The Property Management Mastermind Show

adisarro@sccombank.com

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

Marquee Speaker at PMMCON 2021 Christopher Clothier 0

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Apr 24, 2021

In this episode of Property Management Mastermind Show, your host Brad Larsen and his guest Christopher Clothier discuss the importance of customer service in the property management industry, what makes a property management company such as Christopher's effective, how Christopher's company came out stronger as a result of the COVID-19 pandemic, and so much more!

Christopher will be speaking at the Property Management Mastermind Conference (PPMCON) the afternoon of Friday, May 21st. He is a partner of a family-owned company called REI Nation that has been around for almost twenty years, starting in 2003 as a company that would buy, renovate, and sell property to investors who wanted to own said pieces of property on a long-term basis, and they now manage properties in eleven different cities across the southeastern part of the United States. What’s even more is that they expect to exceed 7,000 properties this year!

Despite all of his impressive success, however, Chris is nothing if not humble. He credits people who have taught him along the way such as his father. He also announces that he still feels that he has a lot to learn and can't wait to listen to and learn from other attendees of the upcoming PMMCON! Be sure to check out his wonderful book, The Turnkey Revolution!

**Announcement** The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to https://pmmcon.com/.

In this episode:

[2:30] – Welcome to the podcast, Christopher!

[2:46] – Chris shares his background and experience with us.

[5:46] – Brad enthuses over Christopher's upcoming presentation at PMMCON.

[7:13] – Chris closes further in on how his company is a customer service company which makes effective management crucial.

[8:17] – Chris lists off the basics of what makes his company a good company – great communication and accountability and making sure that they follow up on promises and commitments.

[10:29] – We learn how the COVID-19 pandemic has affected and changed REI Nation, as well as how the company endured despite the uncertainty and difficulty.

[13:40] – Chris reveals that a lot of the rules put in place because of the pandemic – such as contactless arrangements – were already being done by the company because of how expansive across regions that they were.

[16:01] – Brad compliments Chris on how impressive the success that he maintained during the pandemic is.

[17:27] – The COVID-19 pandemic allowed Chris and his company to be proactive rather than reactive.

[19:55] – Brad shifts the conversation toward the upcoming PMMCON, and Chris shares that he is most excited about listening to and learning from others at the conference.

[22:19] – We hear ways that we can get in touch with Chris outside of the conference.

[23:09] – Chris discusses and describes the premise of his book, The Turnkey Revolution.

[25:02] – Thank you for being on the podcast, Chris!

Find Christopher:

REI Nation

The Turnkey Revolution: How to Passively Build Your Real Estate Portfolio for More Income, Freedom, and Peace of Mind

Links and Resources:

Property Management Mastermind

PPMCON

zInspector

PointCentral

Marquee Speaker at PMMCON 2021 Matthew Dixon 0

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Apr 21, 2021

Today your host Brad Larsen and his guest Matthew Dixon discuss changing the mindset around the customer experience, the books he's written, and what he will be speaking about at the Property Management Mastermind Conference, plus much more on this episode of the Property Management Mastermind Show.

Matt is the Marquee Speaker at PMMCON and has written three books, The Effortless Experience: Conquering The New Battleground For Customer Loyalty, The Challenger Sale: Taking Control of The Customer Conversation, and Machine Learning in Finance: From Theory to Practice. Matt has a Ph.D. in Political Economy and has studied Technology Transfer in the Aerotech Industry, but decided he wanted to take skills and focus on big companies' and their big problems and help them grow more effectively.

Listen, as Matt shares the research he did into customer service and what makes the customer happy. He also talks about the two big takeaways he got from his research, which were surprising. Matt believes that making the customer experience effortless goes, and he will dive deeper into this concept at the conference.

**Announcement** The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to PMMCon.

In this episode:

[02:52] Welcome to the show, Matt!

[03:45] Matt shares his background and what he brings to the table.

[07:07] Matt speaks about property management, getting renewals, and keeping the properties they have.

