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The Property Management Mastermind Show

The Property Management Mastermind Show and Property Management Productions was formed to provide information and products BY Property Managers FOR Property Managers looking to grow and run their business. The podcast show is an interview discussion conducted by Brad Larsen – a Property Manager in San Antonio, TX. In this Podcast show, Brad will interview some of the biggest and brightest stars in the Property Management industry to include National Association of Residential Property Management (NARPM) members, Leading Property Managers of Australia (LPMA) members, and key vendors in the property management industry with the goal of being able to gain insight for best practices, new trends, and exciting information to help you grow and run your business more successfully.
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Now displaying: August, 2018
Aug 29, 2018

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Dave Borden joins me today to talk about SEO, making leads, working with websites, what’s going on in the property management world, and more. Dave is an entertaining guest who knows a lot, so we dig down in depth into these topics. I think you’ll learn a lot from this conversation. I know I did!

Dave works with PMW, or Property Manager Websites, which builds, manages, hosts, and maintains websites for about 1,200 property management companies nationwide. Even though Dave’s company provides these sorts of services, this conversation is packed full of advice that you can use independently even if you don’t choose to work with him.

We’ll talk about owning the Google 3-Pack. If you aren’t familiar with it, this is the set of three local business results that appears below the map when you do a Google search. About 25% of people click through on the mapping results, which show the businesses with the best quality score and the highest budget, so it’s important to rank well in this section of Google’s results page!

Listen in to learn how to optimize your website for today’s important factors. You’ll learn why mobile is more important than desktop these days, why loading speed matters so much, how to make the most of links to your site, and much more.

 

Here’s where you can find Dave:

PMW

support@propertymanagerwebsites.com

dave@kohva.com

Kohva

 

Show Notes

[02:06] - Brad introduces this episode’s guest, Dave Borden.

[03:18] - Dave gives a quick explanation of who he is and what he does, and Brad gives a brief intro of his background in using Dave’s products.

[05:51] - Dave digs into the Google 3-Pack, explaining exactly what it is and why it’s so important to own it.

[10:44] - We hear about the eight local pack factors that really matter, which you can see on this page.

[14:50] - Do you break out the sales side and the property management side of your business into a separate company/website?

[19:00] - We learn another reason to go after property management instead of real estate when it comes to Google SEO rankings.

[23:57] - Dave talks about how to get links, and how important it is.

[28:36] - Brad mentions a small event that he and Dave, among others, will be speaking at in Denver.

[31:53] - We transition into learning about some of the new things that are coming up with Dave’s company, PMW.

[36:01] - Brad brings up the Matterport 3D tour, and Dave offers more SEO advice.

[42:31] - We learn about why mobile is more important than desktop these days, which may come as a surprise.

[49:10] - How can listeners reach Dave’s team to learn more?

 

Links and Resources:

adisarro@sccombank.com

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

Seacoast Commerce Bank

RentWerx

PMW

support@propertymanagerwebsites.com

dave@kohva.com

Kohva

Google 3-Pack

Moz

Moz 2017 Local Search Ranking Factors

Yellow Pages

Better Business Bureau

Yelp

Thumbtack

Matterport

Aug 23, 2018

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Today, I’m joined by two guests: Krista Peterson with Culture Index, and Mark Thompson, a property management company owner out of Cincinnati, Ohio. The reason I have both on together is that Krista will talk to us about how to analyze employees using the Culture Index, and Mark has implemented that into his business and can give us real-world feedback on how it works.


Getting the right people in the right seats is one of the most important factors in growing your business, as well as one of the most difficult. This is why having a personality assessment for your employees, such as Culture Index, can be a key component in shaping the team that can take your property management business to the next level.

As Krista points out in this conversation, when you come from this perspective, the traditional hiring process is backwards. When you start by looking at things like work experience or school history, you’re missing out on the most important fact: the personality component. When you filter applicants for a job by personality first, and then go through the other items on their resume, you can find someone who’s a perfect fit for your team while spending less time on the hiring process.

