#doorgrowshow - Property Management Growth

Love ‘em or hate ‘em, most of us have lived with roommates at some point. You probably split expenses and chores, including rent and taking out the trash. Today, I am talking to Tyler Hayes and Joáo Ritter of Roof, which helps roommates resolve problems to live peacefully together and landlords easily collect rent and connect with tenants. You’ll Learn... [01:48] How a college hobby project created a company: A group of friends who love to design and build things, like apps, got together to foster productive communities. [02:21] It’s good to have friends with different skill sets to make a product even better. [03:17] Roof: A company all about people who share and make a place feel like home and landlords who make space available to those tenants. [03:55] Property vs. Tenant Management: Does your landlord treat you like a human being or asset? Problem-solving by landlords improves relationships with their tenants. [04:45] Pairing up to build an app: Eager to work on meaningful, real-world projects and continu

Do you own single-family properties, but rent them out? Are you tired of dealing with tenants? Incompetent contractors? Why do-it-yourself (DIY)? Why waste your time? About 70% of owners self-manage their properties. You can’t and shouldn’t do it all. Help is available. Today, I am talking to Dana Dunford of Hemlane, an all-in-one rental property management solution. After being encouraged by family and friends, Dana decided to do real estate investing on the side while working at Apple. She tried self-managing her properties, only to discover how difficult that can be - even tougher than calf dressing! You’ll Learn... [02:50] Moving from self-management to hybrid solution involving experts in real estate/property management to streamline and mitigate risks. [04:15] Property Management and Technology: Taking a different approach to build communities of agents, owners, and managers to work together. [07:50] Potential for property management industry: Buying real estate is easy; property management is much more

Do you use AppFolio? Word on the street is that it’s one of the most intuitive and easiest platforms to use, especially in the property management business. Today, I am talking to Nat Kunes. He’s the senior vice president of AppFolio, which is an all-in-one solution for property managers to grow their business and be more successful. You’ll Learn... [03:05] Shifts in technology solutions: AppFolio started as software as a service (SaaS), Web-based product and then added mobile ability to access anywhere. [04:29] Fourth Industrial Revolution: Applying artificial intelligence (AI) to property management problems. [05:18] AppFolio acquired Dynasty, which provides AI options for the real estate market. Digital employees lease properties, schedule maintenance, and perform other tasks. [08:16] Decision-making behind-the-scenes at AppFolio: Customer Input: Constant communication to identify core problems. Market Trends: Leasing, occupancy, and construction rates to fill units. Technology Shifts: Leverage leading-ed

Building your property management business and team can be challenging. As a business owner and entrepreneur, you are wired to fix problems. So, get out of the way, and hire people who have different skill sets to solve them. Today, I am talking Melissa Prandi of PRANDI Property Management. Everybody in the National Association of Residential Property Managers (NARPM) knows her name. She helped establish it and has been in the property management business for 37 years. You’ll Learn... [03:13] Brand new baby, brand new company, but no bank loan. [04:23] Beginning of NARPM and best practices for property management software. [05:25] Solopreneur Sandtrap: Can only handle 50-60 doors before getting stuck. [05:48] Team Sandtrap: Bottleneck of 200-400 doors when building a team, creating a culture, and systemizing processes become painful. [06:33] How to build a team: Different personalities and skill sets. [09:15] Success comes with your willingness to change. [12:15] Good at growing the company and letting people

Delegating work, tracking progress, and managing issues often leads to frustration. So, businesses buy workflow software with all the bells and whistles; only to realize that it’s too cumbersome and confusing. Today, I am talking with Vinay Patankar of Process Street. After experiencing similar pain with software, he decided to create his own simple way to manage recurring workflows for teams. You’ll Learn... [02:40] Why isn't there software that can do these tasks while I sleep? [04:57] Philosophy behind process development and problem with most products - the people who built and designed them. [05:45] First-generation Software: The experience on paper is not necessarily the best experience on a computer. [06:15] Can my grandmother figure this out? Create easy and intuitive software that anyone can use without any kind of context or previous knowledge. [08:05] Process Street is not just a process documentation platform, but a superpower checklist for accountability. [11:17] Rules around Tasks: Customize che

