Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Ashley Simonelli, a property manager from Florida. Listen as they talk about landlords and property managers acting badly by conducting less than honorable business practices with their tenants, owners, and even among themselves.
Brad and Ashley discuss the shady practices around security deposits, how they are being used, and how some management companies spend them and then disappear. Brad shares the correct way to handle security deposits, and Ashley shares horror stories from her market.
They talk about what some management companies do around application fees and whether charging several application fees for the same property when you have a qualified applicant is shady. Brad shares the best practices he uses that comply with the Fair-housing act.
Listen as Brad and Ashley discuss landlords that want to do the maintenance themselves instead of allowing the property management company to take care of them. They discuss why this is a bad practice and how the property management company can become liable.
They finish the conversation with a discussion about pet deposits. Charge them, don't charge them, or call them fees, and how Brad protects his renters with a program he has at RentWerx. Brad gets fired up about bad property management practices, so this is definitely an episode you don't want to miss.
In this episode:
[03:36] Ashley shares her journey to property management.
[05:19] Ashley discusses how security deposits are not being held and deposited into general accounts.
[06:55] Listen as Ashley shares a story about a management company that disappeared with security deposits and rents.
[09:37] Brad speaks about the right way to handle security deposits and business accounts.
[12:05] Ashley shares some things she has seen on the leasing side around security deposits.
[14:43] Brad talks about how shady property managers operate.
[16:07] Ashley discusses what apartments do when you need a few month's extension on your lease.
[19:29] Ashley talks about a situation on a property she took over.
[20:45] Brad speaks about some things he has seen on the leasing side of homes he has taken over.
[22:33] Ashley discusses shady methods of taking applications and charging fees.
[24:02] Brad speaks about the first or best application concept, which complies with the Fair-housing act.
[26:37] Do you ever refund application fees?
[28:30] Listen as Ashley shares what she has seen on the maintenance side.
[29:37] Brad discusses landlords doing their own maintenance.
[32:16] Put yourself in the vendor's shoes; vendors do not want to collect the landlords' payment.
[33:30] Ashley talks about the maintenance side with vendors that the management company couldn't vet.
[35:33] A preferred vendor program is a better best practice than getting a kickback.
[36:12] Brad discusses monthly pet fees that cover the renter up to $5000 in damage.
[39:06] Brad shares what Rentwerx does with outgoing tenants' security deposit print out.
[40:26] Thank you so much for being on the show!
Ashley Simonelli
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today, Brad's guests, Todd Ortscheid and Scott Brady discuss going big or staying small, the merits of both, debating an article Scott wrote that with bullet points from Todd to flush out some key issues.
Todd shares his arguments for staying in the 200 - 500 door range with your property management company, whereas Scott believes that you need to go big and have multiple revenue streams. Scott says that if you take the DNA of a small company and overlap it into a larger company, it's a winning combination.
They both agree that you should know your why, why you want to stay small, or why you want to grow, know your purpose, and have a vision. Scott says that if you have a larger company, you have higher revenue, and it's easier to get a buyer. Todd disagrees and shares that a small company with a strong gross revenue is sometimes more desirable when selling.
Todd speaks about how automation and outsourcing are the ways to stay lean and mean and run a profitable company. Scott says that if you have a target client, compelling pricing, a great brand, and great customer service, you can grow your company and stay profitable.
There is nothing bad about making money just to be making money, and Scott believes you should monetize everyone you meet. The purpose of profitability is to provide a great service, and Todd has a fee program Brad recommends. There are two sides to each coin, but basically, if you know what you want and know how to get there, it doesn't matter your management company's size. You can make it profitable.
In this episode:
[01:40] Welcome to the show!
[02:36] Todd shares a little about himself.
[02:53] Scott introduces himself and what he does.
[03:48] Todd discusses his argument points for staying in the 200 - 500 doors range.
[04:23] Scott defines his argument points for going bigger for multiple income streams.
[05:34] Brad shares his insights into this debate from where his business stands.
[06:28] Scott believes you should take a small company's DNA and overlap that into a larger company.
[08:06] Todd says you need to know why you are doing what you are doing, find your purpose.
[10:33] Scott agrees with Todd that you have to know your why, but he disagrees that the number of doors you manage is about ego.
[12:05] Scott believes that people look at your gross revenue when you sell your business, so bigger companies have bigger revenues.
[14:17] Todd talks about the exit strategy idea, and he doesn't believe that you have to be bigger to have a strong gross revenue.
[17:27] Todd shares his techniques for staying lean and becoming profitable.
[18:28] Todd believes that automation and outsourcing are the keys to running a highly profitable company.
[20:56] Scott discusses staff and how owners get attached to their property managers, so if you are growing, you have a better chance of keeping your staff.
[23:16] Brad shares that he is always thinking of the how.
[24:26] Scott talks about having a target client, compelling pricing, a great brand, and great customer service, which is how he believes he is growing.
[27:41] Todd discusses how to get lean and mean and get your business to where you really want it.
[28:57] Start by mapping out your processes and procedures so you can get your VA's doing your work and automate.
[30:31] Scott talks about monetizing everyone he meets, not just the owners.
[32:40] Todd says there is nothing bad about making money just to be making money.
[33:15] The purpose of profitability is to provide a great service.
[35:25] Todd has a fee program that Brad recommends you look at.
[36:05] Brad speaks about PMMCON in May 2021.
[37:24] Todd discusses capital allocation and defines how to do it.
[39:58] The average profitability of a property management company is 6%.
[41:19] Scott shares his insight into allocating capital; he says his best investment is his company.
[43:56] What percentage of property management companies live month to month?
[47:25] Thank you for being on the show!
Todd Ortscheid
Scott Brady
Property Management Mastermind Conference
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today, Brad's guests Kellie Tollifson and Chrissy Wade, are discussing the NARPM Women's Leadership Council. NARPM's upcoming event is November 12th; this council focuses on developing leadership qualities in women. They want to help them become better businesswomen, speakers, and leaders in their communities and the real estate and property management industries.
Kellie is the National Association for Residential Property Managers (NARPM) 2020 President, who has been involved with NARPM since 2005 and has worked her way up through the ranks. Chrissy owns a property management company in Southern California, growing quickly and has been involved with NARPM for three years.
Listen as Kellie discusses the keynote speaker for Elevate Your Game, Dr. Michelle Mazur, and what she will talk about. Chrissy speaks about the panel, what questions will be asked, and Chrissy shares where she hopes the Women's Leadership Council will go in the future.
