Welcome to the Show! In today’s episode, Brad is talking with Mike Nelson. Mike has been a broker since 1981 and has had his own business since 1985. He started in a one-room office with a handful of units and grew it over time. Growth was until 2003 when he began approaching it as a business and started measuring KPI, they now have over 1900 units and are still growing.
Mike speaks about how to bridge the gap between NARPM accounting standards and measuring KPI, the ease with which you can implement the chart of accounts, how to analyze it and how to add more accounts with sub-accounts. Mike also talks about the key metric he uses in his company and how every company will have metrics specific to their business.
In this conversation, they discuss the add-on seminars going on at the Property Mangement Mastermind Conference in Las Vegas in March 2020. Mike will speak about key performance indicators, some of the bullet points that we use in our business today, and then more add on seminar information. Template Alert! Mike will be giving out templates that he has designed so anyone can upload their data and run with it.
Have you heard about the webinar that will be available before the add on seminar? Listen in to find out more about it and how it will prepare you for what to expect and how to be ready to learn everything you can at an intense level at PMMCon 2020. You won’t want to miss the conference so get your tickets now!
Show Notes
[02:56] Welcome to the show, Mike!
[04:08] Mike gives a rundown on his background and when he started using KPI.
[05:49] Brad speaks about Mike having 3 hours at the seminar to teach KPI.
[06:49] Mike chats about some key things to track from the perspective.
[08:43] He discusses his cash flow analysis program that he teaches at NARPM.
[13:08] How can you bridge the gap from the NARPM accounting standards and KPI?
[15:01] Mike talks about implementing the NARPM chart of accounts and how easy it is.
[18:30] They speak about how to edit the chart of accounts to add more accounts.
[20:47] One of Mike’s key metrics is net income, and he tracks the ratio of all payroll relative to gross income.
[25:14] Brad and Mike discuss work orders and the metric to use to follow them and how to their employees.
[27:47] Mike explains what to expect when you walk into his class, what he will teach, and the deliverable templates that will be given out.
[31:12] Who will benefit from your course at the seminar? CEO? Supervisors?
[33:40] They discuss the webinar that will precede the conference and what it will include.
[36:23] Do you track losses due to vacancy? How do you track it?
[41:40] They talk about when they want to put the webinar out, maybe December.
[43:52] Mike, thank you for being on the show.
[44:07] Mike’s final thoughts.
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