The Property Management Mastermind Show: Recent Episodes
Brad Larsen
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.
The election is over, and it's time to look ahead to what 2025 holds for the San Antonio and Austin real estate markets. In this episode of the San Antonio Invest podcast, Brad Larsen discusses the impact of the election on consumer confidence and the implications of a recent National Association of REALTORS ruling on real estate transactions. He also dives into the latest market stats, including sales trends, average prices, and inventory levels.
Takeaways
- The election outcome can boost consumer confidence in real estate.
- Consumer confidence directly impacts buying and selling decisions.
- The NAR ruling has introduced significant changes to commission structures.
- Market statistics indicate a shift towards a buyer's market.
- The average home price in San Antonio is currently $371,945.
- The outlook for 2025 is optimistic due to rising consumer confidence.
- Property management services are essential for investors.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
Are you a property manager struggling to offer quality resident benefits? In this episode, Brad discusses the importance of a resident benefits package in property management. He outlines RentWorks' package, which includes a self-assisted showing discount, no extra charges for payment options, a maintenance and payment portal, free credit reporting, a 24/7 maintenance hotline, one-time return payment fee forgiveness, on-demand pest control, a free lockbox move-in, and renters or tenant liability insurance.
Also, joining us in the episode is Blake Koch, CEO of FilterTime, to discuss the ultimate DIY solution for a resident benefits package. Blake explains how FilterTime started as a direct-to-consumer air filter subscription service and later expanded to serve property management companies. Offering a filter shipping program that provides convenience and quality filters to tenants.
Follow the link to check out FilterTime for property management solutions.
Learn from one of the best run property management companies around by following this link and sign up for the RentWerx Summit!
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
Are you a property manager looking to boost your profit margins and stay ahead in the competitive real estate market? Look no further! With decades of experience, Brad shares insights on generating revenue, managing expenses, and staying on top of industry trends. Discover the art and science of increasing profitability as Brad dives into the nuances of accounting standards and key performance metrics. From creative fee structures to effective pricing models, learn how to enhance your bottom line and provide exceptional service to your clients. Tune in to gain valuable strategies for boosting revenue and maintaining a successful property management business.
Learn about the psychology of pricing strategies and the importance of providing exceptional service to retain clients. Discover valuable insights on increasing revenue through tenant programs, application fees, and owner management fees. Don't miss out on expert advice to elevate your property management business and achieve long-term success.
Check out episodes featuring Allison Disarro:
Introducing Enterprise Bank with Allison DiSarro
Finally A Bank That Gets Property Management!
Learn from one of the best run property management companies around by following this link and sign up for the RentWerx Summit!
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
How does the NAR Lawsuit settlement affect you as a property manager? The recent NAR lawsuit has caused major changes in the real estate industry and property management needs to be prepared. Brad is here to guide you with his decades of experience in real estate and property management; he dives into the recent NAR lawsuit settlement and its impact on the property management industry.
With in-depth analysis, Brad highlights the antitrust violations and price fixing practices of real estate agents and explains the compulsory membership of NAR and their control over MLS data. You'll also learn about the changes and guidelines that will be implemented due to the settlement, including the requirement for signed buyer agreements prior to property showings.
Brad also predicts a decline in buyer's agency and urges property managers to stop offering co-broker commissions in leasing. This episode is packed with what you need to know post-lawsuit settlement.
Learn from one of the best run property management companies around by following this link and sign up for the RentWerx Summit!
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
Join Brad Larsen, property management maven and the brains behind the Property Management Mastermind Facebook group, as he unfolds the essentials of crafting effective property management agreements. With years of honing the perfect agreement through his experience managing over 1,000 homes with RentWerx Property Management, Brad shares invaluable insights derived from the evolution of their custom agreement, designed to protect both property managers and owners. This episode delves deep into groundbreaking practices, including the development of the "Owner Benefits Package," which revolutionizes property maintenance and client satisfaction, all while embracing a transparent fee structure and the power of digital automation for seamless client onboarding.
Dive into a discussion enriched with innovative clauses, technology-driven solutions for agreement management, and strategic partnerships that elevate the property management game. Whether you are new to the field or looking to enhance your existing agreements, Brad's expert guidance, rooted in real-world examples and bolstered by a forward-thinking approach, offers a comprehensive roadmap to mastering property management agreements and fostering enduring relationships with property owners.
Learn from one of the best run property management companies around by following this link and sign up for the RentWerx Summit!
Learn how the best in the business are generating more leads, earning more business, and generating more revenue at the BizDev Seminar.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
Looking to enhance your property management practices and drive profitability? Dive into optimizing time management and resources, handling challenging properties, and curating a lean portfolio for a prosperous property management venture. Join Brad as he unveils key strategies for streamlining operations in property management. Through actionable tips and expert insights, this episode delves into the significance of a robust value proposition in attracting high-quality owners and homes.
Master the art of optimizing time management and resources, managing complex properties, and upholding a lean portfolio to thrive in property management. Don't miss this insightful discussion! Optimize your operations now and elevate your property management game. Tune in for enhanced efficiency in your property management endeavors!
Learn from one of the best run property management companies around by following this link and sign up for the RentWerx Summit!
Learn how the best in the business are generating more leads, earning more business, and generating more revenue at the BizDev Seminar.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
Are you tired of chasing quick growth in your property management business? How can property managers balance growth with quality? Discover the secrets to achieving sustainable growth and exceptional service on this episode of The Property Management Mastermind. Brad shares his insights on how to diversify in property management and maintaining a balance between expansion and quality service. Learn practical strategies for long-term success and explore the evolving landscape of property management consulting and coaching. Join us as we dive deep into the world of sustainable growth in the industry. Don't miss out on this transformative episode! #PropertyManagement #SustainableGrowth #BusinessGrowth
Learn from one of the best run property management companies around by following this link and sign up for the RentWerx Summit!
Learn how the best in the business are generating more leads, earning more business, and generating more revenue at the BizDev Seminar.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
Ready to stand out from all the other property management companies? Look no further! Brad is here to share his insights on the power of branding in property management. From establishing a strong online presence to incorporating branding strategies, Brad emphasizes the importance of creating a professional image for business success. Plus, he reveals his experience with yard signs, website development, getting hacked by Russians, and marketing strategies for growth. Don't miss out - hit that play button now!
Learn from one of the best run property management companies around by following this link and sign up for the RentWerx Summit!
Learn how the best in the business are generating more leads, earning more business, and generating more revenue at the BizDev Seminar.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
Are you ready to take your property management business to the next level? Look no further! In this episode Brad breaks down effective strategies for expanding your property management business. Whether you're looking to grow organically or through acquisitions, Brad shares invaluable tips and tricks that are tailored specifically for property managers looking to expand their business. From boosting your client base to increasing profitability, Brad covers everything you need to know for success in the industry!
Learn from one of the best run property management companies around by following this link and sign up for the RentWerx Summit!
Learn how the best in the business are generating more leads, earning more business, and generating more revenue at the BizDev Seminar.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
Get ready for an exciting new episode of the Property Management Mastermind Podcast with host Brad Larsen! After a brief hiatus, Brad is back and eager to share the revamped podcast experience with you. In this episode, he breaks down the new monologue format that will allow for open discussions on various property management topics. No more commercials means a streamlined listening experience packed with valuable insight and perspectives from Brad. Plus, he'll be discussing why the podcast took a break and what to expect in future episodes. So don't miss out on this informative and engaging episode as we dive into the world of property management together. Don't forget to subscribe for more valuable content! #PropertyManagement #PodcastRevamp #BradLarsen
Learn from one of the best run property management companies around by following this link and sign up for the RentWerx Summit!
Learn how the best in the business are generating more leads, earning more business, and generating more revenue at the BizDev Seminar.
Follow this link for the episode with Peter Lohmann.
For the episode with Casey Powers click here.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative.
Are you looking to maximize your content marketing strategy and leverage the power of podcasts? Look no further! Brad is joined by Matt Tompkins of Two Brothers Creative to uncover the secrets behind successful content marketing and explain how podcasts can be powerful tools for building an audience. Tune in now to unlock all the tips and advice you need to get ahead in content marketing!
Click here for a free strategy call with Matt!
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative 2023.
Struggling with churn in your property management business? In this episode, we'll show you how to take control of churn in your property management business. Learn practical strategies and tips on how to identify problems, develop solutions, and successfully reduce churn rates. Get ahead of the competition and start controlling churn now!
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative 2023.
Have you been wondering how to preserve your legacy for generations to come? Do you want to ensure that the values, life lessons, and experiences you've been working hard for are passed down and used as a guiding light in the future? In this episode, Brad is joined by Deb Newell, and they'll discuss various tips on how to protect and manage your wealth along with strategies that will help ensure that your values are kept alive long after you're gone.
Click here to sign up with Deb right away!
To connect with Deb directly send her an email:
dnewell@realtimeconsultingservices.com
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative 2023.
Are you ready to take your business to the next level? Join Jeff Cohn, of Elite Real Estate Systems, and Brad at this year's Team Building Summit 2023. Get the latest insights and strategies on how to build a cohesive team that excels. Learn what it takes to create new pillars of opportunity and boost your business' potential. Unlock the keys to success by attending this important event!
Tickets to the event can be found at Team Building Summit.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative 2023.
Are you looking to take your business to the next level? Ready to unlock the value of your hard work and prepare your business to sell, but never actually sell it? Learn how to strategically build, manage, and position your business for maximum return on investment in this step-by-step guide to Build To Sell, But Never Sell. Brad Larsen takes the stage at PMMCON 2023 and talks about key strategies to elevate your business to a level that be prepared to sell now or decide later.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative 2023.
Are you hiring for your organization and want to make sure you have qualified candidates? Don't miss this important video about why background screening is a vital step in the hiring process. Hank Balevic is a former FBI Agent and started FIdelity Data Service to make sure companies are doing background checks the right way. So many criminals can fall through the cracks and hiring the wrong person can be dangerous. Find out all the must-know information about background screening and how it can help your business succeed.
See how Fidelity Data Service can help you hire the right person.
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative 2023.
Are you tired of the hassles that come with leasing your property? Let Sunroom Leasing provide the perfect solution for all your leasing needs in one convenient location. In this episode, Cody Frank joins Brad to explain how Sunroom Leasing streamlines the process, taking you effortlessly from listing to move-in.
See how Sunroom Leasing can help you with a free demo!
Connect with Brad's team at www.rentwerx.com!
This podcast is produced by Two Brothers Creative 2023.
Are you looking for a more efficient way to manage your property? If so, you may want to consider using artificial intelligence. AI can help you automate many tasks, such as tenant screening and rent collection. In this episode to learn more about the benefits of using AI for property management.
Matt Speer, Founder and CEO at Property Management Advisory joins Brad live at PMMCON 2023 to talk about how his company is using AI to help property owners and managers. He shares his insights on the current state of AI in the industry, as well as how he sees it changing over time. Tune in to find out if this could be the answer you’ve been looking for!
Visit Property Management Advisory to see how they can help you achieve your goals and use AI to make your life easier.
Landlords are often painted as the big, bad wolf, but how broad of a brush are we using in this analogy? With the Biden Administration’s proposed Renter’s Bill of Rights, landlords are finding themselves at the short end of the stick, which many believe will actually end up hurting tenants in the long run. This episode features Brian Phelt, owner at ForeFront Property Management, as he and Brad break down the proposed legislation, what it means for tenants and landlords, and what should really happen if we’re serious about improving renter/landlord relationships.
Link up with Brian.
Connect with Brad's team at www.rentwerx.com!
Don’t have a lot of capital, but want to invest in properties? Or lessen the risks in your portfolio? There are plenty of opportunities in multi-family syndications that create great returns on your investment while lowering the risk of being the sole owner of a property. Reed Goossens has had plenty of success with the multi-family syndication business models. He talks with Brad about what you can do to find success with these multi-family syndications.
Learn more about Reed!
Connect with Brad's team at www.rentwerx.com!
What’s the current state of the property management market? Why is 2023 looking to be a great year for property managers? The state of the property management market is looking good for 2023! Scott Brady joins Brad on this episode to discuss the state of the industry and what factors lie ahead. They analyze the opportunities and potential, changes in tenant demand, digital transformation tools and more, that have set up a great year for those in property management.
Want to know more about the market? Link up with Scott.
Connect with Brad's team at www.rentwerx.com!
What's the deal with tenant and owner churn? In this episode, Brad and RentWerx CEO Melanie Thomas dig deep into a concept that usually strikes fear in every property manager: Churn. But what if they told you it can actually be good sometimes? Take off your skeptical hat (just for a bit) as these two explore different types of churn and discover why it isn't always negative!
Connect with Brad's team at www.rentwerx.com!
What does it take to be the toughest man on the planet? Just ask James “The Iron Cowboy” Lawrence. After completing 50 Ironman-distance triathlons in 2015 and being dubbed “toughest man on the planet,” James Lawrence kept moving forward. It’s this drive, this ambition, this toughness that sets him up to be a source of inspiration for millions – not just for athletes, but for anyone with a mind to get up and go. This episode features an in-depth look into Lawrence’s mindset and how he sets himself up for success by establishing his ethos.
Connect with James Lawrence at https://www.ironcowboy.com/
Connect with Brad's team at www.rentwerx.com!
How much time do inspections really take property managers? Is there a more effective way to ensure your properties are in the best shape possible at any given moment? Enter ZInspector – your property inspection solution. This episode features Andy Wallace, the founder of ZInspector, as he discusses how his company infuses modern technology into their inspections to ensure your property always gets a passing grade.
Connect with Andy and the rest of the ZInspector team at https://www.zinspector.com/
Connect with Brad's team at www.rentwerx.com!
If a dog is man’s best friend, PetScreening is your property manager’s best friend. Whether you have tenants with pets or not, implementing the PetScreening service will make your property management world much easier! This episode features John Bradford, the CEO of PetScreening, and dives into the need for quality pet policy and management for your properties.
Connect with John and the rest of the PetScreening team at https://www.petscreening.com/
Connect with Brad's team at www.rentwerx.com!
How can property management companies optimize their presence on search engine sites such as Google as well as social media platforms? In this episode, learn how search engine optimization is used and how it can increase your exposure and ratings on Google and social media platforms. Alex Hassoulas joins us to share how his company, Upkeep Media, can streamline that process for you
Connect with Alex and the rest of the Upkeep Media team at www.upkeepmedia.com.
Connect with Brad's team at www.rentwerx.com!
If you want to run an efficient real estate business, you have to assess and understand your rent roll. This episode of the Property Management Mastermind podcast features Tarsi Hynes coming to you live from Australia! She and Brad discuss the details of what distinguishes The Tarsi Way and how to maximize your rent roll and streamline how you do business.
Connect with Tarsi at www.thetarsiway.com
Connect with Brad's team at www.rentwerx.com!
It's one of the biggest issues in property management: pests. Nobody wants them, but what's the best way to prevent them? This episode dives into the world of Justin Clements of Pest Share who explains the reason why he helped start his company and why when it comes to managing properties, you want as much taken off your plate as possible, especially when it comes to pest control.
Connect with Justin at www.pestshare.com
Connect with Brad's team at www.rentwerx.com!
If you could talk to yourself ten years ago, what kind of advice would you give yourself? Property management is a challenging industry to begin with, but when you’re starting your own company within the industry, sometimes we wish someone would just tell us what to do and what not to do. From property management tech to behind-the-scenes mistakes to avoid, this episode features Peter Lohmann, the CEO of RL Property Management, as he shares his unique perspective into the world of starting your own property management company.
Connect with Peter at https://www.peterlohmann.com
Connect with Brad's team at www.rentwerx.com!
What do companies, especially in the real estate market, need to know in order to have a successful accounting department? This episode features Mark Kappelman, co-founder of Real Estate Accounting, and explores the world of company accounting, what mistakes you should avoid, and how you can build a successful accounting department within your company whether it’s third party property management or owner-operators.
Connect with Mark and REA at www.realestateaccounting.co!
Connect with Brad's team at www.rentwerx.com!
The burden of eviction notices and process serving is heavy enough. Not to mention all the time that could be spent focusing on your properties. What if there was a way you could get out of having to drive to your properties or avoid a potentially dangerous situation with a bad tenant eviction. Steve Bachtel joins the podcast to talk about how Proof can properly serve notices, reduce risks, and why they’re called the Uber of process serving.
To learn more visit www.proofserve.com.
Connect with Brad's team at www.rentwerx.com!
Ever have an irate tennant leave an unjust negative comment? We know negative reviews can have a big impact on your business, and while we want to lead the charts on Google, it's becoming more and more difficult when there are unpredictable reviews and negative comments. Joining Brad on today’s episode is Dan Bergano of Review Refresh. Dan has developed a process that gets results and removes those negative comments that are dragging down your Google ratings.
Brad shares his thoughts on how Dan’s work has elevated RentWerx ratings and how it increases visibility.
Connect with Brad's team at www.rentwerx.com!
Review Refresh can be found here: www.reviewrefresh.com
How do you avoid experiencing the “burn out” that takes down so many realtors and property managers? In this episode we’ll help you find the fire for real estate and which pitfalls to avoid with renowned real estate guru and motivational speaker Cheryl Knowlton. Cheryl is a guest speaker at the upcoming 2023 PMMCon, and explains how it all starts with feeling safe, knowing where your comfort zone is, and then learning how to slowly expand that.
Cherly also covers:
What scares you the most when it comes to real estate?
What excites you the most?
What are you doing about it?
Connect with Brad's team at www.rentwerx.com!
To know more about Cheryl visit her site: cherylknows.com
Finding the right person for the right job can be taxing. Especially when there’s tons of qualified candidates out there. Brian and Stephanie Hughes from BizDev Mastermind join Brad Larsen on this episode and share their success story of connecting people while helping companies grow, the challenges of recruiting qualified candidates in the Austin market, and how their new product Virtual Sales Managers can help find the right members for your team.
Connect with Brad's team at www.rentwerx.com!
To know more of the services Biz Dev provides check out: bizdevmastermind.com
To evict or not to evict, that is the question! In this episode, Brad Larsen and guest Larry Bellack of Possession Partner dive into the world of eviction notices. As the owner, when should you evict, what are the steps leading up and through evictions, and what can you expect if a case goes to court. From fickle judges to moratoriums, this episode of the PMM podcast covers the eviction spectrum.
Connect with Brad's team at www.rentwerx.com!
Pay attention! Brad has a few things he needs to get off his chest! From the current state of the industry to best practices, lawsuits that could impact realtor commissions to handling the headache that is churn, this episode features a rant of sorts, but a rant that you need to hear! Could the real estate industry be on the verge of a major shift? Is there a “scheme” when it comes to leasing and realtors branching off on their own? Grab the popcorn and listen as Brad gets on his soapbox!
Learn more about RentWerx at www.rentwerx.com!
Is your maintenance line constantly ringing? Or losing information because of different data software packages. Todd Ortsheid, Co-Founder & CEO at Always There Repair talks with Brad about what his team has developed to make first-call solutions and repair logs into your database without hassle. Plus, how to fee max your property.
Links: https://www.propertymanagerassist.com/
https://www.alwaysthererepair.co/
Joining Brad on this week’s Property Management Mastermind Podcast is John Higgins of Steady. John has spent years developing unique products that help reduce risk and generate revenue for property managers and owners of single-family rentals. Today he talks with Brad about what those unique products are and how beneficial they are all around. John’s Info: https://www.steadyrent.com/
john@steadyrent.com
Learn more about RentWerx at www.rentwerx.com!
Want to stay competitive, but having difficulty finding the right numbers? Daniel Craig, Founder and CEO at ProfitCoach is back on the podcast. He talks with Brad of how their benchmark study helped shape the NARPM Accounting Standards and how the data helps you choose competitive figures. Also, what you can do to get a chance for a free consultation regarding your numbers. See how Profit Coach can help your Property Management business grow! https://www.pmprofitcoach.com/ Connect with Daniel Craig on LinkedIn https://www.linkedin.com/in/daniel-craig-99751234/ Learn more about Brad Larsen and RentWerx at www.rentwerx.com!
The days of security deposits are nearing the end. What other options are out there to cover your property? Eric Wetherington, former president of NARPM has spent years going over policies and managing properties. He talks with Brad about what he and his team have developed to not only cover your property from damages; but also provide mutual assurances that benefit tenants, owners, and property managers. Join us for this win-win-win episode.
Eric’s website: https://yourris.com/
He’s done it all; started a successful business, sold it, mentors and coaches multimillion dollar clients, and a pilot. Steve Rozenberg shares his story of success with Brad. He talks about how he got into the real estate business, the ups and the downs, and what you can do to get those bigger pockets.
Want your investors to keep investing? Or have them continuously provide you with referrals. Brad Randall of Welch Randall Real Estate joins Brad and shares how to enhance boring line items from a quarterly document into an interactive engagement and how he went from forgettable trinkets to providing memorable experiences for his investors.