If you would like to learn how to be a speaker or just gain confidence as a leader, this is the event you don't want to miss. For more information, go to the Women's Leadership Council. What have you got to lose?
In this episode:
[02:25] Welcome to the show, Kellie and Chrissy!
[02:34] Kellie shares her background and her involvement with NARPM.
[03:35] Chrissy speaks about her background and when she became a member of NARPM.
[04:33] Brad shares what NARPM stands for and how beneficial it is for property managers.
[06:30] Chrissy discusses the plans that are in place for the Women's Leadership Council and how it began.
[08:40] Kellie speaks about how she was involved in forming the committee and what she believes women will receive.
[11:47] Chrissy discusses the first event the council has planned: a virtual event called Elevate Your Game, which will focus on becoming a speaker.
[14:42] Kellie shares what the keynote speaker Dr. Michelle Mazur will discuss.
[16:44] Chrissy, when people reached out to you with questions, what was the number one thing they wanted to know?
[19:33] Kellie discusses what she believes the panel will be asked at this first event.
[21:37] Chrissy shares where she sees the council going in the future.
[23:13] Kellie hopes that over time they will have the budget to get experts in the industry to help broaden women's challenges in the workforce.
[25:01] Chrissy believes that everyone needs to learn to be better at communication.
[26:07] Kellie discusses the enthusiasm she is seeing from men about this council.
[27:45] Thank you for listening to the show!
NARPM Women’s Leadership Council Event November 12, 2020
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Welcome to this episode of the Property Management Mastermind Show with your host, Brad Larsen. Today, Brad's guests are Heather and Michael Park from Rent Bridge, a property management company in the Dallas area. Listen as they discuss process automation, all the cool stuff they have going on at Rent Bridge, some industry trends, and much more.
Michael discusses the automation system he designed for his own company that has become the Rent Bridge model. Heather shares the top products they offer property management companies, and Michael speaks about how their renewal system, their process for renewals, and the options that the tenants have.
Heather talks about the cost of the automation system and how it depends on the size of the company and how much automation they require. She also shares the return on investment and the time frame involved with changing your system to full automation.
Listen, as Heather and Micheal speak about the marketing side of Rent Bridge and the new DIY option, they are rolling out for companies that cannot afford the full version. They also discuss the new systems and products they are offering soon and what the first steps are to learn more about automation.
In this episode:
[02:05] Welcome to the show, Heather and Michael Park!
[03:00] Heather shares about Rent Bridge and what they do.
[05:18] Michael speaks about his background and why he got into property management.
[08:10] Michael discusses automation and the system he built that ended up being the model for their own management company.
[09:26] They believe they don't sell property management services; we sell communication.
[11:53] Heather speaks about the top products they offer property management companies.
[14:16] Michael does a deep dive into their renewal system.
[17:00] Brad discusses rate increases and how automation can keep the increase incremental.
[21:07] Michael shares how automated renewal integrates other systems and their process for renewals.
[22:27] Brad talks about what can happen when you renew without owners' approval.
[24:27] With automation, you have consistent communication with the property owners.
[25:02] Michael speaks about how the automated renewal system works and the options the tenants have.
[28:49] Brad discusses how consistency fits into the fair housing model.
[29:43] Heather speaks to the cost of process automation.
[31:33] She discusses what a typical client will pay, but it all depends on how big the business and how much automation they want.
[33:17] Heather talks about what the return on investment is.
[35:03] What is the time frame for setting up an automated system?
[38:44] Michael talks about the most logical and fastest way to onboard the automation system.
[39:57] Heather speaks about the marketing automation piece they are rolling out and a DIY version for people who can't afford the full version.
[42:05] Michael shares more things they are rolling out soon.
[44:51] Heather and Michael discuss the next steps if you are interested in more information.
[45:33] Thank you both for being on the show!
Find Heather and Michael:
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
Have you ever wanted to do something different, take a chance, and change careers? Listen as Brad and his guest Tra Griffin of GKHouses discuss how Tra started property management as a second or third career. He came in as a COO from a different industry and helped GKHouses build their business on this episode of the Property Management Mastermind Show.
Tra talks about what he does for GKHouses, his background in the Marines and fitness, and how he got into the property management industry. Tra speaks about the differences and similarities between the fitness industry and the property management industry and how beneficial Culture Index can be to make sure you hire the best people.
Listen, as Tra discusses the operation challenges he faces when they take over different markets, how to hire strategically for tuck-in markets, and some challenges they had on the last acquisition GK did. Tra also talks about the in-house training that GK does for their internal employees to develop people to be better at their jobs and better people overall.
Brad and Tra share why they believe that the property management industry has been insulated during the pandemic, and where they see the industry going as they move forward post COVID. Tra has pivoted his career many times and always seems to come out on top, listen, and see if changing careers can benefit you.
In this episode:
[02:43] Tra shares a little about his background and knowledge of the industry.
[04:08] He speaks about what he does for GKHouses.
[05:18] Tra came out of the Marines and went into the fitness industry.
[06:46] Tra shares some big differences and similarities between the fitness industry and the property management industry.
[08:47] Tra discusses the Culture Index and how beneficial it can be in any industry.
[11:55] He speaks about the operational challenges that the COO sees when taking over different markets.
[14:14] Tra discusses the tuck-in markets and being strategic when hiring.
[15:33] What challenges did you face on the last acquisition GK had?
[19:14] Tra says that he wants to figure out a way to bring on people with no property management experience to train them.
[20:32] GK has created new in-house training to develop people to be better at their job and better humans.
[21:53] What do you see in the property management industry as opportunities right now and in the future?
[23:55] Tra speaks about the recurring revenue model and how it makes it possible to provide a great service for the owners.
[27:37] Tra says that he is obsessed with creating a scalable process.
[31:00] Tra speaks about having a leader that knows the market is essential.
[33:42] Brad shares a story about WWII that parallels his point.
[36:30] Brad discusses how deals are done in the property management industry.
[37:37] Thank you for being on the show, Tra!
Find Tra:
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Today, Brad's guest on the Property Management Mastermind Show is Tim Liversage, the co-owner of Stray Cat Digital, a digital marketing company. Listen as they discuss website accessibility issues and compliance issues which are the buzz topics right now. Brad feels it's very important for the property management managers to understand this, to make sure they are being implemented into their marketing and websites because the vultures are circling.
