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Play Episode Listen Later Apr 18, 2025 42:33

As the property management industry continues to evolve, it's important to stay up to date on the latest innovations in technology. In this episode of the #DoorGrowShow, property management growth expert Jason Hull sits down with David Normand from Vendoroo to talk about AI's role in the future of property management. You'll Learn [01:29] The AI Revolution [08:47] The Importance of Empathy and Human Touch [22:21] Decreasing the Cost of Maintenance Coordination [32:29] New Features Coming to Vendoroo Quotables “As any property manager believes, we know how to do it the best.” “If you're not reading articles and studying up on this, I think that's going to catch you by surprise pretty quickly.” “Empathy is the magic lubrication that makes everything better.” “Empathetic reflection and empathy is a magical ingredient.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive Transcript [00:00:00] David: If you're not building AI tools from working with your partners, from being on the ground floor with them and using the data and building tools based upon the data and their pain points and their failures, buyer beware. If somebody's coming to you and saying, Hey, we figured this all out in the lab. [00:00:14] David: Come use it. Yeah. Right. Buyer beware. [00:00:18] Jason: All right. Welcome property management entrepreneurs to the DoorGrow Show or the Property Management Growth podcast. I'm Jason Hull, the founder and CEO of DoorGrow, the world's leading and most comprehensive group coaching mastermind for residential property management entrepreneurs. We've been doing this for over a decade and a half. [00:00:39] Jason: I've brought innovative strategies and optimizations to the property management industry. I have spoken to thousands of property management companies. I've coached over 600 businesses. I've rebranded over 300 companies like Bar Rescue for property managers, cleaning up their businesses, and we would love to help coach you and support you and your growth. [00:01:01] Jason: We have innovative strategies for building out growth engines, for building out your operational challenges, for helping you figure out how to get to the next level in your business and one of the cool tools that I'm excited to showcase today with my guest here, David Norman, is Vendoroo. We've had you on the show before. [00:01:19] Jason: Welcome back David. [00:01:20] David: Yeah. Thank you for having me. It felt like years ago, it was only about, I think eight months ago since we did this, so much has changed over the time, so it's great to be back. Yeah, it's great to be back. [00:01:29] Jason: Good to have you. I know you're in the middle of this AI revolution, which AI is just innovating and changing so rapidly. It probably does feel like years ago, so, yeah. Yeah. Yeah. It's been crazy. You guys have made a lot of changes too, so, you even changed your brand name from the last time we had you on the show. Yeah. Which was I think Tulu. Yeah. Right. And so, yeah. So why don't you get us caught up on what's going on 'cause, you know, there's been a lot. [00:01:55] David: Yeah. Yeah. Thank you first of all for having me here today, Jason, and from the entire Vendoroo group of us, which, you know, the team has grown 10 x over the past eight months, which has been awesome. And I just also wanted to start in thanking everybody from what we call our client partners who have jumped in into this great unknown that is AI and is going to be like, how is this going to work in our industry? And so that's really what we've been focusing on the past eight months. You know, it's been a unbelievable journey of both failures, successes learnings and insights. And ultimately we're getting excited here at the NARPM broker owner which is in Denver to unveil Vendoroo. Like this is the coming out party. And so we're super excited if you're going to be there. We have a massive booth that we have set up that we have the ai alliance with other people that are working in the AI space, and I really hope that you guys come over and check it out. I promise this. [00:02:53] David: You'll never see a booth or a display like we have set up. At the NARPM broker owner. So. [00:02:58] Jason: Now I want to go attend it. Yeah. Just so I can see your booth. [00:03:01] David: So, let me put it this way. You may see the robot from the Jetsons walking around the booth walking around the NARPM broker owner, so, okay. [00:03:07] David: Yeah. Rosie? Yeah. You may see something like that. So she'll be vacuuming with her apron? Yeah. She'll be doing a little social engagement. It'll be cool. So, okay. Okay. [00:03:17] Jason: Yeah. Very cool. Yeah, so catch us up on what, like, let's get into the kind of the background and the overview for people that have never heard about Vendoroo and what you guys do and how you got into this. [00:03:29] Jason: Yeah. Give people kind of the backstory. Yeah. [00:03:31] David: Yeah. Thank you for that. So really the backstory is that, you know, we know of this AI economy that's coming, right? And there was a few of us, you know, I've been in this industry for 18 years. You know, I've managed you know, portfolios of 40,000 doors. [00:03:47] David: I've managed them for governments. You know, I started off with our own property management. Much like you guys. We started off with 80 doors. We grew to 550 doors in four years. So it was exciting to know that technology that was coming that promised duplication because, you know, as any property manager believes, we know how to do it the best, right. [00:04:05] David: And so what we decided to do is to come together and say, Hey, if AI's coming, there's two things that we need to figure out. Number one is how is this going to help us show value in this new industry to this new generation of property owners that is here, that is coming, that has been raised in the technology world too, right? [00:04:25] David: And two, can it actually duplicate our efforts? Can it actually be an employee for us? Right? And I don't care what people are promising about ai, you don't know until you get into what we call like, you know, get into the weeds, you got to get into the trenches. And so that's what we did, right? We went out and we were the guys that grabbed the torch and we said, we are going to take all the risk. [00:04:46] David: We are going to jump into the mix. We're going to ask people to jump onto the bandwagon with us and we're going to figure this out. And oh my gosh, what an unbelievable eight months it has been in learning and insights. And I can't wait to get into all the things that we've learned about the property management industry. [00:05:01] David: But that's really what we've been focusing on here the past eight months, right? So we started off with well hey, can the AI assist the va? Can it turn them into a super va? Is that what it's going to be? And, you know, some people were like, yay. And some people were like nay, you know? And so, and you know, because that human failure still was there, right? [00:05:21] David: And you know, what happens if they left? There was that inconsistency. And then it was like, all right, well what can the AI own? Right? What can it do? What can it perfect? And you know, can AI actually be the last employee that I ever hire? Right. That's really, that's a really cool thing to do. [00:05:39] David: But the property managing community had some really specific demands that they said that if this is going to be the last employee that I've had, it has to do this. And that's what I'm excited about our new technology 'cause it's doing those things. You know? [00:05:52] Jason: Yeah. And now you guys have made some big moves. I know, like I've, I have clients that we've sent over to you and they've shared some incredible stories. Like one client, I think he had 154 units or something like under management, and he said in the first day you're of turning on Vendoroo, like it closed out like 80 something work orders. [00:06:12] Jason: Yeah, like, it was crazy. Another client, they had a little more doors. They said it was like 50 something work orders were closed out in the first day of turning it on. And so, I mean, you're creating some dramatic stuff. Like this is a very different thing than what people are used to in maintenance. [00:06:27] David: Yeah. Yeah. And really what the exciting part about this, Jason, is that maintenance is actually really easy. And I know people laugh when I say that it's managing communications that is extremely difficult. Okay. Okay. Right, because you have, you know what AI told us about our industry over the last eight months is when we dove in with it and it took a step back and it said, whoa, you guys don't have a data problem here. [00:06:51] David: You guys have a emotion problem here. There's very specific categories of emotion that are in this space, right? Like, how do you build a technology that senses something? And I know this relates with property managers, 'cause I know this for myself. A property manager can walk into their office, sit down at their desk, and their spidey senses go off and they know something's wrong. [00:07:15] David: There's no screen that's telling them anything. There's no spreadsheet. They know something's off. Right. And so the AI is like, well, the statuses really don't matter that much to me based upon the feedback that I'm seeing from the property managers. Because the status and the communication all seem to be in order, but there's a disruption somewhere. [00:07:35] David: So I need to know about people's emotions. I need to understand about is the resident happy? Does the owner feel supported? Is the vendor being directed? And does the property manager believe that I can own the outcome for this? And it was really cool to start seeing its learning and understanding and picking up on these cues where, you know, people say that this is a data-driven industry. [00:07:55] David: It's really in an emotion driven industry. [00:07:57] Jason: Oh yeah. It's a relationship and emotion industry for sure. Yeah. Yeah, big time. [00:08:01] David: And it's really cool to see, and it's really started happening over this past last 60 days, the amount of residents, I was actually just looking at one before I jumped on here, that are like thanking the system, right? [00:08:15] David: Imagine that, like think of all of us that actually worked with the chat bot at like Verizon. I've never thanked that chatbot at Verizon for being their customer service. Right. [00:08:25] Jason: And how do I get a representative? Representative. Representative! [00:08:28] David: Yeah. Yeah, for sure. Versus you seeing people, you know, seeing individuals saying to the, you know, saying to the Vendoroo maintenance coordinator, Hey, I really appreciate feeling supported and how fast you acted because you know, there's empathy that's inside of its law and learning. So I don't want to get too much into the details on there. But yeah, these are some of the exciting things that we're working on. [00:08:47] Jason: I mean, empathy is the magic lubrication that makes everything better. [00:08:52] David: Yeah, [00:08:52] Jason: I mean they, they've done studies. Teams, even in working in warehouses, are more productive if the team has a higher level of empathy. Yeah. And doctors perform better. Yeah. If there's a higher level of empathy, there's less malpractice suits, like empathetic reflection and empathy is a magical ingredient. [00:09:10] Jason: I coach clients to add that in during sales. Yeah. 