On today's show, Brad is going old school, having a throwback mastermind session with Paul Rush. One property management company owner to another they are hashing out some of the challenges they both face in the respective areas. They are having a question and answer session to give us an idea of what is working in their companies.
Paul owns Augusta Rental Homes in Augusta, Georgia, and they manage single-family and multifamily units. He got into real estate to flip houses, but he ended up with some rental homes and has now been in the property management business for about four years.
Brad and Paul discuss new acquisitions, the issues that can arise and how to stay on top of it all, and what happens if you don't. They talk about Paul's owner first philosophy, leasing fees, self-assist property showing, and some great things he has implemented in the last 12 months. You don't want to miss this episode; they have some good ideas that might give you a more profitable business.
Show Notes
[03:43] Welcome to the show, Paul Rush.
[03:46] Paul tells us a little about himself and his business.
[05:52] He speaks about his owner first philosophy.
[08:15] Brad chats about some of the ways his company takes care of the owners they represent.
[09:13] Paul gives us examples of how keeping the owner happy keeps them in business.
[11:02] They discuss leasing fees and how they try to get the tenants to renew.
[14:30] Paul tells us another example of how his philosophy works.
[17:23] What challenges do you have right now in your business?
[18:45] They talk about some issues that Paul is having with a property management company that he just acquired.
[21:29] Integrating the new company into their system ended up being an issue, their timing was off, and rumors started before they could get out in front of it.
[26:25] They discuss having the old property manager introduce the new one to alleviate any questions the property owners might have.
[29:38] Have you ever had a company you wanted to buy fall into your lap?
[33:02] Paul had another challenge when he kept some of the employees from the old company.
[35:33] He talks about the one on one training he gave them to get them up to date with the software he uses.
[38:32] Give us one great shining star thing that you have implemented in the last 12 months?
[41:47] Brad's company is considering waiving a lease preparation fee to get more people to do self assist property showings instead of using agents.
[43:21] Paul says that his company has never paid a commission to an agent to show properties they are all self-assist.
[47:31] Would you pay a fee to hold a property for a few days until all of the paperwork was complete?
[50:12] Paul tells his team to keep up the excellent work he is pleased with what they are doing.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
NARPM Southern States Conference
National Apartment Association
For the Property Management Mastermind Conference information https://pmmcon.com/
For the Business Development Mastermind Seminar https://www.eventbrite.com/e/bbc-business-development-mastermind-tickets-70402370385
Welcome to the show! Today’s guest is Scott Brady and they will be talking about the top 10 mistakes that could have been or may have been made by property managers. Scott goes through each of these items and gives some great dialogue on how not to make those same mistakes, there are some really great nuggets of information here that you don’t want to miss.
Scott is going to be a facilitator and instructor at the Property Management Mastermind Conference in March 2020. He will be starting the conference with his SWOT analysis instruction piece, strengths, weaknesses, opportunities and threats. Scott has taught this at the collegiate level and will be able to teach it at the conference level, this is all on the first day of the conference so make sure to purchase your ticket as soon as possible.
Scott has a property management company in Southern California and has been in the industry since 2012, and manages 1200 doors. He says he is a student of this industry it fascinates him, both the opportunities and weaknesses, he teaches the top 10 mistakes because he has made these mistakes. Listen in to this conversation and see if there are some mistakes you can relate to or if you can learn from others who have made them.
Show Notes
[02:53] Brad introduces Scott Brady.
[03:33] Scott tells us about himself and what he will be teaching at the conference.
[05:30] There will be 2 hours of mastermind sessions the first day of the conference.
[05:55] Here are the top 10 mistakes and how not to make them, in no particular order.
[06:32] Don’t pick a price, pick a strategy, they charge a flat fee and a percent of rent collected.
[12:24] Don’t take just any client that comes in the door, are they your perfect customer?
[18:00] If you don’t solve your owner pain points you don’t have value with the relationship, it's the right thing to do.
[24:33] Not taking advantage of the local real estate community, get the local agents to refer their clients to you.
[27:10] Brad talks about the Business Development Mastermind Seminar in Atlanta in January 2020 that Property Management Mastermind is putting on and Scott is speaking.
[30:18] You have to be completely transparent in this industry, make sure your website has updated information, contract and pricing.
[35:28] Direct mail with transparency is very valuable but you must manage your expectations.
[38:39] Taking no risk in a mistake, you must take risks to get ahead, you won’t always get it right but you must take risks.
[43:31] Get out of the business and work on the business, you will be able to look more strategically at your business.
[47:15] Don’t help other people get rich without getting rich yourself, sell every property that you manage, buy one property per year at least create assets, that is what will make you rich.
[51:55] Improve your business, go to conferences, syndicate or implement programs. Invest in your business with your time by learning what your strengths and weaknesses are.
[54:15] Brad tells us about implementation day at the conference, he wants people to come out of the conference with a call to action list.
[55:20] Scott says that he wants everyone to look at their businesses differently, make changes now to see big differences in the future.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
NARPM Southern States Conference
National Apartment Association
For the Property Management Mastermind Conference information https://pmmcon.com/
For the Business Development Mastermind Seminar https://www.eventbrite.com/e/bbc-business-development-mastermind-tickets-70402370385
Welcome to the show! Today’s guest is Casey Powers, Broker and Property Manager at Strawberry Realty Property Management in Las Vegas, Nevada. Casey is here to chat with us about the new iBuyer phenomena that has hit the real estate industry, what iBuyer means and how agents can compete.
Casey breaks down how she believes traditional real estate agents can fight back in this market and how having the means to make cash offers on homes allows agents to keep a level playing field. She also talks about why these new convenience based companies are making property managers nervous and what it means for the rental market down the road.
Listen in as this conversation brings to light what is happening with Amazon and Zillow, the pros and cons to the iBuyer concept and the choices that consumers now have to make between convenience and knowledge.
Show Notes
[03:03] Brad introduces Casey Powers
[05:20] Casey is a secret shopper for Ibuyer, how did she get into it?
[06:13] What is the Ibuyer concept?
[08:20] Are they offering market rates?
[08:39] Do they charge higher fees than the traditional real estate agent?
[09:51] Is there a conflict of interest?
[11:09] Are the Ibuyer reps licensed agents? Do they work for the consumer or these companies?
[12:42] Do they give a fair market estimate for the value of the home?
[15:49] How does this practice affect the comps in the area?
[17:22] What impact do the Ibuyer companies have on traditional real estate agents? The property management companies?
[20:16] What do they do with all the properties they are buying? Renting? Flipping?
[23:08] Can they manipulate the rental market rates?
[24:31] Are there any government regulations they have to overcome? Are there Ethics violations?
[26:10] How can real estate agents compete with these Ibuyer companies? Cash buyers?
[29:43] Is it possible for an agent or property management company to compete by setting up cash sales with the buyers? How?
[32:25] Are they buying occupied homes? Renter occupied? Or are they just buying vacant homes?
[38:48] Casey talks about the new Zillow brokerage and Amazon brokerage how does these work?
[42:38] What has the reaction been to Zillow charging for listing properties?
[47:29] Should property managers refuse to pay Zillows’ fees?
[48:56] What is the best thing Casey has done in the last 12 months to improve her business?
[53:46] Casey says that Amazon has an ad that they send to people through their Alexa device.
[56:01] Did someone in particular point you in the brokerage direction?
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 Conference information https://pmmcon.com/
Welcome to the show! Today’s guest is Nicholas Cook from Rise Realty Inc. and Sleep Sound Property Management Inc. in Portland Oregon. Nicholas is in studio today to talk to me about Culture Index and the rules and regulation changes in the state of Oregon and in the city of Portland.
Brad asks Nicholas about being in San Antonio this week, the ins and outs of his newest acquisition and how they are using Cultural Index to make sure they have the correct people in place throughout their company.
