that you can use independently even if you don’t choose to work with him.
We’ll talk about owning the Google 3-Pack. If you aren’t familiar with it, this is the set of three local business results that appears below the map when you do a Google search. About 25% of people click through on the mapping results, which show the businesses with the best quality score and the highest budget, so it’s important to rank well in this section of Google’s results page!
Listen in to learn how to optimize your website for today’s important factors. You’ll learn why mobile is more important than desktop these days, why loading speed matters so much, how to make the most of links to your site, and much more.
Here’s where you can find Dave:
support@propertymanagerwebsites.com
Show Notes
[02:06] - Brad introduces this episode’s guest, Dave Borden.
[03:18] - Dave gives a quick explanation of who he is and what he does, and Brad gives a brief intro of his background in using Dave’s products.
[05:51] - Dave digs into the Google 3-Pack, explaining exactly what it is and why it’s so important to own it.
[10:44] - We hear about the eight local pack factors that really matter, which you can see on this page.
[14:50] - Do you break out the sales side and the property management side of your business into a separate company/website?
[19:00] - We learn another reason to go after property management instead of real estate when it comes to Google SEO rankings.
[23:57] - Dave talks about how to get links, and how important it is.
[28:36] - Brad mentions a small event that he and Dave, among others, will be speaking at in Denver.
[31:53] - We transition into learning about some of the new things that are coming up with Dave’s company, PMW.
[36:01] - Brad brings up the Matterport 3D tour, and Dave offers more SEO advice.
[42:31] - We learn about why mobile is more important than desktop these days, which may come as a surprise.
[49:10] - How can listeners reach Dave’s team to learn more?
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
support@propertymanagerwebsites.com
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
Today, I’m joined by two guests: Krista Peterson with Culture Index, and Mark Thompson, a property management company owner out of Cincinnati, Ohio. The reason I have both on together is that Krista will talk to us about how to analyze employees using the Culture Index, and Mark has implemented that into his business and can give us real-world feedback on how it works.
Getting the right people in the right seats is one of the most important factors in growing your business, as well as one of the most difficult. This is why having a personality assessment for your employees, such as Culture Index, can be a key component in shaping the team that can take your property management business to the next level.
As Krista points out in this conversation, when you come from this perspective, the traditional hiring process is backwards. When you start by looking at things like work experience or school history, you’re missing out on the most important fact: the personality component. When you filter applicants for a job by personality first, and then go through the other items on their resume, you can find someone who’s a perfect fit for your team while spending less time on the hiring process.
Tune into this episode for a fascinating conversation into a tool that has the potential to transform your property management business. You’ll learn about some of the features and benefits of Culture Index, what happens once you become a client, why using your gut might not be the best way to be successful, and best of all, how you can get a 30-day free trial of Culture Index!
Here’s where you can find Krista and Mark:
Show Notes
[02:06] - Brad introduces this episode’s guests, Krista Peterson and Mark Thompson.
[04:07] - Krista tells us more about herself and what Culture Index does. Mark then talks about whether he has seen any improvements so far.
[06:05] - What else is out there that’s similar to (or competition for) Krista’s product?
[10:00] - Krista points out a key difference between Culture Index and other companies: they’re in the solutions business, not just a testing company.
[13:45] - Mark talks about what he’s learned about writing a good ad.
[16:14] - How long does it take Brad to onboard a property manager?
[17:47] - Mark gives an example using his main maintenance vendor, with whom he’s been talking about the power of this process.
[19:43] - Is Mark cringing at all or concerned over the results for some of his team members?
[21:30] - We hear more about the amount of time it takes to onboard somebody, and how Krista’s team can help.
[24:37] - Brad takes a moment to address the haters out there and their potential objections, and Krista explains how what she does is data-backed.
[26:27] - What are the next steps for a property management company owner who’s interested in finding out more? Krista answers, then talks about their fee schedule.
[30:01] - Mark points out one of the benefits that got him interested in talking with Krista: that she was referred to him by another property manager, and clearly understands the business.