[08:55] Brad shares some differences in the property management industry in the different markets.

[09:45] Matt discusses when it's good to delight customers and create the raving fan and when it's not.

[11:22] In moments of truth, it's not enough to fix the problem. You have to do more than what the customer expects; you create a customer for life when you do.

[14:14] Matt shares the two big takeaways from his research on exceeding customer expectations.

[17:36] The key thing is that you have limited resources; delight your customers where it makes the most sense.

[19:22] Brad shares some ways you can make the customer service experience effortless.

[22:38] The actual value of what Matt has done is that they could identify companies that were doing things differently.

[25:04] Look for Matt at PMMCon in May!

[26:30] Thank you for being on the show!

Find Matt:

Matt Dixon

Tethr

Links and Resources:

adisarro@sccombank.com

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

Discussion About RentWerx and The CFO Mission Along with The Power of EOS with Phil Mazur 0

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Apr 20, 2021

Today your host Brad Larsen and his guest Phil Mazur discuss The CFO Mission, working with RentWerx and implementing their EOS system that Phil helped with and the changes that have seen over the last two-and-a-half years, plus much more on this episode of the Property Management Mastermind Show.

Listen as Phil and Brad discuss the issues RentWerx had two-and-a-half years ago because some poor hires and lack of good people keep the checks and balances in place. After looking over the accounts and seeing what was wrong, they dissected the problems and began fixing them piece by piece. Brad also hired a local accounting firm to help put together procedures that would integrate with the systems they already had.

Phil and Brad talk about EOS, Phil being an EOS Implementer and the benefits of having an EOS system in your business. Phil shares what you can expect from your EOS system and what the role of an implementer is. EOS has twenty tools, and the beauty of the tools is that these are what make decision-making simple.

Remember to register for the Property Management Mastermind Conference, where you will learn more about EOS from Sue Hawkes on the main stage and in the much smaller group meetings.

**Announcement** The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to PMMCon.

In this episode:

[02:07] Welcome to the show, Phil!

[03:44] Phil shares how he fell into property management accounting about seven years ago.

[05:57] Phil speaks about being a virtual CFO.

[07:18] Listen as Phil shares where RentWerx was two-and-a-half years ago when they didn’t have good checks and balances in place.

[09:43] They slowly dissected what was wrong and then began fixing the company piece by piece.

[11:46] Phil talks about learning how Brad’s operation ran before he could tell how the accounting was done.

[14:17] You don’t have to do everything in-house; you can outsource some procedures.

[14:55] Phil speaks about integrating the NARPM Accounting standards.

[16:20] Phil discusses hiring and then hiring again for the accounting coordinator position at RentWerx.

[20:29] Phil talks about some issues that came up once they had some processes in place.

[22:57] Brad shares a decision point example.

[25:02] Phil speaks about the EOS system that was integrated into RentWerx.

[28:33] Brad says that the EOS system empowered the team and gave the key leaders an outline of running the business themselves.

[30:35] Phil wants to talk about the role of an EOS Implementer.

[32:22] EOS is a process because it is a business system.

[33:04] The biggest value Phil provides as an implementer is to catch you in the act of getting off track.

[35:19] Phil talks about what they accomplish in their annual strategic meeting.

[38:05] If your mission statement or core focus isn’t working for you, Phil can help you with that.

[41:08] Brad shares one of his goals for the first quarter of this year.

[43:37] They assess each of their goals with a yes or no to see what they have accomplished.

[45:51] EOS has twenty tools, and the beauty of the tools is that this is where you make decision-making simple.

[47:56] Brad feels so strongly about the EOS system that he has added it to the PMMCon Conference this year.

[49:41] Phil’s passion is to bring a CFO to every small business.

[52:01] Thank you for being on the show!