They run through the issues his company will have with the new regulations and how it will affect his tenants. How Oregon is requiring all rental properties to be registered and what they are going to do with the data, also how hard it will be to raise the rent and evict renters if the need exists.
Listen in to this conversation and see if your area could benefit from these new laws or if they are just adding salt to the wounds of a market already in distress.
Show Notes
[03:04] Brad introduces Nicholas and discusses their day.
[04:26] Nicholas tells us why he is in San Antonio.
[05:30] What is the culture of Nicholas’s company?
[07:25] Why is the Culture Index an important hiring tool?
[09:00] With all of the hiring tools out there why is Nicholas going with Cultural Index?
[11:21] Nicholas talks about a current acquisition his company is moving forward with.
[14:10] What was the initial first step of this acquisition?
[15:09] What was the second step? Did you lawyer up?
[16:16] What steps has Nicholas put in place for adoption integration?
[19:39] Brad talks about John Warrillow and Matt Whitaker being speakers at the PMM Conference.
[21:57] What is the licensing requirements when you are working in two states Oregon and Washington?
[24:14] What is going on in Oregon with state regulated rent control? Relocation? What is the reason to not renew?
[34:03] What will the fallout of these regulations be?
[35:08] Who is helping you fight these rules?
[36:20] What is Portland’s screening criteria? How has that changed?
[41:17] How can you protect your tenants with these new laws?
[41:51] Portland requires each rental property to be registered, where is that data going?
The money?
[47:49] What have you implemented in the last 12 months that you are excited about?
[51:54] How good will Nicholas look in a tuxedo at the PMM 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)
(918) 728 8992 (Derek Scott with Insurance Management Group)
NARPM Southern States Conference
National Apartment Association
For Conference information https://pmmcon.com/
Are you ready to purchase your tickets to Property Mangement Mastermind Conference? We are going over everything about the PMM Conference so you will be informed and ready to hit the floor running. It is March 2-4, 2020 at the Mirage in Las Vegas with two add on seminars Monday and Wednesday mornings. Please check out the new PMMCon.Com website that just went live today and reserve your place.
This conference is packed with leaders in our industry and some that aren’t but have knowledge that can be used in any industry. The Key Notes speakers are Andrew Reece a household name in the property management industry and John Warrillow author of Built to Sell. But these are only two of the amazing speakers we have lined up for you to interact with, learn from and hopefully walk away from with new insights for how to proceed in this industry.
This is going to be a very exciting 3 days and I know that you will be talking about everything you learned until we meet again in 2021. All of the ideas, tools, and knowledge on how to implement the things that you learned, but it's not all work and no play we have an Awards Banquet planned that will make you feel like royalty.
So go to the PMMCon.com website, register and start the process to success, tell your friends and colleagues about it this is an event that if you are in the property management industry you won’t want to miss.
Show Notes
[01:10] Brad is going over the dates for PMM Con for 2020 at the Mirage in Las Vegas.
[02:50] On the first day of the conference there is an add on seminar with Mike Nelson on Key Performance Indicators.
[04:24] In the afternoon starting about 1:15 on the main stage is the Key Note speaker Andrew Reece a very well know property manager speaking about what he has done with his company in Australia.
[06:08] After we hear from Andrew we are bringing in Scott Brady who will talk about how to use SWAT.
[06:46] These two speakers lead us into why we doing this conference in the first place our mastermind sessions - there are five mastermind groups with five different facilitators.
[08:17] We are doing the mastermind sessions day one so that you can meet the folks that you want to network with.
[08:48] This all ties into the vendor mixer that evening where you will mix with the vendors and advertisers to talk and mingle.
[09:34] Brad discusses the cost of the conference which includes meals, registration and the awards ceremony.
[11:18] Day two of the conference starts with Key Note speaker John Warrillow author of Built to Sell he also has a podcast with the same name.
[12:04] Next session the facilitators will come in and go over the highlights from the mastermind sessions.
[12:45] Jennifer Stoops is the next speaker, developing second in command, your replacement.
[13:55] Matt Whitaker does a presentation on the playbook for the unexpected acquisition.
[15:41] Brad is very excited about getting Mike Schaffer he has a podcast called Investing with your Team, step by step instructions on how to go out and buy properties with your team.
[16:50] Krista Peterson with Culture Index will also be there to talk about personality assessment tests.
[18:34] Workflow platforms with Michael and Heather Parks, how they work, the benefits of them and what the future holds.
[19:14] The Awards Banquet, the fun stuff as Brad calls it is the last evening of the conference, he is encouraging you to apply for an award.through Survey Monkey. It is a black-tie affair come dressed appropriately, there will be dinner and an open bar.
[22:21] Implementation day facilitator will drive the conversation to get you organized to implement what you learned when you get back.
[23:28] Lt Colonel Mike Bajema will talk about the extreme ownership concept.
[25:08] Add on seminar number two is Mike instructing on extreme ownership even further, hands-on learning and team-building exercises.
[26:39] Would you like to advertise at this conference?
[28:39] Brad hopes you take away from this conference the excitement that makes you impatient for the conference in 2021, he hopes to see you there.
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 Conference information https://pmmcon.com/
Welcome to the show Mr. Kevin Ortner, CEO of Renters Warehouse and he shares his insights on property management as a whole. Renters Warehouse, one of the largest management companies in the business, manages 22,000 homes in 40 markets, most of which are retail investors with some institutional work sprinkled in.
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. Be sure to grab a seat for our Pulling Back the Curtain Conference in Denver, Colorado. Find out more on our website.
Kevin delves into a wide array of topics on this episode, and you won’t want to miss his predictions for the next recession. Learn his thoughts on how new proposed legislation and regulations will affect the industry and why realtors as property managers is a dangerous concept.
Learn how NARPM’s new accounting standards are being received and implemented within Renters Warehouse and why Kevin believes this is a step in the right direction toward professionalization in the industry. By creating one way to look at accounting principles, everyone will be speaking the same language and benchmarks can be set. They also help with the buying and selling process amongst management companies.
Kevin provides some fantastic responses to issues that are facing the industry today and in the future. He also shares how he intends to continue to grow Renters Warehouse and what that growth will require. Standardization and targeted technology are the driving forces to Renters Warehouse’s growth, listen in to learn why along with all of Kevin’s nuggets of knowledge on the property management industry.
Show Notes
[04:26] Kevin shares more about Renters Warehouses’ customer base and where they are leaning for future management.
[06:01] Learn how the business has moved in and out of franchising as the market has changed.
[11:17] Face-to-face interaction with your clients is the key to lasting client relationships.
[13:09] Learn Kevin’s thoughts on the no security deposit option?
[18:01] How has the influx of Wall Street capital affected the single-family industry?
[20:24] Hear Kevin’s thoughts on when the next recession is going to hit.
[24:56] What are the negative implications from new legislation and additional regulation?
[30:47] How will NARPM’s accounting standards change the industry?
[37:47] Kevin shares where Renters Warehouse is headed and how they plan to grow.
[44:07] What things have Renters Warehouse implemented that have greatly impacted their bottom line?
[48:14] Off-shore labor? What are Kevin’s thoughts?
[51:29] Learn more about masterminds and the Mastermind Conference in March 2020.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
NARPM Southern States Conference
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 Property Management Mastermind. For all of these offers, use the discount code “Brad” to secure your discount. Be sure to grab a seat for our Pulling Back the Curtain Conference in August in Denver, Colorado. Find out more information on our website.