[32:42] - A forced-choice test increases your error rate, Krista points out, and explains why this is the case.
[34:10] - Mark shares a quick story about hiring a virtual assistant.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
Chrysztyna Rowek is a regional vice president for NARPM, in addition to what she’s doing in a management company in western Washington. Chrysztyna studied to become a Spanish teacher, but instead, started a cleaning company. Her company was hired to do the cleaning for a property management company, and after several years, the property management company’s owner offered Chrysztyna a job there. She got her real estate license, then bought the property management company.
In the 12 years since then, Chrysztyna has bought several other property management companies. In hindsight, she would have made these acquisitions differently, and offers words of wisdom to listeners who are interested in acquiring a company. Regardless of these difficulties, Chrysztyna is still torn on whether she prefers organic growth or acquisitions. In addition to property management, Chrysztyna has also started an in-house maintenance company, Athena Property Services. She’s passionate about finding affordable housing for people who are living on fixed incomes, and keeping people in their houses whenever she can.
If you have any questions about how to do tenant screenings, this is a fantastic episode for you as well. Chrysztyna and I will take a deep dive into how to do tenant screening successfully and productively by relying on the criteria you’ve set instead of basing your decision on factors that may be unreliable. Factors that shouldn’t make your decision for you include things like your intuition, car cleanliness, and sometimes even lack of rental history or criminal history. If this surprises you, listen in to learn why!
Tune in to this episode to learn how Chrysztyna found the property management companies that she acquired, the top few things you need to know and do when you’re buying a property management company, her thoughts on tenant screening, best practices and some challenges for dealing with insurance, and much more.
Here’s where you can find Chrysztyna:
Show Notes
[02:06] - Brad introduces today’s guest and the topics of conversation.
[03:19] - This morning, Chrysztyna offered a communication class for the San Antonio chapter, she explains.
[05:05] - Chrysztyna talks about her background and her management company in Washington.
[07:44] - How did Chrysztyna find the various property management companies that she acquired?
[10:04] - We hear more about how the process of buying a company takes, and what to expect from the experience.
[13:16] - Does Chrysztyna prefer organic growth or acquisitions as a growth model?
[16:34] - Chrysztyna shares her thoughts on how different (and better) her acquisitions would have been if they had been on a NARPM standard of accounting.
[19:30] - We go back to the topic of Chrysztyna’s presentations, with her talking more about the tenant screening process.
[22:45] - Chrysztyna has heard property managers say that if they see someone has a dirty car, they know that that person won’t be a good tenant. She and Brad then discuss how they screen and approve tenants.
[27:28] - Brad emphasizes a key point from this episode: you set the screening criteria, and then you live by it.
[28:18] - What software platform does Chrysztyna use to get tenant screening done?
[31:21] - Chrysztyna shares her best practices when it comes to notifying applicants that they were declined.
[36:24] - Let’s talk about move-outs! Chrysztyna is doing particularly bad move-outs on Facebook Live, she explains.
[40:13] - We hear Chrysztyna’s thoughts on the option of publicly shaming bad tenants on Facebook.
[42:28] - How have things changed in Washington since the legalization of marijuana?
[47:04] - Brad recommends the podcast Built to Sell, hosted by John Warrillow.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
Sean Morrissey from Chicago joins me today to talk about using the property management platform to invest in your own properties. He has a lot of insight into this familiar concept; he owns about 10% of the properties that he manages, and he built the two portfolios hand-in-hand. He became a landlord in 2003, got his real estate license in 2006, and opened his brokerage in 2011. Now, he considers himself a real estate investor who uses his property management systems to help others as well as his own portfolio.
As of last year, Sean had managed around 200 properties for other people, and has 22 properties that he owns and manages for himself, all with a staff of 5 people. His current plan is to live off his own real estate portfolio. Since he uses his management system for his own homes, he can use that as a selling point when he’s talking to owners about managing their properties for them.