Brad and Tim discuss how attorneys are finding non-compliant websites and slapping a demand letter on you for thousands of dollars. Tim speaks about an audit program he has developed that will audit your website and tell you what needs to be updated and give you a starting point to get compliant.
Listen as Tim gives examples of large companies and celebrities that have been sued because their websites were not compliant. Tim shares that the people affected by these non-compliant websites are the blind or people who can't hold a mouse, just to name a few of the disabilities that are hindered by these websites.
Did you know that 90% of web browsing is now done on cell phones? Tim shares some statistics and gives a range of where pricing can start depending on what you need to do on your website to bring your compliance current. The bottom line is, check your website and make sure it is compliant before the vulture attorneys come after you for non-compliance.
In this episode:
[02:37] Tim shares a little of his background.
[03:47] Brad explains how these attorneys are trying to find a non-compliant website and slap you with a demand letter to get a quick settlement.
[06:33] Tim discusses an audit program that he has developed to give you a checklist of your issues.
[08:39] Tim speaks about the fair housing act, which is part of the ADA.
[10:59] Tim talks about the accessibility statement that everyone needs to have to show on their website.
[12:23] Tim shares an example of what these lawsuits look like and who has been sued.
[15:20] People who don't have a legal team usually get these letters.
[17:05] Tim speaks about who is affected by these websites that are not compliant.
[21:39] What are some benefits and features of keeping your website updated and compliant.
[24:52] Tim talks about recording video with subtitles and not using voice.
[25:41] 90% of web browsing is now done on a mobile phone.
[27:17] Tim gives a range of what it will cost to fix a website and make it compliant.
[29:33] Word press is the only platform you can use that has the budget and accessibility to fix or redo your website.
[31:41] The bottom line is that you need to make sure your website is compliant as quickly as possible.
[32:51] Tim shares some final thoughts.
[34:06] Thank you so much for being on the show!
Find Tim:
Twitter | Facebook | Instagram | LinkedIn
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Brad's guests today are four of the best minds in the industry, and they are discussing the small group roundtable that they have put together. These are the four initial facilitators that we brought in to work with the small groups. Visit www.managersroundtable.com to find the introductory pricing.
The service is basically a crowdsource type of compilation on education, with eight in each small group. These groups will meet twice a month for six months, the sessions are structured and laid out by the facilitators, and they will all be recorded so that if you miss one, you will be able to catch up.
The four facilitators are Deb Newell, Paul Kankowski, Sarah Durbin, and Scott Brady. Listen as these four share what to expect at the small group roundtables, what they are each bringing, and the benefit they feel you will receive, making the cost insignificant.
These roundtables will be small virtual intimate gatherings that will allow you to get inside knowledge from some of the best in the industry. You can't get this one-on-one education at a conference; you are getting it from your home. Sign up now while they are still offering the introductory pricing, and learning from this brain-trust, it will be like nothing you have ever been a part of.
In this episode:
[01:54] Welcome to the show!
[03:12] Brad introduces the four facilitators.
[04:08] Deb Newell shares her background and some of what you will experience at the group roundtable.
[06:36] Paul Kankowski shares about his accountability groups what he will bring to the roundtable.
[09:40] Brad speaks about each meeting's structured nature that allows people to prepare before getting into the meeting.
[10:18] Paul discusses his list for what he has planned for the roundtable groups.
[11:30] Sarah Durbin shares her background and what she is excited to bring to the small group roundtables.
[12:25] Sarah speaks about the small groups she has been in over the years.
[13:43] Scott Brady gives an introduction and shares what he thinks the small group scenario will feel like.
[15:34] Brad discusses why they are charging for the roundtable and where the money is going.
[18:23] Deb shares the value she sees in this as a whole.
[19:59] Scott will bring his SWOT exercise to the roundtable groups.
[22:52] They all share some final thoughts for the listeners.
[23:52] Thank you all for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
Brad's guest today is Rod Khleif. Rod is a multi-family real estate investor, business consultant, and high-performance coach. Listen as they discuss the multi-family success mindset and some outstanding stuff on this episode of The Property Management Mastermind Show.
Listen, as Rod shares how he lost 50 million dollars and recouped it. Rod explains that he had single-family homes and multi-family homes in 2008 when the stock market crashed. His multi-family properties flourished while his single-family homes took him to the cleaners. Rod shares the goal-setting process that brought him back financially.
Rod discusses what he focuses on when he starts a business, the difference between purchasing single-family homes versus multi-family homes, and how the value of a multi-family property is determined. Rod also talks about the management and tenant side of the business and what he believes will happen to property owners next year.
Rod speaks about his podcast called Lifetime Cash Flow and what is happening in the commercial, private, and retail sectors during this COVID-19 crisis. Next year Rod believes the market will open up, so have your money ready if you want to invest in multi-family properties.
Rod has been in the business for many years and lost more money than most of us will ever see. His insights into multi-family properties are unique and something you don't want to miss, so sit back, relax, and get ready to be motivated.
In this episode:
[02:09] Welcome to the show, Rod!
[02:12] Listen as Rod shares his background, and how his business is doing today.
[04:47] Rod speaks about losing 50 million dollars in 2008.
[07:27] Why should you buy multi-family properties?
[09:51] In 2008, Rod's houses brought him down, but his multi-family properties flourished.
[11:38] Rod shares the steps to his goal-setting process.
[13:46] Rod speaks about the books he has written.
[16:35] Listen as Rod shares the last two steps to his goal-setting process.
[19:18] Rod shares some examples of how he pictured his goals and made them come true.
[23:01] When starting a business, what do you focus on?
[25:39] Rod shares the things he looks for when he starts businesses.
[27:31] Rod discusses the differences between purchasing single-family homes and multi-family.
[29:25] The value in a multi-family property is based on a multiple of the net income.
[33:48] Rod speaks about the management and tenant's side of the business.
[36:36] Rod shares what he thinks will happen with property owners during this crisis.
[39:36] Rod discusses the commercial, private and retail sectors and how they are doing right now.
[42:04] Rod talks about his podcast called Lifetime Cash Flow.