Todd Ortscheid was born in Charleston, West Virginia in 1982. Todd majored in professional aviation at Embry Riddle University and worked as an airline pilot for a major airline based in Atlanta. He served as an Executive Vice President of the Air Line Pilots Association, Int’ll, where he was an executive for the Airline Pilots Association and was in charge of running the budgets and negotiating contracts for pilots with the major airlines. Todd has held a real estate sales license in Georgia since 2008. Todd is currently chairman, president, and CEO at Central Georgia Realty, LLC.
We’ll learn today what’s best for property management: portfolio, hybrid, or departmental. NPS scores going south, and how you know when your NPS score is going south, is another issue Todd and I talk about. Renting to some professions can be difficult, we give you a solution to renting to people who want to change your lease agreement. The best sales solution for your property management company, how to implement secret shoppers to find out what your competition is doing and selling to make sure your business is staying competitive. When you should hire a lawyer, raise your fees and how to get new clients in the door are the topics we cover in this episode.
Show Notes
[04:22] I introduce Todd and he gives us his background and what he is currently doing.
[07:24] What’s best for property management: portfolio, hybrid or departmental and what is Scott currently using in his company.
[10:09] Scott talks about hybrid portfolio options.
[11:22] Why inspectors need to see the home on rollovers.
[13:29] Why I am a big believer in picking up the phone and calling clients
[15:45] Renting to lawyers, realtors, brokers, and paralegals.
[18:44] A solution to a marked up lease agreement is to take the lease and pay for a lawyer to modify the lease or property management agreement.
[25:00] How we dealt with a complaint of racism in our county and how to handle property that is in high demand.
[29:55] Todd’s two cents on a percentage based compensation on property management agreements.
[32:00] Higher end pricing and tiers and hybrid pricing from Scott, a property manager in California.
[37:06] A ‘seagull’ who I met at a Property Mastermind Forum and Scott and I talk about how to manage fees.
[44:05] How I created an annual technology fee and how this went over on my client base and focusing on tenant fees.
[46:38] How you can use leasing to get new clients in the door and why you should collect everything up front.
[50:26] The documents we use electronically and what we have tenants sign on pen and paper.
[55:13] Taking notes electronically make you not as connected as writing on pen and paper.
[61:28] The key to speakers and what people want to see at Pulling Back the Curtain Conference
[67:25] Todd and I talk about our opposing views of the value of your company.
[71:02] Todd starts off the NARPM talk, and the benefits of this organization.
[79:02] Where improvements can be made in organizations.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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 Property Management Mastermind. For all of these offers, use the discount code “Brad” to secure your discount. Be sure to grab a seat for our Pulling Back the Curtain Conference in August in Denver, Colorado. Find out more information on our website.
Sarah Durbin and I met each other through an affiliate, and I was very impressed by her. She is coming to the conference as a facilitator. Sarah has been in property management since 2006 and currently has five property management companies across four different states. She was the fourth franchise and started out in Vernal, Utah. Within six months of starting in property management, she had 150 units under her company. She then moved to San Jose, California, and Seattle, which is where she bought out a franchise. Next, she moved to South Carolina.
We’ll learn today about how Sarah was able to break into so many markets and be successful in all markets she was in across four different states. Sarah explains her timeframe from city to city and how she was able to manage the previous companies while expanding into new markets. Sarah shares her three best implementation ideas from her experiences with owning multiple property management companies.
Show Notes
[03:05] I introduce Sarah and her background and the basics of what she is doing.
[05:37] How Sarah grew very fast in a very small market.
[07:37] When she breaks into a new market, Sarah will physically move to that market.
[09:45] Sarah’s “boots on the ground” approach at her office in Vernal, Utah.
[11:29] How to deploy your managers or purchasing established accounts in the area of your new market.
[15:00] Sarah now opens company number three, with each company being each own separate entity.
[18:10] Starting from scratch is easier than not starting from scratch with new accounts.
[23:44] Lessons learned from the franchise business from Sarah’s point of view.
[29:02] What needs to happen on a yearly basis and why you should be an organized agent.
[29:45] Sarah talks about her podcast, “Reno Hustle” to get to know locals in Reno and their story.
[33:08] Why you should be a lifelong learner and the best three implementation ideas Sarah has had in the last 12 months.
[38:05] Staycation: a change of pace to get you out of all the distraction of work life and how vision boards play a role in Sarah’s life.
[39:12] Sarah’s goals for the next 12 months.
[41:08] How Sarah had big results from an accountability group, especially when she travels.
[43:02] Sarah’s consulting and how to reach Sarah for business consulting and property management.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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 Property Management Mastermind. For all of these offers, use the discount code “Brad” to secure your discount. Be sure to grab a seat for our Pulling Back the Curtain Conference in August in Denver, Colorado. Find out more information on our website.
Nicole McWhirter-Flores & Lauren Crosby talk about financial accounting numbers. Nicole works for APM and is a consultant for APM and works with bank reconciliations, bookkeeping, and other business processes. Lauren also works for APM in the same capacity as Nicole. Nicole enjoys crafts, including repurposing mason jars. Lauren likes to lake surf and lake boarding.
We’ll learn today about how APM works, what benefits APM provides for property managers, whether its owner-operator or a typical property manager. We will also find out which applications of APM have been used inside of Rentworks. How property managers use APM and how you can engage with APM from the very beginning through the process of getting all your numbers to move over, to catch mistakes and daily bank trust account reconciliations.
Show Notes
[03:08] Nicole and Lauren introduces themselves and what they do at APM
[05:05] What does APM do for property managers?
[07:56] Who is APM focused for?
[08:45] The process of moving your numbers over to APM.
[10:51] Propertyware report and getting your books cleaned up to have correct numbers.
[14:35] Daily bank trust account reconciliations explanation from Nicole.
[16:00] Lauren explains how APM software catches your mistakes and makes sure you are in check.
[18:05] Converting your property management number into NARPM Accounting standards with APM software.
[24:27] How you can connect with APM to get started with their software.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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 Property Management Mastermind. For all of these offers, use the discount code “Brad” to secure your discount. Be sure to grab a seat for our Pulling Back the Curtain Conference in August in Denver, Colorado. Find out more information on our website.
David Borden and Marc Cunningham talk about Pulling Back the Curtain Conference coming up in Denver, Colorado. The goal of the conference is twofold: how to attract more business and how to make more money with the new business you can get from attending the conference. Our speakers are property managers who run successful businesses throughout the country. To become a speaker, an applicant must give David and Marc the information they use to be successful. No fluffy speakers, the conference workshops are going to give you real, actionable items.
We’ll learn today about the details, speakers, and types of workshops you can expect at Pulling Back the Curtain conference. Marc and David tell you what you can expect at the conference over the two days. Day 1 is the day you definitely want to attend. You’ll get heavy duty workshops. Day 2 you can pick and choose your sessions at $250 per session. You can choose as many sessions as you want for Day 2 or you don’t have to attend Day 2.
Show Notes
[03:08] Why Marc and David started Pulling Back the Curtain Conference.
[04:30] Format of the conference and how to implement the information you have learned.
[07:48] The biggest challenges for Marc and I during our keto weight loss challenge.
[10:00] Details of Pulling Back the Curtain Conference in Denver and the ease of access for the conference.
[13:22] Line-up of presenters for the conference and what I’m talking about at Pulling Back the Curtain.
[20:56] Revenue playbook and how to fire up your business with the conference workshops, including social media workshops.
[26:19] Brining in and training your second in command so you can do bigger and better things in your business.
[27:00] How to eliminate bad or negative churn, making challenges to portfolio managers.
[29:05] How Marc invites his speakers for Pulling Back the Curtain.
[33:11] Foundations which David and Marc use for their property management software.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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 Property Management Mastermind. For all of these offers, use the discount code “Brad” to secure your discount. Be sure to grab a seat for our Pulling Back the Curtain Conference in August in Denver, Colorado. Find out more information on our website.