'cause their close rate goes up dramatically. Yeah. Right. So yeah. So leveraging and like getting the AI to actually be empathetic in its communication. Yeah. When that's probably not a natural skill for a lot of maintenance coordinators to be empathetic. [00:09:26] David: It's not, it's not a natural skill for a lot of people in the maintenance industry. Right? Yes. Especially when you talk about burnout. People begin developing views of the rental community, right? Like, oh my gosh, they're calling again, and that empathy meter goes lower and lower and lower. [00:09:41] David: Yeah. As people have been in the industry longer. But isn't it great that you have an employee now that knows that, yeah, it's my duty, rain or shine, 24 hours a day, seven days a week, 365 a year to always operate at the highest level of empathy? I never have a bad day. I never take a day off. [00:09:57] David: I'm never upset. I'm never short with somebody on the phone, never tired, never like, oh my gosh, Susan is calling me again. I'm going to let the phone just ring because I'm annoyed of talking to her. And it just is constantly hitting that same level of standard. And this is what's exciting to me, is that there are people that that have played around with this and have been a part of what I call the pain phase, right? [00:10:20] David: The pain phase is that understanding the way that agentic AI works, right? It's input in output. Input, output, right? The more that you're putting into it, the better the results are that you're going to get out of it, okay? Right. It's just like training an employee. So over the last eight months, what we've seen is that the community has trained this to be the level of a person that has now been working in the industry for five years. [00:10:46] David: In eight months. It's got five years of learning in eight months. Okay. Wow. In the next six to 12 months, we're probably looking at somebody that has 10 to 15 years understanding in the next six to 12 months and understand the level of type of tasks that it can do, especially getting into estimates and getting some other work. [00:11:04] David: And again, just you know, having empathy in my own life towards the people that jumped in that are like, what is this all about? Like, how does AI fail? Like, you know, there's still people that are involved and it was like this big like momentous train of like, you know, all these people were jumping on and giving ideas and people are in the loop and now it's weeding everything out and the AI stepping in and saying. [00:11:27] David: Hey, I appreciate all the input that you've given me. Thank you for all your effort. I'm now ready to step up to the plate and to own the outcome. Right. And that's what we're seeing at the NARPM show that's coming out. There's five AI tools. There's a master agent, five AI tools. And you know, I'll give you a couple of pieces here that, you know, we had feedback from our property managers like number one across the board. [00:11:50] David: A property manager said, if I'm hiring AI as my last employee, that has to work in my system. Yeah. Okay. Right. Like I don't want another, I don't want another technology. Yeah. [00:11:59] Jason: I don't want a new system I got to get every vendor to use or a new system I got to get my team to use or figure out. We don't need another tool to make our lives more difficult. [00:12:08] Jason: No. They've got to use our stuff. [00:12:09] David: They got to use, we have our existing stack. Yeah. So now the AI is fully integrated into all the most common PMS systems. You know, you have a cool chrome extension that you can download and there's a little yellow kangaroo right right there. And it's actually reading the work order that you're working on, and you can literally just ask it a question now and just being like, Hey, did anybody express frustration or concern on this work order? [00:12:32] David: Right? Because that's the emotion behind the status that you need to know. And it's like, yeah, two days ago Sally said that, you know, she was actually really frustrated about the multiple reschedules by this vendor. And it's like, great, that's a person I should be reaching out to and that's what I should be knowing that a status is never going to tell you. [00:12:47] David: Right? Yeah. It's in your slack, right? So if I have, if I'm on my phone, I'm talking to my employee and I'm laying in bed and I have a panic attack as a property manager, and I'm like, oh my gosh, did we take care of John's refrigerator and the office is closed? I can't get ahold of my employee. Yeah, you can. [00:13:03] David: Your employee works 24 7 now. Hey, can you give me an update on the refrigerator replacement at John's place? Yeah, it was scheduled this day. I contacted John. Everything's good to go. You know, go to sleep. You know, like, like that's the power. Full audit. Full syncing. So it's in your platform. That's really cool. [00:13:21] David: The other thing, it's got to be branded, right? This is a thing that we really learned about, like how important branding is to the community of property managers, right? Yeah. So the communications that go out have to be from your area code that's done. The emails that go out have to have like, you know, your company name and your logo on it. [00:13:39] David: The AI is doing that as well too. So that's being sent out, which is really cool. So people are feeling like, you know, that loyalty to brand is super important. And also do you know now that the AI can ask the residents to give a Google Review and we can link to the Google reviews and give you instant Google reviews to your page through the ai, which is cool, like how it's, it will know that if the success of a Google review is high on the way that the work order was done, that it's probably best to ask this person and it will send them a little thing. [00:14:11] David: Hey, can we get a feedback from you? And we link up to your Google review. And it posts that Google review to generate those 'cause we know those are super, super valuable to property managers. So that's actually going out today. That's kind of a little teaser there. That's the emails out now. [00:14:23] Jason: Nice. We'll have to get you to also connect it to our gather kudos links for clients 'cause then people can pick which review sites. So it diversifies the review profile. [00:14:32] David: Love it. Love that. I'm going to hook you up with our guy Dotan. He's running that. He's one of our head of product. He's, actually out of Israel. [00:14:39] David: He's a amazing guy. I'd love to get you connected with him. Yeah. Cool. Let's do it. Cool. And then the biggest one too is like, I need a single point of contact. Right. And we knew that before there was a lot of people were still involved. There was a lot of oversight that was going on there, having that confusion and single point of contact. [00:14:56] David: Now it's in your phone, it's in your Slack, it's in your phone extension. It doesn't matter what's going on. You have one point of contact. It's your employee. You ask the question, get the answer, Jason, you can even ask for a change. You can even say, Hey, I want to change a vendor on a job and you'll see that the vendor gets changed for you in the system. [00:15:17] David: You can even say to your ai, and this is the big one: hey how do you triage this work order? And I want you to do this, or I want you to do that. And you just do it right through Slack or right through your PM chat and it makes the change for you. And now you have custom triage and all property managers have the ability to train their own AI for their company. [00:15:36] David: Think how cool that is. A person with 75 doors now, and the product that's being released has their own AI agent customized for their company, right? Yeah. Like, that's what happened over the last eight months, so you can see my excitement. There's been a lot of hard work in this. [00:15:54] David: Yeah, that's amazing. But this has been all the effort and a huge thank you out to everybody who's tried us, you know, even said that this wasn't for them at that point in time because those learnings went into what's going to make this product the best product in the property management space and is going to help people leverage sales and leverage efficiencies and blow their owners' minds away in ways that, that we have never thought about. [00:16:15] David: Oh yeah. [00:16:16] Jason: Yeah. So I know like initially when you rolled this out, a lot of people were nervous about AI and you guys had kind of a human layer in between the AI and any communication Yeah, initially. Yeah. And so there was like, they had like a reps and a lot of people associated, oh, I've got this rep. [00:16:33] Jason: Yeah. You know, Steven or whatever is my rep or Pedro and I've got Pedro and like, oh no, what if Pedro leaves? And they were associating with that while the AI is really doing the crux of the work. Right. And so you guys have shifted away from even that now the AI is directly communicating with people. [00:16:52] Jason: Correct? Yeah. [00:16:53] David: Yeah. So let's talk about that. So, definitely, so in the beginning there was like, we all had like lack of trust. We believed what it was going to do, but it was like we had a ton of people still trying, like, you know, using qualified VAs, training them. Like, you know, like, you know, if it fails, like, you know, you have to have a person stepped in and so let's talk about that. [00:17:12] David: So, you know, it was definitely that human layer. And let's talk about where we're at today. It is very clear to us, and the one thing that separates us from everybody is we still believe that humans are super important in this process. Okay? Yeah. And where humans are very important in this process are going to be when the AI says, Hey, I need you to make a phone call to this person for me, right? [00:17:35] David: Hey, I've reached out to this vendor three times and they haven't responded yet. I need you to give a phone call to see what's going on. Right? Hey, I need you to recruit a vendor for me. I need you to reach out and do a recruitment for the vendor. For me. Hey, this owner is asking questions about this estimate. [00:17:51] David: I need you to give a call for me. So the AI is basically able, on a standard work order, the AI can handle 95% of the workflow, no problem. Work order comes in, gets assigned to the resident. It gets out to the vendor. It's under the NTE not to exceed. It's great. The work gets done, the resident uploads its photos, the AI says to the resident, are you happy? [00:18:14] David: Everyone's good. It closes the work order out. Cool. Right. And then if a human... [00:18:19] Jason: and how is it communicating with the tenant and with the vendor typically? [00:18:24] David: Yep. So, it's very clear that and this isn't a surprise to anybody. Everybody loves text messages, right? Yeah. I mean, that's just, it's just what it is. [00:18:32] David: You literally, like, people will get a phone call and they won't pick up and the text will come back and like text back. Yeah, text me. What do you need? Yeah. Text me here. But, so here's the things that people don't see behind the scenes that we'll talk about. So the complexity that went into. [00:18:51] David: Mapping out how to allow vendors... so a vendor could have like 20 jobs, right? And we don't want to send him like a code that he has to text for every work order so that it links to the right work order. Like what guy wants to do that? Okay. Like that's not how he works. So we figured out how to allow a vendor through AI just to use his regular phone and text anything about this thing. And it's understanding it and it's mapping it, it's routing it to all those work orders because we knew that in order for this to be the last employee somebody would have to handle, it also means that the vendor has to be happy and the same for the resident. [00:19:30] David: They can just text that they have multiple work orders. It understands what work order it's going to. If it's not quite sure, I would ask them, Hey, is this question about this work order? And they say, yeah. And so there's not like, again, codes and links and things that they have to do. It has to be seamless if they're working with a person. [00:19:46] David: So yeah, text message is massive. Email is second, and then phone is third for sure. [00:19:51] Jason: Got it. So is your AI system calling people yet or you or telling the property manager to make the phone call? [00:19:58] David: Yeah. People are okay with. If they're calling in like our new front desk agent, which if a person calls in and they want to get information about a listing or if they want to get information about a work order or something like that, or, you know, they're okay with getting that type of information. [00:20:13] David: Yeah. But they are, it is very clear that they are not okay with AI calling them when they're asking for an update on a work order like that. Like that line in the sand very clear. Yeah. And so we have people on on the team. That are constantly monitoring into ai, giving feedback, hitting improvement. [00:20:31] David: I want everybody to know there is not a work order that is taking place that is not touched by a human at least twice. [00:20:38] Jason: Okay. [00:20:39] David: Okay. Right. [00:20:40] Jason: So there's a little, there's some oversight there. There there's, you're watching this, there are humans involved [00:20:45] David: And then the ai will when it hits certain fail points, right? [00:20:51] David: It then escalates those things