Sean explains that finding properties to buy typically depends on having a good eye for deals, and/or waiting for a downturn after the market hits a bubble. Something he started about a year ago was a postcard campaign that basically expresses interest in buying multi-family buildings, and credits this campaign with the acquisition of a 16-unit building.
Tune into this episode to learn about and hear Sean’s thoughts on why you shouldn’t actively market to your clients that you want to buy their properties, the current state of the market in Chicago and how it’s changing, why having a property manager is so important (and why it can be so frustrating), and many other topics.
Here’s where you can find Sean:
Show Notes
[03:28] - Sean introduces himself and gives some background on how he got into real estate and investment properties.
[06:26] - Brad draws out and elaborates on a couple of things that Sean has mentioned in his self-introduction.
[07:31] - We hear a story from Sean about a camp he went to several years ago.
[10:38] - Sean points out that it carries some weight that he’s able to tell owners that he uses his management system for his own properties too.
[11:39] - We hear about the acquisition side of Sean’s investments, and whether he did anything creative in the process.
[15:41] - Brad points out that for management company owners, the easiest thing you can find are listings in your management inventory.
[19:09] - Sean brings up two points that Brad’s advice has brought up for him.
[20:55] - We hear more about Sean’s advice on the line of credit that he has been talking about, and when you should refinance and pull that money out.
[25:00] - Sean talks about the city of Chicago and the state of the market there, as well as how the market has been changing.
[29:01] - We hear about Sean’s thoughts on rent control and where things fall in terms of being landlord- or tenant-friendly.
[32:13] - How has short-term rental management been affecting the Chicago market?
[34:01] - Sean talks about his podcast, Landlording for Life.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.
In this episode, Greg Watson and I take a deep dive into the topic of business development and growth. Greg, who hails from a New Zealand town of 90,000 people, is a business development manager in a family business that deals with both realty and property management. He took on sole charge of the company’s property management department and has taken the opportunity to grow it to 750 doors.
Greg is a highly awarded guy (listen in to the episode to learn what the playful working theory is for why he received a lifetime award!). He’s an operator in the business right know who knows how to do it and teach it. He gets excited about helping people on their journey to success, and using innovation and interesting new ways of doing things.
In our conversation, you’ll come to understand why Greg’s company has every staff member working to their strengths. This means that Greg actually hired his own boss, because he’s aware of what he is (and isn’t) good at doing, and doesn’t try to be in charge of the aspects that he’s not good at. He explores the value and challenges of this kind of self-awareness in the episode.
Tune into this episode to learn about some of the differences and similarities between the US and New Zealand property management markets, how Greg sets and works toward growth goals, lead sources and conversion rates, and much more!
Here’s where you can find Greg:
Show Notes
[02:53] - Greg introduces himself briefly, and Brad talks about why he wanted to have Greg on the show.
[03:58] - We learn about how Greg got to where he is now.
[07:35] - Greg talks more about his company, its size, how many doors it handles, its structure, and so on.
[11:26] - There are some things that Greg simply isn’t great at, he points out, and he excels more at ideas and sales.
[14:46] - We shift into the tactical level of business development, with Greg talking about some of the best practices he’s come up with and coolest things he’s seen in the last year or two.
[16:37] - Brad talks about some of his own practices, offering Greg the opportunity to comment on them.
[22:03] - We hear Brad’s points about what Greg just did, including features and benefits and his justification of his services with the price.
[23:53] - Greg and Brad talk about some differences between the US and New Zealand in terms of the property management industry, specifically the penetration rate.
[27:51] - We learn about thing that Greg has found really successful recently in terms of business development.
[32:02] - Greg shares his thoughts on the business strategy that Brad has just been describing.
[33:47] - Brad shifts into talking about keys to growth, and invites Greg to share his own growth goal-setting process and cycle.
[36:32] - Let’s talk about lead sources! What has been working for Greg for lead sources?
[42:56] - Brad draws out what Greg has been saying about offering free market estimates for realtors.