Alicia Berruti is the manager of Bomb Bomb, a personalized video service, which is gaining popularity with property managers to add a personal touch to your business. She is originally from Canada and has been with Bomb Bomb for over four years. Alicia is currently working on the marketing side as their national speaker. She educates and inspires on how to use Bomb Bomb to connect with clients.
We’ll learn today about the many uses of Bomb Bomb and how this platform can connect you to your clients, give you consistently high open rates on your email and make a memorable impression on clients. Bomb Bomb gives you the tools to personally connect and humanize your client experience. Using this tool, focus on personal connection and have less churn. Repurpose general use videos and add specific information under the video. Bomb Bomb can be used for many different situations and Alicia and I chat about 14 different uses along with cool features of the mobile app.
Give it a go with their 14-day free trial, along with a 1:1 strategy specialist at Bomb Bomb.
Show Notes
[03:14] Alicia introduces herself and what is the role she plays in Bomb Bomb.
[05:01] Alicia tells us the basics about how Bomb Bomb works.
[06:23] How easy it is to use Bomb Bomb with their Quick Sender feature.
[09:00] Consistently high open rates in gmail and higher email replies, especially with personal video.
[11:42] Why video and personal messages work and make you a good communicator.
[15:15] Clients are lost because they are not connecting with the management or manager.
[16:46] List of uses for Bomb Bomb video in property management and the increase in lead conversion with use of Bomb Bomb.
[20:14] Confirming an appointment with video from Bomb Bomb, even with the mobile app!
[22:25] Hidden goodies on the Bomb Bomb app.
[23:20] Giving reports via video erases the cold business approach.
[26:30] Sending a video for an HOA violation or other issues which are easier to approach with a personal video.
[29:15] Humanizing the experience for property managers.
[34:05] Screen recorder to show the recipient bills and other documents on your computer screen.
[35:45] Using the scheduler to make sure your message is timely.
[37:57] How to use a code word in your video and why you should use a code word.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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 Property Management Mastermind. For all of these offers, use the discount code “Brad” to secure your discount. Be sure to grab a seat for our Pulling Back the Curtain Conference in August in Denver, Colorado. Find out more information on our website.
Jay Gossage is an insurance agent with Rice Insurance in Washington state. He has been in the realty business for almost three decades and has seen many examples of realtors being underinsured or uninsured for different types of liabilities. He is currently an insurance agent and specializes in selling Errors and Omissions insurance, which most who work in the realty business currently have for coverage.
We’ll learn today about Errors and Omissions insurance from the E & O expert, Jay Gossage. Find out why you should carry Errors and Omissions insurance, what is the typical base policy for this type of insurance and how to customize your policy to fit your needs. Cyber liability should be an additional policy, not wrapped into your E & O policy. You can’t rely on general liability and E & O insurance for your social liability, there are specific policies and riders which augment your insurance coverage to cover these situations.
Show Notes
[03:17] Jay talks about his background in real estate and how he morphed into the E & O department at Rice Insurance.
[05:28] Jay tells us what Errors and Omissions insurance is and why it is so important to hold this insurance in the real estate field.
[06:31] How professional liability insurance correlates to E & O insurance.
[07:38] Why to put your carrier on notice ASAP if you think you will put in a claim.
[09:21] Standard coverage in a typical E & O policy.
[10:33] Is cyber liability insurance covered under an Errors and Omissions Policy?
[12:00] Employee theft and what types of insurance covers this type of fault.
[14:48] Social liability example which Jay dealt with which included a $100,000 phishing email and wire request which was not covered under the business’s current insurance.
[16:46] Common environmental concerns a property manager sees on a regular basis.
[18:35] HUD, service animals and rental clients in relation to E & O insurance.
[20:00] Coverage and exclusions differ from carrier to carrier, make sure you know what is included in your insurance policy and what is covered.
[20:37] How much coverage do you need for your business?
[21:30] Price range for different business insurance coverages, check your carrier for specific policy pricing.
[23:20] Process of applying for Error and Omissions insurance.
[25:40] The ease of the application process for E & O insurance.
[26:55] How to contact Jay Gossage for more information or to purchase E & O insurance from Jay.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
Jay Gossage: 363-603-4343
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 Property Management Mastermind. For all of these offers, use the discount code “Brad” to secure your discount. Be sure to grab a seat for our Pulling Back the Curtain Conference in August in Denver, Colorado. Find out more information on our website.
James is the principal broker of Holton-Wise. He oversees all aspects of asset acquisition, business development, sales training and marketing for Holton-Wise. His specialty is selling and underwriting of commercial and residential investment property. James is currently number one Realtor in the world in the area of selling multifamily and commercial property in Cuyahoga County. James provides educational content in Real Estate Investing, Sales, Property Management, Personal Finance, Social Media Marketing, Investing using Other People's Money (OPM) & Building Businesses from Scratch.
We’ll learn today how James uses education to not only inform clients and customers, but to get the word out about his property management company and how James is doing the same for other property managers in their geographical area. James talks about how to market yourself as a property manager, the verbage to use in your advertising and how to demonstrate you are a good property manager without saying so!
Show Notes
[03:53] James speaks about the property management business and the public view of property managers.
[06:01] James’ past experience and what he is currently doing in the property management arena.
[07:53] Podcast shows James currently produces and how he creates his show content.
[11:35] “Landlords from Hell” podcast and business relationships.
[13:45] Mass marketing and reaching those who are interested in real estate investment.
[15:47] Property management fees and how clients views managers and their fees.
[20:05] How to market your property management service
[21:51] Three things James has implemented in the past 12 months which has made a significant difference in his company including reducing their office hours in half.
[24:58] How James has mastered the property management business through the “art of education”.
[28:45] Be the property manager people think about when they are looking to do business in your town.
[29:35] Demonstrate to a large audience why you are a good property manager.
[31:07] James’ next best thing he is going after in his business.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
Guest Information:
Look for #AskJamesWise
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 Property Management Mastermind. For all of these offers, use the discount code “Brad” to secure your discount. Be sure to grab a seat for our Pulling Back the Curtain Conference in August in Denver, Colorado. Find out more information on our website.
Matt Spahn is a native born Texan. He started out in law school and took every class available for estate planning, which is very rare for a law student. Matt holds 2 degrees from Texas A&M University; one in English and his second degree a double major of Political Science and history. He earned his doctorate of jurisprudence from Baylor Law School. He has created trusts for his clients for 27 years. Matt is the only lawyer in the United States who has been vetted and approved by Dave Ramsey.
He is a member of the 2005 Leadership Lab class of the North San Antonio Chamber and has been named the Outstanding Attorney for Estate Planning by the San Antonio Business Journal in 2011 and four-time Five Star Wealth Manager award winner.
Matt and I first met over 15 years ago when I worked in real estate sales and sold him his home.
We’ll learn today state planning, using property trust and how these apply to property management space. We will also explore why having an estate plan for your family and business is a better safeguard than just having a will. What are the benefits and why an estate plan carries over and outlasts your beneficiaries and the importance of this key detail.
Show Notes
[03:34] Brad welcomes listeners to the show and introduces Matt.
[09:13] Matt talks about the wealth boom in Texas and how this affected his business and how he has helped a few lottery winners.
[09:53] Common issues people deal with when estate planning.
[11:15] What happens when you don’t plan your estate.
[13:22] What would happen to your business if you are incapacitated or pass away without an estate plan?
[15:22] Probate alternative if you don’t have a will in place: and what happens with probate.
[18:31] How a trust makes these situations seamless and smooth and the four strengths of a trust.
[20:22] Trusts create a sequential transfer of assets, but a will does not.
[22:22] How a trust protects your family and has a safety net for where your money can and cannot be placed.
[25:02] We never think “It’s going to happen to us.”