What's the reality of work with remote team members? How much can you save, or are you looking at spending more going remote? When it comes to competition and customer service, remote team members can often give your bottom line a boost, but sometimes that can come at a price. This episode of Property Management Mastermind features Todd Breen of Virtually Incredible. Not only does Todd have years of service mentoring agents and other property management team members, he has also found success in nearly every facet of business, largely due to remote team members. Learn more about Todd Breen and Virtually Incredible HERE! Learn more about RentWerx HERE!
Why is it so challenging for property owners to find the right insurance for their rentals? The Truth is that it doesn’t have to be, thanks to innovative companies like Steadily. Adam Swearingen and Datha Santomieri of Steadily join Brad to talk about the current challenges and the solutions for the property management industry. Adam and Datha work to find the right insurance coverage for property owners and managers, as well as streamlining the entire process for their clients. www.steadily.com/partners/pmm
This week on Property Management Mastermind, Brad talks with Eric Wetherington of PURE Property Management. After having similar issues with getting tenants in their doors due to a lack of upfront money for deposits and fees, we discuss a number of possibilities on the future of security deposits. Have we found a solution? Check out Eric's website at https://yourris.com/ Get your tickets now to the Property Management Mastermind Conference in Las Vegas at www.pmmcon.com!
What is an institutional buyer and how do they affect the property management business? ILE CEO Mahesh Shetty talks with Brad about the institutional buying gig, investors who build specifically to rent, the types of houses worth investing in, and what kind of jobs potential buyers have (and how that can impact what property's are worth investing in), and so much more!
Learn more about the work of Mahesh Shetty HERE!
Get your tickets now to the 2022 Property Management Mastermind Conference in Las Vegas this May! Tickets are available now at www.pmmcon.com! OR JUST CLICK HERE!
Connect with Brad Larsen and his team at RentWerx at www.rentwerx.com!
On today's podcast, Brad is joined by Brian Hughes of BizDev to learn all about business development for your business as a property manager. They share their experiences, setbacks, and lessons learned that will help you execute a strategy for success!
Listen to Brian Hughes and the BizDev Mastermind Podcast anywhere you listen to podcasts!
Find BizDev online Here!
Connect with Brian Hughes on LinkedIn
Get your tickets now to the 2022 Property Management Mastermind Conference in Las Vegas this May! www.pmmcon.com!
We are seeing a shift of emphasis in the property management industry that is making sales more important than ever before. Bill Middleton and Debbie Lariviere of Middleton Elite Coaching join Brad Larsen to talk about training sales representatives, coaching sales reps for best results, and just how much growth you can develop with sales done right! Learn about the power (and profit) from real estate sales networks in this episode of the Property Management Mastermind podcast! Bill Middleton and Debbie Lariviere launched 'Middleton Elite Coaching' in 2018 and they are passionate about helping others define their specific level of success, and create action plans for exceeding their goals! Through their customized coaching programs, see how MEC can increase your company's growth at www.middletonelitecoaching.com!
Get your tickets now to the 2022 Property Management Mastermind Conference in Las Vegas to hear more from incredible speakers at www.pmmcon.com!
Marketing is a crucial component for any company's growth, but it is even more critical in 2022 for the Property Management Industry. Brad is joined by Matthew Whittaker is the founder and CEO of Evernest where Spencer Sutton is their marketing director. Together, Matthew and Spencer host the podcast '300 to 3000' and they bring their expertise to the Property Management Mastermind podcast to help your marketing for growth.
Learn more about real estate and property management investing at www.rentwerx.com!
From property management to managing remote professionals, Jeremy & Gwenn Aspen have been successful in both. After just recently selling their property management company, they’ve switched their focus to their remote professional company and now are here to join Brad Larsen in discussing the benefits American companies can find by hiring remote professionals to help grow and strengthen property management companies. Learn more about the podcast and investment opportunities at www.rentwerx.com!
Get your tickets today to the 2022 Property Management Mastermind Conference in Las Vegas at www.pmmcon.com!
Ever been denied a rental because your credit score was too low? Or perhaps as a property manager, you wanted to do something more for a denied applicant. Dylan Shively, founder of the James Warren Group, talks with Brad about how your credit score works, how you can make it work in your favor, and the benefits a property management group could have by working with a credit score miracle worker.
Learn more about the opportunities of real estate investment and property management at www.rentwerx.com!
Brad is joined by software developer & Lead of Sales Zach Berkompas of LeadSimple, to discuss its benefits in making sales easy, tracking and reminding about leads, and improving operations all while growing your business with the customer service every client craves today.
Rob Hahn is a thought leader in the property management industry and he joins Brad Larsen to discuss predictions and outlooks for 2022. Rob spoke at the 2021 Property Management Mastermind Conference, and as the 2022 conference approaches, many are curious to learn about what Rob Hahn sees for the future of property management in this year and beyond. Rob Hahn is the founder of 7DSassociates, based out of Las Vegas, NV.
Learn more about Rob and his work at their website here!
Franchising in Property Management can eliminate pain points and result in tremendous growth (and profits!). Randall Henderson of Property Management, Inc. explains the benefits of franchising in property management, how it works, and how to create growth with lead generation and even HOA!
Finding the right coach in any industry can be a game changer, especially in property management. Kathleen is a property management coach who has helped property managers achieve big goals, hit impressive growth numbers, and execute a game plan for success. Today she shares her expertise, tips, and tricks for how to maximize your business success through property management coaching.
Register for a FREE webinar and training today Learn more about Kathleen Richards' Property Management Coaching: PM Made Easy The Property Management Coach Website
Learn how you can benefit (and profit) with PestShare pest control. Eliminate the risk of property damage, moving costs, and even lawsuits by getting those pests under control. PestShare works similar to a 'CooP' and Brad talks with Landon Cooley about all the benefits for property managers and owners in this episode!
Brad is joined by Rentvine's David Borden to talk about the software, new features, and all the ways it can streamline your operations. Melissa Sharone shares her first hand experience of implementing Rentvine in her property management company. In this episode we hear from the people behind Rentvine and the people applying it to their company first hand!
Brad and Debbie share the day of consulting at Rentwerx to increase sales and expand on new opportunities to generate revenue within the property management industry.
Brad Larsen is joined by Robert Gilstrap, who is leading the fight against the CDC's moratorium on rent and evictions. The Supreme Court determined that the CDC did not have the authority to enforce the moratorium, so why is the government continuing to force property owners to follow it? Robert and Brad discuss on this episode of The Property Management Mastermind Podcast!
On this episode of the Property Management Mastermind Podcast Brad is joined by Ray Hespen of Property Meld where they talk about turning property owners into investors, how much money you can make with in house maintenance, and learning what to outsource.
Brad Larsen talks with Shawn Johnson of HomeVault about raising private money vs. venture cap funds, how to use your business to do other things and accomplish bigger goals, plus so much more in this new episode!
On today's podcast Brad Larsen talks with Michael Catalano about the initiation and development of "Pure," a property management company. Mike has had a long career in property management and he talks with Brad about the new venture, as well as current topics of debate such as the eviction moratorium and what that means for the property management world.
It's almost time for PMMCON, so Brad is bringing on Marquee speaker Rob Hahn to discuss what his presentation at the conference will be like. They also talk about the real estate market in general and how it relates to property management, plus where his research is pointing to for the future and much more on this episode of the Property Management Mastermind Show.
Listen, as Ron shares his bizarre journey to where he is today, and the real estate markets overlap with property management. Rob talks about some topics he will discuss at PMMCON, the wealth of data out there that isn't being collected, and the shifts he believes we will see in the industry in the next five to ten years.
Rob discusses what is happening in the real estate and real estate sales, what happens if the Buyers Agency Commission goes away and the things he sees happening in the real estate market right now. Brad touches on some things about builders and how they have changed how you buy newly built homes.
Rob believes that the real actionable stuff at the conference will be not what the speakers talk about, but what the attendees talk about and what you can learn from the people around you. Have you registered yet? Don't be late to the party; go to PMMCON.com to register. See you there!
*Announcement* The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to PMMCON.
In this episode:
[02:21] Welcome to the show, Rob!
[02:28] Rob shares his background and the bizarre path to where he is today.
[05:43] Rob speaks about the residential real estate market and the overlap with property management.
[08:13] Rob says he is very excited to share his take on property management at PMMCON.
[10:15] Rob believes there is a wealth of data out there that isn't being collected.
[11:35] Rob thinks there will be some real shifts in the industry going forward.
[13:32] Rob says that data is a commodity that powers everything.
[16:32] What is going on in real estate and real estate sales?
[19:09] Rob discusses what happens if the Buyers Agency Commission goes away.
[23:22] Brad shares some things about the real estate market, builders specifically.
[26:16] Rob speaks about the real estate market and what he sees happening.
[29:41] One thing Rob will speak on at the conference is politics.
[32:13] Rob says that most renters don't have any experience with the landlord; they have experience with the property manager.
[34:26] The real actionable stuff at the conference will be to talk to the people around you.
[36:34] Do you think property managers should have a license so they can be regulated?
[39:51] Thank you for being on the show!
Ron Hahn:
7DS Associates
Ron’s Blog
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
In this episode of Property Management Mastermind Show, your host Brad Larsen and his guest Christopher Clothier discuss the importance of customer service in the property management industry, what makes a property management company such as Christopher's effective, how Christopher's company came out stronger as a result of the COVID-19 pandemic, and so much more!
Christopher will be speaking at the Property Management Mastermind Conference (PPMCON) the afternoon of Friday, May 21st. He is a partner of a family-owned company called REI Nation that has been around for almost twenty years, starting in 2003 as a company that would buy, renovate, and sell property to investors who wanted to own said pieces of property on a long-term basis, and they now manage properties in eleven different cities across the southeastern part of the United States. What’s even more is that they expect to exceed 7,000 properties this year!
Despite all of his impressive success, however, Chris is nothing if not humble. He credits people who have taught him along the way such as his father. He also announces that he still feels that he has a lot to learn and can't wait to listen to and learn from other attendees of the upcoming PMMCON! Be sure to check out his wonderful book, The Turnkey Revolution!
*Announcement* The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to https://pmmcon.com/.
In this episode:
[2:30] – Welcome to the podcast, Christopher!
[2:46] – Chris shares his background and experience with us.
[5:46] – Brad enthuses over Christopher's upcoming presentation at PMMCON.
[7:13] – Chris closes further in on how his company is a customer service company which makes effective management crucial.
[8:17] – Chris lists off the basics of what makes his company a good company – great communication and accountability and making sure that they follow up on promises and commitments.
[10:29] – We learn how the COVID-19 pandemic has affected and changed REI Nation, as well as how the company endured despite the uncertainty and difficulty.
[13:40] – Chris reveals that a lot of the rules put in place because of the pandemic – such as contactless arrangements – were already being done by the company because of how expansive across regions that they were.
[16:01] – Brad compliments Chris on how impressive the success that he maintained during the pandemic is.
[17:27] – The COVID-19 pandemic allowed Chris and his company to be proactive rather than reactive.
[19:55] – Brad shifts the conversation toward the upcoming PMMCON, and Chris shares that he is most excited about listening to and learning from others at the conference.
[22:19] – We hear ways that we can get in touch with Chris outside of the conference.
[23:09] – Chris discusses and describes the premise of his book, The Turnkey Revolution.
[25:02] – Thank you for being on the podcast, Chris!
Find Christopher:
REI Nation
The Turnkey Revolution: How to Passively Build Your Real Estate Portfolio for More Income, Freedom, and Peace of Mind
Links and Resources:
Property Management Mastermind
PPMCON
Property Management Mastermind Group on Facebook
zInspector
PointCentral
Citizens Home Solutions
SureVestor
Today your host Brad Larsen and his guest Matthew Dixon discuss changing the mindset around the customer experience, the books he's written, and what he will be speaking about at the Property Management Mastermind Conference, plus much more on this episode of the Property Management Mastermind Show.
Matt is the Marquee Speaker at PMMCON and has written three books, The Effortless Experience: Conquering The New Battleground For Customer Loyalty, The Challenger Sale: Taking Control of The Customer Conversation, and Machine Learning in Finance: From Theory to Practice. Matt has a Ph.D. in Political Economy and has studied Technology Transfer in the Aerotech Industry, but decided he wanted to take skills and focus on big companies' and their big problems and help them grow more effectively.
Listen, as Matt shares the research he did into customer service and what makes the customer happy. He also talks about the two big takeaways he got from his research, which were surprising. Matt believes that making the customer experience effortless goes, and he will dive deeper into this concept at the conference.
*Announcement* The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to PMMCon.
In this episode:
[02:52] Welcome to the show, Matt!
[03:45] Matt shares his background and what he brings to the table.
[07:07] Matt speaks about property management, getting renewals, and keeping the properties they have.
[08:55] Brad shares some differences in the property management industry in the different markets.
[09:45] Matt discusses when it's good to delight customers and create the raving fan and when it's not.
[11:22] In moments of truth, it's not enough to fix the problem. You have to do more than what the customer expects; you create a customer for life when you do.
[14:14] Matt shares the two big takeaways from his research on exceeding customer expectations.
[17:36] The key thing is that you have limited resources; delight your customers where it makes the most sense.
[19:22] Brad shares some ways you can make the customer service experience effortless.
[22:38] The actual value of what Matt has done is that they could identify companies that were doing things differently.
[25:04] Look for Matt at PMMCon in May!
[26:30] Thank you for being on the show!
Find Matt:
Matt Dixon
Tethr
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Today your host Brad Larsen and his guest Phil Mazur discuss The CFO Mission, working with RentWerx and implementing their EOS system that Phil helped with and the changes that have seen over the last two-and-a-half years, plus much more on this episode of the Property Management Mastermind Show.
Listen as Phil and Brad discuss the issues RentWerx had two-and-a-half years ago because some poor hires and lack of good people keep the checks and balances in place. After looking over the accounts and seeing what was wrong, they dissected the problems and began fixing them piece by piece. Brad also hired a local accounting firm to help put together procedures that would integrate with the systems they already had.
Phil and Brad talk about EOS, Phil being an EOS Implementer and the benefits of having an EOS system in your business. Phil shares what you can expect from your EOS system and what the role of an implementer is. EOS has twenty tools, and the beauty of the tools is that these are what make decision-making simple.
Remember to register for the Property Management Mastermind Conference, where you will learn more about EOS from Sue Hawkes on the main stage and in the much smaller group meetings.
*Announcement* The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to PMMCon.
In this episode:
[02:07] Welcome to the show, Phil!
[03:44] Phil shares how he fell into property management accounting about seven years ago.
[05:57] Phil speaks about being a virtual CFO.
[07:18] Listen as Phil shares where RentWerx was two-and-a-half years ago when they didn’t have good checks and balances in place.
[09:43] They slowly dissected what was wrong and then began fixing the company piece by piece.
[11:46] Phil talks about learning how Brad’s operation ran before he could tell how the accounting was done.
[14:17] You don’t have to do everything in-house; you can outsource some procedures.
[14:55] Phil speaks about integrating the NARPM Accounting standards.
[16:20] Phil discusses hiring and then hiring again for the accounting coordinator position at RentWerx.
[20:29] Phil talks about some issues that came up once they had some processes in place.
[22:57] Brad shares a decision point example.
[25:02] Phil speaks about the EOS system that was integrated into RentWerx.
[28:33] Brad says that the EOS system empowered the team and gave the key leaders an outline of running the business themselves.
[30:35] Phil wants to talk about the role of an EOS Implementer.
[32:22] EOS is a process because it is a business system.
[33:04] The biggest value Phil provides as an implementer is to catch you in the act of getting off track.
[35:19] Phil talks about what they accomplish in their annual strategic meeting.
[38:05] If your mission statement or core focus isn’t working for you, Phil can help you with that.
[41:08] Brad shares one of his goals for the first quarter of this year.
[43:37] They assess each of their goals with a yes or no to see what they have accomplished.
[45:51] EOS has twenty tools, and the beauty of the tools is that this is where you make decision-making simple.
[47:56] Brad feels so strongly about the EOS system that he has added it to the PMMCon Conference this year.
[49:41] Phil’s passion is to bring a CFO to every small business.
[52:01] Thank you for being on the show!
Find Phil:
The CFO Mission
Property Management CFO
LinkedIn | Email
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Sue Hawkes, a best-selling author, an award-winning leader, a certified EOS Implementer, certified business coach. Sue brings over thirty years of business experience to her clients by helping CEOs and their leadership teams succeed. Sue will be speaking at the Property Management Mastermind Conference about the benefits, features, and cool stuff behind EOS implementation.
Sue shares what an EOS system is by saying it's an operating system that helps you do the work you do best and helps you organize your business around three main distinct things, vision, traction, and healthy. Listen as she explains how these three things combine to create a functional, healthy leadership team, and your business serves your life rather than you being a slave to your business.
Listen as Sue speaks about what is involved with implementing their EOS System and why the first six months is the hardest. She talks about self-implementers and how they usually always ask for help and the various businesses and industries she has implemented the system in.
Sue is the Keynote speaker at PMMCon and shares some of what you will hear when you attend her talk, and Brad shares some of the other speakers and why he structured the conference the way he did. Have you registered yet? May is almost here, and you don't want to miss this conference.
*Announcement* The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to PMMCon.
In this episode:
[03:05] Welcome to the show, Sue!
[03:52] Sue defines an EOS as an operating system that helps you do what you do best.
[05:42] Sue shares her background, her blended family, and how long she has been doing EOS.
[07:02] Sue speaks about working in a property management company when she graduated from college.
[09:52] Brad discusses when RentWerx implemented an EOS system and how it has added value to the company.
[11:54] Sue talks about the work involved in implementing an EOS system and how the first six months is the hardest part.
[13:54] Sue shares the series of meetings, annual meetings, and the things they do consistently to help while implementing EOS.
[16:31] Brad shares how he thought he could implement the system himself without help, but how wrong he was.
[18:15] Sue speaks about how the third-party implementor usually ends up going in and helping the self implementer.
[21:24] Listen as Sue shares the industries and businesses she has implemented the system into.
[24:12] Sue talks about her podcast, book, and YouTube content creation.
[26:16] The name of her podcast is Intentional Greatness.
[28:02] Brad shares how he has arranged the speakers for PMMCon and why he did it that way.
[31:19] Sue speaks about some fun tools they have.
[34:31] Sue and her team will be available at the PMMCon conference to talk to you and answer any questions you have.
[35:27] What have you implemented in the last twelve months to improve your business?
[37:39] Sue shares about her book called Chasing Perfection: Shatter the Illusion; How to Minimize Self Doubt & Maximize Success
[40:26] Sue will be speaking on Thursday morning, May 20th, at PMMCon at the Gaylord in Grapevine.
[40:57] Thank you so much for being on the show!
Find Sue:
Sue Hawkes
Say Yess: Yess
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Peter Lohmann from Columbus, Ohio. Brad reached out to Peter recently because he put out some great information online about alternatives to security deposits. Brad wanted to continue the conversation, so he brought Peter on to talk about security deposits, preferred tenant programs, and some vendors who are in the space.
Listen as Peter shares the research he has done on preferred tenant programs and dives into detail of the key players in the space and the models they use. Peter also discusses the alternative products to security deposits and the incentives for property management companies to implement their programs.
Peter and Brad discuss why they are against security deposits and how the law is usually swayed toward the tenant even when the evidence doesn't back the decision.
Peter talks about how credit companies have different products for different industries, and Brad speaks about the collection rate percentages from outgoing tenants.
Peter shares what he has implemented in his company over the last twelve months that he is excited about and a book that he believes everyone should read called The 4 Disciplines of Execution. Peter believes that if you follow the guidelines set in this book, you can change your organization for the better in a short amount of time.
*Announcement* The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX. For more information, go to PMMCon
In this episode:
[02:20] Peter shares his background and company.
[05:18] Peter speaks about the research he has done on preferred tenant programs.
[07:54] Peter dives into details of who the players in the space are and the models they are using.
[10:06] Peter speaks about Surety Bonds as an alternative.
[13:22] Peter talks about how the tenant views insurance and why it's called a moral hazard.
[14:40] Peter discusses the three big players with new products that are alternatives to security deposits.
[17:44] Peter talks about the concerns with some groups and whether they are profitable.
[21:10] What are the incentives for the property management company to implement some of these programs?
[24:41] Brad talks about why he is so against security deposits.
[25:37] Peter shares a story about something that happened to his company in Ohio.
[28:57] Brad says that the judges don't follow the laws and usually rule in the tenant's favor at the justice of the peace level.
[31:55] Peter says that Zillow lists the jurisdiction, city, or state laws where you are looking to rent.
[34:06] Surety bond companies are not charging enough to cover the losses over time.
[37:21] Brad discusses the collection rates from outgoing tenants.
[39:03] Peter talks about the credit score issue and the products they create for different industries.
[42:19] Peter explains why it matters to property management companies with whom they partner with.
[44:12] Can you tell us one thing you have implemented in the last 12 months that benefited your company?
[47:22] Brad shares something his company just recently did.
[50:30] Peter talks about giving their new property owners a good deal and raising the rates for existing property owners.
[52:10] Brad speaks about having an owner's handbook and ties your property management agreement to the handbook.
[53:55] Peter talks about a book that gives some great ways to make changes to your organization called The 4 Disciplines of Execution.
[57:16] Thank you for being on the show!