Find Phil:

The CFO Mission

Property Management CFO

LinkedIn | Email

Links and Resources:

adisarro@sccombank.com

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

Sue Hawkes - Professional EOS Implementer, Coach & Entrepreneur 0

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Apr 16, 2021

Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Sue Hawkes, a best-selling author, an award-winning leader, a certified EOS Implementer, certified business coach. Sue brings over thirty years of business experience to her clients by helping CEOs and their leadership teams succeed. Sue will be speaking at the Property Management Mastermind Conference about the benefits, features, and cool stuff behind EOS implementation.

Sue shares what an EOS system is by saying it's an operating system that helps you do the work you do best and helps you organize your business around three main distinct things, vision, traction, and healthy. Listen as she explains how these three things combine to create a functional, healthy leadership team, and your business serves your life rather than you being a slave to your business.

Listen as Sue speaks about what is involved with implementing their EOS System and why the first six months is the hardest. She talks about self-implementers and how they usually always ask for help and the various businesses and industries she has implemented the system in.

Sue is the Keynote speaker at PMMCon and shares some of what you will hear when you attend her talk, and Brad shares some of the other speakers and why he structured the conference the way he did. Have you registered yet? May is almost here, and you don't want to miss this conference.

**Announcement** The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to PMMCon.

In this episode:

[03:05] Welcome to the show, Sue!

[03:52] Sue defines an EOS as an operating system that helps you do what you do best.

[05:42] Sue shares her background, her blended family, and how long she has been doing EOS.

[07:02] Sue speaks about working in a property management company when she graduated from college.

[09:52] Brad discusses when RentWerx implemented an EOS system and how it has added value to the company.

[11:54] Sue talks about the work involved in implementing an EOS system and how the first six months is the hardest part.

[13:54] Sue shares the series of meetings, annual meetings, and the things they do consistently to help while implementing EOS.

[16:31] Brad shares how he thought he could implement the system himself without help, but how wrong he was.

[18:15] Sue speaks about how the third-party implementor usually ends up going in and helping the self implementer.

[21:24] Listen as Sue shares the industries and businesses she has implemented the system into.

[24:12] Sue talks about her podcast, book, and YouTube content creation.

[26:16] The name of her podcast is Intentional Greatness.

[28:02] Brad shares how he has arranged the speakers for PMMCon and why he did it that way.

[31:19] Sue speaks about some fun tools they have.

[34:31] Sue and her team will be available at the PMMCon conference to talk to you and answer any questions you have.

[35:27] What have you implemented in the last twelve months to improve your business?

[37:39] Sue shares about her book called Chasing Perfection: Shatter the Illusion; How to Minimize Self Doubt & Maximize Success

[40:26] Sue will be speaking on Thursday morning, May 20th, at PMMCon at the Gaylord in Grapevine.

[40:57] Thank you so much for being on the show!

Find Sue:

Sue Hawkes

Say Yess: Yess

Links and Resources:

adisarro@sccombank.com

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

Security Deposit Alternatives with Peter Lohmann 0

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Apr 2, 2021

Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Peter Lohmann from Columbus, Ohio. Brad reached out to Peter recently because he put out some great information online about alternatives to security deposits. Brad wanted to continue the conversation, so he brought Peter on to talk about security deposits, preferred tenant programs, and some vendors who are in the space.

Listen as Peter shares the research he has done on preferred tenant programs and dives into detail of the key players in the space and the models they use. Peter also discusses the alternative products to security deposits and the incentives for property management companies to implement their programs.

Peter and Brad discuss why they are against security deposits and how the law is usually swayed toward the tenant even when the evidence doesn't back the decision.

Peter talks about how credit companies have different products for different industries, and Brad speaks about the collection rate percentages from outgoing tenants.

Peter shares what he has implemented in his company over the last twelve months that he is excited about and a book that he believes everyone should read called The 4 Disciplines of Execution. Peter believes that if you follow the guidelines set in this book, you can change your organization for the better in a short amount of time.

**Announcement** The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to PMMCon

In this episode:

[02:20] Peter shares his background and company.

[05:18] Peter speaks about the research he has done on preferred tenant programs.