[26:36] Your plan needs to survive you and your beneficiaries.
[27:45] What you should consider for your estate planning.
[29:45] LLC and corporation versus a trust for estate planning regarding liabilities.
[32:46] What can I do to protect the rental properties, investment properties and homes in my LLC or real estate company?
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
Guest Information:
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. Also, don’t miss our Pulling Back the Curtain Conference in August in Denver, Colorado. You can learn about that on the site, too!
Lisa Fore from San Diego joins me today to talk about the management side of short-term rentals. An expert in this space, Lisa has been managing around 120 short-term rental single-family homes for years. In fact, her grandmother started the company, so Lisa is as familiar as it gets with this field. If you’re interested in learning anything more about short-term rentals, this is absolutely the episode for you!
We’ll learn today about how Lisa handles the short-term management side of her company, including how many staff members are dedicated to this aspect. She points out that short-term rentals are similar to hotels in terms of how you need to think of them, rather than being like long-term rentals. (Even if this means rushing a potato-peeler over to a rental property on a moment’s notice.)
An important topic we’ll dig into is how to get started in the short-term rental space. If you’re a traditional property manager and haven’t yet dipped your toes into this area, Lisa’s insights into what to look for and how to proceed will be absolutely invaluable. You’ll also hear about various other topics including the necessary mindset shift for short-term rentals, what lessons Lisa has learned from her experiences, and much more.
Show Notes
[02:07] - Brad welcomes listeners to the show and introduces Lisa Fore, today’s guest.
[03:23] - Lisa gives listeners some background into who she is and how she got started in property management.
[04:48] - We hear more about the short-term management side of Lisa’s company. Lisa also digs into the difference in mindset that you need to manage short-term rentals.
[09:37] - What advice would Lisa give someone who wants to start from scratch in the short-term rental space? How do you furnish a short-term rental?
[12:36] - Lisa talks us through some of the small things that you need to provide in a short-term rental.
[14:29] - If someone calls Lisa up complaining that they’re missing a potato peeler, will someone run a potato peeler over there?
[15:53] - We learn about some of the challenges in implementing the short-term rental mindset in a corporate setting.
[16:56] - Lisa addresses whether she has a management agreement with the property owners of these rentals.
[18:51] - Does Lisa’s management company help owners with the licensing process? What are some of the insurance considerations to keep in mind?
[21:53] - Lisa talks about whether she uses a separate platform for short-term rentals and accounting.
[25:35] - Brad takes a moment to chat about casting a bigger net, which he and Lisa talked about before the episode.
[29:17] - We hear about one of the biggest lessons that Lisa has learned over the course of her career, as well as whether she ever gets blamed for missing furniture.
[32:18] - Lisa shares a funny story about something that happened in her short-term rental company.
[35:43] - Is the industry a money-maker for most of the owners who Lisa works with? How many nights per month are most rentals occupied?
[38:35] - Lisa talks about renting to locals, and potential issues with neighbors, parties, noise, and so on.
[43:01] - How can someone reach out to Lisa to learn more or get her help with getting a short-term rental business going?
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
(760) 525-9134 (Lisa’s phone number)
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.
Paul Kanowski and Matt Tandy both come from property management companies in California. Today, they’re both on the show to chat about stopping the scammers, specifically what we’re seeing in the self-assisted and unaccompanied showing systems that’s causing scammers to target these vacant homes.
Paul has about 180 homes, and Matt has about 300. Both of them have been seeing a rise in scams recently, and they expect the trend to spread outside of California and into the rest of the country. So even if you haven’t yet experienced the scams we’ll be talking about, get prepared ahead of the game by tuning into this episode.
As you’ll learn today, the scam that happened to Paul was elaborate and involved several people getting duped. The one that happened to Matt is similar in some ways, and involves scammers who have no conscience whatsoever, as he discovered when he posed as an old man. And don’t think that this scam is limited to self-showings; nothing is stopping someone from kicking in the back door and running a scam that way.
Pricing is your biggest deterrent. The longer a home sits vacant, the more likely it is that it’ll end up with break-ins or scams. If you’re looking to get price adjustments from your owners for homes that have been sitting this long, try pointing this important fact out to them! Tune into this episode to learn other important methods to avoid (or at least minimize) scams.
Show Notes
[02:07] - Welcome to the show! Today we have not one, but two guests: Paul Kanowski and Matt Tandy.
[03:32] - Paul takes a moment to introduce himself and explain that he and Matt have been experiencing scams in different ways.
[04:18] - We hear Matt’s introduction to who he is and where he works.
[05:04] - Brad, Paul, and Matt mention which vendors they use.
[06:06] - Paul digs into the topic of today’s episode by describing the complex scam that he’s seen in self-showing homes.
[10:17] - We hear a clarification that the payment sent to the scammer was a bank wire.
[11:56] - Paul describes the notification letter that he places in his self-showing homes to explain to people that they’re getting scammed.
[12:51] - The scam that Matt has seen has been different in some ways, he explains.
[17:46] - Because the rental scams are under the dollar amount that the federal government will investigate, the scammers can keep doing this, Matt explains.
[18:41] - How were the scammers changing Matt’s locks in the middle of the night?
[21:41] - These scams aren’t limited to people using a particular showing system, Matt explains.
[22:40] - Paul shares another story about a scam that he has experienced.
[24:35] - We hear Matt’s theory on how people get involved in these scams, as well as a surprising fact: they’ve had less problems since using self-showing systems than before.
[27:30] - Brad takes a moment to talk about the self-showing system as a whole.
[28:51] - Self-showing rents quicker, Paul points out, which reduces the opportunity for scams.
[31:15] - We learn about how the self-showing system can save money for property managers.
[34:04] - Paul takes some time to comment on the safety aspect of showings, pointing out that there are crazy people out there.
[38:31] - What do Paul and Matt think of the strategy of watermarking photos as a deterrent to scammers? Both guests answer, then Matt talks about the camera system that he likes to use on vacant properties.
[44:32] - As cameras become more affordable, we’ll see more managers and owners looking to use them, Brad points out.
[45:25] - Would a credit card sign up at the beginning of an unaccompanied vacant home showing have any sort of effect?
[47:27] - Are there any other prevention methods that we should talk about in today’s conversation?
[50:54] - Paul loves self-showing, he explains, and would make all of his houses self-showing if he could.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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.
Tracy Streich, an Oklahoma native, joins me today for a true mastermind episode. He’s a fellow property management company owner, and manages almost 500 doors. We’ll chat about best practices for all kinds of things, including short term rentals and syndications. This is a great conversation, so don’t miss out!
We’ll start off by sharing our thoughts on legislation, both in terms of Oregon’s recent statewide rent control laws and in terms of the dangers of acting like a property manager if you’re a real estate agent. From there, we move on to talking about syndications. Tracy explains that he raised about 30% and leveraged about 70% on three different funds, and chats about the experience he gained from the process.
As Tracy explains, syndication the way he does it is a three-step process with three separate ways of making income: buying the homes, managing them, and selling them at the end. As we’ll emphasize, it’s important to make sure you’re doing all of this right, so get a competent lawyer from the beginning!
From syndication, we’ll move on to talking about short-term rentals. As you’ll learn today, Tracy owns and manages several short-term rentals, and he shares his experience in getting started as well as sharing some words of wisdom for listeners who are interested in getting into this market. We’ll also spend a lot of time digging into resident benefit packages, including various things that you can include in them.
Show Notes
[02:04] - Brad welcomes listeners to today’s episode and introduces its guest, Tracy Streich.
[03:11] - Tracy gives us a quick introduction to who he is, what he does, and why he’s so happy to manage properties in Oklahoma instead of a state on the Pacific coast.
[04:54] - Brad brings up the topic of Oregon’s recently passed state rent control, and he and Tracy chat about the subject.