[43:42] Thank you so much for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Find Rod
Bootcamp use code ‘friend of Rod’ to get in for $97
@rodkhleif
Would having a company do your tenant screening for you free up some time? Brad’s guest today is Andrew Schultz, the broker/owner of Own Buffalo Inc., a real estate and property management company in New York. Andrew is also the host of the RentPrep for Landlords Podcast in addition to having his own show. Listen as they discuss property management and RentPrep for the landlords plus much more on this episode of The Property Management Mastermind Show.
Andrew shares about his business and how it is doing during this pandemic. He speaks about the classes his properties fall under, and the time it takes to get a property approved for section 8 housing benefits, which is why he charges a fee to the owners. Andrew also talks about a program his company has that has been working really well so far.
Do you have in-depth screening criteria? Brad and Andrew discuss how important it is to screen well if you want to have a low percentage of late payments and foreclosures. Andrew shares how he got involved with RentPrep and the screening process they use that works well for Own Buffalo, Inc.
If you haven’t listened to the RentPrep for Landlords Podcast, you should, and if you are a property manager, landlord, or investor, want to connect, share, learn, collaborate, and sign up for the RentPrep for Landlords Facebook group. You will be glad you did.
In this episode:
[02:30] Welcome back to the show, Andrew!
[02:34] Andrew shares a little about himself.
[03:32] What is going on in your company during this pandemic?
[05:22] Andrew describes what he means by A, B, and C class properties.
[07:15] Andrew speaks about his section 8 housing and the time it takes to get through the section 8 paperwork process.
[09:25] Do you see section 8 housing authority expanding into your B class properties?
[11:29] Brad speaks about charging owners of the Class B properties to start the approval process for housing authority funds for people who can’t pay their rent.
[15:18] Andrew shares a program his company does that works well.
[17:38] Andrew discusses how they handle their accounts, getting all the funds upfront, and providing a packet that explains everything.
[20:08] Brad and Andrew talk about screening criteria they use for single-family and multi-family.
[23:28] Brad discusses enormous companies coming in and buying up management companies and not managing them.
[26:55] Can you tell us more about how you got involved with Rentprep?
[30:11] Andrew speaks about using Rentprep for their tenant screening services.
[33:48] Where are you going to take the podcast now that you are the host?
[36:21] Andrew shares where you can find him if you want to talk.
[38:04] Andrew speaks about some issues he has seen on the Facebook group.
[39:45] Thank you for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Find Andrew:
Would you rather work from home exclusively or go to the office a few days a week? Listen, as Brad and his guest Adam Collins, a real estate broker in the Washington D.C. area, discuss the changes happening in office settings, and how to help tenants find commercial properties, investing in commercial and manage commercial properties on this episode of The Property Management Mastermind Show.
Adam speaks about the changes he sees in the office world because of COVID-19, how he believes commercial leases will change, and why blend and extend is a negotiation tactic that will allow you to pay a lower rent today but also gives the landlord stability because he knows the building will be occupied for however many more years.
Adam discusses tenant representation, how his company works with the client, and the concessions they ask for. Adam shares the pitfalls you don’t want to fall into when looking for commercial property and where he sees commercial real estate going in the next year.
When preparing to buy a commercial property, start by having a pleasant relationship with your banker. Please discuss what you are looking for with your banker and broker so they are both on the same page. If you are looking to buy a commercial property or have a commercial property to lease, this is an informative episode that you won’t want to miss.
In this episode:
[02:37] Welcome to the show, Adam!
[03:58] Adam shares what he has seen in the office world since the pandemic has kept people home.
[06:04] Adam discusses how commercial leases will change and where the trend is leading.
[07:50] Blend and extend, which allows you to pay less rent today but also gives the landlord some stability.
[10:25] Are you seeing the blend and extend negotiation tactic working in your area?
[12:20] Adams discusses tenant representation and how they work with clients to find the best lease.
[15:09] Adam shares the concessions they ask to help their clients get the best lease possible.
[19:15] What is the last minute throw in that you always ask for and get?
[21:36] Who pays for your services? What is the standard rate?
[24:10] Adam speaks about the pitch that he uses to get clients.
[26:04] Adam discusses the pitfalls that you never want to walk into.
[28:36] Spec suites are what Adam believes will be the future of the leasing world.
[31:43] What do you see on the purchasing side of commercial leasing?
[33:20] Adam shares his insights into purchasing and the types of loans he recommends.
[36:09] Adam believes that it might be harder to lease space as leases roll into renewal during this time, but it won’t be like 2008.
[39:16] Having a relationship with your banker is essential.
[40:16] Talk with your banker while you are talking to your real estate broker.
[43:54] Thank you for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Find Adam:
@adamcollins
Can you believe it’s the 100th episode of The Property Management Mastermind Show? Listen, as Brad and his guest Peter Tverdov discuss surviving the pandemic with a still-growing business in a niche that few people have found in student housing plus much more on this 100th episode of the podcast.
Peter is a property manager from New Jersey, and he has a start-up in the niche world of student housing called Tverdov Housing. He left the corporate world, survived the pandemic, and came out on top with a growing company. Peter’s mindset is that no one will do it better than he could, so he quit his corporate job in January of this year and is making it work.
Listen as Peter speaks about why he became a property manager, why his focus has been on student housing, and how a lease works with multiple students renting a single-family home. Peter talks about his tenants, making one payment with one check, and why he doesn’t do background checks on all the students in the house.
Brad and Peter also talk about the software he uses for quarterly inspections and where he sees his company in the next few years. Peter believes in building slowly, so he has a plan for adding more doors to his company in a way that won’t overwhelm them. He also discusses what he likes about renting to students and what he doesn’t.
From Wall Street to building a company around student housing, Peter has a vision, and even the COVID-19 crisis hasn’t stopped him. He knows that even though it has been slow for a while, things will inevitably pick up, and he wants to be prepared when that day comes.
Show Notes
[02:11] Welcome to the show, Peter!
[03:03] Peter shares a little of his background and how he got into property management.
[05:12] What is the climate of managing homes in New Jersey?
[07:10] Peter speaks about how he got into student housing management.
[08:25] Peter describes what student housing looks like in New Jersey.
[09:47] How does a lease work when you have multiple students in a single-family home?
[12:47] Peter shares how payments work, one person pays the rent, one check.
[16:22] Do you do background checks on each student living in a home?
[19:34] Peter speaks about the software he uses for quarterly inspections.
[20:24] Where do you want to take your company in the next few years?
[22:38] Peter discusses what he thinks the fall schedule will be for the colleges in New Jersey.
