#doorgrowshow - Property Management Growth

If you walked out the door for a month, would the business you started survive? Would it still operate? Do you have the right people in the right roles? Today, Jason Hull and John Ray of DoorGrow discuss the problem of premature expansion in property management. What is the best way to see consistent, comfortable growth? You’ll Learn... [03:25] Plateau vs. Premature Expansion: Buy new business, location, or expand to make more money: [04:33] Debunking New Market Myths: Easier, less work, and shortcut to growth. [07:20] Duplication: Split energy leads to struggling to successfully do double the work. [08:43] Clone Your Competitor: Takes 10 people to duplicate tasks and do them better.  [13:00] New Locations: Avoid burnout by building a team and support to be scalable. [15:21] Processes: If employee leaves, document tasks to prevent disconnect. [22:55] Expansion: Continue to grow in the same, new, or additional location? . [24:20] Systems: Plan and set monthly and annual growth targets, goals, and more. [31:15]

Do you like dealing with people or properties? Most real estate investors and property managers leave dealing with numbers to their accountants. Today, I am talking to Kyle Redding, Head of Growth and Sales for Proper. The property management tool uses artificial intelligence (AI) and machine learning (ML) to provide accounting and bookkeeping services. As a former CPA, Kyle has extensive knowledge of accounting, bookkeeping, and customer experience.  You’ll Learn... [05:12] Purpose of Proper: Partner with property management companies to set up accounting automation for back office. [06:10] Proper Position: Works with, doesn’t replace other property management tools. [10:00] Sophistication Fog: Property managers who need additional software and staff to optimize accounting automation. [12:15] Proper Process: Property managers handle invoices via dedicated email inbox, training, and automated processing. [17:45] Reminders: Rent is due! Rent is late! Proper’s frequency of property management invoices and state

Are you a property manager who loves or hates creating systems by leveraging technology? Do you enjoy or dislike doing inspections, dealing with tenant issues, and handling renewals? Have you considered putting processes and people in place to automate your business? Today, I am talking to Paul Kankowski, a real estate investor with more than 200 doors. Paul increased systems to build a better property management business. He describes how he created computer-based processes for his employees to do everything his way, the same way, the right way. You’ll Learn... [03:10] One-man Show: Learn how to get the job done right and then do what you want. [04:41] Paul prefers to create processes and systems to solve problems. [05:29] No Secret Sauce: NARPM speaker/expert on automated processes/systems.  [07:29] Paradise is Possible: People make more money, if they have good systems. [08:39] Fines: Do I charge? Do I not charge? Decision made by process, not employee.  [09:25] Everything that doesn't have a process, Paul

Why is your business remarkable? What are you doing differently that gives you a competitive advantage? Why should customers trust you over someone else? These are foundational elements that every entrepreneur should consider.  Today, I am talking to John Ray, formerly of Inspect & Cloud and now part of the DoorGrow team. John is a Search Engine Optimization (SEO) expert who helps property management entrepreneurs grow revenue and attract new customers. You’ll Learn... [01:27] Internet Marketing: Seeking clarity, relevance, and truth through so much noise. [01:57] Seed Program: Training purpose of DoorGrowSecrets, not SEO. [03:38] Keywords and Rankings: Transparency and truth, not tricks, deliver value. [05:29] Can authority and expertise be effectively and successfully outsourced? [07:35] Deliverables and Outcomes: Steps in purpose-driven SEO content process. [10:00] Who are we in-service to? Don’t write directly to a search engine.  [11:25] Micromanagement Culture: Solopreneur businesses get stuck at 20

How can you utilize the Internet with your blog and website content to attract prospects and grow your property management business?  Today, I am talking to John Ray, formerly of Inspect & Cloud. John decided to join the DoorGrow team to help entrepreneurs align with a higher purpose through transparency to grow revenue and attract new customers. You’ll Learn... [02:45] Bromance: Similar passion, vision, and success for property management. [08:50] Anti-SEO? Merging of minds and skill sets to increase customer base. [11:16] What is property management? Lack of name recognition and understanding. [12:15] Lead Gen: What clients want vs. what they actually need from marketers. [15:13] Digital Marketing: Ancillary to foundational basics of a business. [15:35] Purpose of Seed Program: Clients not quite ready for digital marketing solutions. [18:17] SEO and Pay-Per-Click (PPC): Getting the cart before the horse. [18:24] What makes marketing work? Storytelling. Do or say something interesting. [19:07] Hook, Line