Links and Resources:
RL Property Management
Peter Lohmann
Security Deposit Alternatives & Tenant Screening Innovation
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today’s guest is the world-famous Allison DiSarro from Enterprise Bank, formerly known as Seacoast Bank. Listen, as Allison shares her work with property management companies, how each state handles trust account compliance differently, and much more.
Listen as Allison shares her work with property management companies, how each state is different when it comes to trust account compliance and why you need someone who knows what they are doing to set up your trust account. Sometimes, even auditors don’t know if they are set up correctly.
Allison also clears up what is and isn’t insured by the FDIC. The FDIC covers accounts per tax ID number unless you have a true trust account, and then each beneficiary is insured for up to $250,000. If the trust account is not set up correctly, you could run into serious trouble should anything happen to the accounts.
Allison discusses the merger between Seacoast and Enterprise and what Enterprise saw that was appealing in the much smaller Seacoast Bank. Brad and Allison also talk about trends they see in the industry, like remote teams, remote bookkeepers, mergers, and consolidations.
One thing they are both ready for is for conferences to resume. They miss seeing people face to face and the business opportunities that come from having everyone in one place.
*Announcement* The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX
In this episode:
[02:07] Welcome to the show, Allison!
[02:25] Allison shares her background and her work with property management companies.
[04:48] Allison talks about how different each state is with trust account compliance.
[05:58] An auditor doesn’t know if a trust account is set up as a true trust account at the bank.
[06:54] Allison discusses the risks she tries to protect property management companies from.
[09:28] Allison shares what the FDIC covers. Is it per account or per tax ID number?
[11:17] When you have a true trust account set up, each beneficiary’s tax ID number is insured up to 250,000.
[14:18] Allison discusses Seacoast merging into Enterprise, which happened in November 2020.
[16:01] Allison talks about what Enterprise was interested in when they merged with Seacoast.
[18:30] Allison shares why the merge was such a good marriage.
[23:02] What are some trends you see in the industry?
[24:30] Allison talks about the incentives to property management companies in doing business with Enterprise.
[27:13] Allison speaks about why doing business with them is beneficial as opposed to other banks.
[30:02] Brad shares the trend he is seeing around remote team members.
[30:30] Allison talks about remote bookkeepers and how they are becoming more and more prevalent.
[33:11] Allison discusses mergers and consolidations and the trend she sees now.
[36:18] Brad believes that the industry is insulated by its own fragmentation.
[39:39] Allison says that HomeVault came out strong, and each person has a clear path of what they are supposed to do.
[41:52] Brad talks about Covid shutting down the conferences and the conferences that may be able to happen in 2021.
[45:17] Allison believes conferences are needed and have been very missed.
[48:39] Brad cautions any seller out there, let a business broker come in and white label you to get competing offers.
[50:02] Once you sign on the dotted line, the deal still isn’t over; there are always pushbacks.
[53:34] Thank you for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro Enterprise Bank & Trust)
Enterprise Bank & Trust
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today we are talking to three participants of the Manager's Round Table, and they will talk about some details of what they learned and how it worked for them and get a feel for what we can potentially improve on to make it a better system.
Manager's Round Table is a platform we created because we identified a need for a mastermind. Because it's a lot easier said than done, we created this platform where we have facilitators that organize the group and go through checklists of items they want to talk about in a group format twice a month.
Listen as David shares his two key takeaways from the round table, including a resident benefits package and a discussion on an owner's manual. They challenged Karen to benchmark where her competitors are and an owner's zoom call she is implementing quarterly. Brian was excited about the SWOT analysis he went through with the group and ways to earn more revenue for his business.
David, Karen, and Brian discuss some other lessons learned during the round tables and discuss continuing the format from now on as Brian says, why wait until a conference to improve your business when you can go to a round table every two weeks and bring something back to implement.
*Announcement* The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX
In this episode:
[03:15] Welcome to the show, Karen, David, and Brian!
[03:36] David introduces himself and his business in Phoenix.
[04:32] Karen shares who she is and her business in California.
[05:12] Brian from San Antonio speaks about who he is and his business.
[08:26] David was able to have the group go through a residents benefits package and discuss an owner's manual they implemented.
[10:20] Brad gives his insights on David's lessons learned.
[12:41] Karen says they challenged her to benchmark where her competitors were,
[13:28] Brad talks about secret shoppers and the benefits of it.
[15:05] What did you discover in your marketplace that made you want to change what you were doing?
[16:30] they also challenged Karen to review their expenses every quarter.
[18:23] Karen talks about an owner's zoom call that she did that she will implement once a quarter.
[19:45] Brian discusses the SWOT analysis that he was a part of in the group.
[20:42] Scott pushed them to look at their businesses and see where they add more revenue.
[22:07] What did you see as some benefits that came out of the group?
[24:21] Brad speaks about the feedback they got from the residents' benefits package.
[25:37] Brad discusses the issues they had during snowmageddon they had in San Antonio.
[26:44] Karen shares why her group at the round table is fun, especially with the accountability Deb expects.
[29:12] David says the biggest thing for him was going there with the intent to share and the more vulnerable atmosphere where everyone shared.
[31:07] Brian talks about the format and how he's making his business better every two weeks.
[32:38] The Property Management Mastermind Conference is May 19-21st! See you all there.
[33:21] Thank you for being on the show, everyone!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Are you worried about the property management industry post-pandemic? Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Brad and his guest Andy Propst are going to have a conversation about the property management industry's state along with all the cool stuff HomeRiver is working on, plus much more.
Andy speaks about his role at Home River Group and when he joined NARPM. Andy also talks about what he has been focusing on with HRG, the fun things they are doing, and the trends he sees on a national level in the property management industry. Andy and Brad both discuss Zillow and what they see there.
Andy discusses his company's acquisitions and what he has learned about doing acquisitions over the years. Brad speaks about his new company, Property Manager Broker. They share what they believe is good about tuck-ins and the benefits they can offer the employees when they merge them into their larger businesses.
Listen as Andy shares his end game with HRG and the goals he has, the difference between private equity and venture capital, and which one is better in which situation. Brad talks about the PMM.com that they plan for May and the hope that it will be a mask-free conference.
In this episode:
[02:41] Welcome to the show, Andy!
[02:46] Andy shares his background and what he is doing now.
[04:35] Andy speaks about his role at HRG.
[07:34] Andy discussed when he joined NARPM as the President.
[08:43] What have you been focusing on with Home River?
[12:03] Brad talks about people buying larger entities.
[13:36] Andy shares some fun things he is doing and what he has seen.
[15:57] Andy talks about new trends or what is happening on a national level.
[18:44] Andy speaks about the American Homes for Rents and Invitation Homes.
[21:33] Brad talks about creating a system so that you can jump if the market turns.
[23:47] Andy discusses Zillow and what they see there.
[26:05] Andy speaks about a software called Rent Ready.
[27:40] Brad gives his insights into Zillow.
[32:58] Andy discusses the acquisitions his company has had.
[35:36] Brad talks about his new company, Property Manager Broker.
[37:15] Listen as they talk about tuck-ins and benefits.
[38:48] Andy shares two things he has learned from doing acquisitions.
[41:54] Andy speaks about what is better for the seller.
[43:52] What is your goal or end game?
[47:03] Andy shares the difference between private equity and venture capital.
[50:34] Thank you for being on the show!
Andy Propst:
HomeRiver Group
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Are you frustrated with your current property management software? Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Mike Mengden with Terra Residential Services, a property management company. Listen as they discuss Rentvine, the new software coming out that everyone has been waiting several years for, and how Mike successfully integrated this software into his business, and much more.
Mike discusses why he changed to the Rentvine software and the three founders of the Rentvine product and how trusted they are in the industry. Mike describes the implementation of the new software, how much Rentvine helped with the process, and how great it was to have a company that didn't just sell a product but was willing to help you through the entire transition.
Mike also speaks about Rentvine's accounting program for tenants, owners and managers, and how they have integrated the NARPM Accounting Standards into the software for easy use. Listen, as Mike shares some questions that he believes you should ask Rentvine if you consider using their product.
Mike and Brad discuss Rentvine's automated systems and the type of properties that would work the best with this software. Rentvine has evolved over the years from their first trial to now and is open to suggestions for changes or additions they could add to make the software better.
In this episode:
[02:46] Welcome to the show, Mike!
[02:51] Mike shares his background and what he is doing now.
[04:35] Mike discusses why he changed to the Rentvine software.
[06:49] Brad talks about the developers of Rentvine and how trusted they are in the industry.
[08:23] Mike gives some background on the three founders of this product.
[11:15] Brad discusses how accommodating they were with some other products they have launched.
[13:00] How did the implementation go, and what did they do to help you on the implementation side?
[15:15] Part of the implementation is that you will have to have someone input the specialized information from your old software.
[17:00] Mike shares what Rentvine did to help get him up and running.
[19:58] Mike says that most people working with Rentvine right now are the smaller companies.
[21:28] Mike speaks about getting their owner 1099 forms and the system Rentvine built to make sure it all went smoothly.
[24:52] Mike talks about his experience with the accounting software and the integration with the NARPM accounting standards.
[26:21] Mike talks about the tenant payment portal that Rentvine offers.
[28:21] There is a two-day turnaround to receive the interest money from the tenant.
[30:15] Mike talks us through the owner payment portal process and the multiple ways to pay.
[33:17] Are you still doing your business accounting outside of Rentvine?
[34:18] Mike shares the questions he believes people should ask Rentvine when considering changing to the new software.
[37:08] Everything is automated, and you have a notification system to keep you informed.
[39:09] Mike discusses the type of management companies Rentvine works with and how flexible the software is.
[41:37] Brad speaks about having a total umbrella platform to run your management company from once you integrate Rentvine.
[43:41] Mike talks about how much Rentvine has evolved over the last few years.
[44:31] Thank you so much for being on the show!
Mike Mengden:
Terra Residential Services
Rentvine
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Stacey Salyer, the Owner of Leading Edge Property Management out of Washington State. Listen as Brad and Stacey discuss goal setting, a review of the dumpster fire we call 2020, and what they have outlined for themselves and their companies with goal settings for 2021.
Brad and Stacey discuss some of their primary business goals for 2021, like increasing sales, creating a solid tenant purchase program, and focussing on the client experience, to name a few. Brad also talks about some discount programs his company implemented in 2020 around selling homes to tenants that are ready to buy.
Listen as they talk about personal and family goals they have for the new year and their goals for the property management sides of their businesses. Stacey speaks about hiring a new agent for her real estate company, and Brad shares a funny story about the time he was in real estate back in the day. Brad and Stacey both believe that if you are not selling homes to your tenants, you are missing out on an untapped market.
In this episode:
[02:10] Welcome to the show, Stacey!
[03:27] Stacey shares her background and talks about her companies.
[05:33] One of Brad's goals for 2021 is to increase sales.
[07:00] Brad discusses how he plans to accomplish this goal.
[08:12] One of Stacey's goals for 2021 is to create a solid tenant purchase program.
[10:40] If you sell to your tenants, are you poaching?
[11:01] Stacey speaks about mining the gold mine: the owners and sending out more CMA's and doing Webinars on the 1031 exchange.
[13:18] Brad also wants to improve on their pocket listing system.
[14:22] Stacey believes they need to focus on their client experience in 2021.
[17:01] Brad shares how successful his company has been with giving discounts and credit towards closing costs if the tenant used them to buy a new home.
[18:48] Brad talks about why he believes goal setting is so important.
[19:50] Stacey speaks about what she believes is one of the most important things in goal-setting sessions.
[23:23] Bradi discusses his personal and family goals for 2021.
[24:27] Stacey shares her personal and family goals for 2021.
[27:25] Stacey speaks about some health issues she had in 2020.
[29:24] Brad chats about his property management goals.
[33:16] Stacey talks about her PM goals for 2021.
[36:24] One of Brad's campaigns for 2021 is to control his tenants' access better.
[38:39] Stacey wants to concentrate on the experience with clients and tenants.
[40:56] Do you use tenant software when you walk them through their new home?
[44:29] There is no reason for a tenant to come to your office at all.
[46:57] Recruiting on the sales side is another one of Stacey's goals.
[49:13] Stacey is looking for a very specific agent to add to her team.
[51:54] Brad shares a fun story about his time with a real estate company.
[53:43] Brad believes that you are missing out if you don't have sales in your PM company.
[54:53] Thank you for being on the show!
Stacey Salyer:
Leading Edge Property Management
Weichert Realtors
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today's guest is Ashley Simonelli, a property manager from Florida. Listen as they talk about landlords and property managers acting badly by conducting less than honorable business practices with their tenants, owners, and even among themselves.
Brad and Ashley discuss the shady practices around security deposits, how they are being used, and how some management companies spend them and then disappear. Brad shares the correct way to handle security deposits, and Ashley shares horror stories from her market.
They talk about what some management companies do around application fees and whether charging several application fees for the same property when you have a qualified applicant is shady. Brad shares the best practices he uses that comply with the Fair-housing act.
Listen as Brad and Ashley discuss landlords that want to do the maintenance themselves instead of allowing the property management company to take care of them. They discuss why this is a bad practice and how the property management company can become liable.
They finish the conversation with a discussion about pet deposits. Charge them, don't charge them, or call them fees, and how Brad protects his renters with a program he has at RentWerx. Brad gets fired up about bad property management practices, so this is definitely an episode you don't want to miss.
In this episode:
[03:36] Ashley shares her journey to property management.
[05:19] Ashley discusses how security deposits are not being held and deposited into general accounts.
[06:55] Listen as Ashley shares a story about a management company that disappeared with security deposits and rents.
[09:37] Brad speaks about the right way to handle security deposits and business accounts.
[12:05] Ashley shares some things she has seen on the leasing side around security deposits.
[14:43] Brad talks about how shady property managers operate.
[16:07] Ashley discusses what apartments do when you need a few month's extension on your lease.
[19:29] Ashley talks about a situation on a property she took over.
[20:45] Brad speaks about some things he has seen on the leasing side of homes he has taken over.
[22:33] Ashley discusses shady methods of taking applications and charging fees.
[24:02] Brad speaks about the first or best application concept, which complies with the Fair-housing act.
[26:37] Do you ever refund application fees?
[28:30] Listen as Ashley shares what she has seen on the maintenance side.
[29:37] Brad discusses landlords doing their own maintenance.
[32:16] Put yourself in the vendor's shoes; vendors do not want to collect the landlords' payment.
[33:30] Ashley talks about the maintenance side with vendors that the management company couldn't vet.
[35:33] A preferred vendor program is a better best practice than getting a kickback.
[36:12] Brad discusses monthly pet fees that cover the renter up to $5000 in damage.
[39:06] Brad shares what Rentwerx does with outgoing tenants' security deposit print out.
[40:26] Thank you so much for being on the show!
Ashley Simonelli
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today, Brad's guests, Todd Ortscheid and Scott Brady discuss going big or staying small, the merits of both, debating an article Scott wrote that with bullet points from Todd to flush out some key issues.
Todd shares his arguments for staying in the 200 - 500 door range with your property management company, whereas Scott believes that you need to go big and have multiple revenue streams. Scott says that if you take the DNA of a small company and overlap it into a larger company, it's a winning combination.
They both agree that you should know your why, why you want to stay small, or why you want to grow, know your purpose, and have a vision. Scott says that if you have a larger company, you have higher revenue, and it's easier to get a buyer. Todd disagrees and shares that a small company with a strong gross revenue is sometimes more desirable when selling.
Todd speaks about how automation and outsourcing are the ways to stay lean and mean and run a profitable company. Scott says that if you have a target client, compelling pricing, a great brand, and great customer service, you can grow your company and stay profitable.
There is nothing bad about making money just to be making money, and Scott believes you should monetize everyone you meet. The purpose of profitability is to provide a great service, and Todd has a fee program Brad recommends. There are two sides to each coin, but basically, if you know what you want and know how to get there, it doesn't matter your management company's size. You can make it profitable.
In this episode:
[01:40] Welcome to the show!
[02:36] Todd shares a little about himself.
[02:53] Scott introduces himself and what he does.
[03:48] Todd discusses his argument points for staying in the 200 - 500 doors range.
[04:23] Scott defines his argument points for going bigger for multiple income streams.
[05:34] Brad shares his insights into this debate from where his business stands.
[06:28] Scott believes you should take a small company's DNA and overlap that into a larger company.
[08:06] Todd says you need to know why you are doing what you are doing, find your purpose.
[10:33] Scott agrees with Todd that you have to know your why, but he disagrees that the number of doors you manage is about ego.
[12:05] Scott believes that people look at your gross revenue when you sell your business, so bigger companies have bigger revenues.
[14:17] Todd talks about the exit strategy idea, and he doesn't believe that you have to be bigger to have a strong gross revenue.
[17:27] Todd shares his techniques for staying lean and becoming profitable.
[18:28] Todd believes that automation and outsourcing are the keys to running a highly profitable company.
[20:56] Scott discusses staff and how owners get attached to their property managers, so if you are growing, you have a better chance of keeping your staff.
[23:16] Brad shares that he is always thinking of the how.
[24:26] Scott talks about having a target client, compelling pricing, a great brand, and great customer service, which is how he believes he is growing.
[27:41] Todd discusses how to get lean and mean and get your business to where you really want it.
[28:57] Start by mapping out your processes and procedures so you can get your VA's doing your work and automate.
[30:31] Scott talks about monetizing everyone he meets, not just the owners.
[32:40] Todd says there is nothing bad about making money just to be making money.
[33:15] The purpose of profitability is to provide a great service.
[35:25] Todd has a fee program that Brad recommends you look at.
[36:05] Brad speaks about PMMCON in May 2021.
[37:24] Todd discusses capital allocation and defines how to do it.
[39:58] The average profitability of a property management company is 6%.
[41:19] Scott shares his insight into allocating capital; he says his best investment is his company.
[43:56] What percentage of property management companies live month to month?
[47:25] Thank you for being on the show!
Todd Ortscheid
PM Assist
Scott Brady
Property Management Mastermind Conference
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today, Brad's guests Kellie Tollifson and Chrissy Wade, are discussing the NARPM Women's Leadership Council. NARPM's upcoming event is November 12th; this council focuses on developing leadership qualities in women. They want to help them become better businesswomen, speakers, and leaders in their communities and the real estate and property management industries.
Kellie is the National Association for Residential Property Managers (NARPM) 2020 President, who has been involved with NARPM since 2005 and has worked her way up through the ranks. Chrissy owns a property management company in Southern California, growing quickly and has been involved with NARPM for three years.
Listen as Kellie discusses the keynote speaker for Elevate Your Game, Dr. Michelle Mazur, and what she will talk about. Chrissy speaks about the panel, what questions will be asked, and Chrissy shares where she hopes the Women's Leadership Council will go in the future.
If you would like to learn how to be a speaker or just gain confidence as a leader, this is the event you don't want to miss. For more information, go to the Women's Leadership Council. What have you got to lose?
In this episode:
[02:25] Welcome to the show, Kellie and Chrissy!
[02:34] Kellie shares her background and her involvement with NARPM.
[03:35] Chrissy speaks about her background and when she became a member of NARPM.
[04:33] Brad shares what NARPM stands for and how beneficial it is for property managers.
[06:30] Chrissy discusses the plans that are in place for the Women's Leadership Council and how it began.
[08:40] Kellie speaks about how she was involved in forming the committee and what she believes women will receive.
[11:47] Chrissy discusses the first event the council has planned: a virtual event called Elevate Your Game, which will focus on becoming a speaker.
[14:42] Kellie shares what the keynote speaker Dr. Michelle Mazur will discuss.
[16:44] Chrissy, when people reached out to you with questions, what was the number one thing they wanted to know?
[19:33] Kellie discusses what she believes the panel will be asked at this first event.
[21:37] Chrissy shares where she sees the council going in the future.
[23:13] Kellie hopes that over time they will have the budget to get experts in the industry to help broaden women's challenges in the workforce.
[25:01] Chrissy believes that everyone needs to learn to be better at communication.
[26:07] Kellie discusses the enthusiasm she is seeing from men about this council.
[27:45] Thank you for listening to the show!
NARPM
NARPM Women’s Leadership Council Event November 12, 2020
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Welcome to this episode of the Property Management Mastermind Show with your host, Brad Larsen. Today, Brad's guests are Heather and Michael Park from Rent Bridge, a property management company in the Dallas area. Listen as they discuss process automation, all the cool stuff they have going on at Rent Bridge, some industry trends, and much more.
Michael discusses the automation system he designed for his own company that has become the Rent Bridge model. Heather shares the top products they offer property management companies, and Michael speaks about how their renewal system, their process for renewals, and the options that the tenants have.
Heather talks about the cost of the automation system and how it depends on the size of the company and how much automation they require. She also shares the return on investment and the time frame involved with changing your system to full automation.
Listen, as Heather and Micheal speak about the marketing side of Rent Bridge and the new DIY option, they are rolling out for companies that cannot afford the full version. They also discuss the new systems and products they are offering soon and what the first steps are to learn more about automation.
In this episode:
[02:05] Welcome to the show, Heather and Michael Park!
[03:00] Heather shares about Rent Bridge and what they do.