[24:13] What is your least favorite and most favorite thing about managing student housing?
[26:33] Peter believes that student housing will be a large part of his business in the future.
[28:18] Peter speaks about some concierge services his company offers to their owners and student tenants.
[31:30] Peter shares what he learned from his football coach at Rutgers University in New Jersey and how he applies it to his everyday life.
[33:45] Peter, thank you so much for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Find Peter:
What do you know about home automation? Listen as Brad and his guest Mark Brandt discuss what PointCentral home automation can do for your business, and the benefits to tenants, property owners, and property management. They also speak about the decreasing cost of initial entry and much more on this episode of The Property Management Mastermind Show.
Mark describes what home automation is and how it is beneficial to homeowners and property managers. Brad speaks about having Alarm.com his PointCentral system and what options he chose for the new house he bought, like the doorbell camera and the automatic locks.
Listen, as Mark shares how this system runs off your cellular network, not wifi, so if the house is vacant, you can still control the system. He discusses the benefits to the owners and tenants and how to sell the features to both.
Mark shares some features like water sensors that alert you if there is a water leak. Automatic thermostats that you can control on your phone to set temperatures in vacant homes and keyless locks that need not be re-keyed; you just change the code. These are only a few of the features that PointCentral offers to make your homes more enticing to millennial renters.
Marks speaks about the initial cost of setup, the monthly fees, and how you can get the owners on board. If you have questions or want to get in touch with Mark, you can email him at markbrandt@pointcentral.com or go to the PointCentral website for more information. There will also be a video released in the next few weeks that will show you all the features that Mark has been discussing.
Show Notes
[02:43] Welcome to the show, Mark!
[02:52] Mark shares a little about himself and his career.
[04:55] Marks discusses what home automation is and how it's beneficial to you.
[07:03] Brad shares the installation of PointCentral in his new home.
[09:58] They discuss the doorbell sensor that shows who has been at the front door.
[11:09] Mark says that PointCentral has the property management focused solution for Alarm.com.
[12:40] Mark speaks about how their system runs off cellular service instead of wifi.
[15:08] The important things that property management owners are looking for with this system are locks, thermostats, and water sensors.
[18:47] Mark describes their unattended showing platform.
[20:02] Property managers want access to management locks, which is a big win for their companies.
[21:48] Mark speaks about the tenant having an app to control their smart home.
[24:00] Mark shares the basic management packages that PointCentral offers.
[26:16] Mark chats about how the automatic thermostats can be adjusted by the management company to save utility costs while homes are vacant.
[27:50] Mark shares about the analytics of the thermostats.
[29:26] The water sensor for pipes or water heaters is excellent for vacant properties so you can be on top of water leaks.
[33:37] What are the installation costs and costs per month?
[36:04] Mark talks about the live customer support that PointCentral offers.
[38:14] Brad shares how he would market this to the tenant and owner.
[40:45] Mark gives a real case example of how home automation has helped with renting homes.
[43:05] How do you recommend getting the owner to put the money down for the initial hardware set up?
[46:07] Brad shares some ideas he thought of to get the owners on board.
[47:58] Mark shares his email address so you can shoot him an email if you want more information at markbrandt@pointcentral.com.
[49:33] Mark talks about some quick fixes that are out there, but this system will allow you to grow in the long term.
[50:48] Thank you so much for being on the show, Mark!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Wouldn’t it be great to have a system in place that allows the utilities in move-outs to stay on with no downtime to make ready? Listen as Brad and his guest Maliece Sorrows discuss how Simplebills is making that possible. They also speak about what Simplebills is, and how long they have been around on this episode of the Property Management Mastermind.
Maliece shares how Simplebill works and what the benefits are for a PMC. Brad speaks about RealPage’s involvement with Simplebill, and Maliece shares how it will benefit the owners and tenants. They discuss how to implement Simplebills into your company, how to monetize it with your tenants and owners, and all the benefits that come with integrating Simplebills into your property management company.
Listen as they chat about how Simplebill handles compliance with utilities in all the different states where they have offices. Maliece also shares the penalties that can be assessed if a PMC tries to make money from the tenant for utility bills, how they handle delinquencies, and their default procedures.
Simplebill has partnered with Citizens Home Solutions to handle ancillary services while Simplebill takes care of the utilities, which makes everything easier for the tenant, owner, and property management company. Have you jumped onto the Simplebill train yet? If not, you need to listen to this episode because once you do, you will realize you are missing out.
Show Notes
[02:50] Welcome to the show, Maliece!
[03:39] Maliece shares her background and how she got involved with Simplebills.
[04:32] How long has Simplebills been around?
[05:33] Maliece speaks about Simplebills, what it is, and how it got started.
[08:30] Maliece chats about all the utilities being transferred into Simplebills’ name so that the services are never interrupted.
[10:40] Maliece shares how RealPage is involved and how it will help the customers.
[12:55] Brad speaks about how to implement this into your company and how to monetize it with your tenants.
[16:25] Maliece discusses how they address this on the Simplebill side.
[18:34] They talk about the added benefits that are built into the Simplebill package.
[21:27] Maliece speaks about compliance and the issues they handle with each utility in each state.
[23:41] What are the penalties that a PMC can incur if they don’t comply?
[27:22] How does Simplebill handle delinquencies?
[31:02] Brad chats about his preferred tenant program.
[32:16] Maliece discusses their default procedures.
[35:12] Maliece shares how Citizens Home Solutions will take care of ancillary services, and Simplebills will take care of the utilities; they work hand in hand.
[36:29] Maliece shares some positive testimonials from some PMCs and owners.
[38:38] Thank you so much for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
Do you have a no-touch leasing management system in place? Listen, as your host, Brad Larsen shares what they have done at his management company RentWerx to create just that kind of system. He is going through the entire life cycle of managing homes in a no-touch world in this episode of Property Management Mastermind
Brad discusses the beginning life cycle of no-touch leasing, which starts with owner interaction, and the benefits of showing vacant, move-in ready homes only. He also shares what can happen if you show and pre-lease occupied homes, the pitfalls from messy properties to renters wanting to hold over, and the issues that come from that. Brad believes that vacant, move-in ready homes will rent faster.
Brad speaks about no-touch showings and the safety benefits of them, what ghost showings are, and how online applications can work for you. He discusses getting a tenant moved in, the resident benefits package they have, and what it includes. Brad also describes the no-touch way that his company re-keys doors, does inspections, move-out, and how they finalize the security deposits.