up to what we call the human in the loop, right? So there's an AI assistant, we there's people now that we're training a whole new generation of people that are no longer going to be maintenance coordinators. They're AI assistants now, right? And so when the AI says, Hey, this work order is not going down the path that I think it should go to be successful. [00:21:12] David: I'm escalating this up to a human, and so now as a property manager, not only am I getting this AI agent workflow that's standardizing the empathy and the workflows and all the stuff that we talked about in the communications, I also now get a fractional employee that when the AI says, Hey, I need help, I already have an employee that it can reach out to that can make that phone call or call the vendor. [00:21:36] David: But it's also monitoring the AI for me on top of it. So yes, there is, and that's one of the big thing that separates us apart is that the platform comes with what we call a human in the loop, an expert in the loop and so we're training the first generation of AI assistants in the property management industry. [00:21:55] David: Yep. [00:21:56] Jason: Got it. So the AI maintenance coordinator. Has human assistance. Yep. Underneath it. [00:22:02] David: And before it was the other way around where Yeah. The AI was assisting the human right. And now the humans are assisting the ai. That's what's happened in the last... [00:22:11] Jason: that may be the future of all of our roles. [00:22:12] Jason: So, [00:22:13] David: If you're not reading articles and studying up on this I think that's going to catch you by surprise pretty quickly. Yeah. Learn how to write prompts. I'll tell everybody right now. Yes. [00:22:21] Jason: Yeah. Interesting. So, now what about this, you know, there's the uncanny, you know, sort of stage where people get a little bit nervous about AI and what do they call it? The uncanny valley or something like this, or right where it gets, it's so close to human that it becomes creepy. And there's some people that have fear about this, that are concerned. You're going to have a lot of late, you know, adopters that are like resistant. "I'll never do ai." [00:22:49] Jason: What would you say to somebody when you get on a sales call and they're like, well, I'm really nervous about this AI stuff, you know, and they just, they don't get it. [00:22:57] David: Yeah. [00:22:58] Jason: I'm sure there's people listening right now. They're like, oh man, AI is going to kill us all and it's going to take over the world and it's going to take our jobs. [00:23:05] Jason: And they think it's evil. [00:23:06] David: Yeah. Yeah. I, and you know, I really want to hear that fear and I want to like, again, have empathy towards that. 'cause I do understand that fear of change causes people to get... Change in general. Yes. Right. It's like, whoa, I like everything the way it's going to be. Right. And we are historically in one of those phases of like, you know, the industrial revolution, the renaissance, like the automobile from horse. [00:23:34] David: Like, this is what is taking place. This is, this will be written down in history. It's massive change. It's a massive change. Massive. So what I would say to them, and not to, not from a way of fear. But to inspire them is there are a lot of hungry entrepreneurs out there that are embracing this head on. [00:23:57] David: Yeah. That are pushing the boundaries and the limits to be able to bring insights and customer service to their clients at a much higher level. And if you want to compete in this new AI economy. I would definitely encourage you to understand and get in and start investing in yourself now. But understand that investing in AI means having some pain threshold. [00:24:21] David: Like you got to get in, like you, you need to be able to give the feedback. You need to understand that if it falls short, do you have to be able to give it the time and the energy and the reward and the payoff of what I'm seeing for property managers who've embraced that when they're sitting there and they're going, I don't touch maintenance at all anymore. Yeah, it's wild. Right? And those are the people that in the beginning of this relationship, and there's a few that come to my head, are the ones that were sending me emails constantly saying, David, this is failing me. I believe in this, but this is failing me. And as my technology partner, I know that you're going to help us get this better. [00:24:58] David: And there is, you know, I have this word down that struggle equals great con conversation, right? Like, and so they had a struggle and that opened up a great conversation and because of that, their technology and the technology is getting better. So yeah, I think that from a personal point of view in this industry, one thing that I want to solve with AI is I think that we can all say that over the past 15 years, we've probably yelled at a lot of vendors or yelled at a lot of VAs or yelled at a lot of people. Let's start yelling at the ai. And then hopefully that the AI will actually eliminate the need for us to ever have to yell at anybody again because it knows us. [00:25:36] David: Yeah. It never fails us. [00:25:38] Jason: You know? It really is amazing. I mean, your company is creating freedom for the business owner from being involved in maintenance. Yeah. Really? [00:25:46] David: Yeah. [00:25:47] Jason: And it just, and they get used to that pretty quickly. Like maintenance is just running and they're like, yeah. It frees up so much head space for them to focus on growth. [00:25:56] Jason: It gives them a whole bunch of like just greater capacity. Yeah. So they feel like, yeah, we could handle adding any number of doors now and we know we can still fulfill and do a good job. [00:26:07] David: Yeah. Fixed cost scaling. Right? That's a term that we came up with is now that you know that I have a price per door that will cover all my maintenance. So if I went in and brought on 75 doors, I know that I don't have to go out and hire another employee. The system just grows with it and I know exactly what my margin is for all those doors. Right. And as we know previous, before fixed cost scaling a property managers is like, I have enough people. [00:26:32] David: I don't have enough people. Someone quit, someone didn't quit. My profit margins are good. My profit margins are bad. Yeah. And now with these AI tools. You know, you have your front desk employee, you have your maintenance coordinator, you have these fixed cost scales, and now somebody calls you up and says, Hey, I want you to take on 25 doors, and you're like, I have the resource resources for maintenance, which is, we know is 80% of the workload already. I don't have to go out and hire another maintenance coordinator 'cause the system just grows with me, which is cool. [00:27:00] Jason: So one of the things you shared at DoorGrow Live and you're our top sponsor for the upcoming... Can't wait for DoorGrow Live, can't wait to, so we're really excited to have you back so. [00:27:10] Jason: Everybody make sure you're at DoorGrow Live if you want. Our theme this year is innovating the future of property management. And we're bringing, we're going to be showcasing, innovating pricing structures that are different than how property managers have typically historically priced, that allow you to lower your operational costs and close more deals more easily at a higher price point. [00:27:30] Jason: We're, we'll be showcasing a three tier hybrid pricing model that we've innovated here at DoorGrow, and we've got clients using it. It's been a game changer. We're going to be sharing other cool things about the future hiring systems, et cetera. Right. So you guys will also be there showcasing the future. [00:27:46] Jason: One of the things you shared previously that really kind of struck me as you showed, you did some research and you showed the typical cost. Per unit that most companies had just to cover and deal with maintenance. Yeah. And and then what you were able to get it down to. [00:28:03] David: Yeah. [00:28:04] Jason: And that alone was just like a bit of a mind blowing. [00:28:07] Jason: Could you just share a little bit of numbers here? [00:28:09] David: Yeah. So one of the first things that we had to do when we started way back in the day is figure out well. Like, like what's the impact of AI going to be us from like a cost perspective, right? Is it a huge change? And so we went out on a big survey mission and we were surveying property managers and asking them, what's your cost per door for managing maintenance? [00:28:30] David: How much do you spend every door to manage maintenance? Now the first thing is less than 1% of property managers knew what that cost was. Sure. [00:28:37] Jason: Oh, sure. Right. Because, but then they got to figure out, oh, we got a maintenance coordinator and we've got these people doing phone calls and they cost this, and yeah, it's complicated. [00:28:45] David: It's complicated. So we built a calculator. Okay. And then people could start adding in that information out into the calculator, and the average person was around $13 and 50 cents a door. [00:28:56] Jason: Okay. Okay. [00:28:57] David: Wow. Right, right. So that was where the average person was, somewhere in the low twenties. Yeah. [00:29:01] David: And others were actually pretty good. Like, I'd say like, you know, some of the good ones that we saw were maybe around like, you know, 10, $11 a door or something along that line. [00:29:09] Jason: They probably had a large portfolio would be my guess. [00:29:12] David: Yeah. And also I think a lot of it's just like, you know, I don't know if they were still accounting for all their software and everything that they had. [00:29:19] David: Maybe they're not factoring everything. Yeah. No, I think if we really dug in, it'd be different. So now we know that, you know, the base package of what people are getting in. The average cost of what people are paying for 24 7 services that's emergencies around the clock is about $7 and 50 cents a door, right? [00:29:37] David: So right off the bat in AI's first swing, it said we cut the cost in half. Yeah. Okay. Right. So 50% reduction. I mean, to me as an owner, a 50% reduction in cost. That's like. You know, alarms and celebration going off, you know? For sure. And then, yeah. [00:29:55] Jason: And that's, if everything just stayed the same, like it was still the same level of quality, cutting in half would be a solid win right there. [00:30:03] Jason: Yeah. [00:30:03] David: Yeah. That's just like status quo stuff. And now what, with the release of the new Vendoroo product that, that's actually being announced here today. The email's going out to all of our existing clients of all the new features that are coming out now, we're starting to see that. You know that quality is now increasing to where if you were to go out and hire that person, you may have to be spending, you know, 55,000 or $65,000 a year. [00:30:29] David: Right? So now it's like saying, okay, if we can get as good as what these people are using for their VAs right, and we know what that cost is, and they're saying that's, you know, that's what their factors is. Well, what happens in the next six to 12 months when this is a seasoned person that you would've to pay $85,000 a year to? [00:30:45] David: Right. Yeah. And right, because they have knowledge of. Estimates and knowledge of vendor routing and knowledge of, you know, it can handle... [00:30:53] Jason: you've invested so much time into them, so much attention. They know your properties and know your portfolio. They know the vendors. Like you've invested so much into this person that now they sort of have you by the balls so that they're like, Hey, I want 80 k or I walk. [00:31:06] David: Yeah. [00:31:06] Jason: You're like, you've got to come up with it. [00:31:08] David: Yeah. [00:31:09] Jason: Right. You've got to do it. [00:31:10] David: Yeah. [00:31:10] Jason: And you know, because that's not easy to create. And a lot of people, in order to have a good maintenance coordinator, they need a veteran of the industry. Veteran of industry. [00:31:19] Jason: They need somebody that's been doing this a long time. [00:31:21] David: Yeah. [00:31:22] Jason: And that's really hard to find. [00:31:24] David: Yes. It's extremely hard to find as we know. One of the things that I think that we're doing for this industry is we're actually preserving knowledge that I don't think is necessary getting passed down. [00:31:33] David: Yeah. You know, there's a lot less people that I think are as handy as