What is cost segregation, and how does it work? If you're knowledgeable of the tax code and understand what you’re able to do, you will put money in your pocket.  Today, I am talking to Kim Lochridge, Executive Vice-President at Engineered Tax Services. The company started with about six employees and has grown to 130 to do 150-200 cost segregation studies a month. Kim loves talking about taxes. She’s here to help make sense of it all!  You’ll Learn... [03:10] Investment Depreciation Concept: What you get when you have an investment property. It's a tax deduction. [05:15] Depreciation is everything and anything, including buildings, carpet, walls, paint, countertops, and cabinets that depreciate over 27.5 years (unrealistic). [07:17] Cost Segregation Metamorphosis: IRS allows building professional/engineer that understands property and tax laws to segment each component of a building.  [10:30] Does Kim use cost segregation? No matter how big or small, she doesn’t do a deal without cost seg. [11:53] Cost Segre

What do you want to do with your life? Sit on the sidelines in a cubicle or travel the world? Take control of your life instead of watching it pass you by. Consider investing, start your own business, and enter the world of entrepreneurship. Today, I am talking to Reed Goossens, Lead Asset Manager/Chief Operations Officer of Wildhorn Capital, about investing in the United States. After spending two years abroad, having a great time, and meeting the girl of his dreams, Reed returned to Australia to sit in a cubicle as a civil structural engineer and wonder how he could get paid to travel. You’ll Learn... [03:17] Real Estate Investing: Rich Dad Poor Dad ignited Reed’s interest in being an entrepreneur. [03:45] Reed’s Journey: Leaving the safety of his cubicle in Australia to moving to America without a job for the love of his future wife.  [03:58] No job, no network, no problem: Took just six months for Reed to find a job in the United States and purchase his first investment property.  [04:29] Investing in the

Not tech-savvy? Afraid to use technology to meet elevated brand standards at scale? Are you willing to manage and centralize chaos by leveraging automation and mobile functionality for those maintaining and caring for your properties?  Today, I am talking to Tucker Cohen of Breezeway, which brings operations and service optimization software to the property management space. By combining deep-learning technology, robust property data, smart messaging, and mobile-first task management, Breezeway makes it easy for managers to deliver the best experience for guests, tenants, and owners.  You’ll Learn... [03:05] Problems Solved: Breezeway helps property management business owners when short- or long-term tenants move out to determine condition of property.  [05:15] Breezeway Bio: Created by FlipKey founder and acquired by TripAdvisor. Breezeway uses 75+ years of industry experience to build the future of property care. [07:00] Systemize business to be more effective and save time for brand standards and rising ex

Do you need a place to rent? But you can’t complete or submit your application because you don’t have the required information and documentation for the property manager? This is a common and frustrating problem.  Today, I am talking to Stephen Arifin of The Closing Docs, which offers automated income verification in the property management industry. The Closing Docs is a modern way to help applicants prove their net income, which is the best indicator of their ability to pay rent. The Closing Docs provides property managers with income information needed to make a decision that can be defended. You’ll Learn... [01:48] Early Entrepreneurship Experience: Stephen started solving problems using technology to make money from the time he was in kindergarten through college. [02:50] First Job Out of School: Full-stack Web developer at Microsoft, where a small team taught Stephen the fundamentals of how to build a Web application from scratch. [03:08] Missing Entrepreneurial Spirit: Stephen leaves Microsoft to pursu

What do most skiers and snowboarders dream about? Owning mountain property. But most of them don’t have the necessary wealth or money to purchase a second home, especially in expensive real estate markets. Today, I am talking to Rob Stephens of Avalara MyLodgeTax. As a Denver resident and lifelong skier, Rob was fortunate enough to buy a three-bedroom condo in Vail about 20 years ago. But even then, it took Rob, his wife, and wife's brother-in-law to make the dream a reality.  You’ll Learn... [02:57] Short-term Rental Market Options:  Hire local property manager/real estate agent. Post property online via VRBO, Airbnb, Expedia, etc. Rent-by-Owner: Book guests, collect money, and provide on-site services. [03:48] Complex Tasks: Apply technology and manage challenges for property owners, managers, and operators. Know what taxes to charge, collect, file, and pay to agencies. [05:50] Lack of Awareness: Property owners trying to manage their short-term rentals have never dealt with these types of transactional t