[05:18] Michael speaks about his background and why he got into property management.
[08:10] Michael discusses automation and the system he built that ended up being the model for their own management company.
[09:26] They believe they don't sell property management services; we sell communication.
[11:53] Heather speaks about the top products they offer property management companies.
[14:16] Michael does a deep dive into their renewal system.
[17:00] Brad discusses rate increases and how automation can keep the increase incremental.
[21:07] Michael shares how automated renewal integrates other systems and their process for renewals.
[22:27] Brad talks about what can happen when you renew without owners' approval.
[24:27] With automation, you have consistent communication with the property owners.
[25:02] Michael speaks about how the automated renewal system works and the options the tenants have.
[28:49] Brad discusses how consistency fits into the fair housing model.
[29:43] Heather speaks to the cost of process automation.
[31:33] She discusses what a typical client will pay, but it all depends on how big the business and how much automation they want.
[33:17] Heather talks about what the return on investment is.
[35:03] What is the time frame for setting up an automated system?
[38:44] Michael talks about the most logical and fastest way to onboard the automation system.
[39:57] Heather speaks about the marketing automation piece they are rolling out and a DIY version for people who can't afford the full version.
[42:05] Michael shares more things they are rolling out soon.
[44:51] Heather and Michael discuss the next steps if you are interested in more information.
[45:33] Thank you both for being on the show!
Find Heather and Michael:
Rent Bridge
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Have you ever wanted to do something different, take a chance, and change careers? Listen as Brad and his guest Tra Griffin of GKHouses discuss how Tra started property management as a second or third career. He came in as a COO from a different industry and helped GKHouses build their business on this episode of the Property Management Mastermind Show.
Tra talks about what he does for GKHouses, his background in the Marines and fitness, and how he got into the property management industry. Tra speaks about the differences and similarities between the fitness industry and the property management industry and how beneficial Culture Index can be to make sure you hire the best people.
Listen, as Tra discusses the operation challenges he faces when they take over different markets, how to hire strategically for tuck-in markets, and some challenges they had on the last acquisition GK did. Tra also talks about the in-house training that GK does for their internal employees to develop people to be better at their jobs and better people overall.
Brad and Tra share why they believe that the property management industry has been insulated during the pandemic, and where they see the industry going as they move forward post COVID. Tra has pivoted his career many times and always seems to come out on top, listen, and see if changing careers can benefit you.
In this episode:
[02:43] Tra shares a little about his background and knowledge of the industry.
[04:08] He speaks about what he does for GKHouses.
[05:18] Tra came out of the Marines and went into the fitness industry.
[06:46] Tra shares some big differences and similarities between the fitness industry and the property management industry.
[08:47] Tra discusses the Culture Index and how beneficial it can be in any industry.
[11:55] He speaks about the operational challenges that the COO sees when taking over different markets.
[14:14] Tra discusses the tuck-in markets and being strategic when hiring.
[15:33] What challenges did you face on the last acquisition GK had?
[19:14] Tra says that he wants to figure out a way to bring on people with no property management experience to train them.
[20:32] GK has created new in-house training to develop people to be better at their job and better humans.
[21:53] What do you see in the property management industry as opportunities right now and in the future?
[23:55] Tra speaks about the recurring revenue model and how it makes it possible to provide a great service for the owners.
[27:37] Tra says that he is obsessed with creating a scalable process.
[31:00] Tra speaks about having a leader that knows the market is essential.
[33:42] Brad shares a story about WWII that parallels his point.
[36:30] Brad discusses how deals are done in the property management industry.
[37:37] Thank you for being on the show, Tra!
Find Tra:
GKHouses
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Today, Brad's guest on the Property Management Mastermind Show is Tim Liversage, the co-owner of Stray Cat Digital, a digital marketing company. Listen as they discuss website accessibility issues and compliance issues which are the buzz topics right now. Brad feels it's very important for the property management managers to understand this, to make sure they are being implemented into their marketing and websites because the vultures are circling.
Brad and Tim discuss how attorneys are finding non-compliant websites and slapping a demand letter on you for thousands of dollars. Tim speaks about an audit program he has developed that will audit your website and tell you what needs to be updated and give you a starting point to get compliant.
Listen as Tim gives examples of large companies and celebrities that have been sued because their websites were not compliant. Tim shares that the people affected by these non-compliant websites are the blind or people who can't hold a mouse, just to name a few of the disabilities that are hindered by these websites.
Did you know that 90% of web browsing is now done on cell phones? Tim shares some statistics and gives a range of where pricing can start depending on what you need to do on your website to bring your compliance current. The bottom line is, check your website and make sure it is compliant before the vulture attorneys come after you for non-compliance.
In this episode:
[02:37] Tim shares a little of his background.
[03:47] Brad explains how these attorneys are trying to find a non-compliant website and slap you with a demand letter to get a quick settlement.
[06:33] Tim discusses an audit program that he has developed to give you a checklist of your issues.
[08:39] Tim speaks about the fair housing act, which is part of the ADA.
[10:59] Tim talks about the accessibility statement that everyone needs to have to show on their website.
[12:23] Tim shares an example of what these lawsuits look like and who has been sued.
[15:20] People who don't have a legal team usually get these letters.
[17:05] Tim speaks about who is affected by these websites that are not compliant.
[21:39] What are some benefits and features of keeping your website updated and compliant.
[24:52] Tim talks about recording video with subtitles and not using voice.
[25:41] 90% of web browsing is now done on a mobile phone.
[27:17] Tim gives a range of what it will cost to fix a website and make it compliant.
[29:33] Word press is the only platform you can use that has the budget and accessibility to fix or redo your website.
[31:41] The bottom line is that you need to make sure your website is compliant as quickly as possible.
[32:51] Tim shares some final thoughts.
[34:06] Thank you so much for being on the show!
Find Tim:
Tim Liversage
Twitter | Facebook | Instagram | LinkedIn
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Brad's guests today are four of the best minds in the industry, and they are discussing the small group roundtable that they have put together. These are the four initial facilitators that we brought in to work with the small groups. Visit www.managersroundtable.com to find the introductory pricing.
The service is basically a crowdsource type of compilation on education, with eight in each small group. These groups will meet twice a month for six months, the sessions are structured and laid out by the facilitators, and they will all be recorded so that if you miss one, you will be able to catch up.
The four facilitators are Deb Newell, Paul Kankowski, Sarah Durbin, and Scott Brady. Listen as these four share what to expect at the small group roundtables, what they are each bringing, and the benefit they feel you will receive, making the cost insignificant.
These roundtables will be small virtual intimate gatherings that will allow you to get inside knowledge from some of the best in the industry. You can't get this one-on-one education at a conference; you are getting it from your home. Sign up now while they are still offering the introductory pricing, and learning from this brain-trust, it will be like nothing you have ever been a part of.
In this episode:
[01:54] Welcome to the show!
[03:12] Brad introduces the four facilitators.
[04:08] Deb Newell shares her background and some of what you will experience at the group roundtable.
[06:36] Paul Kankowski shares about his accountability groups what he will bring to the roundtable.
[09:40] Brad speaks about each meeting's structured nature that allows people to prepare before getting into the meeting.
[10:18] Paul discusses his list for what he has planned for the roundtable groups.
[11:30] Sarah Durbin shares her background and what she is excited to bring to the small group roundtables.
[12:25] Sarah speaks about the small groups she has been in over the years.
[13:43] Scott Brady gives an introduction and shares what he thinks the small group scenario will feel like.
[15:34] Brad discusses why they are charging for the roundtable and where the money is going.
[18:23] Deb shares the value she sees in this as a whole.
[19:59] Scott will bring his SWOT exercise to the roundtable groups.
[22:52] They all share some final thoughts for the listeners.
[23:52] Thank you all for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizens Home Solutions
Rent Bridge
Managers Roundtable
Deb Newell
Facebook | Twitter
Paul Kankowski
Sarah Durbin
Facebook | Twitter
Scott Brady
Brad's guest today is Rod Khleif. Rod is a multi-family real estate investor, business consultant, and high-performance coach. Listen as they discuss the multi-family success mindset and some outstanding stuff on this episode of The Property Management Mastermind Show.
Listen, as Rod shares how he lost 50 million dollars and recouped it. Rod explains that he had single-family homes and multi-family homes in 2008 when the stock market crashed. His multi-family properties flourished while his single-family homes took him to the cleaners. Rod shares the goal-setting process that brought him back financially.
Rod discusses what he focuses on when he starts a business, the difference between purchasing single-family homes versus multi-family homes, and how the value of a multi-family property is determined. Rod also talks about the management and tenant side of the business and what he believes will happen to property owners next year.
Rod speaks about his podcast called Lifetime Cash Flow and what is happening in the commercial, private, and retail sectors during this COVID-19 crisis. Next year Rod believes the market will open up, so have your money ready if you want to invest in multi-family properties.
Rod has been in the business for many years and lost more money than most of us will ever see. His insights into multi-family properties are unique and something you don't want to miss, so sit back, relax, and get ready to be motivated.
In this episode:
[02:09] Welcome to the show, Rod!
[02:12] Listen as Rod shares his background, and how his business is doing today.
[04:47] Rod speaks about losing 50 million dollars in 2008.
[07:27] Why should you buy multi-family properties?
[09:51] In 2008, Rod's houses brought him down, but his multi-family properties flourished.
[11:38] Rod shares the steps to his goal-setting process.
[13:46] Rod speaks about the books he has written.
[16:35] Listen as Rod shares the last two steps to his goal-setting process.
[19:18] Rod shares some examples of how he pictured his goals and made them come true.
[23:01] When starting a business, what do you focus on?
[25:39] Rod shares the things he looks for when he starts businesses.
[27:31] Rod discusses the differences between purchasing single-family homes and multi-family.
[29:25] The value in a multi-family property is based on a multiple of the net income.
[33:48] Rod speaks about the management and tenant's side of the business.
[36:36] Rod shares what he thinks will happen with property owners during this crisis.
[39:36] Rod discusses the commercial, private and retail sectors and how they are doing right now.
[42:04] Rod talks about his podcast called Lifetime Cash Flow.
[43:42] Thank you so much for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizen Home Solutions
Rent Bridge
Find Rod
Rod Khleif
Bootcamp use code ‘friend of Rod’ to get in for $97
Lifetime Cash Flow podcast
@rodkhleif
Instagram | Twitter | Facebook | YouTube
Would having a company do your tenant screening for you free up some time? Brad’s guest today is Andrew Schultz, the broker/owner of Own Buffalo Inc., a real estate and property management company in New York. Andrew is also the host of the RentPrep for Landlords Podcast in addition to having his own show. Listen as they discuss property management and RentPrep for the landlords plus much more on this episode of The Property Management Mastermind Show.
Andrew shares about his business and how it is doing during this pandemic. He speaks about the classes his properties fall under, and the time it takes to get a property approved for section 8 housing benefits, which is why he charges a fee to the owners. Andrew also talks about a program his company has that has been working really well so far.
Do you have in-depth screening criteria? Brad and Andrew discuss how important it is to screen well if you want to have a low percentage of late payments and foreclosures. Andrew shares how he got involved with RentPrep and the screening process they use that works well for Own Buffalo, Inc.
If you haven’t listened to the RentPrep for Landlords Podcast, you should, and if you are a property manager, landlord, or investor, want to connect, share, learn, collaborate, and sign up for the RentPrep for Landlords Facebook group. You will be glad you did.
In this episode:
[02:30] Welcome back to the show, Andrew!
[02:34] Andrew shares a little about himself.
[03:32] What is going on in your company during this pandemic?
[05:22] Andrew describes what he means by A, B, and C class properties.
[07:15] Andrew speaks about his section 8 housing and the time it takes to get through the section 8 paperwork process.
[09:25] Do you see section 8 housing authority expanding into your B class properties?
[11:29] Brad speaks about charging owners of the Class B properties to start the approval process for housing authority funds for people who can’t pay their rent.
[15:18] Andrew shares a program his company does that works well.
[17:38] Andrew discusses how they handle their accounts, getting all the funds upfront, and providing a packet that explains everything.
[20:08] Brad and Andrew talk about screening criteria they use for single-family and multi-family.
[23:28] Brad discusses enormous companies coming in and buying up management companies and not managing them.
[26:55] Can you tell us more about how you got involved with Rentprep?
[30:11] Andrew speaks about using Rentprep for their tenant screening services.
[33:48] Where are you going to take the podcast now that you are the host?
[36:21] Andrew shares where you can find him if you want to talk.
[38:04] Andrew speaks about some issues he has seen on the Facebook group.
[39:45] Thank you for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizen Home Solutions
Rent Bridge
Find Andrew:
Andrew Schultz
Rentprep Podcast
LinkedIn | Facebook
Would you rather work from home exclusively or go to the office a few days a week? Listen, as Brad and his guest Adam Collins, a real estate broker in the Washington D.C. area, discuss the changes happening in office settings, and how to help tenants find commercial properties, investing in commercial and manage commercial properties on this episode of The Property Management Mastermind Show.
Adam speaks about the changes he sees in the office world because of COVID-19, how he believes commercial leases will change, and why blend and extend is a negotiation tactic that will allow you to pay a lower rent today but also gives the landlord stability because he knows the building will be occupied for however many more years.
Adam discusses tenant representation, how his company works with the client, and the concessions they ask for. Adam shares the pitfalls you don’t want to fall into when looking for commercial property and where he sees commercial real estate going in the next year.
When preparing to buy a commercial property, start by having a pleasant relationship with your banker. Please discuss what you are looking for with your banker and broker so they are both on the same page. If you are looking to buy a commercial property or have a commercial property to lease, this is an informative episode that you won’t want to miss.
In this episode:
[02:37] Welcome to the show, Adam!
[03:58] Adam shares what he has seen in the office world since the pandemic has kept people home.
[06:04] Adam discusses how commercial leases will change and where the trend is leading.
[07:50] Blend and extend, which allows you to pay less rent today but also gives the landlord some stability.
[10:25] Are you seeing the blend and extend negotiation tactic working in your area?
[12:20] Adams discusses tenant representation and how they work with clients to find the best lease.
[15:09] Adam shares the concessions they ask to help their clients get the best lease possible.
[19:15] What is the last minute throw in that you always ask for and get?
[21:36] Who pays for your services? What is the standard rate?
[24:10] Adam speaks about the pitch that he uses to get clients.
[26:04] Adam discusses the pitfalls that you never want to walk into.
[28:36] Spec suites are what Adam believes will be the future of the leasing world.
[31:43] What do you see on the purchasing side of commercial leasing?
[33:20] Adam shares his insights into purchasing and the types of loans he recommends.
[36:09] Adam believes that it might be harder to lease space as leases roll into renewal during this time, but it won’t be like 2008.
[39:16] Having a relationship with your banker is essential.
[40:16] Talk with your banker while you are talking to your real estate broker.
[43:54] Thank you for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizen Home Solutions
Rent Bridge
Find Adam:
Adam Collins
@adamcollins
Can you believe it’s the 100th episode of The Property Management Mastermind Show? Listen, as Brad and his guest Peter Tverdov discuss surviving the pandemic with a still-growing business in a niche that few people have found in student housing plus much more on this 100th episode of the podcast.
Peter is a property manager from New Jersey, and he has a start-up in the niche world of student housing called Tverdov Housing. He left the corporate world, survived the pandemic, and came out on top with a growing company. Peter’s mindset is that no one will do it better than he could, so he quit his corporate job in January of this year and is making it work.
Listen as Peter speaks about why he became a property manager, why his focus has been on student housing, and how a lease works with multiple students renting a single-family home. Peter talks about his tenants, making one payment with one check, and why he doesn’t do background checks on all the students in the house.
Brad and Peter also talk about the software he uses for quarterly inspections and where he sees his company in the next few years. Peter believes in building slowly, so he has a plan for adding more doors to his company in a way that won’t overwhelm them. He also discusses what he likes about renting to students and what he doesn’t.
From Wall Street to building a company around student housing, Peter has a vision, and even the COVID-19 crisis hasn’t stopped him. He knows that even though it has been slow for a while, things will inevitably pick up, and he wants to be prepared when that day comes.
Show Notes
[02:11] Welcome to the show, Peter!
[03:03] Peter shares a little of his background and how he got into property management.
[05:12] What is the climate of managing homes in New Jersey?
[07:10] Peter speaks about how he got into student housing management.
[08:25] Peter describes what student housing looks like in New Jersey.
[09:47] How does a lease work when you have multiple students in a single-family home?
[12:47] Peter shares how payments work, one person pays the rent, one check.
[16:22] Do you do background checks on each student living in a home?
[19:34] Peter speaks about the software he uses for quarterly inspections.
[20:24] Where do you want to take your company in the next few years?
[22:38] Peter discusses what he thinks the fall schedule will be for the colleges in New Jersey.
[24:13] What is your least favorite and most favorite thing about managing student housing?
[26:33] Peter believes that student housing will be a large part of his business in the future.
[28:18] Peter speaks about some concierge services his company offers to their owners and student tenants.
[31:30] Peter shares what he learned from his football coach at Rutgers University in New Jersey and how he applies it to his everyday life.
[33:45] Peter, thank you so much for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizen Home Solutions
Rent Bridge
Find Peter:
Tverdov Housing
What do you know about home automation? Listen as Brad and his guest Mark Brandt discuss what PointCentral home automation can do for your business, and the benefits to tenants, property owners, and property management. They also speak about the decreasing cost of initial entry and much more on this episode of The Property Management Mastermind Show.
Mark describes what home automation is and how it is beneficial to homeowners and property managers. Brad speaks about having Alarm.com his PointCentral system and what options he chose for the new house he bought, like the doorbell camera and the automatic locks.
Listen, as Mark shares how this system runs off your cellular network, not wifi, so if the house is vacant, you can still control the system. He discusses the benefits to the owners and tenants and how to sell the features to both.
Mark shares some features like water sensors that alert you if there is a water leak. Automatic thermostats that you can control on your phone to set temperatures in vacant homes and keyless locks that need not be re-keyed; you just change the code. These are only a few of the features that PointCentral offers to make your homes more enticing to millennial renters.
Marks speaks about the initial cost of setup, the monthly fees, and how you can get the owners on board. If you have questions or want to get in touch with Mark, you can email him at markbrandt@pointcentral.com or go to the PointCentral website for more information. There will also be a video released in the next few weeks that will show you all the features that Mark has been discussing.
Show Notes
[02:43] Welcome to the show, Mark!
[02:52] Mark shares a little about himself and his career.
[04:55] Marks discusses what home automation is and how it's beneficial to you.
[07:03] Brad shares the installation of PointCentral in his new home.
[09:58] They discuss the doorbell sensor that shows who has been at the front door.
[11:09] Mark says that PointCentral has the property management focused solution for Alarm.com.
[12:40] Mark speaks about how their system runs off cellular service instead of wifi.
[15:08] The important things that property management owners are looking for with this system are locks, thermostats, and water sensors.
[18:47] Mark describes their unattended showing platform.
[20:02] Property managers want access to management locks, which is a big win for their companies.
[21:48] Mark speaks about the tenant having an app to control their smart home.
[24:00] Mark shares the basic management packages that PointCentral offers.
[26:16] Mark chats about how the automatic thermostats can be adjusted by the management company to save utility costs while homes are vacant.
[27:50] Mark shares about the analytics of the thermostats.
[29:26] The water sensor for pipes or water heaters is excellent for vacant properties so you can be on top of water leaks.
[33:37] What are the installation costs and costs per month?
[36:04] Mark talks about the live customer support that PointCentral offers.
[38:14] Brad shares how he would market this to the tenant and owner.
[40:45] Mark gives a real case example of how home automation has helped with renting homes.
[43:05] How do you recommend getting the owner to put the money down for the initial hardware set up?
[46:07] Brad shares some ideas he thought of to get the owners on board.
[47:58] Mark shares his email address so you can shoot him an email if you want more information at markbrandt@pointcentral.com.
[49:33] Mark talks about some quick fixes that are out there, but this system will allow you to grow in the long term.
[50:48] Thank you so much for being on the show, Mark!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizen Home Solutions
Rent Bridge
Wouldn’t it be great to have a system in place that allows the utilities in move-outs to stay on with no downtime to make ready? Listen as Brad and his guest Maliece Sorrows discuss how Simplebills is making that possible. They also speak about what Simplebills is, and how long they have been around on this episode of the Property Management Mastermind.
Maliece shares how Simplebill works and what the benefits are for a PMC. Brad speaks about RealPage’s involvement with Simplebill, and Maliece shares how it will benefit the owners and tenants. They discuss how to implement Simplebills into your company, how to monetize it with your tenants and owners, and all the benefits that come with integrating Simplebills into your property management company.
Listen as they chat about how Simplebill handles compliance with utilities in all the different states where they have offices. Maliece also shares the penalties that can be assessed if a PMC tries to make money from the tenant for utility bills, how they handle delinquencies, and their default procedures.
Simplebill has partnered with Citizens Home Solutions to handle ancillary services while Simplebill takes care of the utilities, which makes everything easier for the tenant, owner, and property management company. Have you jumped onto the Simplebill train yet? If not, you need to listen to this episode because once you do, you will realize you are missing out.