With the current situation with the pandemic, the focus is on keeping everyone as safe as possible, and no-touch is the way to go. Because of the safety benefits and just plain convenience, it’s a system that has been and will stay in play for RentWerx going forward.
If you have had questions about how your company can do no-touch leasing, you definitely need to listen to this episode.
Show Notes
[01:49] Welcome to the show!
[02:02] Brad discusses what they have done at RentWerx to create a no-touch leasing management system.
[02:38] Brad shares the beginning of the life cycle, owner interaction, and the go-around to meeting them in person.
[03:25] Brad speaks about leasing homes in a no-touch situation, which starts with the showings.
[04:07] They market move-in ready homes only and the reasons for that.
[06:32] Brad chats about tenants that hold over and the issues that can cause if you have already leased the property to a new lessee.
[09:01] If you market a vacant, move-in ready home, it will arguably rent faster.
[09:45] How can you conduct showings with an unoccupied home?
[12:40] Follow up is always recommended once the showing window is over to make sure the property has been closed up properly.
[13:41] Brad discusses the safety factor of no-touch showings and how they can keep agents safe.
[17:11] Do you know what ghost showings are?
[19:36] Brad speaks about online applications and how they benefit everyone.
[21:54] He shares that next, they send out an approval email that includes the draft lease agreement.
[22:56] Brad chats about the preferred tenant program they use and the system they use to collect security deposits.
[26:22] How do you track your adverse action letter?
[28:14] Brad speaks about DocuSign for lease agreements.
[30:01] He shares how they get a tenant moved in and their Residents Benefits Package.
[33:00] Brad chats about rekeying the property before the tenant moves in.
[36:23] In this no-touch environment, how are you doing repairs? Periodic and renewal Inspections?
[39:35] Brad discusses the no-touch move out system they use.
[41:23] RentWerx finalizes their security deposits by regular mail.
[44:15] If they forget to send you an email that shows when they moved out, you can charge them extra days of rent.
[44:50] Thank you for listening today.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
Was your management company prepared for the mandated stay at home order? Listen as Brad and his guest, Tony Cline, discuss why his company was already working from home on this episode of Property Management Mastermind Show. Tony is running the Home Vault Property Management office in Denver, Colorado, he is an ultra runner of fifty to one hundred mile runs and a commissioner for the Arvada Urban Renewal Authority.
Tony shares that his company has been working from home for the last three years, so the work from home mandate changed nothing for them. He also speaks about videoconferencing and how his team was proactive with their communication and messaging with their landlords and tenants.
Brad and Tony chat about new technology they see that will help property management companies, why Brad's team has been looking at procedures and policy changes that will keep them relevant in the next thirty-six months and the belief that with technology, anything you can think of someone is probably working on and just trying to figure out how to make it profitable.
Listen as Tony shares his passion for being healthy and how important diet and exercise are when dealing with the stress, the marathons he runs, and what sparked his desire to get fit. Brad speaks about the Property Management Mastermind marathon he has organized that will include a mastermind session, a half marathon, and a full marathon.
If you are looking for a new perspective on working from home, new tech, and best practices for your business, you won't want to miss the information that Brad and Tony share, so grab a smoothie, relax and hit play.
Show Notes
[02:13] Tony, thank you for being on the show today.
[02:26] Tony shares a little about himself and his background.
[05:06] Tony discusses the switch they made three years ago from working in an office to working from home and how prepared they were for the COVID-19 restrictions.
[07:33] He speaks about the challenges he faced when they transitioned to working from home and how productive his staff continued to be.
[10:37] Tony chats about some video conferencing apps that he recommends.
[12:43] Tony discusses being proactive with their communication and messaging with landlords and tenants.
[15:31] Do you see websites becoming more comfortable to navigate?
[17:01] Tony speaks about interactive messages to make things more personal.
[18:44] Brad predicts that doorbell cameras will have facial recognition capabilities to allow unassisted property showings.
[19:59] Have you been able to develop any key performance indicators from your work from home team?
[23:51] Do you believe that having team members work from home is a mind shift?
[25:36] Tony shares policy procedures and policy changes they have made to be relevant in thirty-six months.
[27:38] Tony believes that as far as technology goes, anything you can think of someone is already working on.
[28:42] Brad and Tony talk about working on contactless leasing and move out capabilities.
[31:38] Tony discusses how years ago, tenants had no voice and how the internet changed it and gave them a voice.
[34:57] What interesting technology service apps do you see coming soon?
[37:18] Tony believes that these services will provide more revenue and a benefit to the tenants.
[39:40] Tony shares his thoughts on Property Managers' health practices and the importance of using exercise to handle stress.
[42:47] Brad discusses how the Keto diet has worked for him.
[43:30] Brad chats about the Property Management Mastermind session plus the marathon they have scheduled Saturday, November 7th, in Savannah, Georgia.
[45:21] Tony speaks about the best practices webinar from the Home Vault Academy.
[47:25] Tony, thank you so much for being on the show today.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
NARPM Southern States Conference
National Apartment Association
Is your management company still doing periodic inspections with the COVID-19 virus running rampant? Listen as Brad and his guest, Phil Owen, discuss this in-depth on this episode of Property Management Mastermind Show. Phil is the CEO of OnSight PROS; they have been doing 3rd party move in, move out, and periodic reports for property managers for about ten years.
Phil speaks about the need for hands-on inspections, how his team is protecting themselves from COVID-19, and what to do if the tenant does not want you in the house. He shares the technology his company has designed that will replace the pen and paper walk through that tenants do when they move into a property and the cost of the app for the management company and tenants.
Listen as Phil shares how the ‘My Walk Thru’ app allows social distancing in this time of uncertainty, and the way the app can work for security deposit documentation. Phil also describes how the 360-degree camera functions and the fact that it provides a more straightforward method to display the property if you need to go to court. He gives examples of how this has helped property managers in the past.
COVID-19 is scary, but Phil’s company has found a way that allows you to continue doing your inspections while keeping yourself and your tenants safe. Listen as Phil shares all the benefits of what OnSight PROS can do. If you are on the fence, you will definitely want to listen to this episode.
Show Notes
[02:45] Phil, welcome to the show!
[02:47] Phil shares some background about OnSight PROS and its growth.
[04:03] He speaks about some periodic inspections that need to happen, especially now with the COVID-19 virus.