Before you accept a bunch of cash from applicants who drive up in a BMW to rent a property for a few years, check criminal background reports. Otherwise, you could end up with drug dealers with grow operations as tenants. You may be their next victim! Today, I am talking to Jason Waggoner of ACUTRAQ, which offers accurate and reliable criminal background reports. He knows what property owners/managers deal with when it comes to tenants and how ACUTRAQ makes a difference in communities.  You’ll Learn... [01:50] Who is Jason? Started out by fixing and customizing cars to selling vacuums.  [02:40] Buyer’s Remorse? Selling a vacuum to the right person led to ACUTRAQ job. [05:00] Federal vs. Multi-state Databases: Criminal reports are important, but don’t capture all crimes and court activity. [07:02] Federal vs. State Crimes: Federal reports include most heinous crimes.  [09:41] Don’t Ask, Don ‘t Tell? Avoid lawsuits and being liable for renting to criminals.  [13:45] Aliases: Know tenants by all their names via

Do you work because you want to or have to? Have you ever considered investing in land to generate enough passive income that exceeds your fixed expenses? Today, I am talking to Mark Podolsky of Frontier Equity Properties. Mark’s passion is investing in land, creating wealth efficiently, and helping others develop their inner geeky entrepreneurial spirit. He’s known as, “The Land Geek,” for buying and selling thousands of raw and undeveloped land deals. Also, he’s the author of Dirt Rich, a guide to building a passive income model in land investing. You’ll Learn... [02:40] Beat Friday Blues: How and why Mark became a land investor.  [05:40] Breaking Down Passive Income Model: No emotional attachment to land and distressed financially.  [07:26] Property Checklist: Due diligence to confirm ownership, back taxes, no title breaks, and no liens.  [08:25] Buy the property free and clear, and sell it in 30 days or less.  [08:40] Neighbors: Built-in best buyers to protect privacy, views, and expand holdings. [09:09]

Have you ever played the board game, Monopoly? Were you successful at buying properties, and charging people rent? Did you go from buying and selling the little green houses to bigger houses? Did you dream about becoming a successful real estate agent, making billions, winning the game, and retiring at an early age? You’re not alone.  Today, I am talking to Pat Hiban, a real estate agent who got better over time to have an illustrious career in the real estate sales business. Pat practiced what he preached and like most agents, bought houses and then rented them out. At 46 years old, Pat retired from selling homes for commissions to living off the income he made from the real estate that he purchased.  You’ll Learn... [02:45] Labeled as Learning-Disabled: How Pat overcame it, and didn’t let it bother him. [03:35] Go Getter: Don’t reinvent the wheel. Listen and copy others to sell houses.  [04:09] Done is better than perfect: Things don’t need to be perfect, but need to get done. Hire others to make them perfe

In property management, eliminate no-shows and days on the market. Don’t waste time on administrative work. Make it more profitable. The ultimate goal is to get the place rented.  Today, I am talking to Zee Bhimji and Asif Hussain of ShowingHero, which is property management software built by property managers because they understand the challenges you face daily—dealing with tenants, leasing, and maintenance. You’ll Learn... [04:15] What is ShowingHero? Automation of entire leasing process—from lead to lease.  [07:42] How is ShowingHero different? Customization, full access to improve efficiency. [08:40] Piecemeal Process and Missing Pieces: Some piecemeal solutions sometimes work, but they're not a one-stop solution. [10:40] Showing Process: Contact, communicate, pre-screen, and schedule time.  [14:45] People and Technology: Most expensive operational cost for a business is staff. Reduce expense through automation. [19:05] Customer Experience: Specific service level expected. Automation doesn’t take away pe

Entrepreneurs dream about starting their own business, but they can’t afford it. How can they reach their financial goals and objectives to fund and grow their business? Most of them borrow money from their friends, parents, and/or credit cards.  Today, I am talking to Bruce Mack of Platinum Trust Group. Bruce is an avid real estate investor and licensed financial advisor. He shares seven options to fund your business and take it to the next level. You’ll Learn... [03:54] Option 1: Revolving Lines of Credit Program is easy to qualify for with 700+ FICO score and more than one open lines of credit; no business plan, collateral needed.  [08:55] Option 2: Installment-based Lending Platform features 25 lenders offering $1,000 to $50,000 with lower FICO score, but provable income. [12:25] Option 3: Business Directed Retirement Account (BDRA) is rollable IRA or 401(k) where funds from previous employers are accessible for specific transactions.  [18:28] Option 4: Transactional Funding for A2B, B2C transactions, suc