Tune into this episode for a fascinating conversation into a tool that has the potential to transform your property management business. You’ll learn about some of the features and benefits of Culture Index, what happens once you become a client, why using your gut might not be the best way to be successful, and best of all, how you can get a 30-day free trial of Culture Index!

 

Here’s where you can find Krista and Mark:

Culture Index

Krista Peterson on LinkedIn

EquityTeam

Mark Thompson on LinkedIn

 

Show Notes

[02:06] - Brad introduces this episode’s guests, Krista Peterson and Mark Thompson.

[04:07] - Krista tells us more about herself and what Culture Index does. Mark then talks about whether he has seen any improvements so far.

[06:05] - What else is out there that’s similar to (or competition for) Krista’s product?

[10:00] - Krista points out a key difference between Culture Index and other companies: they’re in the solutions business, not just a testing company.

[13:45] - Mark talks about what he’s learned about writing a good ad.

[16:14] - How long does it take Brad to onboard a property manager?

[17:47] - Mark gives an example using his main maintenance vendor, with whom he’s been talking about the power of this process.

[19:43] - Is Mark cringing at all or concerned over the results for some of his team members?

[21:30] - We hear more about the amount of time it takes to onboard somebody, and how Krista’s team can help.

[24:37] - Brad takes a moment to address the haters out there and their potential objections, and Krista explains how what she does is data-backed.

[26:27] - What are the next steps for a property management company owner who’s interested in finding out more? Krista answers, then talks about their fee schedule.

[30:01] - Mark points out one of the benefits that got him interested in talking with Krista: that she was referred to him by another property manager, and clearly understands the business.

[32:42] - A forced-choice test increases your error rate, Krista points out, and explains why this is the case.

[34:10] - Mark shares a quick story about hiring a virtual assistant.

 

Links and Resources:

adisarro@sccombank.com

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

Seacoast Commerce Bank

RentWerx

Culture Index

Krista Peterson on LinkedIn

EquityTeam

Mark Thompson on LinkedIn

DiSC Profile

StrengthsFinder

Insights Discovery

The Predictive Index

SurveyMonkey

Aug 13, 2018

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Chrysztyna Rowek is a regional vice president for NARPM, in addition to what she’s doing in a management company in western Washington. Chrysztyna studied to become a Spanish teacher, but instead, started a cleaning company. Her company was hired to do the cleaning for a property management company, and after several years, the property management company’s owner offered Chrysztyna a job there. She got her real estate license, then bought the property management company.

In the 12 years since then, Chrysztyna has bought several other property management companies. In hindsight, she would have made these acquisitions differently, and offers words of wisdom to listeners who are interested in acquiring a company. Regardless of these difficulties, Chrysztyna is still torn on whether she prefers organic growth or acquisitions. In addition to property management, Chrysztyna has also started an in-house maintenance company, Athena Property Services. She’s passionate about finding affordable housing for people who are living on fixed incomes, and keeping people in their houses whenever she can.

If you have any questions about how to do tenant screenings, this is a fantastic episode for you as well. Chrysztyna and I will take a deep dive into how to do tenant screening successfully and productively by relying on the criteria you’ve set instead of basing your decision on factors that may be unreliable. Factors that shouldn’t make your decision for you include things like your intuition, car cleanliness, and sometimes even lack of rental history or criminal history. If this surprises you, listen in to learn why!

Tune in to this episode to learn how Chrysztyna found the property management companies that she acquired, the top few things you need to know and do when you’re buying a property management company, her thoughts on tenant screening, best practices and some challenges for dealing with insurance, and much more.

 

Here’s where you can find Chrysztyna:

Chrysztyna Rowek on LinkedIn

Athena Property Services

Lighthouse Cove

 

Show Notes

[02:06] - Brad introduces today’s guest and the topics of conversation.

[03:19] - This morning, Chrysztyna offered a communication class for the San Antonio chapter, she explains.

[05:05] - Chrysztyna talks about her background and her management company in Washington.

[07:44] - How did Chrysztyna find the various property management companies that she acquired?

[10:04] - We hear more about how the process of buying a company takes, and what to expect from the experience.

[13:16] - Does Chrysztyna prefer organic growth or acquisitions as a growth model?