[05:50] Should we still do checks before renewals? Should we let the tenant take pictures and do their inspections?
[08:51] Phil describes what they are doing to protect themselves from the virus when they are doing investigations.
[10:07] Phil tells his employees that if they have any symptoms stay home, and they have been asking the tenant if anyone in the home has symptoms.
[13:00] Management companies have to work with the tenants because if they don’t want you in the house, don’t force the issue.
[15:05] Phil gives us an example of a situation they had with a client who thought they had an inspection when they had a condition report.
[16:51] Phil shares the technology they use called My Walk Thru that will replace the tenants’ move-in report.
[21:13] What is the cost of the app that your company has designed?
[23:28] Phil believes that about 70% of the tenants turn the walkthrough information into the management company.
[25:08] Brad speaks about social distancing and how this technology can let the tenant maintain that while still allowing the management company to know the condition of the property.
[27:18] Phil chats about the way the app works for security deposit documentation.
[29:35] He details the way the tenant can use the Walk Thru app to disclose any issues they find with the property with the 360-degree cameras.
[31:39] What do you think about the technology behind the 360-degree camera?
[33:35] If you are not in a PROS market, can you still use the app?
[36:11] Phil says although they don’t have any of the training documents on their website, they do a blog about some things that people ask on LinkedIn.
[37:22] Thank you so much for being on the show today, Phil!
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
We all know how expensive and stressful moving can be for new tenants. A great property manager helps make the experience as easy as possible for a new tenant. The service from Citizen Home Solutions is a great value add for property managers. It saves the tenants time and money and can bring in extra revenue through commissions and incentives.
I partner with Citizen Home Solutions with my property management company Rentwerx. In fact, I was their third customer, and if I had to do it all over again I would. I am joined today by Wes Owens, the owner and co-founder, along with Peter Hernandez the VP of Sales and Marketing. Business Development Manager Drea Hespen is also here to talk about all of the exciting opportunities that Citizen Home Solutions has to offer.
CHS is also a sponsor of PMMCON 2020. This is a property management mastermind conference in Las Vegas on March 2nd through 4th. It’s going to be an exciting and informative event. The group from CHS talks about the growth that they are experiencing and the many benefits that they offer for tenants and property managers.
Their service saves tenants time and headaches. It also saves time for property managers and generates extra cash.
If you offer a tenant benefit package, this is a great free amenity. It also saves you the time of having to follow up with tenants to make sure utilities have been transferred to their names. We also talk about some of our recent Peloton purchases and our PM Health Group on Facebook. We even talk about our upcoming Mastermind Marathon!
Show Notes
[02:51] My company Rentwerx was the third customer of Citizen Home Solutions. If I had to do it all over again I would.
[03:10] I'm excited to have these guys as partners. Their service is phenomenal.
[03:16] Drea is the business development manager.
[03:28] Peter is the vice president of the company.
[03:34] Wes is the co-founder and owner.
[04:10] Get $500 off of PMMCON through the end of the week with CHS discount.
[04:51] CHS has had a lot of growth. They started with three employees and now they have 29 employees. They are signing on a lot of national companies.
[05:56] CHS does front line sales for utilities. They set up all of the utilities and create value for the new tenants while getting rebates for the property management company. It's about commissions from the big players. Everybody wins.
[06:48] Tenants think it is the best moving experience.
[07:07] When the property manager gives tenants this free service, they love it because it cuts down on time they have to spend calling multiple utility services.
[08:23] At the end of a discount contract, you can switch names in the household and get those discounts again.
[09:01] The value add is that they set up the utilities. They also find out what providers service that specific address. It saves time and trips that the tenant would have to make.
[11:14] Benefits for property management companies is that there is no contract to sign. It also becomes part of the residence benefit package.
[12:21] In some areas you have to visit the utility in person.
[13:24] Another benefit for property managers is that tenants often lose the information you give them and will end up calling your office for help anyway. This eliminates that from happening.
[14:04] They have a customer experience department for property managers.
[15:51] Citizen Home Solutions reaches out to the residents for you.
[16:21] It also prevents tenants from not transferring the utilities to their name. CHS makes sure everything gets done.
[17:01] A tenant benefit package is a list of amenities that a tenant gets and pays for. It can start with insurance and free utility setup.
[19:24] The service is 100% free for the tenant and property manager.
[20:02] Property managers can make five figures a quarter through the service.
[20:42] Pete is the number one customer of Citizen Home Solution.
[22:12] They have a health group about exercise, being active, and healthy eating. Different property managers also wanted to join in and now they have a Facebook group.
[29:15] There is something for everyone in this motivating group. They are also having their second 5k event coming up.
[30:52] The Mastermind Marathon is going to be in Savannah on November 7th.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
#26 Allison Disarro from Seacoast Commerce Bank – Finally A Bank That Gets Property Management!
(918) 728 8992 (Derek Scott with Insurance Management Group)
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
If you could learn leadership from a Navy SEAL, would you? Flynn Cochran is a former Navy SEAL and the Chief Strategy Officer for Echelon Front, a leadership consulting firm where he is a leadership instructor. Flynn uses the consulting models from the books Extreme Ownership and Dichotomy of Leadership by Jocko Willink and Leif Babin to teach individuals and businesses the principles of leadership and how to use them change cultures and lives.
Flynn shares about his SEAL training and military career, why he left to go to business school, and what he learned there that has helped him advance in his career. Flynn also chats about some of the clients that the consulting firm has helped using these leadership principles. Flynn shares how these leadership principles are available for anyone, not just business owners, and some lightbulb moments he has shared with civilians he has taught.
Flynn is the Marque speaker at the Property Management Mastermind Conference and is also doing a three-hour add on seminar that you won’t want to miss. He speaks about what he plans to teach, who his target audience is, and why attending both of his sessions will be beneficial. There will be hands-on lessons as well and discussions on decentralized command because he believes everyone needs to know their role but be prepared to step in and help anyone on the chain of command.
Listen as Flynn shares some of the topics he will touch on during the Property Management Mastermind Conference next month in Las Vegas. If you are planning on going, great, you just got a good overview of her presentation, if you haven’t bought your ticket yet, don’t hesitate they are getting scarce. You don’t want to miss the information that will blow your mind at the conference.
Show Notes
[02:46] Flynn, how are you today?
[03:10] Flynn introduces himself, his background, and why he took the position at Echelon Front.