they once were in the Americas and so we have a lot of that knowledge. Like, you know, we know that the average age of an electrician is in the sixties, the average age of a plumber's in the sixties. And these guys, you know, they have wealth of knowledge that it can troubleshoot anything that's going on in a house. [00:31:54] David: And so to be able to try to preserve some of that, so maybe if a person does come in, you know, maybe there's some knowledge sharing along the lines. But let's take it even in another step forward Jason that in the future, you know, the AI is going to know the location of the hot water tank in that house. [00:32:10] David: It's going to then add it automatically to the system, like. It's going to know more knowledge than they will because it's going to have maps of every single property that's all currently sitting inside of, you know, that maintenance coordinator's head, right? And so it's going to, it's going to actually know more than them, you know. [00:32:26] Jason: Yeah. That's wild. Yeah, it is. Absolutely. It's the future. Cool. Well, you're rolling out a bunch of new features. You're announcing these today. You've told me a little bit, but why don't you tell the listeners what's changing, what's new, what innovations have come out? What are you guys launching? [00:32:41] David: Yeah. Exciting. Yeah. So, the biggest one I think is, which is the most exciting is, is Resiroo, which is the first one that actually handles all the communications with the resident and does the triage and troubleshooting. First one of what are you talking about? So we have our products. [00:32:57] David: So you have these AI tools, right? These agents. Right. [00:33:00] Jason: And so, you know, every, so think of them like different sort of people? [00:33:04] David: Skill sets. Yeah. Different person. Okay. Exactly. And so that's when you come and see our display at the NARPM conference, you'll actually will see these five agents kind of in their work desk and in their environments, kind of cool. [00:33:15] David: Okay. Able to see them right. So the coolest part about that one is we're doing a major product you know, update on that for not only the knowledge base, but we're actually turning that over to the company. We were talking about this a little bit before, and now they own their own AI agent and they can customize it into how they want it to ask questions or the type of questions and the mindsets when it's triaging stuff. [00:33:41] David: Triaging work orders for their portfolio. Like super cool. So fully customizable to your company, right? [00:33:49] Jason: So now sometimes the more humans get involved, the more they mess stuff up. [00:33:54] David: Yes. We make sure they don't mess it up. So everyone's going to learn how to write prompts and they'll submit it into us. [00:33:59] David: And we have a great team of AI engineers that when that knowledge base is written or what they're doing. We will ensure that it is put in so that it actually produces the desire outcome, right? Yeah. Yeah. So that's a very exciting one. The second one that I'm that I think is so cool, do you know that only 10% of all estimates get approved by the owner without one or multiple questions? [00:34:23] David: Because owners really struggle with trust when it comes to estimates. Like 10%. Like, that's a really bad number, I felt as the industry that owners only believe us one out of 10 times. Like that's the way I took that. Yeah. Right. And so, Owneroo is what I coined inside, is the estimate of the future. [00:34:41] David: That really was looking in understanding like what was, what questions was the owner asking when they were rejecting a bid that that we could proactively ask the answer for them to help guide them to understanding the value in this estimate that they're looking at in historical context of the property. [00:35:00] David: How many other people have experienced this issue? Like, like there's a whole bunch of factors that should go into an estimate and an estimate should no longer be like, here's a cost from Frank. Right? Like, like that was like, like that was... [00:35:14] Jason: here's what Frank said it is. Yeah. Like that was like from the 1940s. [00:35:17] Jason: That's good. How do I trust that? [00:35:18] David: How do I trust that? That was from the forties and we're still... [00:35:21] Jason: how much went into this decision? Was this just out of the blue, like pulled out of your ass or is this like legit? [00:35:27] David: Yeah. Yeah. What's the, you know, we live in a data-driven world, so what's the intellect behind this estimate? [00:35:33] David: And so I'm really excited about Owneroo, which is going to be the new standard for the way the estimates are created. We have the front desk agent which is coming out. So, that one is going to handle phone calls that are coming in, be able to talk about available listings, actual general questions about leases route phone calls over to property managers for you. [00:35:54] David: So again. Very human-like interaction, great AI voice. Actually. We feel it's going to be the best in the industry. So a person's calling in, just like they're calling your office able to handle all those front desk things. We, we have the PM chat, which is now the employee which is fully integrated into all of your systems. [00:36:14] David: It's in Slack. That's your employee that you get to talk to. We believe that if you're going to hire somebody, they should be inside of your communication channels. You have the Google Chrome extension that it's on right inside your AppFolio or your buildium or your Rentvine software that you can ask and talk to it. [00:36:31] David: So, yeah, so we have a lot of exciting products that have come out. And then of course the backbone of all of them in the middle is Vendoroo, which handles all the scheduling, all the communications. You know, a resident asks for an update, responds to them, an owner asks for an update, it responds to them. [00:36:48] David: And you know, it handles actually the body of the work order. So you have those five tools, we believe are what the property management industry said. If you are going to give me an employee, this is what the employee has to be. This is what makes up that employee. So we say that these tools, these agents were actually built by the property management industry. [00:37:08] David: And that excites me because if you're not building AI tools from working with your partners, from being on the ground floor with them and using the data and building tools based upon the data and their pain points and their failures, buyer beware. If somebody's coming to you and saying, Hey, we figured this all out in the lab. [00:37:25] David: Come use it. Yeah. Right. Buyer beware. [00:37:29] Jason: Yeah. So you guys connect with Slack. They can communicate through Slack, but it slack's a paid tool. Have you guys considered Telegram? I love Telegram Messenger. [00:37:37] Jason: Alright. Could you do that? Write it down. Telegram Messenger is like the iMessage tool that works on every device. [00:37:44] Jason: It's free. It's one of the most secure, it's not owned or controlled by Facebook. Like, WhatsApp, like, yeah. But WhatsApp might be a close second, but we use Telegram internally, so I love Telegram. [00:37:58] David: We'll definitely take that into, into consideration for sure. Yeah, check it [00:38:02] Jason: out. Because I, what I love is the voice message feature and I can just listen to my team and others at like high speed, but internal communications and it's free for everybody, which is great. [00:38:12] Jason: So, yeah. [00:38:13] David: Yeah. I think a lot, for a lot of people it was like you know, who was Vendoroo in the beginning and Vendoroo was like the team of like people that were trying to figure out like how is AI going to work in this industry? [00:38:26] David: How is it going to solve the needs of our property management partners? And this is why I say to everybody, if you thought about Vendoroo, if you came in and the experience wasn't great with Vendoroo, if you're one of our existing clients that has been with us and you're and you're still moving forward, and we thank you so much for your dedication to this, the Vendoroo product, everything that we've done, everything that we worked at is being showcased at the NARPM broker owner. The email's going out today. This is who Vendoroo is. We are a team that is a technology partner for the property management industry that is helping building meaningful AI tools, specifically by demand, by our industry to help us show value and to preserve this great industry. [00:39:09] David: For the future in this new AI economy, right? Like we need to step up. We have clients that are adding doors left and right because they're showing their clients that they use an AI maintenance system and their clients are like, this is what I expect from a property management in this community. [00:39:24] David: Right? And again, Owneroo, that estimate, we believe that in the future. Like, like owners are going to say like, I'm not approving an estimate unless it's like the estimate of the future, right? Like, like that's the new standard. So you got to know what the new standards are and you got to get technology that are going to help you compete with those new standards that will be in your community and are will be in your community in the next week, the next two weeks. [00:39:46] David: And definitely some really cool products in the next six months. [00:39:49] Jason: All right. Well, yeah, I'm really excited to see what you guys have been able to create so far. So yeah, it's pretty awesome. Yeah. All right. Well David, it's been awesome having you on the show. Sounds like you guys are really innovating the future. Everybody come to DoorGrow Live. David, are you going to be at that one? I will be there. All right, so you can come meet David in person. [00:40:08] Jason: We've got some amazing people that are going to be at this. We've got technology people. There's a gentleman there, one of the vendors they created another really cool tool, but he had a hundred million dollars exit, you know, in a previous business, like there's really amazing entrepreneurs and people at this event, so come to DoorGrow Live, get your tickets, and if you do, we have just decided that we're going to give out to anybody that registers. [00:40:34] Jason: You can pick from one of our free bonuses that are well worth the price of the ticket. Or coming or anything in and of itself, including our pricing secrets training that goes over a three tier hybrid pricing model or our sales secrets training, which goes over how we're helping property managers crush it and closing more deals more easily at a higher price point. [00:40:55] Jason: And reputation secrets, which are helping our clients get way more positive reviews by leveraging the psychology and the law of reciprocity and getting the majority of their tenants in order to give them positive feedback online. Maybe some others. So you'll be able to pick from these bonuses one of these that you might like and that's our free, most incredible free gift ever that we'll give to each person that registers for DoorGrow Live. [00:41:19] Jason: So. [00:41:20] David: Cool. Awesome man. Always great to see you. Looking forward to seeing you at DoorGrow Live and love that you guys are working on pricing because AI is going to make people think different about pricing. It's going to be way more efficient, so you guys are ahead of the curve on that. Great job, Jason. [00:41:33] Jason: Awesome. All right, so how can they check out Vendoroo, David? [00:41:36] David: Just visit, Vendoroo.ai, go to the website, request a demo with one of our great sales reps, and yeah they'd love to help you out. See all the new products, see how far it's come. And again, we thank everybody from the bottom of our hearts for all their effort, people who've tried us out. [00:41:52] David: Come back and see what you built and yeah. Come check us out at Vendoroo. [00:41:57] Jason: Got it. Go check out Vendoroo, it's vendor. If you know how to spell that, V-E-N-D-O-R-O-O dot A-I, go check it out. All right? And if you're a property management entrepreneur, you want to add doors, you want to make your business scalable, you want to get out of the day to day, you want to increase the capacity so your company could easily handle another 200 plus doors without having to make any significant systems changes, reach out to us at DoorGrow. We will help you figure it out. So until next time to our mutual growth. Bye everyone.