[16:34] - Chrysztyna shares her thoughts on how different (and better) her acquisitions would have been if they had been on a NARPM standard of accounting.

[19:30] - We go back to the topic of Chrysztyna’s presentations, with her talking more about the tenant screening process.

[22:45] - Chrysztyna has heard property managers say that if they see someone has a dirty car, they know that that person won’t be a good tenant. She and Brad then discuss how they screen and approve tenants.

[27:28] - Brad emphasizes a key point from this episode: you set the screening criteria, and then you live by it.

[28:18] - What software platform does Chrysztyna use to get tenant screening done?

[31:21] - Chrysztyna shares her best practices when it comes to notifying applicants that they were declined.

[36:24] - Let’s talk about move-outs! Chrysztyna is doing particularly bad move-outs on Facebook Live, she explains.

[40:13] - We hear Chrysztyna’s thoughts on the option of publicly shaming bad tenants on Facebook.

[42:28] - How have things changed in Washington since the legalization of marijuana?

[47:04] - Brad recommends the podcast Built to Sell, hosted by John Warrillow.

 

Links and Resources:

adisarro@sccombank.com

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

Seacoast Commerce Bank

RentWerx

Chrysztyna Rowek on LinkedIn

Athena Property Services

Lighthouse Cove

NARPM

LandlordSolutions

Facebook Live

Built to Sell

Aug 3, 2018

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Sean Morrissey from Chicago joins me today to talk about using the property management platform to invest in your own properties. He has a lot of insight into this familiar concept; he owns about 10% of the properties that he manages, and he built the two portfolios hand-in-hand. He became a landlord in 2003, got his real estate license in 2006, and opened his brokerage in 2011. Now, he considers himself a real estate investor who uses his property management systems to help others as well as his own portfolio.

As of last year, Sean had managed around 200 properties for other people, and has 22 properties that he owns and manages for himself, all with a staff of 5 people. His current plan is to live off his own real estate portfolio. Since he uses his management system for his own homes, he can use that as a selling point when he’s talking to owners about managing their properties for them.

Sean explains that finding properties to buy typically depends on having a good eye for deals, and/or waiting for a downturn after the market hits a bubble. Something he started about a year ago was a postcard campaign that basically expresses interest in buying multi-family buildings, and credits this campaign with the acquisition of a 16-unit building.

Tune into this episode to learn about and hear Sean’s thoughts on why you shouldn’t actively market to your clients that you want to buy their properties, the current state of the market in Chicago and how it’s changing, why having a property manager is so important (and why it can be so frustrating), and many other topics.

 

Here’s where you can find Sean:

Chicago Realty Group

Landlording for Life

Sean Morrissey on Realtor.com

 

Show Notes

[03:28] - Sean introduces himself and gives some background on how he got into real estate and investment properties.

[06:26] - Brad draws out and elaborates on a couple of things that Sean has mentioned in his self-introduction.

[07:31] - We hear a story from Sean about a camp he went to several years ago.

[10:38] - Sean points out that it carries some weight that he’s able to tell owners that he uses his management system for his own properties too.

[11:39] - We hear about the acquisition side of Sean’s investments, and whether he did anything creative in the process.

[15:41] - Brad points out that for management company owners, the easiest thing you can find are listings in your management inventory.

[19:09] - Sean brings up two points that Brad’s advice has brought up for him.

[20:55] - We hear more about Sean’s advice on the line of credit that he has been talking about, and when you should refinance and pull that money out.

[25:00] - Sean talks about the city of Chicago and the state of the market there, as well as how the market has been changing.

[29:01] - We hear about Sean’s thoughts on rent control and where things fall in terms of being landlord- or tenant-friendly.

[32:13] - How has short-term rental management been affecting the Chicago market?

[34:01] - Sean talks about his podcast, Landlording for Life.

 

Links and Resources:

adisarro@sccombank.com

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

Seacoast Commerce Bank

RentWerx

Chicago Realty Group

Landlording for Life

Sean Morrissey on Realtor.com

Mike Watson

The BRRRR Strategy

Airbnb

VRBO

Landlording for Life

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