[05:41] He discusses the two books that Echelon Front uses to teach leadership principles.
[08:12] Flynn shares his military career and seal training with us.
[11:00] Flynn speaks about going to business school once he left the military.
[12:27] Can you tell us more about business school and why you decided to go that route?
[14:49] Flynn chats about some big clients that he has helped grow their businesses exponentially.
[17:45] What are some lightbulb moments that you have seen when training civilians on these principles?
[21:33] Flynn shares what he will be speaking about during his two sessions at PMMCon.
[23:15] He details the important leadership mindsets that he will be discussing in his Marque speech.
[27:19] Flynn describes the hands-on teaching he will give during the three-hour seminar.
[29:44] Do these principles apply to everyone, not just business owners?
[31:14] Flynn speaks about decentralized command and how you need to understand your role and how you can support individuals up and down the chain of command.
[32:44] Flynn, can you give me one tidbit of what you believe the attendees will get out of the three-hour seminar?
[34:33] Flynn, thank you so much for coming on the podcast today.
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
Would you like to work yourself out of a job? Listen as Brad with his guest Jennifer Stoops shares how her boss, John Bradford owner of Park Avenue Properties, did just that. John set the stage for Jennifer to take over as his replacement so she could take the reins while he pursued other ventures and promoted her from a property manager to Executive Vice President.
Brad and Jennifer discuss what she will speak about at the Property Management Mastermind Conference in March, and the challenges she faced getting her boss to trust her enough to let her take the reins of the company. They also chat about having a contingency set up in your business so that if something happens to you and you are incapacitated, someone else can step in.
Jennifer shares how important it is to make sure to have your accounting team secure when you have someone to step in to run your company. They also discuss education, getting the necessary designations, and the need to keep up with your KPI’s, so you know what is going on in your company.
Do you feel like your name has become a noun? Listen in as Jennifer shares why she feels that way about her name, why having someone assist you is necessary, and how not asking for help when you are overwhelmed can be a detriment to your job.
These are all subjects that Jennifer will touch on at her seminar during the Property Management Mastermind Conference next month in Las Vegas. If you are planning on going, great, you just got a good overview of her presentation, if you haven’t bought your ticket yet, don’t hesitate they are getting scarce. You don’t want to miss the information that will blow your mind at the conference.
Show Notes
[02:37] Welcome to the show, Jennifer!
[02:55] Jennifer, can you give us a rundown of how you ended up as the Executive Vice President at Park Avenue Properties?
[05:28] Jennifer shares how she came to be running the company.
[06:50] She speaks about John’s political aspirations to get voted to a seat in the House of Representatives.
[08:15] Brad chats about what he asked Jennifer to talk about at the PMM Conference.
[10:28] Jennifer talks about the challenges she had trying to get John to let go of the company.
[12:25] She tells us she had to show him that she would always keep him in the loop because it’s his company.
[13:49] Do you have a contingency set up in case you get incapacitated and are not able to run your company?
[15:32] Jennifer speaks about knowing that John was ready to let her take over when he finally opened the books, so she had all of the tools she needed.
[17:11] Brad says that he is grooming his second in command to take over RentWorks when he is off doing other things and the challenges they have to overcome.
[20:23] They talk about how important the accounting aspect is when trusting someone to run your business.
[22:13] Jennifer and Brad discuss watching the bottom line because you are entrusted and incentivized to do so.
[25:35] Jennifer shares about having an operating slush fund and watching the budget.
[27:58] Brad speaks about getting Melanie’s education and getting her designations so that she is ready to step in for him when he needs her too.
[28:54] Jennifer agrees with Brad on training and chats about when she started getting her designations.
[31:45] Brad and Jennifer discuss KPI’s and google reviews and what they need to be to keep your business on track.
[34:07] Jennifer says that her name has become a noun because everyone wants to get a right-hand person like Jennifer.
[36:07] Jennifer shares how they incentivize their management teams, which can keep them motivated.
[39:00] Jennifer tells us she is a control freak and is struggling with letting go and having someone help her because she can’t do it all.
[41:24] Jennifer, can’t wait to see you at the conference!
[41:49] Thank you for being on the show.
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 Property Management Mastermind show with your host Brad Larson. Brad is speaking with John Warrillow, who will be a speaker at the Property Management Mastermind Conference in Las Vegas on Tuesday, March 3rd. John is the host of the podcast Built to Sell Radio and an author of two books. He helps entrepreneurs and business owners improve the value of their company. He has worked with over 50,000 businesses so far.
John describes the books he has written. ‘Built to sell’ is about creating a business that can run without you, and ‘The Automatic Customer’ is how to build a recurring income. John also gives a teaser about his upcoming seminar at PMMCon on March 3rd, what you will learn and how that can positively affect your business.
John also discusses a recent episode of his podcast with his guest Scott Ramon and why strategic acquirers wanted to buy Scott’s company. He speaks about what strategic acquirers are, what they are trying to accomplish, why a bidding war is what you want, and why an exclusive deal is the worst thing you can fall into. John also says that telling your employees that you are selling your business before you have the check is in your hand is the worst thing you can do.
Listen in as John talks about his Built to Sell webpage and the Value Builder System. He explains what they do and how they can double the value of your business. He believes that the key to successfully selling your company is how you treat your employees. If you want to sell your company at double the value, you don’t want to miss this episode. So plugin and enjoy.
Have you purchased your for PMMCon 2020 yet? Don’t hesitate. Tickets are selling fast!
Show Notes
[02:40] John, welcome to the show!
[02:50] John tells us a little about himself and his background.
[03:49] He describes what his first book is about.
[06:00] John talks about his second book and how that applies to property managers.
[08:09] He gives us a story about what happened at a talk he has given recently.
[09:33] Can you give us a teaser about what your seminar is about at PMMCon?
[11:09] Has your company stopped growing because you have maxed out what you can do? You need to listen to John’s seminar.
[15:17] John speaks about episode 219 of his podcast Built to Sell Radio and the advice he would give anyone who wants to be in the same position as his guest.
[18:51] Is a bidding war an acceptable practice?
[22:11] Telling your employees that you are selling the business before the check is in your hand is a big mistake.
[24:00] They key to successfully selling your company is how you treat your employees.
[24:49] Can you describe the Built to Sell webpage and the Value Builder System?
[27:05] Thank you, John, for your time, and I can’t wait to hear you speak at PMMCon.
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