[08:18] - Tracy digs into the danger of a real estate agent acting like a property manager, and Brad expands on the subject.
[12:05] - We learn about the process of syndication in single-family homes.
[15:55] - Tracy goes deeper into the three-stage process involved in the syndication system he’s been talking about.
[18:17] - We hear more about the process of getting started in syndication, and how it’s single in single-family syndication than multi-family syndication.
[20:45] - Tracy talks listeners through his short-term rentals.
[24:55] - What percent of collected rent does Tracy charge when managing the short-term rentals he’s been talking about?
[27:18] - On average, how much does Tracy think it would cost someone to set up a short-term rental?
[33:08] - There have been a couple times that people have decided against doing a short-term rental after hearing about the expense, Tracy explains.
[35:00] - Tracy talks about renters’ insurance, and how he has moved that into the resident benefits package.
[40:21] - We hear more about specific coverages that Tracy has been seeing.
[42:56] - Tracy explains that he tried to find monthly recurring charges to tenants to incorporate into the resident benefits package.
[48:00] - Presentation is everything, Tracy points out, and explains how this relates to what he has been talking about.
[51:22] - How can people reach out to Tracy to learn more?
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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.
Andy Moore is a property management company owner in Florida. He’s joining me today to talk about implementing the EOS, or Entrepreneurial Operating System. He’s an authorized teacher of the system, and qualified to help you implement it, so don’t miss this value-packed episode!
Originally from England, Andy worked as a detective there before making a career switch. He bought a US property as a vacation rental, but couldn’t find anyone to manage it up to his standards. So he got a visa, came on over, and started his own property management company.
In our conversation today, Andy talks about the cycle of growth. If you think of a person growing, or recall your younger days, you’ll think of a cycle that involves growth spurts alternating with periods of less growth. He compares this to the growth of a company, and explains that in the EOS framework, you (as a business) either grow or you die.
If you’re wondering whether EOS is right for you, don’t miss this episode! Andy will help you assess whether EOS is the right fit for your company. As he explains, the system’s sweet spot is for companies between $2 million and $50 million in revenue, and 10 to 250 employees. He’ll also explain how to implement EOS, which you can either do on your own or by engaging an implementer (like Andy himself!).
Show Notes
[02:18] - Welcome to the episode! Today’s guest is Andy Moore, a property management company owner.
[03:19] - Andy takes a moment to thank Brad for his contributions.
[03:57] - Where is Andy originally from? How did he end up with a property management company in the United States?
[05:33] - Andy talks about his company and the background he’s coming from in that regard.
[06:48] - We hear more about the size of Andy’s company, including how many doors and employees he has.
[08:44] - Andy digs into some of the pain points that people need to shift, and explores how EOS can help them.
[10:55] - Brad talks about some ways that he can relate to what Andy has been saying.
[12:47] - We hear more about how EOS can help companies in the types of situations that Andy and Brad have been talking about.
[16:57] - What size should a company be to use EOS, and what are the triggers to indicate that a company needs EOS?
[19:43] - Andy walks listeners through the EOS process.
[24:27] - We hear more about the meetings involved in EOS, and how they can be a powerful advantage for a company.
[27:13] - Andy talks listeners through the process of implementing EOS, which you can do in several ways.
[30:01] - We learn about how long it takes to get going with EOS and when new users can expect to see results.
[32:40] - Brad talks about his experience in picking up a large company mentor this year.
[35:16] - We hear about the discount that Andy is offering listeners! To get a 10% discount, use the discount code “Brad.”
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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.
Don Ganguly from INVESTimate through HomeUnion joins me on the show today. We’ll chat about working with investors, his platform, and his support through NARPM. He’s a key new vendor who you should absolutely check out (once you’re done listening to our conversation in this episode)!
A self-described serial entrepreneur, Don came up with the idea of creating a platform that allows investors to invest in rental properties the same way they invest in stocks and bonds, with a risk and rewards calibration. INVESTimate is the result, as he’ll explain today. The system doesn’t calculate the risk and reward based on just a straightforward number like the expected rent amount, but instead takes many different factors into account. In fact, they’ve mapped every neighborhood in the United States and scored it from A to D depending on risk and expected reward.
I love the reports that come from Don’s company, because they go so far beyond just school district and curb appeal. That’s right; those factors alone aren’t enough to base your decision on anymore. I’ll let him explain to you what he includes in his awesome reports, and how they can help an investor decide whether to invest in a particular property.
Tune into this episode to learn all about those things, as well as to hear Don’s thoughts on pocket listings, turnkey properties, relationship and referral opportunities for property managers using INVESTimate, and more. If you’re ready to move up the food chain of property managers, don’t miss this conversation!
Show Notes
[02:41] - Brad welcomes listeners, introduces Don, and explains his background with using INVESTimate.
[03:19] - Don gives listeners some background into who he is, what he does, and how he got to where he is today.
[06:30] - What are some of the factors that investors and the INVESTimate system look at?
[08:56] - Don digs into the subject of taxes, pointing out that owner-occupied taxes and non-owner-occupied taxes can vary significantly in some counties.
[12:12] - We learn more about whether INVESTimate can factor in depreciation and tax benefits of investing in real estate, or just the subjects that he has already talked about.
[13:56] - Don talks listeners through how he guides investors in making purchases.
[16:10] - What markets is INVESTimate in, and how could a property management company get involved in their system?
[19:09] - Don gives more detail into how to figure out whether INVESTimate is in your specific area.
[22:47] - We hear about some of the things included in Don’s reports, and how they can illustrate why someone might want to invest in a particular property.
[27:42] - What relationship and referral opportunities would property management company owners have with INVESTimate Home Union? Before answering, Don takes a moment to talk about pocket listings.
[30:12] - Don adds to Brad’s point about turnkey listings.
[36:43] - We hear another important point from Don: property management companies need to decide where on the food chain they want to be.
[38:58] - Don digs deeper into how to climb up the food chain by providing more opportunities in the market.
[44:14] - Brad points out that all of what Don has been saying is part of the education that he can provide.
[45:55] - How can people learn more about Don and what he does?
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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.
I’m joined by Casey Winter from Obligo for today’s conversation about using Obligo as billing authorization technology, and developing a plan for a no-security-deposit option. Casey’s background is in the technology side of multi-family and single-family homes, and he’s been in the industry for over a decade. In other words, he has good working knowledge of the single-family home industry!
As Casey sees it, the security deposit requirement is outdated, inefficient, and typically unnecessary. This aligns with what I’ve been thinking about, which was trying to figure out the best way to create a no-security-deposit option. We stumbled across Obligo and implemented their billing authorization technology, which Casey will describe in more depth in this conversation.
Traditionally, the way around charging a security deposit involves a form of insurance. This isn’t necessarily bad, Casey explains, but doesn’t suit many tenants. On the other hand, Obligo only works with renters that they (and the property management company) feel comfortable with, which allows them to keep their prices lower than the traditional 17%. This also allows you to set your own risk factor.
We’ll spend some time today digging into how Obligo works, exploring the process from their own end, for the tenant, and for the property manager. Casey will talk about whether there are fees and costs for the property management company, how long it took to develop their product. We’ll also explore how Obligo can work for renewals, and how Obligo works when the tenant vacates or when the property management company and landlord part ways.
Show Notes
[02:06] - Casey Winter joins Brad today for a conversation about Obligo and a no-security-deposit option.
[03:08] - We learn about who Casey is, which company he works for, and what he does. He’ll also talk about why Obligo wants to eliminate the security deposit.
[06:06] - Casey explains the concept of security deposit replacement, and goes into more depth about billing authorization technology.
[07:45] - Brad jumps in for a moment to clarify how security deposit insurance works.