[44:21] - We hear about tracking conversion rates, which Brad tries to do within the first 30 days.
[46:39] - What is Greg’s conversion rate?
[50:41] - Greg offers listeners a valuable resource that has been read over 5,000 times: Earn Thousands More From Your Rented Property.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Ben White on the Property Management Mastermind Show
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% rebate.
If you’ve listened to this podcast before, you’ve probably heard of Marc Cunningham. He’s a frequent speaker at NARPM conferences, who also travels the country a lot speaking about his property management systems. In today’s episode, I’m delighted to have him as my guest again! We’ll be talking about growth and ancillary business services, such as fee-maxing.
Marc has a real estate property management company in Denver that his dad started in 1978. He’s never wanted to have one of the biggest companies, he explains in our conversation, but rather to be one of the best. Growth comes as a result of what you do.
As Marc will explain today, he believes that the management fee pretty much pays the bills. In addition, you need to have ancillary business services. While this is a common strategy in other industries, it hasn’t yet become as popular as it should be in the property management world. Marc explains how we can bring this idea into the property management space.
You’ll also learn that in the commercial world, it’s standard practice to back-charge everything. This is everything from the cost of stamps to the cost of mileage or gas for visiting the property. Marc shares his insights into how this perspective can be applied to the residential property management world. Similarly, the multi-family world runs businesses with fees and services that aren’t yet common across the property management industry, and that can add valuable additional sources of revenue.
We’ll talk about turning maintenance into a revenue-generating source, and how much of a difference it makes. Marc and I will also dig into fees that you can profit from, such as fees for adding or removing people to the lease, an early-termination flat-fee option, and a monthly rent processing fee. Tune in for information on these and many other strategies you can use to increase your revenue streams within your property management business.
Here’s where you can find Marc:
Grace Property Management & Real Estate
Show Notes
[02:06] - Brad introduces today’s guest, Marc Cunningham.
[03:37] - Marc talks a bit about himself, sharing his background in property management as well as the current status of his company.
[06:44] - It’s hard for a lot of property management companies to achieve profitability, Marc points out, and being good at property management doesn’t necessarily mean you’re good at making money.
[08:38] - Marc touches on some mindset points around the topics he’s been discussing.
[11:47] - Brad adds in a couple points to what Marc has been saying, talking about a podcast he listened to lately.
[14:05] - We learn that Marc does a fair amount of commercial property management, and talks about one of the biggest eye-openers was for him.
[16:08] - Marc flips things around and asks Brad a question: how does maintenance play out for Brad?
[18:22] - We hear about some of the cool ideas for fees and ancillary business services that Marc has seen, as well as the role of sales.
[20:51] - Brad digs into his Investor Pocket Listings Program and explains how it relates to what Marc has been talking about.
[26:07] - Marc talks about compensation for the process of removing or adding people from leases.
[29:49] - One thing that the multi-family industry has brought on lately is a monthly rent processing fee.
[32:06] - Brad shares another strategy and recommendation, then Marc talks about the opportunities involving pets.
[36:54] - Marc points out that it’s important to disclose anything you put in place in your management agreements.
[39:12] - We learn about the upcoming one-day conference that Marc will put on in late August in Denver, Colorado.
[44:20] - Marc talks about the training product he offers on ancillary business services.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Grace Property Management & Real Estate
Investor Pocket Listings Program
Ancillary Business Services - 20 New Income Streams for your PM Business by Marc Cunningham
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% rebate.
Today, I’ll be joined by Andy Wallace from zInspector. We’ll dive into what zInspector is and what it offers, while also exploring some deep technical stuff. It was a great conversation, and I got a lot out of it! One of the things Andy mentions is Rebrandly, which is really helpful for things like links to videos for inspections and security deposit itemizations. Even if you don’t end up using zInspector, check out Rebrandly to see if it fits your needs.