[07:54] Peter dives into details of who the players in the space are and the models they are using.

[10:06] Peter speaks about Surety Bonds as an alternative.

[13:22] Peter talks about how the tenant views insurance and why it's called a moral hazard.

[14:40] Peter discusses the three big players with new products that are alternatives to security deposits.

[17:44] Peter talks about the concerns with some groups and whether they are profitable.

[21:10] What are the incentives for the property management company to implement some of these programs?

[24:41] Brad talks about why he is so against security deposits.

[25:37] Peter shares a story about something that happened to his company in Ohio.

[28:57] Brad says that the judges don't follow the laws and usually rule in the tenant's favor at the justice of the peace level.

[31:55] Peter says that Zillow lists the jurisdiction, city, or state laws where you are looking to rent.

[34:06] Surety bond companies are not charging enough to cover the losses over time.

[37:21] Brad discusses the collection rates from outgoing tenants.

[39:03] Peter talks about the credit score issue and the products they create for different industries.

[42:19] Peter explains why it matters to property management companies with whom they partner with.

[44:12] Can you tell us one thing you have implemented in the last 12 months that benefited your company?

[47:22] Brad shares something his company just recently did.

[50:30] Peter talks about giving their new property owners a good deal and raising the rates for existing property owners.

[52:10] Brad speaks about having an owner's handbook and ties your property management agreement to the handbook.

[53:55] Peter talks about a book that gives some great ways to make changes to your organization called The 4 Disciplines of Execution.

[57:16] Thank you for being on the show!

Links and Resources:

RL Property Management

Peter Lohmann

Security Deposit Alternatives & Tenant Screening Innovation

adisarro@sccombank.com

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

Introducing Enterprise Bank with Allison DiSarro 0

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Mar 29, 2021

Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today’s guest is the world-famous Allison DiSarro from Enterprise Bank, formerly known as Seacoast Bank. Listen, as Allison shares her work with property management companies, how each state handles trust account compliance differently, and much more.

Listen as Allison shares her work with property management companies, how each state is different when it comes to trust account compliance and why you need someone who knows what they are doing to set up your trust account. Sometimes, even auditors don’t know if they are set up correctly.

Allison also clears up what is and isn’t insured by the FDIC. The FDIC covers accounts per tax ID number unless you have a true trust account, and then each beneficiary is insured for up to $250,000. If the trust account is not set up correctly, you could run into serious trouble should anything happen to the accounts.

Allison discusses the merger between Seacoast and Enterprise and what Enterprise saw that was appealing in the much smaller Seacoast Bank. Brad and Allison also talk about trends they see in the industry, like remote teams, remote bookkeepers, mergers, and consolidations.

One thing they are both ready for is for conferences to resume. They miss seeing people face to face and the business opportunities that come from having everyone in one place.

**Announcement** The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX

In this episode:

[02:07] Welcome to the show, Allison!

[02:25] Allison shares her background and her work with property management companies.

[04:48] Allison talks about how different each state is with trust account compliance.

[05:58] An auditor doesn’t know if a trust account is set up as a true trust account at the bank.

[06:54] Allison discusses the risks she tries to protect property management companies from.

[09:28] Allison shares what the FDIC covers. Is it per account or per tax ID number?

[11:17] When you have a true trust account set up, each beneficiary’s tax ID number is insured up to 250,000.

[14:18] Allison discusses Seacoast merging into Enterprise, which happened in November 2020.

[16:01] Allison talks about what Enterprise was interested in when they merged with Seacoast.

[18:30] Allison shares why the merge was such a good marriage.

[23:02] What are some trends you see in the industry?

[24:30] Allison talks about the incentives to property management companies in doing business with Enterprise.

[27:13] Allison speaks about why doing business with them is beneficial as opposed to other banks.

[30:02] Brad shares the trend he is seeing around remote team members.

[30:30] Allison talks about remote bookkeepers and how they are becoming more and more prevalent.

[33:11] Allison discusses mergers and consolidations and the trend she sees now.