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DGS 287: Creating Property Management In-Person Events and Conferences

Play Episode Listen Later Mar 20, 2025 36:05

The property management industry is no stranger to conferences and in-person events, but have you ever thought about creating an event yourself? In this episode of the #DoorGrowShow, property management growth experts Jason and Sarah Hull discuss the behind-the-scenes of putting on a live event or conference and all the pros and cons of doing so. You'll Learn [04:39] Learning from Past Mistakes and Failures [15:32] Getting Back in the Saddle: DoorGrow Live [21:07] What Goes Into Creating a Conference? [30:31] The Magic of In-Person Events Quotables “I think being able to just connect with people, making sure that people know who you are and what you do, I mean, it's really valuable.” “When you've got a room full of people who are in the same sector, in the same industry, there's so much knowledge in that room.” “When you're connecting with other people that are like you, that are growth minded and you both share an industry and a share a business model, like it really helps you grow.” “Your business is the sum of the five property management business owners you as a business owner are most connected to.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive Transcript [00:00:00] Jason: When you're connecting with other people that are like you, that are growth minded and you both share an industry and share a business model, like it really helps you grow. [00:00:08] Jason: Your business is the sum of the five property management business owners you as a business owner are most connected to. [00:00:13] Jason: Welcome DoorGrow property managers to the Property Management Growth Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life. And you're open to doing things a bit differently, then you are a DoorGrow property manager. DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. [00:00:42] Jason: You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. [00:01:06] Jason: We're your hosts, property management growth experts, Jason and Sarah Hull, the owners of DoorGrow. Now, let's get into the show. All right. [00:01:14] Sarah: Woo! [00:01:15] Jason: So first, you'll have to excuse if I sound a little nasally today, because I have a cold, which doesn't happen often. And I might have given it to Sarah. I don't know. [00:01:25] Sarah: My sinuses just feel weird. [00:01:27] Jason: So. [00:01:27] Sarah: So thanks. [00:01:28] Jason: Yeah. [00:01:29] Sarah: Thanks for that. [00:01:30] Jason: Okay, so. [00:01:31] Sarah: Appreciate it. [00:01:32] Jason: You keep kissing me. I'm not kissing you. Like I'm not trying to get you sick. [00:01:35] Sarah: He's not kissing me. [00:01:36] Sarah: She can't resist. [00:01:37] Sarah: Does anybody believe that? Nobody believes you. Nobody should. [00:01:40] Jason: I'm sick. You keep coming up to me. [00:01:42] Jason: I'm like, you want this? Obviously she does, guys. Obviously. [00:01:46] Sarah: Oh brother. [00:01:47] Sarah: Alright. [00:01:48] Sarah: What a great episode. What a great kicker offered. [00:01:51] Jason: So I might be coughing and I apologize. Alright, so what we're talking about today is we thought we'd give you a little bit of behind the scenes into us creating an event and us doing DoorGrow Live, getting prepped and prepared for this. You know, we put an entire year into getting this thing going and getting this prepared and promoting it, finding speakers. [00:02:15] Jason: And so let's chat a little bit about some of the behind the scenes stuff. [00:02:19] Sarah: Yeah. So one of the things that I wanted to talk about is kind of everything that really goes into it behind the scenes that when you go attend an event, you just don't notice. You just don't like realize a lot of the times, unless you're used to running events. [00:02:35] Sarah: And once you start running an event, go run one event and then you will attend every other event differently. For example, when we go to, you know, Aaron's events, or Funnel Hacking Live, my brain is constantly going, like, operationally, this must be a nightmare. How on earth are they coordinating all of this? [00:02:56] Sarah: It's just insane. Because I know how crazy it is with our conferences, and we don't yet have thousands of people there. We will, at one point. But, man, there's just so much that goes into it. So, If you're ever considering running events, and I think that for property managers and for anyone who's a real estate agent or investor, I really think events are something that you should at least look into. And it doesn't have to be this big crazy event where, you know, you spend 25- 30 thousand dollars like we do and that's kind of like a low budget, you know. That's like you'll blow through that real quick. It doesn't have to be anything like that and it definitely doesn't have to be this, you know, this big crazy promoted thing you can do your own version of events like in a very different way, back when I was in property management, you know, we would do some little networking events and they were nowhere near the size, but also nowhere near the cost, but they can be really beneficial for you to do. So I think if you haven't experimented with that, then maybe get some tips and pointers and check it out. Like try it, experiment and see what happens. Because for me, it was really great to just be connected. So there's that saying, "your net worth is in your network," and I think being able to just connect with people, make sure that people know who you are and what you do, I mean, it's really valuable. So if you're a property manager and you haven't done a little in person event yet, then perhaps you might want to try. And we're going to talk a little bit about, you know, what goes into like a bigger event the way that we run them. So why don't you give them some background? [00:04:41] Sarah: When was your first? Your first DoorGrow Live was pre-Sarah, the pre-Sarah DoorGrow age, I think it was it 2018? [00:04:49] Jason: Yeah. 2018. 2018. Yeah. Yeah. [00:04:51] Sarah: Okay. Can you talk about you know, what was the first DoorGrow Live like? [00:04:57] Jason: Oh man. Yeah. And if you want to get a visual of this, you can go to, I think it's photos.doorgrow.Com and we have photos of all of our different major events. You can go back to 2018 and there's a nice photo of me and Mike Michalowicz there. And so we brought in some big, you know, for me, they were big speakers. Some people that I really looked up to and that I got a lot of value from. [00:05:22] Jason: So, coach, authors, you know, people that I had worked with. And so, it was a big deal. We spent, I think we spent about $115,000. Putting that event together because I wanted to do it, right. I didn't want my first event to be Mickey Mouse or cheap or you know, whatever So I wanted to do a really good job and I thought well, "and we'll sell tickets to make up for it." We did. We sold about a hundred and fifteen tickets at around, I think $1,000 a pop. [00:05:53] Jason: And I have a whole podcast episode I did on this. I call it my $2 million mistake because we were growing at a pace of, we were doing about a million in revenue a year and we were growing at a pace of about 300% percent at the time we were growing really quickly. We had a lot of momentum, and I decided to do this big conference. It was a little bit of an ego thing. Like it was like kind of a dream that I wanted to feel cool and be on stage and it was super stressful. The event went really well. People liked it, but I was massively stressed during it. And then I didn't do another one for how many years? I don't know. [00:06:29] Sarah: Yeah, that was his first and only and then like canceled it [00:06:33] Jason: I was like, "I don't think I'll do that again." [00:06:35] Sarah: Yeah. [00:06:36] Jason: I mean I didn't realize everything that goes into it. I'm sure people were watching me start my first conference from the sidelines who have done events in the space were like, "good luck, bro," because they know how hard it can be. [00:06:47] Jason: It's like starting a whole nother business but you have to recognize there's like the hotel. It's hard to do an event that's not at a hotel. So you kind of have to do it at hotels and so they have this like, sort of, they're like the mafia. [00:07:01] Jason: They have this control over doing events. Like, and you go to them, you're like, "I want to do an event here." And they're like, "cool." And like finances become a thing and they negotiate a group rate with you, which means you have to book certain number of rooms because they want you to book rooms, and if you don't book out the group rate for the rooms in the room block, then you're responsible to pay for that. [00:07:24] Jason: So we were on the hook for like a lot of money for rooms. I'm like, "well, how many rooms does that mean? And like how many nights?" And all this stuff. So just managing finances for an event is like managing finances for a dangerous business startup is really what it is. Because people have gone bankrupt from doing big events really big events where you have two, three thousand, five thousand. These are millions and millions of dollars in and out. [00:07:48] Sarah: Yeah. [00:07:49] Jason: And if they don't navigate this well, it can bankrupt companies [00:07:53] Sarah: Russell just said that on stage. He didn't say who, but Russell Brunson said that he knew someone that was running a big event, didn't sell enough rooms in the room block, and he went bankrupt from it because it was such a large event and he was on the hook for so much money and ended up bankrupting the company. [00:08:13] Jason: It's dangerous. And then you got to get people to buy the ticket, book the hotel, like, and then there's marketing to do this. You got to spend a lot of money to get people to do this. And then, you know, in order to attract people, sometimes people will do like big speakers. Like I got some speakers and let me tell you speakers, they're expensive. [00:08:33] Jason: Like usually they, they want thousands and thousands of dollars. Like an [00:08:37] Sarah: inexpensive speaker just to like put it out there, like an inexpensive speaker is still usually around like 5k [00:08:44] Jason: Anyone you've probably heard of is that minimum 25 grand. [00:08:47] Sarah: Well more than that. [00:08:49] Jason: And if they're a big name It's 50k, 100k, it can be really expensive to have them come be in an event. [00:08:58] Jason: So, Yeah, so it can be really challenging. Then there's food and beverage minimums. So the hotel, they're like, "you also have to spend a certain amount on food and beverage while you're here." Yeah, so they're like, "you have to book a certain number of rooms. You have to, like, pay for a certain number of food and beverage, and you're not allowed to bring any other food or beverage into our place." [00:09:19] Jason: Nope. [00:09:19] Jason: "You have to use our stuff. And our stuff is like going to the movie theater. It's overly priced, like, inflated." [00:09:26] Sarah: Remember, we did the Game Changer event at the JW Marriott in Austin so I looked at everything afterwards and it was not a huge event. It was not a big event. We had under 20 people there. [00:09:40] Sarah: Yeah. And that included like Jason, myself, DoorGrow staff, speakers, like under 20 people. And one lunch and we had, it was a two day event. So we did like two lunches. So one lunch, I think was somewhere around like two or 3,000 dollars. Yeah, it was insane for lunch. [00:09:57] Jason: And my first event, we spent eight grand to provide coffee for two days. Eight grand for... [00:10:03] Sarah: coffee. Yeah. [00:10:05] Jason: For two days like and you know, and they have all these rules. I think the rules are made to inflate the price, but they have these food and beverage and they charge you sometimes by plate. So that hotel that we were at our first event, we didn't realize this, but they have people to go around and pick up plates. [00:10:22] Jason: And you're paying by the number of plates people use. Like how much food they consume and by plate. So they were picking up plates. [00:10:29] Sarah: Oh my god. [00:10:30] Jason: It's a racket. Like if you go into this not knowing what you're doing, some hotels can take gross amounts of money. Wow. They negotiate a terrible group rate, they negotiate a horrible food and beverage minimum is really high for you, and then you go way over that minimum if they have anything to do with it. [00:10:45] Jason: And so you're spending all this money and they're like, "well..." [00:10:47] Sarah: you'll never have to worry about hitting your minimum in food and beverage, like, never. No, really. [00:10:51] Jason: I mean, if you want food there, period, like, [00:10:54] Sarah: you're going to hit it. So, I don't care. I don't even care what my minimum is because it doesn't, honestly, it doesn't even matter. [00:11:00] Jason: Yeah. So then people think, oh, well, then I'll do the event somewhere else. Well, if you do it somewhere else, then how are they going to get from where they're staying to the venue? And so then there's a logistical challenge. So then like people aren't like coming and it's just like it's so much easier if they walk. [00:11:17] Jason: So everything gets like complicated when you don't do it at the hotel. [00:11:22] Sarah: Where was your first event? Where was it? [00:11:24] Jason: It was in St. Louis at an old classic hotel. It was really beautiful. [00:11:28] Sarah: Okay. Interesting. [00:11:30] Jason: Yeah, we did in St. Louis. We did it at This hotel and we did it because we thought we'll make it easy because NARPM had an event around the same time. [00:11:41] Jason: So we're like, Oh man, we want to do it at the same time. So let's just do it at the same venue. I think we did it the same venue, but we booked a nicer room on the top floor with lots of windows. It was very cool. And it was on different days. So you could attend both. We thought that would give us some cross pollination and really, it didn't. [00:12:00] Jason: Like there were a few people that went to the NARPM one and came to ours, but yeah, it was like so small. So that didn't even really help. "We're like, yeah, it's so easy to stay a little longer and go to ours." [00:12:08] Sarah: Interesting. Okay. Yeah. [00:12:10] Jason: Yeah. [00:12:11] Sarah: So after the first DoorGrow Live, he decided, I think when I came on board, he said, "I'm never doing another event again." [00:12:18] Jason: Yeah, I just didn't want to deal with it. It was so stressful. And your whole team, that's the real part of it, is like your whole team is involved in it in different ways, unless you have someone specifically handling sales, event, marketing, planning, advertising, planning, like every role we had in our business that we needed for our business had to go towards the conference because we were now on the hook for, I can't remember, like 50, 80 grand or something with the hotel. We had to figure out how to get rooms booked. We had to figure out how to pay for speakers. It was a whole thing. It was like starting a whole nother business. And our main thing was no longer the main thing. [00:12:58] Jason: So our business stopped growing. It actually didn't grow for several years after that, like a couple of years after that. And that's why I call it my 3 million or 2 million mistake, but it was probably a bigger multi million dollar mistake than that, because there's a lot of money I could have made over those years extra. [00:13:14] Jason: We're not hurting by any means, but that really slowed things down. And I just chalk that up to being the price of tuition in business. I made a mistake. I didn't know. And I learned from it, right? And I didn't listen to my mentor. Alex was like, "make it a really small event. Make it really small. Do your first one, make it small." I'm like, "no way. I've been to so many events. I'm going to make this awesome. I want this. If I'm going to compete with all the other events that are out there, I want this to be the best." And I really think, like, we had the best food there. We had the best, like, everything was the best. [00:13:46] Jason: We had audio visual team. We had a stage set up, like, we put a lot of money into this and it was pretty awesome. Like, it went pretty well. But I was massively stressed during the whole event. And yeah, but people that went, they gave us good feedback. They had a good experience. So, which I'm glad. Then you got to like ticket sales is hard too. [00:14:06] Jason: That's a tough challenge. How do you get people to give up what they're doing to come do something else? And so, you know, we've created some really strong magic. I think at DoorGrow, like our in person events, there's just something magical about our events. There's more heart, there's more connection. [00:14:20] Jason: It changes lives and that's very different than what has happened in the space. And I think that's more just about who we are and what we bring and the type of speakers that we bring in. It's very different than just property management. [00:14:34] Sarah: And so that's one of the things I wanted to talk about is, so you did your first event. [00:14:39] Sarah: It went well, but it was pretty crazy. We basically broke even. We're not doing another event. I came on to the business a couple years after this and there's still a lot of like trauma and PTSD associated with it and then we started talking. Well, what if we do another event? And he said "no. No I don't want to do another event," and I said, "well, what if we do it differently?" So we did bring DoorGrow Live back after that first conference that they did and we've done several of them since then. We have another one coming up in May. It's May 16th and 17th. It's a Friday and Saturday at the Kalahari Resorts in the North Austin, Texas area. So if you're watching this and you have not yet registered, then definitely go do that. You can go to doorgrowlive.Com. But we've done several of these events since then, and one of the reasons that we wanted to bring these events back, especially even though for Jason it was just so, so traumatic, we just needed to do them a little differently. [00:15:43] Sarah: So, the reason that we wanted to bring them back though is because everything is just so much different when it's in person. And we know that there's so much magic that can just happen if, you know, if we can get people in a room. It's not just going to another conference. So in the industry, there's a lot of conferences, I mean, there's tech conferences and like all the big you know softwares have their own thing and there's NARPM events and there's all kinds of things like this and DoorGrow Live is just different. It's different than all of those things. We're not trying to focus on hey, you know, what are they doing and let's duplicate it. We're focused on how can we provide like such a great experience and such great value and real connection in a like large group environment? Which is hard. [00:16:38] Sarah: Like that's a challenge. If you're like, okay, we're going to get, you know, 50 to a hundred people in a room and we want them to all be connected. That's hard. That's hard. But I think that our events do actually a really great job at that. [00:16:49] Jason: Yeah, I think so. Yeah, we get great testimonials. It's going to we have a really cool venue We just decided to keep doing it at this Kalahari resort. [00:16:59] Jason: It's near our house. It's in Round Rock They treat us really well there. It's a big it's like we have endless room to grow there We could have thousands and thousands of people someday if we wanted to. There's plenty of room there [00:17:12] Sarah: But they're great to work with and the rooms are nice. When you guys book a room, the rooms are nice, everything is right on property, it's very family friendly too, so, you know, if you want to kind of bring your family and usually, I've noticed sometimes people, when they go to the conference, and then their family stays at home, there's a little bit of like, "oh, you're leaving me with the kids, like, what is this? Like, you get to go off to a conference and," well, come, like, come with us and you guys can hang out at, like the water park and the Build A Bear and the restaurants and the like arcade and there's still... [00:17:48] Jason: America's largest indoor water park. Yeah. Yeah. [00:17:52] Sarah: And I think when you book a room, they include a ticket. [00:17:53] Sarah: Yeah. [00:17:54] Jason: You get a ticket to all a bunch of cool stuff. So like you get a, like a wristband. So yeah it's a pretty fun place. Like there's a whole Facebook group just for people looking for deals and discounts to stay at this resort. Yeah. They're like always talking about it in that group. I've joined all the local groups, just see what's going on. [00:18:15] Jason: So, yeah, so it's pretty interesting. So yeah, we've got a really cool venue. And oh, the other things places have charged us for other places we've done some of our events they charge us for electricity, they charge us for, like, just having cords put down. [00:18:31] Sarah: They charge for internet. [00:18:32] Jason: They find a way to charge you for everything at some venues, and so, not all venues are equal. [00:18:38] Jason: So, yeah, so we've really appreciated the Kalahari Resort in Round Rock. It's a cool resort, and they treat us really well there, so. [00:18:45] Sarah: Yeah, and it's a great experience for people. Because that's really frustrating when you go into any kind of hotel and you're like, "Oh. Why is this where I'm at? I guess I'll be here because the conference is here, but outside of the conference being here, I would never book here." And this is not that at all. Like people like to book here for sure. I think now let's do our little demo and then we'll get back into it. [00:19:08] Jason: Got a little sponsor for today's episode, KRS SmartBooks. [00:19:13] Jason: Do you have properties to manage and zero time for bookkeeping headaches? KRS SmartBooks is your secret weapon. They specialize in finances for busy property managers like you with 15 plus years of real estate know how and skills in Appfolio, Yardi, and more. Imagine monthly reports magically appearing and zero accounting stress. [00:19:35] Jason: Sound good? Head to KRS Books. At K as in Kansas, R as in Roger, S as in Sam. Books. Sarah's already dying. She's like, you didn't do the right military phonetically. [00:19:46] Sarah: I really am dying inside. [00:19:47] Jason: KRSbooks. com to book your free discovery call. Integrity, quality, and a dash of bookkeeping brilliance. That's KRS Smart Books. [00:19:58] Jason: Alright, how should I phonetically do KRS? [00:20:00] Sarah: K like Kilo, R like Romeo, S like Sierra. [00:20:04] Jason: Alright, Sarah, by the way, is Becoming a pilot. She's taking pilot flying lessons. [00:20:11] Sarah: I've known the military code for years [00:20:13] Sarah: because I used to work in a casino and that's how they would communicate in slot machines. [00:20:20] Jason: Yeah, alright. [00:20:21] Sarah: But now it's also handy being a pilot. [00:20:24] Jason: Okay. [00:20:24] Sarah: Alright, so if that sounds good, I think it sounds really great. Because I know a lot of property managers struggle with bookkeeping, and that's usually not something that's fun for property managers. It's definitely necessary, but it, oh man, it's not fun, and it's really draining. [00:20:38] Sarah: So if you can find someone that's great at what they do, and you can allow them to handle that, and just kind of check in and make sure things are going well, then, whoo, man, life gets a lot easier. [00:20:51] Jason: Yeah if you're not paying attention to the finances or the financial health of your business or your accounting You're probably getting stolen from it's just I've seen it happen so many times. [00:21:01] Jason: So get a great bookkeeper. Yeah have people you trust to take care of that. Okay. [00:21:07] Sarah: So speaking of finances, let's talk a little bit about what kind of goes into an event. So for example, we have our DoorGrow Live coming up in May this year. So we have been working on this event now since, so our last one was in May, and then I think we started working on the new one in like July, June or July. [00:21:31] Sarah: So things that have to kind of happen just to be able to have the space, obviously, you have to look into venues, you have to, you know, look at the space, make sure it's going to work for the size of your group, which means you kind of have to estimate a little bit what it's going to look like, and then make sure that the room can. [00:21:48] Sarah: fit more or less if needed. [00:21:51] Jason: You've got to negotiate with the hotel. [00:21:53] Sarah: Yep. You've got to negotiate what the rates would be. You know, am I paying for the space or am I paying for the room block and the food? Because there's different ways to do it. So you've got to figure out, you know, how many rooms in the room block do I need? [00:22:09] Sarah: Because if you overestimate that, if you go, "Hey, I think I'm going to have a thousand people come" and 100 people come, it is not going to be a good time for you because every room in the room block that is not sold, you are financially on the hook for. So you get to pay for that. And it's like, it's a certain number of nights. [00:22:28] Sarah: So it's not even so much how many rooms it's, how many nights someone will book. So you want to track that along the way. And then you want to start looking at a lot of the tactical things that go into it, like, well, who is going to speak at the event? So you want to start looking at speakers and when you're looking at speakers, you start to think about, you know, who would our audience resonate with and what kind of value would they provide? [00:22:55] Sarah: And, you know, is this strategic and tactical stuff or is this like mindset and empowerment stuff? Because you kind of want to get a mix of both at each event because everyone who comes to an event They're looking for a different thing. So it's really impossible to satisfy everybody make sure everybody, you know is super happy with everything sometimes people say, "oh, I wish there was more of this and oh, I wish there was more of that," but you kind of have to do like this balance and mix to make sure that everybody gets something out of it. [00:23:25] Sarah: And that they have a great experience. You also want to build a little bit of fun into it. So that it's not just, "hey, show up to this conference, sit down, learn something, take some notes and walk out of the room." You know, we've been to events like that before. Where it's like, "okay, that was a lot. But also, man, it would have been really cool to like, do something fun and you know connect with people," so you want to you know start to build in some time so that people can connect with other people, you know, so are you going to do a mixer? [00:23:52] Sarah: Are you going to do some