I’ve known Andy for years and talked to him many times. He’s been in the NARPM community for a long time offering property management inspection software. Andy has been managing a company in some capacity for years, and created zInspector because he had problems with needing to take tens of thousands of photos over a few days.
The program solved Andy’s problems, and those of many other people both inside and outside the property management industry. In fact, right now, about half of Andy’s clients are actually contractors rather than property managers. Pool inspection companies, roofers, and landscapers, for example, have basically the same problems, which zInspector solves.
One of the most significant parts of Andy’s company is that they believe that your data belongs to you, and you should be able to get it out. For example, all of their reports are designed to be easily printable, which is a difficult feature to find among their main competitors. And if you think you’ll never need a printed report, trust me, it’s important for court! You may also need printed reports for loans or proof of income, for example.
Another fantastic feature is that each piece of information (such as each photo) is handled individually, so in the rare case that you may have an error, you’ll only lose one piece of information instead of an entire report. If you’ve ever had the frustration of losing a whole report while using other software, you know just how valuable this feature is. Tune into this value-packed episode to learn the details of all of this, and much more!
Here’s where you can find Andy:
Show Notes
[02:50] - Brad introduces Andy and explains why he’s excited to have him on the show. Andy then gives some of his background and explains that he created zInspector to solve a problem of his own.
[04:26] - How long did Andy manage a company of his own?
[06:39] - We hear where zInspector really fits into a process, with Andy explaining that his background and experience is in single-family home turnovers.
[09:19] - One of the first questions that someone might ask Andy is how this compares to some of the software-provided versions. Andy addresses this question.
[12:35] - Andy walks us through the video side of the inspection report with zInspector.
[15:24] - How does zInspector work when you don’t have wifi access on the site you’re inspecting?
[17:58] - Andy explains how you could include a link to a zInspector report in a security deposit form.
[19:55] - Does Andy have any preferences or recommendations for hardware to use in the field? zInspector works on either Android or iOS, he explains.
[22:18] - Andy elaborates on the 360-degree cameras and videos that you can use with zInspector.
[25:52] - Andy talks us through the big, bottom-line question: how much does it cost?
[27:53] - We learn that Andy syncs all the homes in his inventory into zInspector.
[28:40] - You can try zInspector unlimited for 15 days for free, but it’s free forever for one user and five properties.
[30:49] - Brad shares a story of winning a court case based on dates and timestamps on a YouTube video.
[32:34] - What is Andy offering to listeners who sign up using the discount code “Brad”?
[33:30] - Andy talks about a brand-new feature in zInspector’s 360 tours.
[35:35] - What’s the best way for listeners to reach Andy or learn more about him or zInspector?
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% rebate.
Mark Dolfini graduated high school and started his professional career in the Marine Corps. After four years, he left the military to get a degree in accounting. He started buying rental properties when he entered college, and had about a dozen by the time he graduated. That’s when his education really started, he says. He eventually got up to 93 rental units by himself, but points out that it was a mess, and he didn’t really own a business.
In 2008 and 2009, Mark lost over $4 million in real estate. During that time, he also got sick with a cold that turned into double pneumonia. This made him realize that the madness couldn’t continue, and he had to shift from being self-employed to being a true business owner. Today, Mark is the Landlord Coach. He works as both a coach and a consultant, he explains, and focuses on creating capacity.
In our conversation today, he’ll talk about the reasons why he likes single-family dwellings, including the occupancy rates and ease of sale, despite the negatives (such as maintenance). We’ll talk about whether flipping is dead, and how many people are still doing it or wanting to do it. You’ll also learn in more depth about what Mark does as a coach, whether his services are more focused toward property managers or landlord investors, what it means to be time-wealthy, and much more.
Here’s where you can find Mark:
Show Notes
[02:41] - Mark introduces himself and explains the path he took to reach where he is today as the Landlord Coach.
[04:16] - The units that Mark had when he graduated weren’t high-dollar units, he explains.
[04:50] - At that point, Mark was doing everything by himself.