[36:18] Brad believes that the industry is insulated by its own fragmentation.

[39:39] Allison says that HomeVault came out strong, and each person has a clear path of what they are supposed to do.

[41:52] Brad talks about Covid shutting down the conferences and the conferences that may be able to happen in 2021.

[45:17] Allison believes conferences are needed and have been very missed.

[48:39] Brad cautions any seller out there, let a business broker come in and white label you to get competing offers.

[50:02] Once you sign on the dotted line, the deal still isn’t over; there are always pushbacks.

[53:34] Thank you for being on the show!

Links and Resources:

adisarro@sccombank.com

(619) 988-6708 (Allison DiSarro Enterprise Bank & Trust)

Enterprise Bank & Trust

Manager’s Round Table Review with Karen Jordan, David Pruitt, and Brian Phelt 0

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Mar 9, 2021

Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today we are talking to three participants of the Manager's Round Table, and they will talk about some details of what they learned and how it worked for them and get a feel for what we can potentially improve on to make it a better system.

Manager's Round Table is a platform we created because we identified a need for a mastermind. Because it's a lot easier said than done, we created this platform where we have facilitators that organize the group and go through checklists of items they want to talk about in a group format twice a month.

Listen as David shares his two key takeaways from the round table, including a resident benefits package and a discussion on an owner's manual. They challenged Karen to benchmark where her competitors are and an owner's zoom call she is implementing quarterly. Brian was excited about the SWOT analysis he went through with the group and ways to earn more revenue for his business.

David, Karen, and Brian discuss some other lessons learned during the round tables and discuss continuing the format from now on as Brian says, why wait until a conference to improve your business when you can go to a round table every two weeks and bring something back to implement.

**Announcement** The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX

In this episode:

[03:15] Welcome to the show, Karen, David, and Brian!

[03:36] David introduces himself and his business in Phoenix.

[04:32] Karen shares who she is and her business in California.

[05:12] Brian from San Antonio speaks about who he is and his business.

[08:26] David was able to have the group go through a residents benefits package and discuss an owner's manual they implemented.

[10:20] Brad gives his insights on David's lessons learned.

[12:41] Karen says they challenged her to benchmark where her competitors were,

[13:28] Brad talks about secret shoppers and the benefits of it.

[15:05] What did you discover in your marketplace that made you want to change what you were doing?

[16:30] they also challenged Karen to review their expenses every quarter.

[18:23] Karen talks about an owner's zoom call that she did that she will implement once a quarter.

[19:45] Brian discusses the SWOT analysis that he was a part of in the group.

[20:42] Scott pushed them to look at their businesses and see where they add more revenue.

[22:07] What did you see as some benefits that came out of the group?

[24:21] Brad speaks about the feedback they got from the residents' benefits package.

[25:37] Brad discusses the issues they had during snowmageddon they had in San Antonio.

[26:44] Karen shares why her group at the round table is fun, especially with the accountability Deb expects.

[29:12] David says the biggest thing for him was going there with the intent to share and the more vulnerable atmosphere where everyone shared.

[31:07] Brian talks about the format and how he's making his business better every two weeks.

[32:38] The Property Management Mastermind Conference is May 19-21st! See you all there.

[33:21] Thank you for being on the show, everyone!

Links and Resources:

adisarro@sccombank.com

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

Conversation with Andy Propst on the Property Management 0

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Feb 19, 2021

Are you worried about the property management industry post-pandemic? Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Brad and his guest Andy Propst are going to have a conversation about the property management industry's state along with all the cool stuff HomeRiver is working on, plus much more.

Andy speaks about his role at Home River Group and when he joined NARPM. Andy also talks about what he has been focusing on with HRG, the fun things they are doing, and the trends he sees on a national level in the property management industry. Andy and Brad both discuss Zillow and what they see there.

Andy discusses his company's acquisitions and what he has learned about doing acquisitions over the years. Brad speaks about his new company, Property Manager Broker. They share what they believe is good about tuck-ins and the benefits they can offer the employees when they merge them into their larger businesses.