[09:54] - We hear more about a cash judgment and how it works in the case of deposit insurance.
[11:20] - Casey shares his elevator pitch on what Obligo is and how its billing authorization technology works.
[15:05] - We learn about how the Obligo process works, and how it allows both property management companies and Obligo to mitigate risk.
[18:40] - Casey talks more about the credit and banking check that Obligo performs for each tenant.
[20:44] - Brad explains the next steps of the process, both for approved and non-approved renters.
[21:49] - Casey digs into the process of getting money in depth for each of Brad’s two possible scenarios.
[25:06] - Are there any fees involved in Obligo sending the deposit money to the property management company or landlord?
[26:25] - We hear about how long it took to develop Obligo.
[29:09] - What happens when the tenant vacates?
[31:45] - Casey talks about whether there’s room for a full-blown inspection in the report sent to the tenant with the final billing report.
[32:28] - What happens if the tenant can’t or refuses to pay, or if there isn’t enough money in their bank account or credit card?
[33:20] - Brad talks about some best practices that he has implemented using Obligo.
[35:27] - Casey explains what happens if an owner fires a property management company while using Obligo for the security deposit.
[37:55] - We learn more about the process of implementing Obligo.
[41:23] - Casey talks listeners through how they can get in touch with him or learn more about the next steps.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
(918) 728 8992 (Derek Scott with Insurance Management Group)
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.
Phil Mazur of The CFO Mission joins me today to dig into the topic of virtual CFO work for the property management industry. He’s our virtual CFO at RentWerx, so we personally use and endorse him! Pay attention to this episode to see if he and his services are right for you, too.
Throughout his career, Phil has worked in financial and accounting roles. Most of his jobs have been as a financial analyst, and he learned that he enjoys working as a CFO. As he’ll explain today, a CFO is very different from an accountant, and has several important roles within a company. He left his job with a Fortune 500 company once he reached a point of diminishing returns, and has been working as a virtual CFO since then.
Since Phil works with us personally, we can offer some great insight into how the process actually works. He’ll explain today what he’s done for our company (and of course, I’ll offer some insights from my perspective as well). This should give you some great insight into exactly what he’ll be able to do for you. For example, he started with the low-hanging fruit, like scanning checks, entering receipts, and doing bank deposits in AppFolio.
While lots of this is stuff that your team could do, they shouldn’t be doing it. Your team is jumping from task to task all day, so they’re more likely to make mistakes than people who are focused exclusively on these roles all day. You’re also probably paying your team more than you would be paying for this virtual service, so switching can save you money as well as time and effort. Getting these things off of your team members’ plates frees them up to add more value to your company!
Tune into this episode to learn all about the benefits and processes of hiring a virtual CFO. Phil will go into depth about what he’s done for our company and exactly what you can expect from him, both in the initial process and in an ongoing way.
Show Notes
[02:04] - Today’s guest is Phil Mazur, who joins Brad to chat about virtual CFO work for the property management industry.
[03:53] - Phil talks about who he is, what his professional background is, and what exactly a CFO actually is.
[07:18] - Brad steps in to share his experience with looking for a virtual CFO, and we learn more about what Phil has been doing as a CFO.
[09:49] - The salary for a CFO depends, but can be well over $200k, Phil explains.
[14:11] - We learn about how a virtual CFO can work out perfectly for a property management company with a low to mid-7-figure revenue.
[18:20] - Phil talks about what he’s done for Brad’s company.
[21:12] - We hear about the process of getting Brad’s software cleaned up, which Phil and his team did in a matter of weeks. Phil then talks about starting with low-hanging fruit.
[25:15] - Phil talks us through a couple specific examples of the low-hanging fruit he dealt with for Brad’s company.
[26:59] - We hear more about the initial assessment works, and what Phil looks for during that process.
[31:23] - Phil explains what someone could expect from him in terms of level of contact after the initial process.
[36:57] - Phil talks listeners through the NARPM Accounting Standard implementation.
[39:55] - We hear some background on what Phil has done with Brad and his company.
[41:55] - We learn about the specific costs involved in hiring Phil as a virtual CFO, which depend on the level of his involvement.
[46:05] - How can listeners get in touch with Phil to start working with him or learn more? Phil answers in depth, and talks about how to get a free discount!
[49:48] - What are Phil’s parting words for listeners?
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
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.
Are you looking at other software platforms, and enticed by the shiny new offerings? If so, this is absolutely the episode for you. I’m joined today by Andy Ritan to talk about his software switch, including all the trials, tribulations, and lessons learned in the process. Andy, a long-time friend, is an Atlanta-based property manager with about 240 doors, and today we’ll be doing an after-action review for his software switch.
Andy switched from AppFolio to Rent Manager, and then actually switched back to Appfolio. He points out that the initial switch out of AppFolio was complicated since AppFolio owns its data and doesn’t offer a simple way to export or transfer it. Instead, you need to do it all manually. Andy recommends using outside labor to do this migration process rather than using your own team.
The reason that Andy decided to switch from AppFolio to Rent Manager was to find the best API in the business. (And even now that he’s back with AppFolio, he still suspects that Rent Manager has the best API.) Despite doing an extensive amount of research before making the switch, Andy had what he calls a “dreadful experience” and the worst business decision he’s ever made with Rent Manager.
Don’t miss this episode, in which we’ll give a deep look into the pros and cons of these two platforms, as well as the process of switching back and forth between them. You’ll also learn exactly what prompted Andy to switch back (which involved a case of fraud thanks to a lack of two-factor authentication). We hope this conversation helps you to make the decision about whether to switch platforms, and understand why doing your due diligence sometimes isn’t good enough.
Show Notes
[02:17] - Brad welcomes listeners to today’s conversation with Andy Ritan, a property manager from the Atlanta area.
[04:44] - Andy offers listeners some background into who he is and what he does.
[06:30] - To start things off, Andy digs into the initial exit from AppFolio, which was complicated since AppFolio owns its data.
[09:25] - Your existing staff probably isn’t the best choice for data scraping when leaving AppFolio, Andy points out.
[10:42] - What initially convinced Andy to leave AppFolio and move to Rent Manager instead?
[14:48] - Andy talks us through some of the research that he did when he was deliberating over his choice to switch.
[17:00] - We hear about Andy’s “dreadful experience” of using Rent Manager from his honest perspective.
[20:15] - Brad and Andy elaborate on the point about needing to get off the phone, do research, then call the owner or tenant back because the system was so slow.
[22:50] - Andy talks about the reconciliation process in AppFolio, and shares two problems that he had with it in Rent Manager.
[26:31] - We hear more about how Brad works with AppFolio.
[29:42] - Andy defines the triple tie, and explains why he prefers AppFolio for this purpose rather than Rent Manager.
[34:24] - Andy spends some time talking about owner statements.
[37:00] - Andy explores the limits and costs of customization that he saw in the Rent Manager platform.
[40:16] - We learn more about two-factor authentication and how it has worked for Andy at Rent Manager and AppFolio.
[44:12] - Andy explains that the fraud incident that he just described was the final straw that sent him back to AppFolio.
[45:56] - Brad mentions that a workflow management system is absent from all of the systems available now.
[48:09] - Andy sums up the experiences that he has been talking about today.
[52:03] - Brad shares some lessons that he’s learned from this conversation.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Ritan Property Group on LinkedIn
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.
Ruth Rossbach from FilterEasy joins me today for a very important reason: to finalize the debate of whether pineapple belongs on pizza! (The answer: there absolutely shouldn’t be pineapple on pizza. Ever.) Of course, there’s not enough to say about that to fill up a whole episode, so we’ll need to talk about other topics as well.