Wouldn’t it be wonderful to sleep at night, knowing things are done right and no tasks are falling through the cracks? Unfortunately, many businesses don't have the tools, know-how, or means to document and scale their workflows.  Today, I am talking to Amit Kothari, co-founder and CEO of Tallyfy. Small- and medium-sized property management businesses use Tallyfy to easily scale operations and document their standard operating procedures (SOPs) to improve workflow and mapping processes. You’ll Learn... [03:29] Purpose of Tallyfy: Pain point that had to be fixed. Tool was built to help companies document, scale, and run processes.  [05:32] Process vs. Project: A process isn’t a process unless it repeats. A project is unique every time.  [05:50] Do you have processes? What are they? Document them in a structured form. [06:10] Collaboration for Continuous Improvement: Who looks at the processes? How are they updated? What needs to be done beyond creating a static document? [08:10] Forget Flowcharts: Too complica

Is there a way for property managers to reduce delinquent rent payments by more than 50 percent? How can residents positively or negatively impact their credit score by 20-70 points?  Today, I am talking to President Dave Haldi and CEO Steve Jarvis of CredHub, which helps property managers report on every resident, including those considered a credit risk. It reports the positive and negative, incentivising tenants to make paying on time their top priority.  You’ll Learn... [01:47] CredHub: Name change, funding, continued growth, and creating transparency. [02:06] CredHub’s Competition: Most companies only process and record positive payments, not negative payments on individual's credit score. [02:28] Bolt-on Technology: CredHub connects and bolts onto rental software systems to validate positive and negative payments via rent roll system. [02:52] How it works: Provides property managers access to an individual's credit score information reported to credit bureaus and pass-through revenue opportunity. [03:27

Is pre-screening tenant leads the most time-consuming part of your business? What you need is an online system that advertises, generates and pre-screens leads, automates showings, and turns leads into applications at a reasonable price.  Today, I am talking to Cliff Hayden of ShowMeTheRental, a time-saving tool for automating and screening rental leads. ShowMeTheRental handles the B.S. part of management between prospective tenants and property managers/owners.  You’ll Learn... [03:05] From Lineman to Realtor: Longest suspension in AT&T history to do real estate. [04:00] Poor Priorities: Money was goal. Financial success wrecked family/homelife. [05:15] ShowMeTheRental: System put in place to automate lead screening for tenants. [06:12] Fulfilling Family Priorities: Money is a tool, now; not a goal.  [07:25] Happy vs. Frustrated Customers: Set expectations of what you expect from them and what they expect from you via questions that filter qualified leads. [11:25] Where is ShowMeTheRental advertised? All

Whether you’re flying a plane or dealing with property management, manual processes based on your own way of interpreting a task doesn’t always represent your brand. Today, I am talking to Jo-Anne Oliveri, founder and managing director of ireviloution. Jo is a leading authority on property management and author of Find Your Property Manager Now. In this episode, she describes how to streamline business operations.  You’ll Learn... [05:00] Find your passion, and change your life. [07:05] Crusade for Courage: Understand property management and real estate from investors’ point of view to pursue your dreams. [08:15] Build business using deliberate methods, not desperate measures. [10:35] Singing and Standing in Line: Businesses built on foundation of consistent processes and systems decrease frustration and anxiety. [17:55] Scalability and Serviceability Platform: Streamline business operations by identifying tasks, each with its own timeline and priority plus corresponding tasks. [21:28] Brand Culture, Business

Do you want to grow your single-family portfolio, but not sure how? Don’t think you’re smart enough to be successful in real estate? Invest in yourself, get an education, and hire a coach. Today, I am talking to Mark Dolfini, founder of Landlord Coach and author of three real estate books. Mark shares how he ventured into real estate, property management, and landlord coach. He follows the VIP Paradigm: Vision, Infrastructure, and Process.  You’ll Learn... [04:40] Real Estate Education: You can learn, if you want to; even if you’re not smart. [07:21] Hospitality Industry: How to treat people, customers, and residents like guests. [10:37] Set up sustainable business by shifting to VIP Paradigm. [14:35] Landlord Coach’s favorite catch phrases focus on valuing your time and money.  [19:30] Better Business Owner: It’s not about the number of doors, but what you’re trying to accomplish in revenue and lifestyle. [26:40] Cycle of Suck and 4 Ds to Revenue (doors, deals, duration, and dollars). [29:10] Being time weal