Listen as Andy shares his end game with HRG and the goals he has, the difference between private equity and venture capital, and which one is better in which situation. Brad talks about the PMM.com that they plan for May and the hope that it will be a mask-free conference.

In this episode:

[02:41] Welcome to the show, Andy!

[02:46] Andy shares his background and what he is doing now.

[04:35] Andy speaks about his role at HRG.

[07:34] Andy discussed when he joined NARPM as the President.

[08:43] What have you been focusing on with Home River?

[12:03] Brad talks about people buying larger entities.

[13:36] Andy shares some fun things he is doing and what he has seen.

[15:57] Andy talks about new trends or what is happening on a national level.

[18:44] Andy speaks about the American Homes for Rents and Invitation Homes.

[21:33] Brad talks about creating a system so that you can jump if the market turns.

[23:47] Andy discusses Zillow and what they see there.

[26:05] Andy speaks about a software called Rent Ready.

[27:40] Brad gives his insights into Zillow.

[32:58] Andy discusses the acquisitions his company has had.

[35:36] Brad talks about his new company, Property Manager Broker.

[37:15] Listen as they talk about tuck-ins and benefits.

[38:48] Andy shares two things he has learned from doing acquisitions.

[41:54] Andy speaks about what is better for the seller.

[43:52] What is your goal or end game?

[47:03] Andy shares the difference between private equity and venture capital.

[50:34] Thank you for being on the show!

Andy Propst:

HomeRiver Group

Links and Resources:

adisarro@sccombank.com

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

Rentvine Integration with Mike Mengden 0

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Feb 15, 2021

Are you frustrated with your current property management software? Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Mike Mengden with Terra Residential Services, a property management company. Listen as they discuss Rentvine, the new software coming out that everyone has been waiting several years for, and how Mike successfully integrated this software into his business, and much more.

Mike discusses why he changed to the Rentvine software and the three founders of the Rentvine product and how trusted they are in the industry. Mike describes the implementation of the new software, how much Rentvine helped with the process, and how great it was to have a company that didn't just sell a product but was willing to help you through the entire transition.

Mike also speaks about Rentvine's accounting program for tenants, owners and managers, and how they have integrated the NARPM Accounting Standards into the software for easy use. Listen, as Mike shares some questions that he believes you should ask Rentvine if you consider using their product.

Mike and Brad discuss Rentvine's automated systems and the type of properties that would work the best with this software. Rentvine has evolved over the years from their first trial to now and is open to suggestions for changes or additions they could add to make the software better.

In this episode:

[02:46] Welcome to the show, Mike!

[02:51] Mike shares his background and what he is doing now.

[04:35] Mike discusses why he changed to the Rentvine software.

[06:49] Brad talks about the developers of Rentvine and how trusted they are in the industry.

[08:23] Mike gives some background on the three founders of this product.

[11:15] Brad discusses how accommodating they were with some other products they have launched.

[13:00] How did the implementation go, and what did they do to help you on the implementation side?

[15:15] Part of the implementation is that you will have to have someone input the specialized information from your old software.

[17:00] Mike shares what Rentvine did to help get him up and running.

[19:58] Mike says that most people working with Rentvine right now are the smaller companies.

[21:28] Mike speaks about getting their owner 1099 forms and the system Rentvine built to make sure it all went smoothly.

[24:52] Mike talks about his experience with the accounting software and the integration with the NARPM accounting standards.

[26:21] Mike talks about the tenant payment portal that Rentvine offers.

[28:21] There is a two-day turnaround to receive the interest money from the tenant.

[30:15] Mike talks us through the owner payment portal process and the multiple ways to pay.

[33:17] Are you still doing your business accounting outside of Rentvine?

[34:18] Mike shares the questions he believes people should ask Rentvine when considering changing to the new software.

[37:08] Everything is automated, and you have a notification system to keep you informed.