Ruth has worked at FilterEasy since April 2017, and is a regional sales manager covering areas including Phoenix, Utah, and Nevada. She grew up in Raleigh, and wanted to work for a locally based company. She also wanted to be part of a company that provides solutions and reduces stress for tenants and managers, so FilterEasy was a perfect fit for her.
As she explains today, usually only 5% to 10% of tenants change their filters on time. When FilterEasy gets involved, that number skyrockets to over 90%. This lengthens the life of the HVAC system, so property managers and owners alike love it. It’s also always cash flow positive for property managers thanks to the pricing structure that Ruth will explain in detail in today’s conversation.
We also dig into various other topics related to FilterEasy including who should cover the cost, how owners and tenants tend to react and respond, the way that the sign-up and implementation process for FilterEasy works, how the timing works on FilterEasy’s billing strategy, and more. If you’ve ever wanted an air filter solution that works for the tenant, the owner, and the property manager, don’t miss this episode!
Show Notes
[01:36] - Welcome to the show! Today’s guest is Ruth Rossbach from FilterEasy. She and Brad chat about whether pineapple belongs on pizza.
[03:18] - Ruth talks about who she is and what she does.
[05:35] - What is FilterEasy, what can they do for property managers, and what does Ruth do with them?
[07:37] - The filters are date/time stamped, Ruth explains, so you can hold tenants accountable.
[08:40] - Ruth digs into best practices for getting FilterEasy the measurements they need to supply the right filters.
[10:37] - We learn about FilterEasy’s pricing structure, and why it’s always cash flow positive for the property manager.
[12:47] - Ruth talks about what she commonly sees with implementation to reduce costs for the tenant. Brad then mentions the option of billing it to the owner, who gets benefits in reduced HVAC costs.
[16:02] - Brad shares another point about the option of charging the owner, and reasons why it might not go well.
[20:29] - What kind of platform do users go into to enter their information when getting started with the FilterEasy system?
[22:55] - We learn about how billing works for property management companies in terms of timing.
[24:30] - Does Ruth have any success stories that she wants to talk about?
[27:08] - Brad points out some things you need to keep in mind when you’re adding things into your lease agreement.
[30:14] - We hear Brad’s response to Ruth’s point about owners forgetting to change their own air filters.
[30:59] - Tenants will get an email reminder when their filters get sent out, Ruth explains.
[32:33] - What’s the easiest way to get in touch with Ruth and start using FilterEasy?
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
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.
Matt Hoffman, who works with RealPage and is the head of short-term rentals for Kigo, joins me to talk about the short-term rental market works. What’s interesting about Kigo, Matt points out, is that they can leverage and benefit from all of their knowledge and expertise in long-term rentals as they build technology to advance the short-term rental side.
The short-term rental market and the long-term rental market are in conflict, so Matt’s position in spanning both offers him an interesting perspective. He’ll elaborate on this, and explain that the typical short-term rental owner is someone who vacations regularly or doesn’t live in the home full-time, and wants to rent out their home while they’re not present. His software, he explains, is geared toward both DIY landlords and short-term management companies.
Matt will also dig into whether you can run short-term rentals as a brand, or whether you need an individual person to do it, and explore the sweet spot for number of nights rented in short-term rentals. Importantly, he’ll also share his thoughts on the question at the top of all of our minds: what if short-term tenants do damage?
Other topics we’ll cover include reviews (which go both ways), check-in best practices and automation, how insurance might work for short-term fully furnished single-family rentals, the increasing number of regulations governing short-term rentals, and more! Matt also shares some powerful words in his final takeaway for listeners who are considering entering the world of short-term rentals.
Show Notes
[01:39] - Brad introduces today’s guest, Matt Hoffman, and explains that the episode will be all about how the short-term rental market works.
[03:21] - Matt gives an intro to who he is, what he does, and some background on what he’s been doing with short-term rentals.
[05:16] - We hear Matt’s thoughts on the differences between short-term and long-term single-family rentals, as well as the impact of the local market.
[07:27] - Who typically owns a short-term rental?
[09:03] - Matt talks about who is software is geared toward, and shares some things that he would tell a single-family-home property owner or manager to encourage them to go down this road.
[13:32] - Brad takes a moment to go over some math that illustrates the potential profit and costs in short-term rentals.
[15:31] - Does it work to assign a portfolio manager to run the short-term rental department?
[18:45] - We learn about whether it’s better to be a superhost on short-term rental sites, and how that works when you’re a brand rather than an individual.
[21:20] - Matt talks about how Kigo is different from other property management softwares.
[26:21] - What do you do when the short-term tenants leave a lot of damage when they depart the property?
[30:18] - Matt shares his thoughts on the mindset shift in terms of price, getting good reviews, and so on.
[32:50] - Brad points out that reviews work both ways.
[37:45] - Does Matt’s software integrate into all the well-known short-term booking sites?
[40:20] - Matt talks about insurance issues for a short-term rental unit that’s fully furnished.
[43:12] - We hear more about legislation and the increasing regulations governing short-term rentals.
[48:15] - Matt offers one takeaway for listeners considering the world of short-term rentals.
[50:56] - Which market really wows Matt?
[52:14] - Matt talks about where listeners can find him and Kigo.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
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.
Your guest in today’s episode is… me! I want to take some time to talk to you one-on-one about goals, a topic near and dear to my heart. Every year, I sit down to go through what I did last year and what I want to do in the new year. I also bring in accountability partners who will help me keep on track with my goals. Today, I’ll talk about goal-setting with specifics for the property management industry. You can become my accountability partner, and I’ll be yours as needed.
It’s important to set a SMART goal. Tune in to hear what it means for a goal to be specific, measurable, attainable, relevant, and time-bound. I’ll relate all of this to property management specifically, so you can hear what goals can look like in this industry instead of in vague generalities.
While setting a SMART goal is invaluable advice, I’m not going to keep things that broad. Hearing real examples of SMART goals in property management can help you understand how they might work for your company, and that’s another part of what I’ll offer today. I’ll go over my 2018 goals (both personal and professional) and share my wins and losses.
Tune into this episode to hear all about goals across various aspects of the business, from retention to business development to maintenance. I’ll also discuss my goals for 2019, which include reaching 1,100 homes by the end of the year. Don’t miss this episode, which could help you make 2019 the best it can be both professionally and personally!
Show Notes
[01:37] - Brad welcomes listeners to the episode, which is all about goals.
[02:42] - We hear about the “SMART” acronym for goal-setting, which stands for specific, measurable, attainable, relevant, and time-bound.
[06:54] - Brad digs into the “relevant” and “time-bound” parts of the SMART goal concept, and talks about relating this to property management.
[09:15] - We hear a quick review of each part of a SMART goal, and some further recommendations on goal-setting.
[12:22] - Brad shares the recommendation of finding a role model or mentor, and gives an example from his own experience.
[15:32] - Another of Brad’s bulletpoints is to read, listen, and continually learn. Another is to keep a positive attitude!
[20:00] - Brad goes through his 2018 goals and talks about the wins and losses.
[23:41] - One of Brad’s goals involved family trips, he explains. He also gives examples of marriage goals.
[25:34] - Brad didn’t achieve all of his financial goals in 2018, but he did start to make quarterly payments to the IRS. He then shares what his business goals were for 2018.
[27:12] - We hear another recommendation for writing down your goals for the year.
[33:00] - Another of Brad’s goals was to establish retention goals of less than 10% losses.
[33:50] - Brad shares some of his 2018 business development goals.
[39:19] - One of the maintenance goals that Brad had related to open work orders percentage related to homes managed.
[41:49] - Brad takes some time to talk about his goals for 2019.
[45:14] - We learn about the goals that Brad has set up for his team members in Mexico.
[47:27] - Brad challenges listeners to write down their own goals for 2019.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Bigger Pockets Podcast: The Science Behind Setting and Achieving Big Goals