Searching here, searching there...How do investors find rental properties that align with their financial goals? Is there a way to provide them access to these assets? Today, I am talking with Dan Ganguly, president of HomeUnion and founder of INVESTimate. As an entrepreneur, he’s always looking for a new solution to an existing problem. So, if a realtor needs a feed for homeowners, a property manager needs a feed of investment properties to present to potential buyers. You’ll Learn... [04:05] Questions for Investors: What’s your budget? Risk preference? Age and stage in life? Do you need cash? [05:13] Two Brands Connected: HomeUnion’s where investors search for properties; INVESTimate’s where property managers and realtors work with investors. [06:30] Business Model Change: Internet-only to tool that increases engagement between property managers dealing with investors. [07:43] Where to Start: Build a relationship sooner than later in the sales cycle process. [09:00] Help property managers build better Websi

Are you sure your kitchen table or big-screen TV will fit? If you’re interested in renting or buying a specific property, there’s a few steps to take before actually visiting it. Watch a virtual tour video and get pre-qualified. Today, I am talking with Michael Sanz of Neesh Property, which started in 2009 and has more than 650 doors. We discuss the benefits of automating property showings, including the opportunity to spend more time with people and to travel. Who wouldn’t want to operate a property management business from beaches around the world? You’ll Learn... [02:25] Purpose of Neesh Property: Holistic real estate that helps people buy, sell, rent, and arrange financing. [03:20] Same Startup Suffering: Michael struggled to start a business, grow new doors, and retain customers. [03:37] Identify and Prevent Problems: Michael controls and protects his business and simplifies his life through systemization and automation. [05:45] Workforce Reduction: Michael went from 18 to 1½ staff members and replaced t

The American dream no longer represents home ownership. Whether you’re looking to rent or buy, everyone wants the same thing: A place they call, “home.” Not a house, but a home. There is a difference. Today, I am talking with Chris Litster, CEO of Buildium, which helps property managers handle properties, leases, tenants, and units. Chris shares how property management firms should focus on customer service, relationships, and reputation. You’ll Learn... [06:53] Service Oriented, Relationship Focused: Avoid treating residents, owners, or vendors adversarially, if you want to be a successful property management firm. [07:43] Millennial and Baby Boomer generations view home ownership as a burden. When things change, personally or professionally, they want to be able to move. [09:25] One reason to rent is to avoid dealing with and doing maintenance. Time is better spent focusing on other priorities. [11:19] Multiple generations want technology from property management companies to automate payments, submit maint

Managing people when you are not a people manager keeps most property management businesses within 0-200 doors. They can’t scale beyond that without hiring a significant number of people. How can you shift to outsourcing to scale, save money, and improve business operations? Today, I am talking with Todd Breen of VirtuallyinCredible, which helps answer property management leasing calls every day through its experienced call center. Also, VirtuallyinCredible can hire virtual assistants (VAs) and customer service representatives (CSRs) with or without phone skills for you and your property management business. You’ll Learn... [03:15] Outsourcing: Follow rules to get it right, and select best solution to avoid failure. [04:03] Outsource companies often find and hire virtual assistants (VAs) and other team members from foreign countries causing frustration instead of support . [06:00] Small businesses need an entrepreneur, people manager, and task-oriented employees. [07:43] People Manager Traits: They care for t

How often do you get complaints from the inside sales team about the outside sales team, and vice versa? “I can’t…I didn’t know...” Every business experiences the challenge of what a salesperson says and actually happens. It’s a constant struggle to make sure the sales team correctly relays what’s going to be done and the team accurately fulfills what the salesperson sells. How can you bridge the gap between inside and outside sales teams? Today, I am talking with Jennifer Stoops, senior vice president at Park Avenue Properties. She shares how external and internal sales teams can work together effectively. After all, they’re on the same team working toward the same goal. Work together, instead of separately! You'll Learn... [04:55] Definition and difference between inside and outside sales. [06:22] Three Cs: Collaboration, contribution, and communication. [08:49] Find a good personality fit for property management. [14:09] Red flags to watch out for during hiring process. [16:50] Align goals to facilitate an

