On today's show, Brad is going old school, having a throwback mastermind session with Paul Rush. One property management company owner to another they are hashing out some of the challenges they both face in the respective areas. They are having a question and answer session to give us an idea of what is working in their companies.
Paul owns Augusta Rental Homes in Augusta, Georgia, and they manage single-family and multifamily units. He got into real estate to flip houses, but he ended up with some rental homes and has now been in the property management business for about four years.
Brad and Paul discuss new acquisitions, the issues that can arise and how to stay on top of it all, and what happens if you don't. They talk about Paul's owner first philosophy, leasing fees, self-assist property showing, and some great things he has implemented in the last 12 months. You don't want to miss this episode; they have some good ideas that might give you a more profitable business.
Show Notes
[03:43] Welcome to the show, Paul Rush.
[03:46] Paul tells us a little about himself and his business.
[05:52] He speaks about his owner first philosophy.
[08:15] Brad chats about some of the ways his company takes care of the owners they represent.
[09:13] Paul gives us examples of how keeping the owner happy keeps them in business.
[11:02] They discuss leasing fees and how they try to get the tenants to renew.
[14:30] Paul tells us another example of how his philosophy works.
[17:23] What challenges do you have right now in your business?
[18:45] They talk about some issues that Paul is having with a property management company that he just acquired.
[21:29] Integrating the new company into their system ended up being an issue, their timing was off, and rumors started before they could get out in front of it.
[26:25] They discuss having the old property manager introduce the new one to alleviate any questions the property owners might have.
[29:38] Have you ever had a company you wanted to buy fall into your lap?
[33:02] Paul had another challenge when he kept some of the employees from the old company.
[35:33] He talks about the one on one training he gave them to get them up to date with the software he uses.
[38:32] Give us one great shining star thing that you have implemented in the last 12 months?
[41:47] Brad's company is considering waiving a lease preparation fee to get more people to do self assist property showings instead of using agents.
[43:21] Paul says that his company has never paid a commission to an agent to show properties they are all self-assist.
[47:31] Would you pay a fee to hold a property for a few days until all of the paperwork was complete?
[50:12] Paul tells his team to keep up the excellent work he is pleased with what they are doing.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
NARPM Southern States Conference
National Apartment Association
For the Property Management Mastermind Conference information https://pmmcon.com/
For the Business Development Mastermind Seminar https://www.eventbrite.com/e/bbc-business-development-mastermind-tickets-70402370385
Welcome to the show! Today’s guest is Scott Brady and they will be talking about the top 10 mistakes that could have been or may have been made by property managers. Scott goes through each of these items and gives some great dialogue on how not to make those same mistakes, there are some really great nuggets of information here that you don’t want to miss.
Scott is going to be a facilitator and instructor at the Property Management Mastermind Conference in March 2020. He will be starting the conference with his SWOT analysis instruction piece, strengths, weaknesses, opportunities and threats. Scott has taught this at the collegiate level and will be able to teach it at the conference level, this is all on the first day of the conference so make sure to purchase your ticket as soon as possible.
Scott has a property management company in Southern California and has been in the industry since 2012, and manages 1200 doors. He says he is a student of this industry it fascinates him, both the opportunities and weaknesses, he teaches the top 10 mistakes because he has made these mistakes. Listen in to this conversation and see if there are some mistakes you can relate to or if you can learn from others who have made them.
Show Notes
[02:53] Brad introduces Scott Brady.
[03:33] Scott tells us about himself and what he will be teaching at the conference.
[05:30] There will be 2 hours of mastermind sessions the first day of the conference.
[05:55] Here are the top 10 mistakes and how not to make them, in no particular order.
[06:32] Don’t pick a price, pick a strategy, they charge a flat fee and a percent of rent collected.
[12:24] Don’t take just any client that comes in the door, are they your perfect customer?
[18:00] If you don’t solve your owner pain points you don’t have value with the relationship, it's the right thing to do.
[24:33] Not taking advantage of the local real estate community, get the local agents to refer their clients to you.
[27:10] Brad talks about the Business Development Mastermind Seminar in Atlanta in January 2020 that Property Management Mastermind is putting on and Scott is speaking.
[30:18] You have to be completely transparent in this industry, make sure your website has updated information, contract and pricing.
[35:28] Direct mail with transparency is very valuable but you must manage your expectations.
[38:39] Taking no risk in a mistake, you must take risks to get ahead, you won’t always get it right but you must take risks.
[43:31] Get out of the business and work on the business, you will be able to look more strategically at your business.
[47:15] Don’t help other people get rich without getting rich yourself, sell every property that you manage, buy one property per year at least create assets, that is what will make you rich.
[51:55] Improve your business, go to conferences, syndicate or implement programs. Invest in your business with your time by learning what your strengths and weaknesses are.
[54:15] Brad tells us about implementation day at the conference, he wants people to come out of the conference with a call to action list.
[55:20] Scott says that he wants everyone to look at their businesses differently, make changes now to see big differences in the future.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
NARPM Southern States Conference
National Apartment Association
For the Property Management Mastermind Conference information https://pmmcon.com/
For the Business Development Mastermind Seminar https://www.eventbrite.com/e/bbc-business-development-mastermind-tickets-70402370385