Show Notes
[02:50] Welcome to the show, Maliece!
[03:39] Maliece shares her background and how she got involved with Simplebills.
[04:32] How long has Simplebills been around?
[05:33] Maliece speaks about Simplebills, what it is, and how it got started.
[08:30] Maliece chats about all the utilities being transferred into Simplebills’ name so that the services are never interrupted.
[10:40] Maliece shares how RealPage is involved and how it will help the customers.
[12:55] Brad speaks about how to implement this into your company and how to monetize it with your tenants.
[16:25] Maliece discusses how they address this on the Simplebill side.
[18:34] They talk about the added benefits that are built into the Simplebill package.
[21:27] Maliece speaks about compliance and the issues they handle with each utility in each state.
[23:41] What are the penalties that a PMC can incur if they don’t comply?
[27:22] How does Simplebill handle delinquencies?
[31:02] Brad chats about his preferred tenant program.
[32:16] Maliece discusses their default procedures.
[35:12] Maliece shares how Citizens Home Solutions will take care of ancillary services, and Simplebills will take care of the utilities; they work hand in hand.
[36:29] Maliece shares some positive testimonials from some PMCs and owners.
[38:38] Thank you so much for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizen Home Solutions
Rent Bridge
Do you have a no-touch leasing management system in place? Listen, as your host, Brad Larsen shares what they have done at his management company RentWerx to create just that kind of system. He is going through the entire life cycle of managing homes in a no-touch world in this episode of Property Management Mastermind
Brad discusses the beginning life cycle of no-touch leasing, which starts with owner interaction, and the benefits of showing vacant, move-in ready homes only. He also shares what can happen if you show and pre-lease occupied homes, the pitfalls from messy properties to renters wanting to hold over, and the issues that come from that. Brad believes that vacant, move-in ready homes will rent faster.
Brad speaks about no-touch showings and the safety benefits of them, what ghost showings are, and how online applications can work for you. He discusses getting a tenant moved in, the resident benefits package they have, and what it includes. Brad also describes the no-touch way that his company re-keys doors, does inspections, move-out, and how they finalize the security deposits.
With the current situation with the pandemic, the focus is on keeping everyone as safe as possible, and no-touch is the way to go. Because of the safety benefits and just plain convenience, it’s a system that has been and will stay in play for RentWerx going forward.
If you have had questions about how your company can do no-touch leasing, you definitely need to listen to this episode.
Show Notes
[01:49] Welcome to the show!
[02:02] Brad discusses what they have done at RentWerx to create a no-touch leasing management system.
[02:38] Brad shares the beginning of the life cycle, owner interaction, and the go-around to meeting them in person.
[03:25] Brad speaks about leasing homes in a no-touch situation, which starts with the showings.
[04:07] They market move-in ready homes only and the reasons for that.
[06:32] Brad chats about tenants that hold over and the issues that can cause if you have already leased the property to a new lessee.
[09:01] If you market a vacant, move-in ready home, it will arguably rent faster.
[09:45] How can you conduct showings with an unoccupied home?
[12:40] Follow up is always recommended once the showing window is over to make sure the property has been closed up properly.
[13:41] Brad discusses the safety factor of no-touch showings and how they can keep agents safe.
[17:11] Do you know what ghost showings are?
[19:36] Brad speaks about online applications and how they benefit everyone.
[21:54] He shares that next, they send out an approval email that includes the draft lease agreement.
[22:56] Brad chats about the preferred tenant program they use and the system they use to collect security deposits.
[26:22] How do you track your adverse action letter?
[28:14] Brad speaks about DocuSign for lease agreements.
[30:01] He shares how they get a tenant moved in and their Residents Benefits Package.
[33:00] Brad chats about rekeying the property before the tenant moves in.
[36:23] In this no-touch environment, how are you doing repairs? Periodic and renewal Inspections?
[39:35] Brad discusses the no-touch move out system they use.
[41:23] RentWerx finalizes their security deposits by regular mail.
[44:15] If they forget to send you an email that shows when they moved out, you can charge them extra days of rent.
[44:50] Thank you for listening today.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizen Home Solutions
Rent Bridge
Was your management company prepared for the mandated stay at home order? Listen as Brad and his guest, Tony Cline, discuss why his company was already working from home on this episode of Property Management Mastermind Show. Tony is running the Home Vault Property Management office in Denver, Colorado, he is an ultra runner of fifty to one hundred mile runs and a commissioner for the Arvada Urban Renewal Authority.
Tony shares that his company has been working from home for the last three years, so the work from home mandate changed nothing for them. He also speaks about videoconferencing and how his team was proactive with their communication and messaging with their landlords and tenants.
Brad and Tony chat about new technology they see that will help property management companies, why Brad's team has been looking at procedures and policy changes that will keep them relevant in the next thirty-six months and the belief that with technology, anything you can think of someone is probably working on and just trying to figure out how to make it profitable.
Listen as Tony shares his passion for being healthy and how important diet and exercise are when dealing with the stress, the marathons he runs, and what sparked his desire to get fit. Brad speaks about the Property Management Mastermind marathon he has organized that will include a mastermind session, a half marathon, and a full marathon.
If you are looking for a new perspective on working from home, new tech, and best practices for your business, you won't want to miss the information that Brad and Tony share, so grab a smoothie, relax and hit play.
Show Notes
[02:13] Tony, thank you for being on the show today.
[02:26] Tony shares a little about himself and his background.
[05:06] Tony discusses the switch they made three years ago from working in an office to working from home and how prepared they were for the COVID-19 restrictions.
[07:33] He speaks about the challenges he faced when they transitioned to working from home and how productive his staff continued to be.
[10:37] Tony chats about some video conferencing apps that he recommends.
[12:43] Tony discusses being proactive with their communication and messaging with landlords and tenants.
[15:31] Do you see websites becoming more comfortable to navigate?
[17:01] Tony speaks about interactive messages to make things more personal.
[18:44] Brad predicts that doorbell cameras will have facial recognition capabilities to allow unassisted property showings.
[19:59] Have you been able to develop any key performance indicators from your work from home team?
[23:51] Do you believe that having team members work from home is a mind shift?
[25:36] Tony shares policy procedures and policy changes they have made to be relevant in thirty-six months.
[27:38] Tony believes that as far as technology goes, anything you can think of someone is already working on.
[28:42] Brad and Tony talk about working on contactless leasing and move out capabilities.
[31:38] Tony discusses how years ago, tenants had no voice and how the internet changed it and gave them a voice.
[34:57] What interesting technology service apps do you see coming soon?
[37:18] Tony believes that these services will provide more revenue and a benefit to the tenants.
[39:40] Tony shares his thoughts on Property Managers' health practices and the importance of using exercise to handle stress.
[42:47] Brad discusses how the Keto diet has worked for him.
[43:30] Brad chats about the Property Management Mastermind session plus the marathon they have scheduled Saturday, November 7th, in Savannah, Georgia.
[45:21] Tony speaks about the best practices webinar from the Home Vault Academy.
[47:25] Tony, thank you so much for being on the show today.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Second Nature
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
EZ Repair Hotline
SureVestor
Tenant Turner
Citizen Home Solutions
Rent Bridge
Home Vault Property Management
Tony Cline
Is your management company still doing periodic inspections with the COVID-19 virus running rampant? Listen as Brad and his guest, Phil Owen, discuss this in-depth on this episode of Property Management Mastermind Show. Phil is the CEO of OnSight PROS; they have been doing 3rd party move in, move out, and periodic reports for property managers for about ten years.
Phil speaks about the need for hands-on inspections, how his team is protecting themselves from COVID-19, and what to do if the tenant does not want you in the house. He shares the technology his company has designed that will replace the pen and paper walk through that tenants do when they move into a property and the cost of the app for the management company and tenants.
Listen as Phil shares how the ‘My Walk Thru’ app allows social distancing in this time of uncertainty, and the way the app can work for security deposit documentation. Phil also describes how the 360-degree camera functions and the fact that it provides a more straightforward method to display the property if you need to go to court. He gives examples of how this has helped property managers in the past.
COVID-19 is scary, but Phil’s company has found a way that allows you to continue doing your inspections while keeping yourself and your tenants safe. Listen as Phil shares all the benefits of what OnSight PROS can do. If you are on the fence, you will definitely want to listen to this episode.
Show Notes
[02:45] Phil, welcome to the show!
[02:47] Phil shares some background about OnSight PROS and its growth.
[04:03] He speaks about some periodic inspections that need to happen, especially now with the COVID-19 virus.
[05:50] Should we still do checks before renewals? Should we let the tenant take pictures and do their inspections?
[08:51] Phil describes what they are doing to protect themselves from the virus when they are doing investigations.
[10:07] Phil tells his employees that if they have any symptoms stay home, and they have been asking the tenant if anyone in the home has symptoms.
[13:00] Management companies have to work with the tenants because if they don’t want you in the house, don’t force the issue.
[15:05] Phil gives us an example of a situation they had with a client who thought they had an inspection when they had a condition report.
[16:51] Phil shares the technology they use called My Walk Thru that will replace the tenants’ move-in report.
[21:13] What is the cost of the app that your company has designed?
[23:28] Phil believes that about 70% of the tenants turn the walkthrough information into the management company.
[25:08] Brad speaks about social distancing and how this technology can let the tenant maintain that while still allowing the management company to know the condition of the property.
[27:18] Phil chats about the way the app works for security deposit documentation.
[29:35] He details the way the tenant can use the Walk Thru app to disclose any issues they find with the property with the 360-degree cameras.
[31:39] What do you think about the technology behind the 360-degree camera?
[33:35] If you are not in a PROS market, can you still use the app?
[36:11] Phil says although they don’t have any of the training documents on their website, they do a blog about some things that people ask on LinkedIn.
[37:22] Thank you so much for being on the show today, Phil!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
We all know how expensive and stressful moving can be for new tenants. A great property manager helps make the experience as easy as possible for a new tenant. The service from Citizen Home Solutions is a great value add for property managers. It saves the tenants time and money and can bring in extra revenue through commissions and incentives.
I partner with Citizen Home Solutions with my property management company Rentwerx. In fact, I was their third customer, and if I had to do it all over again I would. I am joined today by Wes Owens, the owner and co-founder, along with Peter Hernandez the VP of Sales and Marketing. Business Development Manager Drea Hespen is also here to talk about all of the exciting opportunities that Citizen Home Solutions has to offer.
CHS is also a sponsor of PMMCON 2020. This is a property management mastermind conference in Las Vegas on March 2nd through 4th. It’s going to be an exciting and informative event. The group from CHS talks about the growth that they are experiencing and the many benefits that they offer for tenants and property managers.
Their service saves tenants time and headaches. It also saves time for property managers and generates extra cash.
If you offer a tenant benefit package, this is a great free amenity. It also saves you the time of having to follow up with tenants to make sure utilities have been transferred to their names. We also talk about some of our recent Peloton purchases and our PM Health Group on Facebook. We even talk about our upcoming Mastermind Marathon!
Show Notes
[02:51] My company Rentwerx was the third customer of Citizen Home Solutions. If I had to do it all over again I would.
[03:10] I'm excited to have these guys as partners. Their service is phenomenal.
[03:16] Drea is the business development manager.
[03:28] Peter is the vice president of the company.
[03:34] Wes is the co-founder and owner.
[04:10] Get $500 off of PMMCON through the end of the week with CHS discount.
[04:51] CHS has had a lot of growth. They started with three employees and now they have 29 employees. They are signing on a lot of national companies.
[05:56] CHS does front line sales for utilities. They set up all of the utilities and create value for the new tenants while getting rebates for the property management company. It's about commissions from the big players. Everybody wins.
[06:48] Tenants think it is the best moving experience.
[07:07] When the property manager gives tenants this free service, they love it because it cuts down on time they have to spend calling multiple utility services.
[08:23] At the end of a discount contract, you can switch names in the household and get those discounts again.
[09:01] The value add is that they set up the utilities. They also find out what providers service that specific address. It saves time and trips that the tenant would have to make.
[11:14] Benefits for property management companies is that there is no contract to sign. It also becomes part of the residence benefit package.
[12:21] In some areas you have to visit the utility in person.
[13:24] Another benefit for property managers is that tenants often lose the information you give them and will end up calling your office for help anyway. This eliminates that from happening.
[14:04] They have a customer experience department for property managers.
[15:51] Citizen Home Solutions reaches out to the residents for you.
[16:21] It also prevents tenants from not transferring the utilities to their name. CHS makes sure everything gets done.
[17:01] A tenant benefit package is a list of amenities that a tenant gets and pays for. It can start with insurance and free utility setup.
[19:24] The service is 100% free for the tenant and property manager.
[20:02] Property managers can make five figures a quarter through the service.
[20:42] Pete is the number one customer of Citizen Home Solution.
[22:12] They have a health group about exercise, being active, and healthy eating. Different property managers also wanted to join in and now they have a Facebook group.
[29:15] There is something for everyone in this motivating group. They are also having their second 5k event coming up.
[30:52] The Mastermind Marathon is going to be in Savannah on November 7th.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
#26 Allison Disarro from Seacoast Commerce Bank – Finally A Bank That Gets Property Management!
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Citizen Home Solutions
PM Health Group on Facebook
Drea Hespen on LinkedIn
PMC Partner
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
Bizdevmastermind.com
If you could learn leadership from a Navy SEAL, would you? Flynn Cochran is a former Navy SEAL and the Chief Strategy Officer for Echelon Front, a leadership consulting firm where he is a leadership instructor. Flynn uses the consulting models from the books Extreme Ownership and Dichotomy of Leadership by Jocko Willink and Leif Babin to teach individuals and businesses the principles of leadership and how to use them change cultures and lives.
Flynn shares about his SEAL training and military career, why he left to go to business school, and what he learned there that has helped him advance in his career. Flynn also chats about some of the clients that the consulting firm has helped using these leadership principles. Flynn shares how these leadership principles are available for anyone, not just business owners, and some lightbulb moments he has shared with civilians he has taught.
Flynn is the Marque speaker at the Property Management Mastermind Conference and is also doing a three-hour add on seminar that you won’t want to miss. He speaks about what he plans to teach, who his target audience is, and why attending both of his sessions will be beneficial. There will be hands-on lessons as well and discussions on decentralized command because he believes everyone needs to know their role but be prepared to step in and help anyone on the chain of command.
Listen as Flynn shares some of the topics he will touch on during the Property Management Mastermind Conference next month in Las Vegas. If you are planning on going, great, you just got a good overview of her presentation, if you haven’t bought your ticket yet, don’t hesitate they are getting scarce. You don’t want to miss the information that will blow your mind at the conference.
Show Notes
[02:46] Flynn, how are you today?
[03:10] Flynn introduces himself, his background, and why he took the position at Echelon Front.
[05:41] He discusses the two books that Echelon Front uses to teach leadership principles.
[08:12] Flynn shares his military career and seal training with us.
[11:00] Flynn speaks about going to business school once he left the military.
[12:27] Can you tell us more about business school and why you decided to go that route?
[14:49] Flynn chats about some big clients that he has helped grow their businesses exponentially.
[17:45] What are some lightbulb moments that you have seen when training civilians on these principles?
[21:33] Flynn shares what he will be speaking about during his two sessions at PMMCon.
[23:15] He details the important leadership mindsets that he will be discussing in his Marque speech.
[27:19] Flynn describes the hands-on teaching he will give during the three-hour seminar.
[29:44] Do these principles apply to everyone, not just business owners?
[31:14] Flynn speaks about decentralized command and how you need to understand your role and how you can support individuals up and down the chain of command.
[32:44] Flynn, can you give me one tidbit of what you believe the attendees will get out of the three-hour seminar?
[34:33] Flynn, thank you so much for coming on the podcast today.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
Would you like to work yourself out of a job? Listen as Brad with his guest Jennifer Stoops shares how her boss, John Bradford owner of Park Avenue Properties, did just that. John set the stage for Jennifer to take over as his replacement so she could take the reins while he pursued other ventures and promoted her from a property manager to Executive Vice President.
Brad and Jennifer discuss what she will speak about at the Property Management Mastermind Conference in March, and the challenges she faced getting her boss to trust her enough to let her take the reins of the company. They also chat about having a contingency set up in your business so that if something happens to you and you are incapacitated, someone else can step in.
Jennifer shares how important it is to make sure to have your accounting team secure when you have someone to step in to run your company. They also discuss education, getting the necessary designations, and the need to keep up with your KPI’s, so you know what is going on in your company.
Do you feel like your name has become a noun? Listen in as Jennifer shares why she feels that way about her name, why having someone assist you is necessary, and how not asking for help when you are overwhelmed can be a detriment to your job.
These are all subjects that Jennifer will touch on at her seminar during the Property Management Mastermind Conference next month in Las Vegas. If you are planning on going, great, you just got a good overview of her presentation, if you haven’t bought your ticket yet, don’t hesitate they are getting scarce. You don’t want to miss the information that will blow your mind at the conference.
Show Notes
[02:37] Welcome to the show, Jennifer!
[02:55] Jennifer, can you give us a rundown of how you ended up as the Executive Vice President at Park Avenue Properties?
[05:28] Jennifer shares how she came to be running the company.
[06:50] She speaks about John’s political aspirations to get voted to a seat in the House of Representatives.
[08:15] Brad chats about what he asked Jennifer to talk about at the PMM Conference.
[10:28] Jennifer talks about the challenges she had trying to get John to let go of the company.
[12:25] She tells us she had to show him that she would always keep him in the loop because it’s his company.
[13:49] Do you have a contingency set up in case you get incapacitated and are not able to run your company?
[15:32] Jennifer speaks about knowing that John was ready to let her take over when he finally opened the books, so she had all of the tools she needed.
[17:11] Brad says that he is grooming his second in command to take over RentWorks when he is off doing other things and the challenges they have to overcome.
[20:23] They talk about how important the accounting aspect is when trusting someone to run your business.
[22:13] Jennifer and Brad discuss watching the bottom line because you are entrusted and incentivized to do so.
[25:35] Jennifer shares about having an operating slush fund and watching the budget.
[27:58] Brad speaks about getting Melanie’s education and getting her designations so that she is ready to step in for him when he needs her too.
[28:54] Jennifer agrees with Brad on training and chats about when she started getting her designations.
[31:45] Brad and Jennifer discuss KPI’s and google reviews and what they need to be to keep your business on track.
[34:07] Jennifer says that her name has become a noun because everyone wants to get a right-hand person like Jennifer.
[36:07] Jennifer shares how they incentivize their management teams, which can keep them motivated.
[39:00] Jennifer tells us she is a control freak and is struggling with letting go and having someone help her because she can’t do it all.
[41:24] Jennifer, can’t wait to see you at the conference!
[41:49] Thank you for being on the show.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
Welcome to the Property Management Mastermind show with your host Brad Larson. Brad is speaking with John Warrillow, who will be a speaker at the Property Management Mastermind Conference in Las Vegas on Tuesday, March 3rd. John is the host of the podcast Built to Sell Radio and an author of two books. He helps entrepreneurs and business owners improve the value of their company. He has worked with over 50,000 businesses so far.
John describes the books he has written. ‘Built to sell’ is about creating a business that can run without you, and ‘The Automatic Customer’ is how to build a recurring income. John also gives a teaser about his upcoming seminar at PMMCon on March 3rd, what you will learn and how that can positively affect your business.
John also discusses a recent episode of his podcast with his guest Scott Ramon and why strategic acquirers wanted to buy Scott’s company. He speaks about what strategic acquirers are, what they are trying to accomplish, why a bidding war is what you want, and why an exclusive deal is the worst thing you can fall into. John also says that telling your employees that you are selling your business before you have the check is in your hand is the worst thing you can do.
Listen in as John talks about his Built to Sell webpage and the Value Builder System. He explains what they do and how they can double the value of your business. He believes that the key to successfully selling your company is how you treat your employees. If you want to sell your company at double the value, you don’t want to miss this episode. So plugin and enjoy.
Have you purchased your for PMMCon 2020 yet? Don’t hesitate. Tickets are selling fast!
Show Notes
[02:40] John, welcome to the show!
[02:50] John tells us a little about himself and his background.
[03:49] He describes what his first book is about.
[06:00] John talks about his second book and how that applies to property managers.
[08:09] He gives us a story about what happened at a talk he has given recently.
[09:33] Can you give us a teaser about what your seminar is about at PMMCon?
[11:09] Has your company stopped growing because you have maxed out what you can do? You need to listen to John’s seminar.
[15:17] John speaks about episode 219 of his podcast Built to Sell Radio and the advice he would give anyone who wants to be in the same position as his guest.
[18:51] Is a bidding war an acceptable practice?
[22:11] Telling your employees that you are selling the business before the check is in your hand is a big mistake.
[24:00] They key to successfully selling your company is how you treat your employees.
[24:49] Can you describe the Built to Sell webpage and the Value Builder System?
[27:05] Thank you, John, for your time, and I can’t wait to hear you speak at PMMCon.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
In this episode of the Property Management Mastermind, Brad is speaking with Matthew Whitaker. Matthew runs a company called GK Houses, which is in 8 different markets, he is also a marque keynote speaker at the Property Management Mastermind Conference where he will be giving out a killer deliverable of his checklist and outline for acquisitions.