[07:59] - In terms of the management side of things, what does Mark do now?
[10:01] - Mark walks us through the various aspects of his business and his work, and offers the recommendation of building a sustainable, scalable business that doesn’t take all of your time.
[10:40] - Brad and Mark debate the topic of single-family homes versus multi-family homes.
[13:47] - Brad brings up another topic of discussion for Mark to address: is flipping dead?
[16:29] - We learn that Mark is divesting right now, and he explains why this is the case.
[18:42] - Mark talks us through his role as a coach, explaining that he helps to create capacity.
[22:08] - Mark dives deeper into the topic of overlays, which he mentioned a few minutes earlier in the conversation.
[24:41] - Brad talks about one of the challenges that he has with single-family-home property managers.
[25:35] - Are Mark’s services more focused toward property managers or landlord investors?
[27:04] - Mark talks about his book, The Time-Wealthy Investor.
[28:49] - We hear about a special offer that Mark has for Property Management Mastermind listeners!
[30:08] - Not everybody needs a coach, Mark points out, but everybody should have one.
[31:07] - How can someone reach Mark? For the special offers he mentioned, he reveals that you can head to this link.
[33:18] - Does Mark have any conference speaking gigs coming up?
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.
One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% rebate.
Now, onto today’s episode. In this conversation, I’ll talk to David Tilney, who’s an expert on the fascinating topic of master leasing and has been putting on seminars on the topic for years. David and I will take a deep dive into the concepts behind master leasing, some of the history of it and how he came to apply it to the industry the way he does, and how you can apply it to what you’re doing in the property management world. This conversation will answer a lot of the questions that you might be looking at when you talk to owners who are fearful of everything.
If you’re not familiar with the concept of master leasing, you’ll also learn the basics of what it is! In short, master leasing is when you lease a property from one entity and sub-lease it to another, and take your cut from the middle. It differs from property management in that you’re not working for the owner, and therefore don’t have a fiduciary responsibility to the owner.
David did his first master lease in 1984, when he leased a house for 35 years at a fixed rent and secured his lease with a deed of trust. 10 years later, he was given half the appreciation of the property to remove his lease from the property when it was sold. In 1996, he cancelled all of his agency relationships and leased the properties that he used to manage because he felt he had more control in that process.
In addition to all of this, you’ll also learn about how master leasing can be an entry into the world of property management, as well as some of its other benefits. David will talk about process for business development and finding owners who want to work with him, and why it’s so exciting (and sometimes fun) to be an entrepreneur.
Here’s where you can find David:
Show Notes
[02:40] - Brad takes a moment to introduce David.
[03:36] - David gives us some history of what he’s been doing with master leasing and related seminars.
[05:54] - In master leasing, who’s doing the maintenance, and how is it being paid for?
[08:48] - David mentions that master leasing has been involved in the commercial market forever, and offers some examples.
[11:33] - We learn about what David covers in his master leasing class.
[14:31] - David talks about how long he’s been teaching about master leasing.
[16:48] - Does David find that there’s less adversity in master leasing than there is in traditional property management?
[18:59] - We hear about how David finds homeowners who are willing to lease to him.
[23:57] - David currently has very few units under his umbrella, he reveals, and explains why that’s the case.
[24:43] - Brad circles back to David’s seminars, and David talks about some upcoming seminars. If you want more information on the seminars, you can find out about them on David’s website at this link!
[27:00] - David never has more than one seminar listed at a time, he explains.
[29:42] - If you use the discount code “Brad,” you can get a discount on one of David’s seminars!
[30:55] - Brad offers a quick side story.
[32:02] - Many property managers own rentals themselves, but some don’t and don’t know how to get started, David points out.
Links and Resources:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
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:
(800) 488-6032 (EZ Repair Hotline)
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:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
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 on Facebook
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:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Real-Time Consulting Services on Facebook
Grace Property Management Systems by Marc Cunningham
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:
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:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
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)
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:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
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:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
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:
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:
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)