Do you overcomplicate things? Try to automate and systemize everything? Focus too much on drip emails, SEO, or pay-per-click (PPC)? Then, you’re missing the most important element in property management: Taking care of people and property. People don’t buy property management. They buy into a relationship with a property manager. Today, I am talking with Patty Young of Pearson Smith Realty. She describes how technology has its benefits, but building relationships and being there when someone needs you is the key to success and growth in the property management business. You'll Learn... [03:40] Grow a property management business by talking to people and being available on the phone; avoid complicated conversations by being confident and authentic. [05:38] Pain and pleasures of solving their problems; property managers close deals by asking more than talking. [09:07] Understand and categorize personality types; don’t stereotype, but figure out where they are to know how to make them feel better. [11:05] Why ar

How should property managers deal with mold that affects air quality? How can they create a healthier indoor environment for their tenants? The key is to have a “green” professional perform tests and offer solutions. Today, I am talking with James Armendariz of Green Home Solutions TrueEnviro. He shares a new perspective on how to handle molds and odors, as well as add healthy bacteria into the environment. You'll Learn... [03:23] Property managers usually try to get rid of mold by spraying a porous surface with bleach, which is 99% water that continues to feed the mold. [04:30] Property managers often have to deal with odors left behind by tenants, including cannabis, cigarette, cat urine, and other smells. [05:55] Painting cigarette-stained walls or using bleach only masks or covers up smells temporarily; TrueEnviro eliminates odor molecules from the environment for good. [06:42] TrueEnviro removes allergens, pathogens, mold, odor, and bacteria to maintain and establish a healthy, indoor environment that sm

If you own a company, then you probably have insurance to help protect you when something goes wrong. However, have you ever experienced shock and dismay when you submit a claim and have it denied because your insurance doesn’t cover it? You thought you were covered, but didn’t truly understand your insurance policy. Today, I am talking with Vicky Methven about understanding your options when buying insurance. She helps clients understand risk on all levels: What they bought, why they are buying it, and what they actually need. You'll Learn... [03:04] Insurance has changed because business has changed; traditional go-to commercial general liability policy is mostly for brick-and-mortar businesses. [03:57] Different types of insurance policies and how they are structured; beginning gives you a lot, middle takes most of it away, and end gives you back something. [04:25] People don’t read their insurance policy; decide to tell agent what they need. [04:50] Delivery of Insurance Policy: Agent’s obligation to expl

How do you sort the good from the bad when selecting tenants? Do you check previous landlord references? Run a credit report? Verify employment? There’s a way you can save about 47% of the time you spend faxing, emailing, and calling to verify tenants. Today, I am talking with Vitaliy Merkulov of Renter, Inc. about how to automate giving landlord references and rental verifications. You'll Learn... [02:10] Vitaliy’s move from the tech industry to property management. [02:57] First Tenant Fail: Fake landlords and fake information. [04:10] What did I do wrong? How can I prevent people from doing this?. [05:50] Solution: Create SaaS way of requesting or sharing rental verifications online. [06:41] Property manager’s biggest problem without automation? Compliance. [10:20] How fake companies fool tenant screening companies. [14:00] Reference requests require identifying owner of property. [15:12] Registering an account to post online rental verification request form. [17:51] Plans to partner with property manageme

What should you do when starting a property management business and trying to grow your number of doors? Today, I am talking with Benton Cotter of RentVest. There’s no question that he knows how to grow a property management business. You'll Learn... [01:33] Benton’s background and how he got into property management. [03:55] Going nationwide and growing from 79 to 4,000 doors in a few years. [04:33] Steps to take when starting from scratch: Identify kind of company to create to determine clientele and marketing strategy Set fee structure: Do organic marketing, PPC, and SEO. [05:13] Rework Philosophy: Start small, work hard, and start/pay marketing. [06:14] Constant interruptions and constraints; it doesn’t have to be crazy at work. [08:37] Benton built big growth and expanded his network; opportunities are available. [12:16] Being an owner and involved in all of it - from computers to marketing. [13:46] Define your avatar, and narrow your niche. [20:57] Don’t get distracted; focus equals power. [24:20] Ident