sort of networking event? You know, are you going to you know go do kind of some fun event before like the night before? Are you going to, you know, send them off to lunch together? What is that going to look like? So that they can really connect with each other especially when you've got a room full of people who are in the same sector, in the same industry, there's so much knowledge in that room. [00:24:15] Sarah: So just talking to other people in the room is really valuable and making connections. So there's got to be some room for that as well. And then you want to think about well, are we going to have any vendors or sponsors? Yeah, and are those vendors or sponsors people that have services that are valuable and that we trust? Because there have also been times where, you know, someone had wanted to sponsor us and we did not want them to be a sponsor. [00:24:43] Sarah: Because if they don't provide a great service, you know, can you throw some money and be in the room? Yeah, but if it's not the right person to be in the room, then that matters. That matters a lot. So we have turned down money. We've turned down sponsorships. So then you also have to think about all of the tactical things. [00:25:05] Sarah: Well, you know, am I doing round tables? Am I doing classroom style? Are we doing full circles? Are we doing semi circles? Like what is the front of the room? And what's the back of the room? And where are the vendors going to be? And what doors do people walk in and out of? And as soon as they walk in, what is the first thing that they see? [00:25:20] Sarah: In what direction do we want to go in? And are they crossing over our equipment? Is somebody going to trip and fall on all the 10,000 chords that we have like taped down and. Then you have to also think about things like your AV. So does the room have internet? Is there power in the room? And I know that seems like a silly question to ask, but guess what? [00:25:40] Sarah: Sometimes they charge you for power. So you would think, hey, there's power in the room, obviously, because like it's at a hotel. They obviously have electricity. Yeah, but do you have to pay for it? [00:25:49] Jason: Yeah, AV is expensive. Like we rented it initially and it was so costly. [00:25:54] Sarah: Yeah. [00:25:54] Jason: For the price you could rent it for it made sense to just buy it. [00:25:58] Sarah: To buy it. [00:25:59] Jason: And so we eventually bought all our own equipment, but that means now we have to set it up and we have to figure it out. And so, yeah, so there's always a challenge. [00:26:08] Sarah: Before the actual conference, like before anybody even steps foot like on property, Jason and I and several members of our team are there setting things up. [00:26:18] Jason: Sometimes my kids. Yeah, [00:26:19] Sarah: sometimes the kids, sometimes an assistant, sometimes Madi comes on in. [00:26:22] Jason: We're hooking up lights, we're plugging in audio equipment. [00:26:25] Sarah: So we like pack everything up in Jason's SUV. We drive it over, we unload it. I'm doing this in stilettos, mind you, because I'm a stubborn [00:26:33] Jason: You do everything in stilettos. [00:26:33] Sarah: Yeah, that's what I am. Right, so we like, we get there, we unpack it, we have to set it all up. You know, we're making sure that, like, all the lights are working, a sound system has to work, because there's no point in having a microphone if it's not going to work. There's always technical errors, and I'm horrible with technology, so Jason is our tech person, and he is the only tech person that we have. [00:26:54] Sarah: So he gets to figure everything out. And then it's like, you know, is the screen working? And can people see it? And is the laptop connecting to the screen? And is it blurry or is it too big or too far? Like there's always these weird little issues that happen and I don't know how to solve any of them. [00:27:10] Sarah: Yeah, so Jason knows how to do that. And then there's the other things like well. What about swag? And you know, are we doing a registration table and who's going to be there to, you know, check people in and make sure they know what to do and they know where to go? And, you know, is there like just kind of first come first serve seating? [00:27:27] Sarah: Or is there like a separate section for, you know, special clients or VIP clients or speakers or the team? And there's also things like, "Oh, well what about name badges?" You know, are we doing, like, are we doing name badges? Are we, you know, making sure that everybody kind of knows who everybody else is? Is there anything special or is it just like a bunch of people walking into a room and then hopefully they figure out that they're in the right room? Like there's so much that goes into it and then there's the scheduling. So well, you know, who's going to go in what order, what day and time are certain speakers available? Because just because they commit to an event doesn't mean, "oh, I can speak at any point during the event." [00:28:11] Sarah: So, you know, it's putting the agenda together and how long do you give them for lunch and where are they going for lunch? And are we doing lunch? Are we, you know, letting them facilitate it on their own? Are we doing breaks? How do we get them back from breaks? Are we, it's crazy. Like it's so, there's so much. [00:28:28] Jason: If you give people a break at an event, it's like 30 minutes of downtime. Oh yeah. It's really hard to get people to like get to the next thing or come back right away. And they all start talking to each other, which is cool. They want to network. Yeah, so getting people back from lunch. [00:28:43] Sarah: Yes, absolutely. Yes. [00:28:45] Sarah: And then it's, you know, who kicks off the event? Who opens it? Who closes it? Who's going after lunch? Because we all know most people, what happens to them after lunch? They're tired. I'm fine. But a lot of people, they're tired after lunch. So you can't have a, you know, more mundane or quiet or low energy speaker after lunch. [00:29:06] Sarah: You just can't. Because you'll lose everybody. So there's a lot that goes into the scheduling as well. And then there's things like, you know, who's going to MC it? Who's making announcements? Who's making sure that everybody knows where to be? And what time? And what to do and when to come back? And who's doing the intros for speakers? [00:29:26] Sarah: Are you doing music for every speaker that comes up? If so, like, are they picking it? Are you picking it? What happens? Like there is so so so much that goes into it, and then after you like run the event then you got to break it all down if it's your equipment. Yeah, so then it's like pack it all up and put it away and make sure nothing gets damaged or lost and repack the car and unload it again, and like there is so much that goes Into it. [00:29:53] Sarah: And I would say at this point, it's funny because Jason now can show up to DoorGrow Live and nine out of 10 times, he has no idea what's going to happen or when. [00:30:05] Sarah: I love it. [00:30:06] Sarah: I just call him up on stage and he's like, oh, okay, because, and I'm like, my team handle most of it. Talking on this go. [00:30:12] Jason: Right now. I still just have to make sure the tech stuff all works. [00:30:15] Jason: But yeah, other than that, yeah, I don't. I don't have to do as much which is nice, but because it's stressful enough. It's stressful enough So yeah, so it's a lot. There's a lot that goes into it, but it's been worth it to have you know to see people's lives change to see people impacted. We've noticed there's some sort of magic that happens that when people come to something in person with us even if they've been a client for years, they start to get different results. [00:30:40] Jason: They start to see things differently. They start to absorb all of our content, our information, our training material, our ideas more effectively. Everything just magnifies. There's something about in person. You can't get the same sort of benefit in your business. If you think, "all I need to do is read books and watch videos and show up to zoom calls to grow my business. [00:31:04] Jason: Look, there's a lot of benefits in all of those things. I do all those things, but we still go to in person things. There's something different about in person that I don't know if it's the energy of being in the same space as the people you're learning from. If it's the group energy and that group mind that makes you able to like learn and faster. [00:31:23] Jason: There's, but there's some, I don't know if maybe there's some quantum physical magic, magical stuff, but there's something different about it in person. It's happened too many times for me to like believe otherwise or to dismiss it. I've had too many clients that I've been working with for years, go to their first in person thing with us, and then they have some breakthrough. And I'm like what? And they tell me about it, and I'm like, "I've been teaching you that for years!" Like "I know but like but it's just hit differently." [00:31:51] Jason: Yeah, "I just got it." [00:31:52] Sarah: It hits different. It feels different and you just absorb things. [00:31:57] Jason: And because we've seen this pattern, we've seen this pattern, we now make it part of our onboarding of every new client to come hang out with Sarah and I in person for a one day with usually a small cohort and like, and just get some things figured out and dialed in their business. [00:32:14] Jason: And that's been magic for our business. Like it's been magic for our clients, magic for us. So we give them that in person experience early on. And then DoorGrow Live allows them to connect with others, which is there's just something different about the people at DoorGrow. The property managers at DoorGrow are different. [00:32:30] Jason: I've been to a lot of conferences. A lot. Like in various industries, but especially in property management. And there's something different about the people that we attract and the clients that we attract. They're growth minded, they're positive active in mentalities, which means they're not like the skeptical, negative Nancy's that are grumpy about the industry and the business. [00:32:51] Jason: That there's this positive growth minded, healthier sort of personality that we attract at DoorGrow. And maybe that says a little bit about who we are, because that's what I tried to be. But we attract amazing people and the connections people make, when you're connecting with other people that are like you, that are growth minded and you both share an industry and a share a business model, like it really helps you grow. [00:33:15] Jason: Your business is the sum of the five property management business owners you as a business owner are most connected to or that you're most influenced by. So look at those property managers if you've got coaches or mentors, and they're not people that you really like that maybe you think they're smart, but you don't really want to be more like them, then maybe you're around the wrong people. [00:33:34] Jason: Maybe you have the wrong coach, and I'm not the coach for everybody. Sarah's not the coach for everybody. But you should have a coach. Otherwise, you're selling yourself short if you're not accountable to anybody, you're definitely getting less results than you could or should be so come to DoorGrow Live come check us out. This DoorGrow Live, [00:33:52] Jason: I want to open our playbooks up if Sarah lets me. I want to just reveal some really amazing stuff that only our clients get to see because I want to show anyone that shows up that's not part of our DoorGrow ecosystem. Our clients know the magic's there. We have more case studies or testimonials than anyone else in the industry, but if you're not a DoorGrow client, and you want to come to DoorGrow Live I'm going to give you some gifts for sure, some magic. We're going to make some significant changes in your business. They're going to help you make a lot more money a lot more easily and keep a lot more of your profit and so come hang out with us. [00:34:29] Jason: You're not going to be disappointed for sure So there you go. [00:34:33] Sarah: Yeah. This event we've got some really awesome things planned. We can't let too much out of the bag at this point. But we always have some really great things planned and every event we do, like we always learn from it. [00:34:46] Sarah: And we always do like a little team meeting afterwards and we get feedback from people. We're always looking to make it better and better. And this year is absolutely no exception to that. So the things that we have planned for this year, like I know that if you come to this event, it will change your business and it will change your life. [00:35:12] Sarah: And I know that's a really bold statement and we're ready to back it. [00:35:16] Jason: Yeah. And maybe that could be a later podcast episode as we get closer to the event. But we can tell you a little bit more about what's going to be happening there, but hopefully this was interesting to get behind the scenes at all that goes into DoorGrow Live and we meet on this you know, we're talking about it weekly, monthly in our planning meetings, like and quarterly. [00:35:37] Jason: And so, and that's it for today's episode. So if you are interested in that, go check it out at DoorGrowLive.Com and get your tickets and get things booked and get ready to come have an amazing experience in May at DoorGrow Live. So, and until next time to our mutual growth, bye everyone.