Matthew speaks about his company and the three types of money available to most people. He chats about his presentation at the PMMCon, and what you can expect to learn. Matthew discusses the industry trends he is seeing on how to value a property, how the price might deviate depending on the terms and the benefits of the seller financing.
They discuss why it is essential to know what the seller is hoping to achieve from the sell and the steps that you need to follow once a verbal agreement has been made. Matthew talks about the most labor-intensive part of the acquisition, contracts, clawbacks, and how easy it is to close when you are buying assets. He also tells us what to expect in the first 90 days once the acquisition is made.
Listen in as they chat about how to message the property owners about the sell, how property management companies are a hot commodity and sell almost instantly without the need to advertise and what the cap is on growth in the industry. He believes that not every property management company needs to increase in size and that there is a market for smaller companies.
Matthew talks about the Property Management Mastermind Conference, what his presentation will be about, and the outline he is giving everyone that attends his class. This is an excellent conversation about acquisitions and the best way to go about them.
Have you purchased your for PMMCon 2020 yet? Don’t hesitate. Tickets are selling fast!
Show Notes
[03:01] Welcome to the show, Matthew!
[03:16] Matthew gives us the five W’s on him and his company.
[05:05] He gives us the rundown on the three types of money out there. Venture capital, private equity and friends, and family. He speaks about which one he uses the most.
[07:42] Matthew discusses his presentation for the conference and what you can expect.
[09:32] Brad and Matthew do some role play to walk through his checklist.
[11:33] Is there an industry trend on how to value a property? What are you seeing?
[14:07] The price will deviate depending on the terms and what that means.
[17:59] What do you do once you have verbally agreed on a price?
[21:38] When selling your livelihood, you need to know that you are getting what you want out of it.
[23:38] What paperwork is done first? Do you need a non-disclosure?
[26:54] They talk about being on a need to know basis when it comes to information that is shared.
[28:54] The due diligence part of the acquisition comes next. This is where the actual probing comes in.
[31:08] Look at the NARCUM accounting standards at NARCUM.org to see your options.
[32:08] What happens after the due-diligence part is done? Are you working on a contract at the same time?
[33:47] Matthew gives his opinion on what you need to know about clawbacks.
[35:51] Matthew speaks about how smooth closing is on businesses.
[37:51] Explain what you are purchasing? Assets or Stocks?
[39:13] He walks us through the first 90 days after the acquisition is over.
[41:01] Messaging the owners is a critical factor that you must take into account.
[42:42] Management companies are such a hot commodity that they don’t need to advertise a sale. They can keep it in house.
[45:10] Could you grow by 10% every year indefinitely?
[46:16] Matthew speaks about the deliverable he will be at the conference.
[47:40] Contact Matthew by text at 205-585-0415 or mwhitaker@gkhouses.com
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
Brad is talking with Nora Bohanon on this episode of the Property Management Mastermind. Nora is a property management company owner out of the Chicago area. They are talking today about the holy grail of software, which is the workflow platform. There are so many platforms out there right now that we just wanted to discuss them and the potential solution Nora has for everyone.
Nora talks about the difference between a ticketing system and total automation software, the different names and brands, and what they do the same and different. She gives the implementation for when these different types of software should be used, and how to tie it all into your signature platform. She also explains the best uses of the software and gives examples of each.
Find out ways to automate and reduce your staff, set priority levels, and keep the workflow going without things falling through the cracks. If you have an automated system or if you are thinking of getting one, this is the episode for you. Take advantage of what Nora is offering and look her up. She can help you decide what works best for you.
Listen in to this conversation; they cover many topics and go in-depth on the major ones; if you want answers to some of your questions concerning software and how to integrate and implement an automated system, you won’t want to miss this episode.
Have you purchased your for PMMCon 2020 yet? Don’t hesitate. Tickets are selling fast!
Show Notes
[02:22] Welcome to the show, Nora!
[03:11] Nora gives us a little rundown of who she is and her ideas on the workflow platform.
[04:22] She speaks about the area she works in Chicago and the challenges around it.
[06:04] What is a workflow platform? Is it a ticketing system?
[07:18] Nora is talking about total automation software; they talk about the different platforms.
[10:20] She talks about the usage of these software programs in the order they should be used.
[12:25] Can you tie this into a signature platform?
[13:32] Nora talks about automating emails and texts and the fact that folio won’t integrate entirely.
[16:06] She describes the best uses of the software and explains each one.
[17:42] What is the coolest feature you’ve seen on these new platforms?
[20:58] This can be as complex, and you want it to be depending on the size of your company.
[22:30] How difficult is the implementation of the software you choose?
[25:01] If you automate ten tasks, will that save you a staff member?
[26:33] To find Nora and learn about these systems go to www.rentalworkflows.com
[29:05] You can set priority levels for different types of things.
[30:26] Implementing these systems is different for everyone, depending on the size of your company.
[32:56] Implement something that works with your processes, with something like lease renewals and move on to others once you learn this one.
[34:15] A personal URL is available with a personalized page and generated for you.
[35:04] Look at these platforms and find what features you want to make working your business more streamlined.
Links and Resources:
Sign Up for a Ontraport Tiral
Rental Workflows Website
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
In this episode of Property Management Mastermind, Brad is talking with Mike Connolly. Mike is an operator, and property management company owner out of the San Francisco bay area. He does property management seminars and is offering our listeners today his powerpoint and handouts free for anyone who emails him at Mike@EastbayPMC.com and leaves an honest review.
Mike discusses why he advertises by direct mail, the cost for each piece, and how fast he can recoup the expense. He talks about working with his brother Tom and how they bring both of their businesses together to benefit their bottom lines. Mike speaks about the four-page newsletter he and his brother send out quarterly and what topics they cover.
They chat about inspections and how in-depth the owners want the yearly review to be. Mike also tells us about the statewide rent control law that was passed in California and how hard it will be to get rid of problem tenants. He describes his property management seminar called, The Twelve Basics of and his investment seminar called, Should I Own, Sell or Exchange My Rental Property, and how he got started doing them.
Listen in to this conversation; they cover many topics and go in-depth on the major ones; if you want answers to some of your questions concerning your clients and how to advertise most economically, you can’t miss this episode.
Have you purchased your tickets for PMMCon 2020 yet? Don’t hesitate. Tickets are selling fast!
Show Notes
[03:20] Welcome to the show, Mike!
[03:43] Mike gives us a rundown of his background and what he has going on now.
[06:12] He tells us how direct mail has worked for him.
[07:27] What does each piece cost? What is your Client Aquisition Cost?
[10:21] Mike discusses working with his brother and breaks down what they each do.
[13:24] Only 5% of realtors own property themselves.
[16:00] How do you keep your owners from drifting off, so you don’t lose the sale? Does the newsletter help?
[19:34] Mike chats about doing what is best for the owner, whether that is for the owner to sell or to keep letting him management the property.
[20:45] Have you ever had an owner want a full-blown inspection once a year? Do they usually request just a visual?
[25:17] California just passed statewide rent control; it’s a 5% rent cap plus the cost of living increase. The real problem will be trying to get rid of a problem tenant.
[28:33] Mike talks about the seminars he does and describes what he talks about in the workshops.
[31:05] He calls his seminars a listing presentation that he gives to sixty people at a time.
[34:29] Is this educational selling at a high level? Do you get indirect referrals?
[35:41] Mike chats about his investment seminar called, Should I Own, Sell, or Exchange My Rental Property.
[38:10] Are your seminars packaged up, or how do you present them? Are they free if I email you?
[39:45] Mike believes that looking at someone in the eye and talking to them one on one gets him more business than trying to do it.
[40:38] Email Mike@EastBayPMC.com for the free seminar powerpoint and leave an honest review for Mike as a thank you for the free information.
Find Mike
Mike@EastbayPMC.com
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
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)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
Brad is excited to have Mike Schraepfer on this episode of Property Management Mastermind. Mike is the President of Heirloom Property Management in Duluth, MN. He enjoys sharing his experience to help new investors find properties, solve financing, and work through renovations.
Mike started his career as an investor eighteen years ago and built up a portfolio of 126 single-family homes and duplexes. He renovated the properties to lease, and his property management career began. Six years ago, he began managing properties for other individuals, but he is still his biggest client.
He manages properties that he owns, which makes him the property manager everyone wants to be. His business of management is running his assets, which puts him in the top tier, probably the top 1% of property managers in the country. His company doesn’t have a 401K for its employees. He decided to go a different way and teach them how to invest and manage properties, and as of right now, his staff owns about 25 units.
Mike is one of the speakers at the Property Management Mastermind Conference in March 2020. Listen as he reveals the topic of his presentation and a sneak peek of some of his key talking points. He will discuss how your company can benefit from bringing your maintenance in house and the best software to bring it all together and so much more.
Have you purchased your tickets yet? Don’t hesitate; Mike is just one of the many high-level speakers that will be at the event. Listen in for a small taste of what you can expect when a group of elite property managers get together in one place. If you already have your tickets, great! If not visit the PMMCon.com and get them now before they are sold out, this is one conference you won’t want to miss.
Show Notes
[02:22] Mike, welcome to the show!
[03:08] Mike talks to us about how he got into property management.
[04:08] He speaks about his alternative way of helping his staff save for retirement.
[05:57] Mike discusses the mastermind group he formed with five other people.
[07:42] They discuss the topic Mike will talk about at the Property Management Mastermind Conference. Making Money in Maintenance.
[13:09] Mike will have some excellent deliverables for the people who attend his presentation.
[14:18] What did you take away from the NARPM Conference that you are excited to use?
[16:31] Ancillary fees were implemented in Mike’s company in the last year, and they have helped the bottom line.
[18:08] Mike will talk about best practices and markup vs. margin at the PMMCon.
[19:28] Bring in house everything that doesn’t require a license when it comes to maintenance.
[20:50] What software do you use to run maintenance estimates? Do the techs have tablets?
[23:13] Mike says he is most excited about the black-tie event at the conference.
[23:56] They talk about presentation ideas for other meetings.
[25:15] Scott Brady asks the question, “How can you run a property management business without any management fees”?
[27:26] Operational management is conducting maintenance at a high level.
[27:58] They chat about Mike going to Madrid, Spain, to his business and come up with new ideas.
[29:07] See you in Las Vegas, thank you for coming on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
Property Management Mastermind, Welcomes Andrew Reece, Co-Founder of Inspect Real Estate. He built a property management company in Australia from scratch and transitioned that into property management software to further industry development. We are lucky enough to have Andrew as a keynote speaker at the Property Mangement Mastermind Conference in March of 2020.
Andrew went to university for accounting. Once he graduated, he became an accountant for realtors and real estate agents. He was involved in bringing the ReMax franchise to Australia, which was his entry into real estate as an accountant for the real estate industry. He opened up his agency, ProRentals, with 31 properties under management and grew that to 1756 within ten years.
Listen for a sneak peek of what Andrew is going to present during his class at the Property Mangement Mastermind Conference. It’s a well-known fact that the US is about ten years behind Australia in the real estate industry, and Andrew is the one to help get everyone up to speed. He is going to let everyone in on what has worked for him, what didn’t, and how his property management software can be an asset.
They discuss the differences between property management in Australia and the United States, the regulations, and how much harder it is to get a lender to here in the states. They do roll playing with a script that Andrew’s team uses to get owners that self rent to discuss using a property management company and the value they bring.
Andrew speaks about how they developed the industry tracking software and how it has evolved into the tracking mechanism for all facets of management. He talks about how it helps workflow from maintenance requests to vendors to knowing the job is, and this is just a small part of the whole program.
This episode is one of a kind, and we are fortunate to be able to talk to Andrew and fortify ourselves with knowledge from someone who started as an accountant and now has over 2500 offices that focus on Inspectrealestate.com.au. Grab a pen and paper because you will want to take notes as you listen.
Show Notes
[02:53] Welcome to the show, Andrew!
[03:24] Andrew gives us a brief rundown of who he is, what he does, and why he does it.
[06:20] Andrew discusses the software they developed and how it has grown.
[08:03] They discuss their maintenance software that helps the workflow side.
[09:16] Andrew talks about a tracking device they have on the keys to make sure they have been properly checked out.
[10:17] He chats about all the ways they track leads, sales inquiries, and other sources to stay on top of any business leads.
[13:13] Andrew discusses what his presentation will be about at the conference.
[16:05] They examine the deck of cards with tips on how to follow up.
[18:50] Andrew discusses the financial calculators that are on his website and how they work.
[20:33] How much are selling for in New Zealand and Australia?
[23:15] He talks about the rent roll lenders in Australia and the difference between the two countries.
[25:45] Andrew chats about how they began developing the software and how it increased their business.
[27:40] What do we have here in the US that you don’t have in Australia?
[28:44] What do you have in Australia that we don’t have here in the states?
[31:48] They roleplay renting a property. Andrew shows Brad how he gets the owner to use a property management company.
[35:39] Andrew speaks about the other stuff he is going to talk about at the conference.
[38:13] What motivates you? Money? Time off? Competition?
[39:35] Thank you for being on the show today!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
In this episode of Property Management Mastermind, Brad welcomes Kevin Knight. Kevin is the President of Liberty Mangement Inc. He, along with his partners, brought the SureVestor insurance program to the United States from Australia. As a property manager for over 20 years, he is very excited to offer this product to his customers.
This program covers what owner's insurance does not and helps alleviate the fear of malicious damage and unpaid rent that owners feel when they hand over their property to renters. This also benefits property managers because it can only be purchased through a property management company, owners do not have access to it any other way.
Kevin believes that this insurance is something that addresses what owners want, and it is so easy that marketing is a breeze. With the rental market, the way it is the ability to offer something so diverse might make the difference when trying to pull in the self-managed landlords.
Brad and Kevin discuss the PM health group and encourage all property managers to take the time to be as healthy as they can. Kevin says, "the best way to improve your business is to improve your health," which is why SureVestor is sponsoring ten individuals for the 5K run/walk at the NARPM National Conference.
If you are trying to grow your property management company, this is an opportunity you won't want to miss. Listen in to find out about this new way to give your business a boost with a program that benefits all involved. Kevin is so excited about this that he will get you fired up as well. So get ready to be inspired to expand your business.
Show Notes
[02:29] Welcome to the show, Kevin Knight!
[03:27] Kevin tells us about the insurance program called SureVestor.
[05:45] They discuss the Australian rental market and how different it is from the U.S.
[06:51] For more information about this program, go to www.SureVestor.com.
[07:45] Kevin speaks about owners needing to use a property management company to be able to purchase this program.
[09:17] Brad talks about Kevin losing 50 pounds and being part of the PM health group.
[09:42] Kevin chats about being at NARPM National Conference and SureVestor, sponsoring 10 people in the 5k walk/run.
[10:45] Kevin tells us his recommendations for the implementation of the SureVestor insurance product?
[13:52] Lloyds of London is the company that is underwriting the insurance for SureVestor.
[15:48] Kevin speaks about the hard hitters he has coming in for the NARPM National Conference.
[16:43] Because of the rules and regulations we have now in the states, it is getting harder for individuals to rent properties.
[18:45] Kevin says that there will be a film crew at the conference for property managers to film intros.
[19:34] Brad talks about the relationship between vendors and attendees at the Property Management Mastermind Conference in March 2020.
[21:37] The best way to improve your business is to improve your health.
[24:04] Kevin believes this insurance addresses what owners want, and it is so easy.
[25:37] If the owner wants this, how does a property manager request this insurance? Is there a portal?
[27:49] How much does something like this cost? Are there different options?
[29:22] It makes your property management company more like to get business if you offer the insurance, and others don't.
[30:30] The key to selling this is marketing and the opt-in and opt-out form.
[33:24] Brad discusses the BizDev seminar for more information go to www.bizdevseminar.com.
[35:45] Kevin talks about pulling in self-managed landlords with the SureVestor product and how much business is out there for property management companies.
[38:44] What is something else about SureVestor that you are excited about?
[41:10] Kevin's last thoughts about coverage and letting your current owners know about the program.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
Property Management Mastermind welcomes John Higgins to the show. John is the Co-Founder and CEO of Steady. They offer a customized insurance product to landlords and property owners to offset the cost when tenants default on their leases. It is in 35 states right now, and they are working on adding the remaining states as quickly as possible.
John discusses how their product can be monetized, how it is being offered, and whom the product is designed to benefit. He talks about how easy it is to implement this insurance, the technology behind the pricing, and how to find out who underwrites it for them.
If you are looking for a new way to offset the risk that is hardwired in the property management industry, this is the episode for you. Get a pen and paper ready because you will want to jot down some of the high points of this conversation.
Show Notes
[02:53] Welcome to the show, John Higgins!
[03:35] John starts by telling us a little about himself and his company.
[05:58] They discuss the legislation that is being passed to protect tenants in the U.S.
[07:56] John’s company is now in 35 states, and they are working on adding the remaining states.
[08:59] He speaks about his company and gives us a description of what they do.
[10:52] Can you monetize this? How is it offered?
[12:24] It is designed to benefit property managers as well as small landlords.
[15:59] Is their any insurance licensing required? Would it help them to be licensed?
[18:43] John chats about property managers selling the coverage in a package to landlords.
[19:15] Can you buy it as a one-off? Do you have to buy it as a package?
[20:17] Steady provides the framework so that anyone can implement this program.
[20:43] The pricing depends on the property location; they use technology to individualize the rates.
[23:33] The underwriting for their policies is a very reputable company, to find out more information go to www.steadymarketplace.com
[24:38] Why would you want to engage with Steady?
[27:10] To get in touch with John, him at John@steadymarketplace.com
[29:03] John’s final words.
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
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)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
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)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
Bizdevmastermind.com
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)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin on LinkedIn
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Richard Drake
NARPM Southern States Conference
National Apartment Association
NARPM Accounting Standards
Kevin 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 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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
V12
Pulling Back the Curtain Conference
Todd Ortscheid on LinkedIn
GTL Property
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
V12
Pulling Back the Curtain 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.
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
V12
Pulling Back the Curtain Conference
APM Software Website
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
V12
Pulling Back the Curtain 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.
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
V12
Alicia Berruti on LinkedIn
Bomb Bomb on Facebook
Get 14-day free trial of Bomb Bomb here!
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
V12
Kigo
jay@riceinsurance.com
Jay Gossage: 363-603-4343
About Rice Insurance
Rice Insurance Company
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
V12
Kigo
Guest Information:
About James Wise
James Wise on Instagram
James Wise on Facebook
Bigger Pockets Profile
Holton Wise Property Group
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
V12
Kigo
Guest Information:
Matt Spahn on Linkedin
Spahn Law Firm
Matt’s Team
Spahn Law Firm on Facebook
Spahn Law Firm on Youtube
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
Lisa Fore on LinkedIn
McLain Properties
(760) 525-9134 (Lisa’s phone number)
zInspector
FilterEasy
Property Meld
V12
Kigo
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Matt Tandy on LinkedIn
Formatic Property Management
Tenant Turner
Rently
ShowMojo
Arlo camera system
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Tracy Streich on LinkedIn
tracy@rentersplace.com
RentersPlace
Tracy Streich on Facebook
Airbnb
VRBO
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Andy Moore on LinkedIn
Gulf Coast Property Management
Six Key Coaching
EOS
Traction by Gino Wickman
gkhouses
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Don Ganguly on LinkedIn
don@investimateroi.com
INVESTimate
HomeUnion
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Insurance Management Group
(918) 728 8992 (Derek Scott with Insurance Management Group)
zInspector
FilterEasy
Property Meld
Casey Winter on LinkedIn
casey@myobligo.com
Obligo
What is a surety bond?
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
zInspector
FilterEasy
Property Meld
The CFO Mission
Philip Mazur on LinkedIn
philip@thecfomission.com
AppFolio
Planet Synergy
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
zInspector
Property Meld
Insurance Management Group
FilterEasy
Andy Ritan on LinkedIn
Ritan Property Group on LinkedIn
Atlanta Property Management Group
AppFolio
Rent Manager
Planet Synergy
Bill.com
HubSpot
Podio
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
zInspector
Property Meld
Ruth Rossbach on LinkedIn
ruth@filtereasy.com
FilterEasy
FilterEasy for Property Managers and Realtors
NARPM
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
FilterEasy
Grace Property Management
Matthew Hoffman on LinkedIn
RealPage
Kigo
Propertyware
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
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
FilterEasy
Grace Property Management
Bigger Pockets Podcast: The Science Behind Setting and Achieving Big Goals
Rent Bridge
BoostPM
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 sure you’re already familiar with Alex Osenenko and Jordan Muela, since they’re such important figures in the property management world! Today, both of them join me to talk about the upcoming 2019 PM Grow Summit, which will take place in Austin, TX. (As usual, use the discount code “Brad” to get a discount!)
We’ll talk about what the PM Grow summit is, who some of the guests and speakers will be, and what the experience of networking there is like. If you’re deciding whether to attend (which I absolutely recommend), tune into this episode to learn more about what to expect so you can make an informed decision. If you’re already planning to go, this conversation will help get you even more excited for what’s to come!