[39:09] Mike discusses the type of management companies Rentvine works with and how flexible the software is.

[41:37] Brad speaks about having a total umbrella platform to run your management company from once you integrate Rentvine.

[43:41] Mike talks about how much Rentvine has evolved over the last few years.

[44:31] Thank you so much for being on the show!

Mike Mengden:

Terra Residential Services

Rentvine

Links and Resources:

adisarro@sccombank.com

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

Goal Setting Discussion with Stacey Salyer 0

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Jan 14, 2021

Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Stacey Salyer, the Owner of Leading Edge Property Management out of Washington State. Listen as Brad and Stacey discuss goal setting, a review of the dumpster fire we call 2020, and what they have outlined for themselves and their companies with goal settings for 2021.

Brad and Stacey discuss some of their primary business goals for 2021, like increasing sales, creating a solid tenant purchase program, and focussing on the client experience, to name a few. Brad also talks about some discount programs his company implemented in 2020 around selling homes to tenants that are ready to buy.

Listen as they talk about personal and family goals they have for the new year and their goals for the property management sides of their businesses. Stacey speaks about hiring a new agent for her real estate company, and Brad shares a funny story about the time he was in real estate back in the day. Brad and Stacey both believe that if you are not selling homes to your tenants, you are missing out on an untapped market.

In this episode:

[02:10] Welcome to the show, Stacey!

[03:27] Stacey shares her background and talks about her companies.

[05:33] One of Brad's goals for 2021 is to increase sales.

[07:00] Brad discusses how he plans to accomplish this goal.

[08:12] One of Stacey's goals for 2021 is to create a solid tenant purchase program.

[10:40] If you sell to your tenants, are you poaching?

[11:01] Stacey speaks about mining the gold mine: the owners and sending out more CMA's and doing Webinars on the 1031 exchange.

[13:18] Brad also wants to improve on their pocket listing system.

[14:22] Stacey believes they need to focus on their client experience in 2021.

[17:01] Brad shares how successful his company has been with giving discounts and credit towards closing costs if the tenant used them to buy a new home.

[18:48] Brad talks about why he believes goal setting is so important.

[19:50] Stacey speaks about what she believes is one of the most important things in goal-setting sessions.

[23:23] Bradi discusses his personal and family goals for 2021.

[24:27] Stacey shares her personal and family goals for 2021.

[27:25] Stacey speaks about some health issues she had in 2020.

[29:24] Brad chats about his property management goals.

[33:16] Stacey talks about her PM goals for 2021.

[36:24] One of Brad's campaigns for 2021 is to control his tenants' access better.

[38:39] Stacey wants to concentrate on the experience with clients and tenants.

[40:56] Do you use tenant software when you walk them through their new home?

[44:29] There is no reason for a tenant to come to your office at all.

[46:57] Recruiting on the sales side is another one of Stacey's goals.

[49:13] Stacey is looking for a very specific agent to add to her team.

[51:54] Brad shares a fun story about his time with a real estate company.

[53:43] Brad believes that you are missing out if you don't have sales in your PM company.

[54:53] Thank you for being on the show!

Stacey Salyer:

Leading Edge Property Management

Weichert Realtors

Links and Resources:

adisarro@sccombank.com

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

Landlords and Property Managers Acting Badly with Ashley Simonelli 0

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Dec 1, 2020

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:

adisarro@sccombank.com

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

Going Big or Staying Small with Todd Ortscheid and Scott Brady 0

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Nov 10, 2020

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

PM Assist

Scott Brady

Property Management Mastermind Conference

Links and Resources:

adisarro@sccombank.com

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

Introducing the NARPM Women’s Leadership Council with Kellie Tollifson and Chrissy Wade 0

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Nov 1, 2020

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

NARPM Women’s Leadership Council Event November 12, 2020

Links and Resources:

adisarro@sccombank.com

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

Rent Bridge - System Automation Inside of a Property Management Company 0

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Oct 26, 2020

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:

adisarro@sccombank.com

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