You finally find time for your first vacation in seven years, so you leave your property management company in good hands with a long-term employee. Just as you’re feeling relaxed, having fun, and enjoying time in the sun, you get a text message from your worker, “I quit.” There goes your vacation. It’s time to head back to the office! After experiencing the same situation, Mark and Anne Lackey decided to start HireSmart Virtual Assistants, which helps property managers and companies find, train, certify, and outsource full-time dedicated virtual assistants. You'll Learn... [04:22] Definition of a virtual assistant (VA) via 3 segments. [07:55] Why get a VA and how to prepare for one. [12:03] HireSmart’s 10-step hiring process to source the perfect person. [13:05] Criteria and Assessments: Why HireSmart has a 97% success rate. [17:47] Changing the Landscape and Lives: VAs are in top 1% of remote workers. [21:05] Difference between a dedicated staff and productivity. [23:14] How to start the VA search process w

Do you work for or regularly spend your money at Subway, McDonald’s, or Starbucks? Did you know that if you combine all their locations in the United States, there’s still more self-storage facilities? Today, I am talking with Paul Moore, a real estate entrepreneur, author, and podcast co-host. He’s made a lot of fun moves and money over the years, but a lot of mistakes, too. He shares how self-storage management offers a lot of opportunities. You'll Learn... [01:44] Paul’s semi-retirement pain from not having a plan in place. [04:09] Entrepreneurs know things that work, that don’t, and how to lose money. [04:21] What makes self-storage appealing and useful to property management. [06:10] Passive real estate investment with a lack of optimization and systemization. [06:54] Ways to juice returns, increase income and value. [08:00] Where and how to find self-storage opportunities. [10:25] Biggest financial leaks to generate revenue; know renters’ motivations and income levels, add U-Haul and ancillary services/

Even if you are doing sales, closing business, and adding doors, your life and business can still be a disaster - if you don't know what it means and how to optimize for profit. Today, I am talking with Jordan Muela of LeadSimple and ProfitCoach, which provides third-party fractional CFO advising. They help you take the guesswork out of property management business growth. You'll Learn... [05:10] NARPM Accounting Standard: ProfitCoach provided first set of financial benchmarks for the industry. [06:59] Numbers are not everything, and it's not just about doors; there's a lot that numbers can tell you that we don't know because people don't track their data. [08:36] Lifestyle is a factor when growing companies; make sure you have a business that serves your needs and meets your goals in life. [10:00] Unique ability involves networking and research to develop opportunities and build new businesses around needs; cost and penalty you pay for being a visionary. [12:12] Nobody can validate that your heart's desire i

Are you tired of chasing doors? Do you need help to define the areas you’re managing? Do you know how much bandwidth is required for those areas? How do you establish rents? How do you predict rental profits? Today, I am talking with Scott Abbey of RentFax, which is a tool that helps you figure out the answers to all these questions. It helps you, as a property manager or investor, grow your business. You'll Learn... [03:25] Each door doesn’t require the same bandwidth, which is a critical metric for determining whether you want a door or not, and how to charge for it. [04:37] RISC Index: Features 15 sub-indices of census data that identify demographics about properties to indicate probability of an income stream and interruptions with it. [08:45] RISC Index weighs comps based on proximity and likeness of the demographic; it considers square footage, number of bathrooms, and other factors to predict rent. [10:05] Cycle of Suck: If you take on bad owners and bad properties, you’re going to get bad tenants and

Want to make your life easier when it comes to property management? Once it’s adopted, try the National Association of Residential Property Managers (NARPM) Standard of Accounting. It’s going to positively change the industry! Today, I am talking with Brad Larsen, who played a major role in the development of the Standard of Accounting. Also, he’s the founder of RentWerx (formerly Larsen Properties) and host of the Property Management Mastermind podcast. You'll Learn... [04:28] Why: Standardize language and charter accounts for industry. [05:15] How: NARPM participation and vendor selection of ProfitCoach. [08:33] Going from General to NARPM Accepted Accounting Practices (GAAP to NAAP). [09:31] System/process to get it adopted; won’t be a perfect solution immediately. [10:38] NARPM’s value add and thank you to industry; training provided at conferences. [12:45] Embezzlement: It’s going to happen to you as your business grows and scales. [14:05] Examples of how to use NARPM Standard of Accounting. [17:56] Goal