On the off chance that you’re not familiar with them, Alex and Jordan run the PM Grow Summit. Jordan also runs LeadSimple and ProfitCoach, while Alex is the CEO of Fourandahalf, but our focus today will be on the summit rather than their other activities. They’ll start off by describing who PM Grow Summit is for and why they deliberately keep it to a specific size.
Other topics we’ll include the currently announced speakers for the events (including which ones we’re most excited about), how the PM Grow Summit is different from other conferences, Jordan’s benchmarking study and the next steps that have been growing out of it, and much more about the conference.
Here’s where you can find today’s guests:
Alex Osenenko on LinkedIn
Alex Osenenko at Fourandahalf
Alex Osenenko on Facebook
Jordan Muela on LinkedIn
@ManageMyProperT on Twitter
PM Grow Summit
PM Grow Summit on Facebook
@PMGrowSummit on Twitter
Show Notes
[01:46] - Today, Alex and Jordan join me to talk about the upcoming 2019 PM Grow Summit in Austin, TX.
[02:54] - Alex, Jordan, and Brad lightheartedly chat a bit about last names and shirts.
[04:56] - We learn about who the PM Grow Summit 2019 is for, so listeners can identify whether they’re the ideal audience.
[07:15] - We’re in an era where we have to accept that companies outside of the vertical are setting customers’ expectations for property management companies, Jordan points out.
[09:06] - After having been to the PM Grow Summit before, what seemed different to Brad about it as opposed to other conferences?
[12:49] - Jordan responds to Brad’s story about some improvements he’s making in his company.
[13:42] - Alex talks about the guest lineup for the upcoming PM Grow Summit.
[15:03] - Which of the currently announced speakers is Jordan most excited about? What about Alex?
[19:27] - Brad mentions Scott Fritz, another confirmed speaker at the event. He then mentions what he’ll be talking about at the conference.
[24:19] - Are you selling property management, or are you selling financial outcomes? We hear about why the answer to this question matters, then Alex talks about fee-maxing.
[25:48] - Brad and Jordan talk about Jordan’s benchmarking study and the ways that Brad is using it.
[29:08] - Alex talks about the decision to hold the event in Austin, and Jordan discusses the specific venue itself.
[30:40] - What evening events do Alex and Jordan have lined up?
[33:13] - We hear final details such as the dates and where to find the conference online.
Links and Resources:
Property Management Mastermind
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Grace Property Management
Alex Osenenko on LinkedIn
Alex Osenenko at Fourandahalf
Alex Osenenko on Facebook
Jordan Muela on LinkedIn
@ManageMyProperT on Twitter
PM Grow Summit
PM Grow Summit on Facebook
@PMGrowSummit on Twitter
LeadSimple
ProfitCoach
Fourandahalf
Never Lose a Customer Again by Joey Coleman
Steve Welty
Chris Clothier
Joey Coleman
Michael Maher
7L: The Seven Levels of Communication by Michael Maher
Scott Fritz
NARPM
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.
Jay Berube, a sales expert, joins me in this episode to talk about sales in and around the property management portfolio system. We’ll talk about sales with tenants, owners, and investors. We’ll dig deep into the details, including a lot of specific numbers. This topic is kind of neglected inside the property management realm, so don’t miss this episode!
Jay has been selling real estate for 14 years and has sold over 1400 homes. He also owns a property management company and has helped over 3,000 landlords that way. As if that weren’t enough, he has also built up a real estate coaching business. His expertise, though, is sales.
It’s common, Jay points out, for property management companies to refer their sales outside of the company. This is lost revenue, however, and keeping sales internal can be the right choice for many property management companies. After all, property management is all about maximizing your revenue. Jay recommends looking at the five key factors in real estate: your lead gen, lead follow-up, lead conversion, delivery and service, and repeat and referral business.
Tune into the episode to hear about all of this in depth! We’ll also dig into other important topics like reduced commissions for property management clients, whether to have a listing agreement in your property management paperwork, investor pocket listings, brokerages, and much more. If you’ve ever wondered about how to increase your revenue or handle sales as a property manager, this is the perfect episode for you.
Here’s where you can find today’s guest:
Jay Berube on LinkedIn
Jay Berube on Facebook
Show Notes
[01:46] - Brad introduces today’s guest, Jay Berube.
[02:52] - We hear from Jay about his history in the property management and real estate industry.
[04:58] - Does Jay ever see property management companies that refer sales to someone outside the company for a cut of the commission?
[07:51] - Jay offers his advice on how to keep owners from straying and looking at another realtor.
[11:26] - Jay digs deeper into the short life cycle with real estate agents as opposed to the long-term relationship between property managers and clients.
[13:44] - Does Jay do a free annual CMA for his owners as a property manager?
[16:47] - Jay talks about what he uses as a CRM platform on the sales side. He also shares his advice on recovering when an owner has a problem.
[22:14] - We learn whether Jay offers a reduced commission inside the property management agreement, or leaves it at the customary number.
[25:06] - Jay discusses whether to have listing paperwork in the property management agreement that creates the agreement to list the property automatically.
[26:07] - Brad reveals what he does in this regard within his property management company.
[31:41] - We hear about a client satisfaction guarantee that Brad heard recently, as well as his thoughts on dealing with USAA.
[35:19] - Jay responds to Brad’s points, sharing his own thoughts on the subject.
[37:52] - Brad describes bad churn, neutral churn, and good churn. He and Jay then talk about specific numbers and splits.
[42:46] - Jay asks Brad how many transactions would generally be from the PM as opposed to self-generated.
[46:26] - What is Jay’s thought process on the topic of helping people develop good investor buyer’s agents?
[50:08] - Brad switches the subject to investor pocket listings.
[52:24] - Jay takes a turn sharing his thoughts on pocket listings, which he doesn’t approach in the same way.
[55:40] - We hear about brokerages, with Jay talking about his thoughts and strategy.
[59:28] - Jay talks about his training options and how he can help people.
[62:08] - We hear more about what Jay does and where people can find him.
[65:26] - Jay shares some parting words for listeners.
Links and Resources:
Property Management Mastermind
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Grace Property Management
Jay Berube on LinkedIn
Jay Berube on Facebook
90 Day Roadmap
Realvolve
Top Producer
LeadSimple
USAA
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.
Today’s guest is Jordan Fleming from Boost PM. I’ve been super impressed with what they do with Podio and implementing it into property management businesses. This is an amazing episode that you’ll definitely want to pay attention to, even if it’s something you won’t use for months to come. Jordan and I will talk about implementing different aspects into your business in terms of getting workflow automation into your business.
Jordan is originally Canadian, but has lived in four countries (and currently resides near Warsaw). He explains that his company grew out of getting introduced to property management companies that needed help with Podio, and found gaps in the existing systems. This led him to launch Boost PM to provide an easy entry into workflow automation. This is what we see as the holy grail of what everyone wants in the property management industry!
If you’re not already sold on the idea of automating your workflow, you will be by the time you’re done listening to this episode. Jordan will go through everything from onboarding, implementation (and the associated timeframe), what you should expect in terms of improvements once the system is implemented, the value of being able to shrink how many systems you’re using, and the cost of using Boost PM (as well as the generous discount that he’s offering to listeners of this podcast).
Here’s where you can find today’s guest:
Boost PM
Game Changers
Show Notes
[01:46] - Brad introduces Jordan Fleming, today’s guest.
[02:34] - Jordan came all the way from Warsaw to San Diego hoping for sun, he jokes, and ended up with fog.
[03:54] - We hear what Boost PM does for the property management industry.
[06:32] - Jordan talks more about the implementation of Podio inside of people’s businesses.
[08:25] - We learn Jordan’s answer to Brad’s question: why Podio? Jordan then talks about how the flow works.
[12:03] - Jordan shares his thoughts on various property management softwares and their integration opportunities.
[14:21] - At Brad’s request, Jordan explains the ticketing system.
[16:43] - Brad brings up implementation, and Jordan talks about what people should expect in terms of an implementation timeframe.
[18:29] - What should somebody expect at the end of this in terms of quantifiable improvements?
[22:28] - Jordan follows up on a point that Brad has made with a critical point that they see frequently.
[24:04] - Is Jordan on the schedule to talk at any upcoming conferences?
[25:10] - Jordan talks us through his pricing and the amazing discount he can offer to listeners of this podcast.
[27:28] - Does Jordan have any success stories that he wants to share with listeners?
[29:56] - Jordan suggests the best way to reach him if you want to learn more or get started with Boost PM.
[32:55] - Jordan shares his parting thoughts for listeners.
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Grace Property Management
Boost PM
Game Changers
Podio
LeadSimple
AppFolio
Propertyware
Slack
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.
Before we start today, I want to tell you about our upcoming conference! Pulling Back the Curtain will take place in January 2019 in Atlanta, GA. I’m one of the four speakers at the event, and I’ll be talking about the sales tactics that have helped us grow by adding more than one door per day for the last two years.
In fact, this conference is the subject of the episode! I’m joined today by the other three speakers who will be there, and we’ll talk about what we’ll be doing there in detail. At this conference, we’re dedicated to providing our audience with the best possible information from people who are actually running successful property management companies.
In our conversation today, the four of us will take turns talking about what we’re planning to present at the conference in January. After each of us presents our subject, the other three will go around and share their biggest takeaway from our previous presentations.
At the upcoming conference in Atlanta, you’ll learn about how to make a super-site for your property management, how to measure the health of your company and what to do about the results, how to get more business, the importance of getting good processes and systems in place (and how to do it), and much more. If you’ve wondered at all about what we’ll cover, don’t miss this episode!
Because we each take a turn sharing our biggest takeaway from each other’s previous presentations, you’ll get a powerful sense of exactly the sorts of things you’ll learn and be able to apply within your own business. This gives a unique view of the presentations: not only do you hear exactly what the presentation will be about from the presenter, but you also hear the sorts of powerful, business-changing takeaways that you can expect to get from each of us at the conference from people who have actually learned these things.
Here’s where you can find today’s guests:
David Borden on LinkedIn
Deb Newell on LinkedIn
Marc Cunningham on LinkedIn
Show Notes
[01:46] - Brad introduces today’s episode and the three guests who are joining him for the conversation.
[03:06] - David takes a moment to elaborate on the goals of the upcoming conference.
[05:54] - We hear seven of the things related to super-sites that David will talk about in his presentations at the conference.
[07:29] - What is a sommelier (the term David used a moment before)?
[07:58] - Brad shares a takeaway that he got from last year’s presentation.
[08:53] - Marc takes a turn sharing a takeaway from last year, then David shares another goal for the conference.
[10:15] - We hear Deb’s takeaway from David’s presentation last year. Deb then talks about what her presentation at the 2019 conference will be about.
[13:17] - Marc digs into what Deb has been talking about in terms of measuring the health of your company.
[14:44] - Brad and David takes turns talking about what they picked up from Deb’s presentation.
[16:27] - We learn what Brad’s presentation at the upcoming conference will be about.
[17:46] - Continuing with the pattern of talking about each other’s presentations, Marc talks about what he’s learned from Brad.
[19:38] - David takes his turn talking about his main takeaway from Brad’s presentation.
[22:14] - Marc describes what he’ll be talking about in his session at the Atlanta conference.
[25:16] - Brad shares something that he learned from Marc’s presentation last year.
[25:56] - Deb takes her turn talking about Marc’s presentation, followed by David.
[27:25] - Brad proposes a competition at the upcoming conference for who comes up with the best, funniest joke.
[29:08] - One of the benefits of the conference is that the presenters will be around for networking, Brad points out.
[30:09] - We hear some elaboration and clarification about day two of the conference.
[31:38] - Does anyone in the group have any parting comments for listeners?
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Grace Property Management
David Borden on LinkedIn
Deb Newell on LinkedIn
Marc Cunningham on LinkedIn
Pulling Back the Curtain Conference
Before we start today, I want to tell you about our upcoming conference! Pulling Back the Curtain will take place in January 2019 in Atlanta, GA. I’m one of the four speakers at the event, and I’ll be talking about the sales tactics that have helped us grow by adding more than one door per day for the last two years.
Kellie Tollifson joins me today from Seattle, WA. She’s the incoming NARPM president in 2020, and is a great resource. Today, we’ll take a deep dive into the topic of security deposits, where things might slip through the cracks, and how to deal with everything throughout the life cycle of security deposits. If you’ve ever wondered about any part of the subject, this is the episode for you!
Kellie and her husband, Tom, own and operate T-Square Properties. They started in the industry by buying and selling their own rentals, then realized they could do that for other people too. They’ve been in the business for two decades, have fourteen employees, and manage about 450 doors. About ten years ago, they also developed a maintenance company.
In today’s conversation, Kellie will point out why it can be a problem to charge a security deposit that’s the same amount as one month’s rent: tenants can be confused and think that their deposit was actually their last month’s rent. She’ll also talk about cases in which she charges a higher security deposit, and what regulations are in place in Seattle to limit move-in costs. Tune in to hear more about all of this, as well as trust accounts, the end of the lease and the inspection process, and how to handle negative reviews.
Here’s where you can find Kellie:
Kellie Tollifson
Kellie Tollifson on LinkedIn
T-Square Properties
Show Notes
[03:21] - Kellie gives a quick introduction to herself and her company to provide listeners context for what she’ll be talking about today.
[05:32] - How much should you charge as a security deposit? She answers, then Brad shares some of his own methods for calculating a deposit.
[10:30] - We hear about some fees that can be charged instead of a deposit.
[11:26] - Brad brings up a technique that involves using a bond instead of a security deposit.
[15:01] - What form of security deposit does Kellie take?
[17:57] - Kellie talks about at what point in the process she takes the security deposit, and points out another quirk of the Seattle market.
[24:10] - Brad brings up another question: what do you do in terms of leasing-only security deposits?
[29:45] - We hear about trust account funds, audits, and reconciliations, specifically in a highly regulated state.
[32:10] - Is Kellie allowed to do anything with that trust fund, such as collecting interest or purchasing CDs?
[35:35] - We move onto talking about the end of the lease, and how Kellie’s inspection process work.
[38:27] - Kellie takes move-out pictures instead of doing videos, because pictures have still been working really well for her.
[40:47] - We learn about how Kellie breaks down invoices for former tenants.
[42:36] - Brad brings up the topic of prorated charges, and how the depreciation scale functions for this purpose.
[46:30] - What’s the review process that happens if a tenant wants to refute one of the security deposit itemizations?
[50:58] - Kellie talks about how she handles negative reviews when it comes to tenants’ security deposits.
[55:01] - We hear about NARPM’s leadership seminar and classes.
[56:58] - Kellie explains her current role at the national NARPM level.
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Grace Property Management
Kellie Tollifson
Kellie Tollifson on LinkedIn
T-Square Properties
Pulling Back the Curtain Conference
NARPM
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.
Have you ever wondered about hiring a virtual assistant? Have you daydreamed about how much easier your life could be if someone else handled all the stuff you don’t like to do? If so, this is the episode for you. Today, I’m joined by Mark and Anne Lackey, who specialize in helping property managers find virtual assistants. Today, they’ll talk through just about everything you could possibly need to know about hiring virtual assistants.
Mark and Anne don’t match their clients up with just anyone. They screen potential VAs carefully, and then put every single VA through a 40-hour bootcamp to make sure they’re up to the task. At the end of the bootcamp, they have a final exam that they need to pass before being matched with a client. Tune into the episode to learn more about the certification process that VAs go through when they work with Anne and Mark.
In our conversation, we’ll spend some time talking about the benefits of hiring virtual assistants instead of local employees. For example, if your VAs celebrate different holidays than you do, you can stand out by being one of the few property management companies with its phone lines open on major American holidays! Overseas VAs also tend to show up more consistently than a lot of people you might hire locally, in my experience.
If you’re thinking that VAs can only do the most basic of administrative tasks, think again. Anything that can be done with a computer and a phone can be done through an assistant in the Philippines, Anne explains. Of course, all of this comes with a price -- but you may be shocked by how affordable it is for the quality of service you’ll receive.
Tune in to hear more about the exact amount you’ll pay when you work with Anne and Mark (and the discount you’ll get for being a listener), how long it takes for a VA to be recruited, vetted, trained, and certified, the role of personality profiling in finding the right VA for you, and much more!
Here’s where you can find Anne and Mark:
Hire Smart VAs
info@hiresmartvas.com
Anne Lackey on Facebook
Anne Lackey on LinkedIn
@AnneLackey on Twitter
Mark Lackey on LinkedIn
Show Notes
[03:11] - Anne talks about their company, Hire Smart VAs, and describes their typical clients.
[05:00] - Brad talks about some of the challenges of working with virtual assistants, including the distance, and phone and internet connections. We then hear more about Mark and Anne’s screening and training process.
[10:40] - Anne talks more about their approach with VAs, and how they get information from clients on what they’re looking for.
[13:22] - Instead of having VAs waiting for work, Mark points out, they wait to have a client before they source a VA specifically for that job.
[14:57] - We hear about personality profiling, and what kind of profiling Mark and Anne use for their VAs.
[19:45] - How do VAs work given the time difference between the US and the Philippines, where Mark and Anne’s VAs are?
[22:22] - Anne talks about the role that cultural differences play when working with a VA, and Mark points out some benefits.
[24:49] - Overseas staff seem to show up consistently and get the job done quickly.
[26:47] - We hear about Anne and Mark’s latest book, which is about property management.
[27:40] - What kind of tasks can virtual assistants do in the context of a property management company?
[28:58] - Anne talks about the cost of having a virtual assistant, including the recruiting and certification process. Of course, there’s a discount for show listeners!
[34:06] - Does the rate go up if you want to hire someone to work in more advanced roles?
[34:42] - It typically takes Anne seven to 10 days to find and vet a candidate, and several weeks total to get a new VA started.
[36:39] - How can listeners find Mark and Anne to learn more about what they offer or to get started with a VA?
[38:54] - Mark points out that there are a lot of different types of VA services, and talks with Brad about the ebb and flow of outsourcing and insourcing.
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Grace Property Management
Hire Smart VAs
info@hiresmartvas.com
Anne Lackey on Facebook
Anne Lackey on LinkedIn
@AnneLackey on Twitter
Mark Lackey on LinkedIn
DiSC
Culture Index
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.
Jason Hull from DoorGrow joins me today to talk about his upcoming products, some of his new products, and some of the new systems he’s getting ready to present at his conference. It’s a great conversation to hear about what’s going on in the industry and stay up to date.
In our chat today, Jason points out that he doesn’t have a property management business in the traditional sense. Instead, he started a web design agency in 2008. At the same time, his brother had bought into a property management franchise. (As a side note, his brother’s franchise now has 1,200 doors.) Jason noticed that most of the websites in the industry at the time had the wrong focus, and built his brother a marketing-oriented website instead. A lot of the top franchises in that company started working with Jason, and soon he was on Google’s first page for property management website design.
Before long, Jason had clients all over the US. This led to him getting intimately familiar with property management businesses. He put together a road map identifying the biggest leaks or constraints in sales pipelines, and found the keys that let a business grow past 100 doors. Using this information, he built a program called the Seed Program, which is the ultimate foundation for growth.
In our conversation, he’ll explain how his success with this forced his company to pivot, as their customers were outgrowing what they originally offered. He’ll dig into why it’s so important to invest in yourself before you ask anyone else to invest in you, why you sometimes need to get rid of some of your doors instead of keeping every single one possible. We’ll also take a deep dive into how to handle negative reviews, talk about the topics and guest speakers for Jason’s upcoming conference, and much more!
Here’s where you can find Jason:
Jason Hull on LinkedIn
Jason Hull on Facebook
DoorGrow
DoorGrow on Facebook
DoorGrow Live
#DoorGrowClub Facebook group
The #DoorGrowShow podcast
Show Notes
[03:32] - Jason introduces himself, and shares his background and how he got started in property management.
[06:27] - We hear about what Jason does in more detail, and how he developed his Seed Package.
[11:55] - Jason loves entrepreneurism, and points out that you can’t segregate being an entrepreneur from your personal life or your physical body.
[14:07] - We learn about how Jason’s own coaching taps into his long-term goals for what he’s doing in the industry.
[15:30] - The “Cycle of Suck” is something that Jason identified. He explains what this is and how to get out of it.
[18:22] - How does Jason respond to negative reviews online?
[21:27] - Brad takes a turn to talk about how he deals with his own negative reviews, specifically when they’re unfairly negative.
[26:44] - Brad shares his thoughts on NARPM as an organization, and offers some ideas on things that could be better.
[29:27] - Jason takes a turn giving his thoughts on NARPM.
[32:34] - At DoorGrow, Jason’s vision and mission is to change the industry, he reveals.
[36:20] - We hear more about Jason’s upcoming conference, including its focus and the two major challenges that it will address.
[40:02] - Mike Michalowicz, author of Profit First, will be speaking at the conference, Jason reveals. He then talks about various other topics he’ll address at the conference.
[46:30] - We hear about the location, dates, and pricing of the conference.
[48:50] - At the conference, Jason will share his roadmap that he believes will create a high-growth company. He also mentions several other speakers who will be at the conference.
[49:56] - How can someone sign up for the conference? What discount do they get for using the code “BRAD”?
[50:44] - Jason talks about the Facebook group he has going.
[54:22] - How can people get in touch with Jason or learn more?
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Grace Property Management
Jason Hull on LinkedIn
Jason Hull on Facebook
DoorGrow
DoorGrow on Facebook
DoorGrow Live
#DoorGrowClub Facebook group
The #DoorGrowShow podcast
NARPM
Clint Collins
Rent Like a Pro
DoorGrow Seed Program
The Property Management “Cycle of Suck” by Jason Hull on LinkedIn
13 Rockstar Tips to Get Reviews (That Don’t Suck) by Jason Hull
The Five Languages of Apology by Gary Chapman
Mike Michalowicz
Profit First by Mike Michalowicz
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.
Alex Osenenko from Fourandahalf joins me today to talk about his website solutions, their lead capture, their SEO, their KPIs, their quarterly reporting, and their mentorship and ability to help you grow your management company. We’ll also talk about the Business Development Toolkit and how you can use it with the CRM platform, and another special guest will chime in to talk about how various reports work. This is a great time to learn about what Fourandahalf does and who they are!
One thing Alex will dig into is the value of data to your company. In fact, he says, data is the new oil. He’ll offer suggestions on how to use data more effectively, such as collecting all KPIs and using them to position your budget to where it makes the most sense. (If this sounds overwhelming and like yet another task that you’d rather not put on your plate, this is something that Fourandahalf can handle for you!)
You’ll learn in our conversation that Alex does something that just isn’t done: offers a guarantee on performance and growth. If they don’t deliver, they work for free until they do. He’ll dig deeper into this guarantee in the episode, and explain how your website and data are so important in being able to offer this guarantee.
You probably know that we own a management company in San Antonio, but you may not realize that we’re expanding into Austin. We’re starting from scratch there, and have about five homes so far. We’re converting our Austin website to Fourandahalf, and letting them do whatever they want. As we talk about this, Michael from Fourandahalf will step in to talk about the value of tools like RentRange and RentFax.
Tune in to learn more about all of these topics, as well as what a correction or recession means for property management companies, how you need to provide your free rental reports on your website, what value a KPI dashboard can offer, and much more!
Here’s where you can find Alex:
Alex Osenenko on LinkedIn
Alex Osenenko at PM Grow Summit
Fourandahalf
Property Management Podcast
PM Grow Summit
Grow Your Property Management Business by Alex Osenenko
Show Notes
[03:30] - Alex introduces himself and gives a short description of how Fourandahalf started.
[05:54] - We’re beginning to see a correction in California, Brad points out, and talks about what this means for the property management industry.
[07:55] - Alex talks about the extinction and potential resurgence of the reluctant landlord, and some of what Alex does.
[10:26] - We hear more about the products and services that Alex offers.
[13:41] - Brad talks about a conversation he had and explains why he reached out to Alex to have this conversation on the podcast.
[14:13] - Alex talks about his guarantee for performance and growth.
[16:33] - Brad circles back to talking about his Austin office, and gives an explanation of what he’s talking about.
[17:35] - We hear about the value of having a free market estimate provider on your website, with Michael from Fourandahalf stepping in to explain.
[20:42] - Alex steps back in to make an important point for listeners: you have to present the report on your website in a way that the value is easy to see.
[23:22] - We learn more about the KPI dashboard that Alex has been talking about.
[26:12] - Alex takes some time to talk about the value he can add, and his company’s strengths and point of difference. He also talks about the pricing for the services he offers.
[29:52] - You can get a $500 discount on any of Fourandahalf’s website products by using the discount code “Brad.”
[31:21] - We hear more about the next PM Grow Summit, tickets for which have already begun to sell quickly.
[34:46] - Alex shares a parting word of wisdom with audience members.
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
Grace Property Management
Alex Osenenko on LinkedIn
Alex Osenenko at PM Grow Summit
Fourandahalf
Property Management Podcast
PM Grow Summit
Grow Your Property Management Business by Alex Osenenko
RentWerx
RentRange
RentFax
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.
Gwenn Aspen joins me today to talk about sourcing Mexican talent to help you. Some people like to call them virtual assistants, but we prefer to think of them as virtual team members! Gwenn will help you understand more about the benefits and process of working with people in Mexico to help you run your property management business. At our company, we have nine team members in Mexico, so this is something I definitely personally endorse!
Gwenn and her husband have their own property management company, Wistar Group, in Omaha, Nebraska. Their company manages about 1300 units. About two years ago, they started another company, Anequim, which sources remote assistance from Mexico for property management companies. Tune into the episode to learn how Anequim has grown from there!
Lots of people operate under the assumption that virtual team members are limited in what they can do. What we do, and what Gwenn emphasizes, is that a virtual team member can be just as skilled and multi-talented as an on-site employee. We’ll also talk about the questions of accents in Spanish-speaking team members. We’ve had zero complaints about accents in two and a half years, and hiring bilingual team members can be a huge benefit!
Listen in to this episode to hear much more about hiring, training, keeping, and working with virtual team members from Mexico! This answers a lot of the hot questions that have been going around lately, and I look forward to sharing this powerful information with you. You’ll also learn how to work with Gwenn, and how to get a discount on her services!
Here’s where you can find Gwenn:
Gwenn Aspen on LinkedIn
Gwenn Aspen on Facebook
Anequim
Anequim on LinkedIn
Wistar Group
Show Notes
[03:18] - Gwenn introduces herself and explains what she does, and how she and her husband started their company.
[05:35] - Brad talks about where and how he and Gwenn met, then Gwenn talks more about how her husband formed his connections in Mexico.
[08:54] - We hear about some of the cultural differences between the US and other countries, as well as Brad’s experiences with some of his virtual team members.
[11:05] - How much does it cost?
[13:35] - The average American company treats these team members better than the average Mexican company, Gwenn explains.
[15:51] - Brad illustrates the point that Gwenn has been making, and then she further emphasizes the links between Mexican and American cultures and workers.
[17:24] - What is the range of things that these virtual team members can do?
[20:37] - Gwenn talks about the training process that she goes through with her virtual team members.
[23:39] - We hear more about Gwen’s thoughts on accents and bilingualism. Brad then points out that they’ve had zero complaints about accents.
[25:31] - Brad takes a moment to talk about the power of voicemail.
[28:58] - Gwenn talks more about other roles that virtual team members can take on.
[29:54] - How can listeners get in touch with Gwenn?
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
RentWerx
Gwenn Aspen on LinkedIn
Gwenn Aspen on Facebook
Anequim
Anequim on LinkedIn
Wistar 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.
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
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
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
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
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.
In this episode, Greg Watson and I take a deep dive into the topic of business development and growth. Greg, who hails from a New Zealand town of 90,000 people, is a business development manager in a family business that deals with both realty and property management. He took on sole charge of the company’s property management department and has taken the opportunity to grow it to 750 doors.
Greg is a highly awarded guy (listen in to the episode to learn what the playful working theory is for why he received a lifetime award!). He’s an operator in the business right know who knows how to do it and teach it. He gets excited about helping people on their journey to success, and using innovation and interesting new ways of doing things.
In our conversation, you’ll come to understand why Greg’s company has every staff member working to their strengths. This means that Greg actually hired his own boss, because he’s aware of what he is (and isn’t) good at doing, and doesn’t try to be in charge of the aspects that he’s not good at. He explores the value and challenges of this kind of self-awareness in the episode.
Tune into this episode to learn about some of the differences and similarities between the US and New Zealand property management markets, how Greg sets and works toward growth goals, lead sources and conversion rates, and much more!
Here’s where you can find Greg:
Greg Watson on LinkedIn
Greg Watson on Facebook
Watson Integrity
Watson Integrity on Facebook
Show Notes
[02:53] - Greg introduces himself briefly, and Brad talks about why he wanted to have Greg on the show.
[03:58] - We learn about how Greg got to where he is now.
[07:35] - Greg talks more about his company, its size, how many doors it handles, its structure, and so on.
[11:26] - There are some things that Greg simply isn’t great at, he points out, and he excels more at ideas and sales.
[14:46] - We shift into the tactical level of business development, with Greg talking about some of the best practices he’s come up with and coolest things he’s seen in the last year or two.
[16:37] - Brad talks about some of his own practices, offering Greg the opportunity to comment on them.
[22:03] - We hear Brad’s points about what Greg just did, including features and benefits and his justification of his services with the price.
[23:53] - Greg and Brad talk about some differences between the US and New Zealand in terms of the property management industry, specifically the penetration rate.
[27:51] - We learn about thing that Greg has found really successful recently in terms of business development.
[32:02] - Greg shares his thoughts on the business strategy that Brad has just been describing.
[33:47] - Brad shifts into talking about keys to growth, and invites Greg to share his own growth goal-setting process and cycle.
[36:32] - Let’s talk about lead sources! What has been working for Greg for lead sources?
[42:56] - Brad draws out what Greg has been saying about offering free market estimates for realtors.
[44:21] - We hear about tracking conversion rates, which Brad tries to do within the first 30 days.
[46:39] - What is Greg’s conversion rate?
[50:41] - Greg offers listeners a valuable resource that has been read over 5,000 times: Earn Thousands More From Your Rented Property.
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
RentWerx
Greg Watson on LinkedIn
Greg Watson on Facebook
Watson Integrity
Watson Integrity on Facebook
Todd Breen
VirtuallyinCredible
Ben White on the Property Management Mastermind Show
Bob Walters on the Property Management Mastermind Show
Jamie Oliver
All Property Management
LeadSimple
Earn Thousands More From Your Rented Property
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% rebate.
If you’ve listened to this podcast before, you’ve probably heard of Marc Cunningham. He’s a frequent speaker at NARPM conferences, who also travels the country a lot speaking about his property management systems. In today’s episode, I’m delighted to have him as my guest again! We’ll be talking about growth and ancillary business services, such as fee-maxing.
Marc has a real estate property management company in Denver that his dad started in 1978. He’s never wanted to have one of the biggest companies, he explains in our conversation, but rather to be one of the best. Growth comes as a result of what you do.
As Marc will explain today, he believes that the management fee pretty much pays the bills. In addition, you need to have ancillary business services. While this is a common strategy in other industries, it hasn’t yet become as popular as it should be in the property management world. Marc explains how we can bring this idea into the property management space.
You’ll also learn that in the commercial world, it’s standard practice to back-charge everything. This is everything from the cost of stamps to the cost of mileage or gas for visiting the property. Marc shares his insights into how this perspective can be applied to the residential property management world. Similarly, the multi-family world runs businesses with fees and services that aren’t yet common across the property management industry, and that can add valuable additional sources of revenue.
We’ll talk about turning maintenance into a revenue-generating source, and how much of a difference it makes. Marc and I will also dig into fees that you can profit from, such as fees for adding or removing people to the lease, an early-termination flat-fee option, and a monthly rent processing fee. Tune in for information on these and many other strategies you can use to increase your revenue streams within your property management business.
Here’s where you can find Marc:
Grace Property Management & Real Estate
Marc Cunningham on LinkedIn
Show Notes
[02:06] - Brad introduces today’s guest, Marc Cunningham.
[03:37] - Marc talks a bit about himself, sharing his background in property management as well as the current status of his company.
[06:44] - It’s hard for a lot of property management companies to achieve profitability, Marc points out, and being good at property management doesn’t necessarily mean you’re good at making money.
[08:38] - Marc touches on some mindset points around the topics he’s been discussing.
[11:47] - Brad adds in a couple points to what Marc has been saying, talking about a podcast he listened to lately.
[14:05] - We learn that Marc does a fair amount of commercial property management, and talks about one of the biggest eye-openers was for him.
[16:08] - Marc flips things around and asks Brad a question: how does maintenance play out for Brad?
[18:22] - We hear about some of the cool ideas for fees and ancillary business services that Marc has seen, as well as the role of sales.
[20:51] - Brad digs into his Investor Pocket Listings Program and explains how it relates to what Marc has been talking about.
[26:07] - Marc talks about compensation for the process of removing or adding people from leases.
[29:49] - One thing that the multi-family industry has brought on lately is a monthly rent processing fee.
[32:06] - Brad shares another strategy and recommendation, then Marc talks about the opportunities involving pets.
[36:54] - Marc points out that it’s important to disclose anything you put in place in your management agreements.
[39:12] - We learn about the upcoming one-day conference that Marc will put on in late August in Denver, Colorado.
[44:20] - Marc talks about the training product he offers on ancillary business services.
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
RentWerx
Landlord Coach
Grace Property Management & Real Estate
Marc Cunningham on LinkedIn
NARPM
Investor Pocket Listings Program
Ancillary Business Services - 20 New Income Streams for your PM Business by Marc Cunningham
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% rebate.
Today, I’ll be joined by Andy Wallace from zInspector. We’ll dive into what zInspector is and what it offers, while also exploring some deep technical stuff. It was a great conversation, and I got a lot out of it! One of the things Andy mentions is Rebrandly, which is really helpful for things like links to videos for inspections and security deposit itemizations. Even if you don’t end up using zInspector, check out Rebrandly to see if it fits your needs.
I’ve known Andy for years and talked to him many times. He’s been in the NARPM community for a long time offering property management inspection software. Andy has been managing a company in some capacity for years, and created zInspector because he had problems with needing to take tens of thousands of photos over a few days.
The program solved Andy’s problems, and those of many other people both inside and outside the property management industry. In fact, right now, about half of Andy’s clients are actually contractors rather than property managers. Pool inspection companies, roofers, and landscapers, for example, have basically the same problems, which zInspector solves.
One of the most significant parts of Andy’s company is that they believe that your data belongs to you, and you should be able to get it out. For example, all of their reports are designed to be easily printable, which is a difficult feature to find among their main competitors. And if you think you’ll never need a printed report, trust me, it’s important for court! You may also need printed reports for loans or proof of income, for example.
Another fantastic feature is that each piece of information (such as each photo) is handled individually, so in the rare case that you may have an error, you’ll only lose one piece of information instead of an entire report. If you’ve ever had the frustration of losing a whole report while using other software, you know just how valuable this feature is. Tune into this value-packed episode to learn the details of all of this, and much more!
Here’s where you can find Andy:
zInspector
zInspector Support
zInspector on Google Play
zInspector on the App Store
Show Notes
[02:50] - Brad introduces Andy and explains why he’s excited to have him on the show. Andy then gives some of his background and explains that he created zInspector to solve a problem of his own.
[04:26] - How long did Andy manage a company of his own?
[06:39] - We hear where zInspector really fits into a process, with Andy explaining that his background and experience is in single-family home turnovers.
[09:19] - One of the first questions that someone might ask Andy is how this compares to some of the software-provided versions. Andy addresses this question.
[12:35] - Andy walks us through the video side of the inspection report with zInspector.
[15:24] - How does zInspector work when you don’t have wifi access on the site you’re inspecting?
[17:58] - Andy explains how you could include a link to a zInspector report in a security deposit form.
[19:55] - Does Andy have any preferences or recommendations for hardware to use in the field? zInspector works on either Android or iOS, he explains.
[22:18] - Andy elaborates on the 360-degree cameras and videos that you can use with zInspector.
[25:52] - Andy talks us through the big, bottom-line question: how much does it cost?
[27:53] - We learn that Andy syncs all the homes in his inventory into zInspector.
[28:40] - You can try zInspector unlimited for 15 days for free, but it’s free forever for one user and five properties.
[30:49] - Brad shares a story of winning a court case based on dates and timestamps on a YouTube video.
[32:34] - What is Andy offering to listeners who sign up using the discount code “Brad”?
[33:30] - Andy talks about a brand-new feature in zInspector’s 360 tours.
[35:35] - What’s the best way for listeners to reach Andy or learn more about him or zInspector?
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
RentWerx
zInspector
zInspector Support
zInspector on Google Play
zInspector on the App Store
Rebrandly
NARPM
Appfolio
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% rebate.
Mark Dolfini graduated high school and started his professional career in the Marine Corps. After four years, he left the military to get a degree in accounting. He started buying rental properties when he entered college, and had about a dozen by the time he graduated. That’s when his education really started, he says. He eventually got up to 93 rental units by himself, but points out that it was a mess, and he didn’t really own a business.
In 2008 and 2009, Mark lost over $4 million in real estate. During that time, he also got sick with a cold that turned into double pneumonia. This made him realize that the madness couldn’t continue, and he had to shift from being self-employed to being a true business owner. Today, Mark is the Landlord Coach. He works as both a coach and a consultant, he explains, and focuses on creating capacity.
In our conversation today, he’ll talk about the reasons why he likes single-family dwellings, including the occupancy rates and ease of sale, despite the negatives (such as maintenance). We’ll talk about whether flipping is dead, and how many people are still doing it or wanting to do it. You’ll also learn in more depth about what Mark does as a coach, whether his services are more focused toward property managers or landlord investors, what it means to be time-wealthy, and much more.
Here’s where you can find Mark:
Landlord Coach
Mark Dolfini on LinkedIn
Mark Dolfini on Facebook
Show Notes
[02:41] - Mark introduces himself and explains the path he took to reach where he is today as the Landlord Coach.
[04:16] - The units that Mark had when he graduated weren’t high-dollar units, he explains.
[04:50] - At that point, Mark was doing everything by himself.
[07:59] - In terms of the management side of things, what does Mark do now?
[10:01] - Mark walks us through the various aspects of his business and his work, and offers the recommendation of building a sustainable, scalable business that doesn’t take all of your time.
[10:40] - Brad and Mark debate the topic of single-family homes versus multi-family homes.
[13:47] - Brad brings up another topic of discussion for Mark to address: is flipping dead?
[16:29] - We learn that Mark is divesting right now, and he explains why this is the case.
[18:42] - Mark talks us through his role as a coach, explaining that he helps to create capacity.
[22:08] - Mark dives deeper into the topic of overlays, which he mentioned a few minutes earlier in the conversation.
[24:41] - Brad talks about one of the challenges that he has with single-family-home property managers.
[25:35] - Are Mark’s services more focused toward property managers or landlord investors?
[27:04] - Mark talks about his book, The Time-Wealthy Investor.
[28:49] - We hear about a special offer that Mark has for Property Management Mastermind listeners!
[30:08] - Not everybody needs a coach, Mark points out, but everybody should have one.
[31:07] - How can someone reach Mark? For the special offers he mentioned, he reveals that you can head to this link.
[33:18] - Does Mark have any conference speaking gigs coming up?
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
RentWerx
Landlord Coach
Mark Dolfini on LinkedIn
Mark Dolfini on Facebook
The Time-Wealthy Investor by Mark Dolfini
Free gift for Property Management Mastermind listeners
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% rebate.
Now, onto today’s episode. In this conversation, I’ll talk to David Tilney, who’s an expert on the fascinating topic of master leasing and has been putting on seminars on the topic for years. David and I will take a deep dive into the concepts behind master leasing, some of the history of it and how he came to apply it to the industry the way he does, and how you can apply it to what you’re doing in the property management world. This conversation will answer a lot of the questions that you might be looking at when you talk to owners who are fearful of everything.
If you’re not familiar with the concept of master leasing, you’ll also learn the basics of what it is! In short, master leasing is when you lease a property from one entity and sub-lease it to another, and take your cut from the middle. It differs from property management in that you’re not working for the owner, and therefore don’t have a fiduciary responsibility to the owner.
David did his first master lease in 1984, when he leased a house for 35 years at a fixed rent and secured his lease with a deed of trust. 10 years later, he was given half the appreciation of the property to remove his lease from the property when it was sold. In 1996, he cancelled all of his agency relationships and leased the properties that he used to manage because he felt he had more control in that process.
In addition to all of this, you’ll also learn about how master leasing can be an entry into the world of property management, as well as some of its other benefits. David will talk about process for business development and finding owners who want to work with him, and why it’s so exciting (and sometimes fun) to be an entrepreneur.
Here’s where you can find David:
David Tilney
David Tilney on LinkedIn
Show Notes
[02:40] - Brad takes a moment to introduce David.
[03:36] - David gives us some history of what he’s been doing with master leasing and related seminars.
[05:54] - In master leasing, who’s doing the maintenance, and how is it being paid for?
[08:48] - David mentions that master leasing has been involved in the commercial market forever, and offers some examples.
[11:33] - We learn about what David covers in his master leasing class.
[14:31] - David talks about how long he’s been teaching about master leasing.
[16:48] - Does David find that there’s less adversity in master leasing than there is in traditional property management?
[18:59] - We hear about how David finds homeowners who are willing to lease to him.
[23:57] - David currently has very few units under his umbrella, he reveals, and explains why that’s the case.
[24:43] - Brad circles back to David’s seminars, and David talks about some upcoming seminars. If you want more information on the seminars, you can find out about them on David’s website at this link!
[27:00] - David never has more than one seminar listed at a time, he explains.
[29:42] - If you use the discount code “Brad,” you can get a discount on one of David’s seminars!
[30:55] - Brad offers a quick side story.
[32:02] - Many property managers own rentals themselves, but some don’t and don’t know how to get started, David points out.
Links and Resources:
adisarro@sccombank.com
(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)
Seacoast Commerce Bank
RentWerx
David Tilney
David Tilney on LinkedIn
NARPM