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From Social Work to Property Management: Tracy Streich's Journey of Leadership

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Play Episode Listen Later Jan 29, 2025 52:19

January 29 In this episode, join host Pete Neubig as he interviews Tracy Streich, MPM RMP, Broker/Owner of Renters Place and NARPM Volunteer of the Year, to uncover game-changing strategies for property managers. From leveraging master insurance policies to the effective use of virtual assistants through VPM Solutions, Tracy shares insights on optimizing operations. Hear about his unique journey from social work to property management, the importance of NARPM connections, and leadership advice for newcomers.

EXP - Rowing In The Right Direction With AJ Shepard

Diary of an Apartment Investor

Play Episode Listen Later Dec 27, 2024 20:43

Today Brian Briscoe & AJ Shepard discuss property management, scaling your business, and tips for staring out in real estate.---Continue the conversation with Brian on LinkedInJoin our multifamily investing community for in-depth courses and live networking with like-minded apartment investors at the Tribe of TitanThis episode originally aired on December 27, 2024----Watch the episode on YouTube: https://www.youtube.com/channel/UCcsYmSLMxQCA9hgt_PciN3g?sub_confirmation=1 Listen to us on your favorite podcast app:Apple Podcasts: https://tinyurl.com/AppleDiaryPodcast Spotify: https://tinyurl.com/SpotDiaryPodcast Google Podcasts: https://tinyurl.com/GoogleDiaryPodcast Follow us on:Instagram: https://www.instagram.com/diary_of_an_apartment_investor Facebook: https://www.facebook.com/DiaryAptInv/ Twitter: https://twitter.com/Diary_Apt_Inv ----Your host, Brian Briscoe, has owned over twenty apartment complexes worth hundreds of millions of dollars and is dedicated to helping aspiring apartment investors learn how to do the same. He founded the Tribe of Titans as his platform to educate aspiring apartment investors and is continually creating new content for the subscribers and coaching clients.He is the founder of Streamline Capital based in Salt Lake City, Utah, and is probably working on closing another apartment complex in the greater SLC area. He retired as a Lieutenant Colonel in the United States Marine Corps in 2021 after 20 years of service.Connect with him on LinkedIn----AJ ShepardAJ Shepard is the co-owner of Uptown Properties in Portland and also a licensed contractor in Oregon. We have been in the business since 2010 and pride ourselves as leaders in our local real estate market and the property management community. Finding his passion in real estate and construction management has created an avenue for the company to help provide all services necessary to its clients. Knowing the trade and the ability to manage many allows for streamlined maintenance of the investor's property at a reduced cost. Volunteering at ULI, and FRESH to give back to the Real Estate Community. An active member of NARPM and recipient of the Darryl Kazen Scholarship, current Regional Vice President of the Pacific Division, and recipient of RMP and MPM designation.AJ is also the co-host of the Westside Investors Network podcast (WIN). WIN strives to bring knowledge and education to real estate professionals seeking to gain more freedom in their life. The hosts AJ and Chris Shepard are committed to sharing the wealth of knowledge that they have gained throughout the years, to allow others the opportunity to learn and grow in their investing. Learn more about him at: https://www.westsideinvestorsnetwork.com/podcast or https://www.uptownsyndication.com/

NARPM Financial KPI

Real Estate Coaching Radio

Play Episode Listen Later Nov 19, 2024 7:08

NARPM Financial KPI

financial narpm

Rob Hahn's World's Greatest Agent Interview (Part 2)

Play Episode Listen Later Nov 12, 2024 55:46

Welcome back to America's #1 Daily Podcast, featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206. IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://premiercoaching.com Often called the best demotivational speaker in real estate, Rob is a frequent speaker at events such as Inman, T3 Connect, Gathering of Eagles, NARPM, franchise and brokerage events, national, state and local MLS and Association events, and is available for weddings and bar mitzvahs. Rob writes the well-known blog Notorious R.O.B. where he opines on topics in real estate, technology, law, marketing, economy, politics, society and strategy through far-too-long posts. He is also the co-host of the influential Industry Relations podcast with Greg Robertson. Named to the Inman 100 Most Influential List despite his best efforts, Rob notes that with great power comes great responsibility… and with very little power comes very little responsibility. HUGE Announcement: You will love this! Looking for the full outline from today's presentation? Our DAILY Newsletter featured lead generation systems, real estate scripts, daily success plans and (YES) the notes or today's show. Best part? The newsletter is free! https://harrisrealestatedaily.com/

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#300 High-Touch Real Estate Solution to Revolutionize Property Management - Bryan Jenkins MPM, RMP, SFR

Get Real Podcast

Play Episode Listen Later Sep 30, 2024 32:11

For too long, real estate investors and property managers have struggled with communication gaps, limiting their investment potential. We invited Bryan Jenkins to introduce Lineage, a groundbreaking platform. Discover how this tech-enabled solution provides financial clarity, proactive communication, and collaboration tools, empowering both sides to achieve greater success and unlock new heights in real estate investments. WHAT YOU'LL LEARN FROM THIS EPISODE Lineage: What it is and how it benefits property managers and investors Struggles faced by property managers and investors in terms of communication The importance of a high-touch personalized approach in real estate investing alongside high-tech How property management companies use data-driven insights to help their investors with their portfolios ABOUT BRYAN JENKINS MPM, RMP, SFR With over 23 years of experience as a Professional Residential Property Manager, Bryan Jenkins brings a wealth of expertise to every aspect of property management. He earned his Residential Management Professional (RMP) designation through NARPM in 2014 and achieved the prestigious Master Property Manager (MPM) designation in 2017. As one of only three MPM-designated property managers in Alabama and among fewer than 300 nationwide, Bryan is committed to maintaining the highest industry standards. In addition to holding Real Estate Broker licenses in Georgia and Alabama, Bryan is a proud veteran of both the US Navy and the US Army, where he developed his discipline, dedication, and leadership skills. He is now part of Lineage, a real estate investment platform that creates financial clarity and helps property managers and investors profitably grow their portfolios. Bryan is also passionate about giving back to the property management industry through his company, PM Business Implementors, where he helps owners/operators enhance their operations, improve processes, and boost revenue per door. CONNECT WITH BRYAN Website: National Association of Residential Property Managers | Lineage LinkedIn: Bryan Jenkins MPM, RMP, SFR CONNECT WITH US: If you need help with anything in real estate, please email invest@rpcinvest.com Reach Ron: RP Capital Leave podcast reviews and topic suggestions: iTunes Subscribe and get additional info: Get Real Estate Success Facebook Group: Cash Flow Property Facebook Community Instagram: @ronphillips_ YouTube: RpCapital Get the latest trends and insights: RP Capital Newsletter

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DGS 263: PM Software to Collect Payments, Advertise Properties, and Screen Potential Tenants

Westside Investors Network

Play Episode Listen Later Aug 29, 2024 21:32

It's been 6 years since we've had TenantCloud join us on the podcast, and a lot has changed since then! In today's episode of the #DoorGrowShow, property management growth expert Jason Hull welcomes Mark DeHaan from TenantCloud to talk about how it can help property managers collect payments, advertise properties, and screen potential tenants. You'll Learn [03:03] TenantCloud update! [06:46] How does TenantCloud compare? [09:34] TenantCloud integrations [12:20] Scaling with your software [15:56] Starting strong with Rentler Tweetables “A lot of times when you get into rental real estate… you log into a property management system and you're like, "holy smokes, this is so overwhelming like I can't figure this out.” “A lot of property managers have all of these different tools. They kind of build their own Swiss army knife or stack of different tools and software.” “A lot of property managers have a challenge with financials and accounting.” “We love the rental real estate industry and helping people grow and make passive income and that's what we're all about.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Mark: A lot of times when you log into a property management system and you're like, "holy smokes, this is so overwhelming, like I can't figure this out." [00:00:07] And that's, I think the differentiator that we tried to solve. [00:00:11] Jason: Welcome DoorGrow property managers to the DoorGrow show. If you are property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager. [00:00:29] DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners, and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market and help the best property management entrepreneurs win I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. [00:01:10] Now, let's get into the show. And my guest today is Mark DeHaan of TenantCloud. So Mark, welcome to the show. Good to have you. [00:01:19] Mark: Yeah. Thanks Jason. Nice to meet you. Appreciate it. [00:01:22] Jason: So we haven't had TenantCloud on the show for like six years. Back then, Joe Edgar was CEO. I had to look it up because I'm like, "I know, that they've been on the show before." [00:01:32] So I'm guessing a little bit's changed since then. So why don't we start by getting into a little bit about Mark. Tell us, tell everybody like, who are you and how'd you get into your entrepreneurial journey and then what led you to being at TenantCloud? [00:01:46] Mark: Yeah, great. Yeah. So I'm based here just outside of Salt Lake city, Utah. [00:01:50] And I was a co founder of Rentler. And we partnered with TenantCloud, merged with them about five years ago with Joe. And when he exited, I ended up taking over as a CEO and running both Rentler and TenantCloud. And it's been a big journey by then, but yeah, my history was rental real estate. [00:02:13] And being an entrepreneur and really sacrificing and so forth. And it's been really exciting, and I love your audience because I think they can relate to, you know, being an entrepreneur and trying to grow in the real estate business. [00:02:25] Jason: So for sure. I'm looking up Rentler right now, cause I don't know what it is. [00:02:30] What's Rentler? [00:02:31] Mark: So Rentler primarily focuses on listings and filling vacancies for landlords, small mom and pop landlords. Yeah. It does some payments and screenings and a few other tools and syndicates out your leads. And then TenantCloud is a lot more robust. It does the accounting, the maintenance, a ton of things that you can track with service professionals and your owners and reporting. [00:02:53] And so they came, they come together really nicely. And we just try to really focus on. landlords and property managers and using technology to make their lives easier. [00:03:03] Jason: Got it. So what's what's been going on at TenantCloud since in the last six years? Like what what are you guys doing lately? [00:03:12] And you know, why should people use TenantCloud? Like, let's get into it. [00:03:17] Mark: Yeah. So the last bit we've been growing tremendously. We're processing over a billion dollars in rent payments a year. Well over that. And TenantCloud really as its core is to help the rental life cycle and help owners, service professionals, tenants, and landlords really come together and leverage technology to run the business and the way we built it was with that in mind to really make things seamless and easy. And you can pay your rent with, you know, ACH, credit, debit, Apple Pay, Google Pay. We have a lot of things that we're working on to just make life easier there. We do screenings, have a ton of different bundles, options for you to do screenings and to protect your investment. And that's been really good to help people with income verification and criminal and background checks and of that nature. [00:04:11] Yeah and we do a lot of accounting. We will even file your Schedule E for you automatically. So the cool thing about TenantCloud is you don't have to have a degree in accounting. You can really log into our software and we're, we'll lead you along that process. And we'll do a lot of the tax reporting team management and you know... [00:04:33] Jason: Can you explain what a schedule E is for those that might not be familiar with it. [00:04:38] Mark: Yeah, absolutely. So schedule E is you know, to report income or loss on your rental real estate. And that's one thing that you'll have to do. You'll get a 1040 form and, you know, the government will want you to file that. And sometimes that can be tough to do, but with our system we will track all of your expenses and all your income and so forth and help you file that form on your behalf. [00:05:05] Jason: So for property managers, they're doing this third party for owners, this then becomes a resource for the owners that they're managing properties for. It will do it for them as well? [00:05:15] Mark: Yes, and we do have like an owner portal. So what's great is you can have your owners log in instead of having that back and forth. [00:05:24] We give them a login where they can have some view access to see their portfolio as well. So it just makes it easy for those property managers to work with their owners. [00:05:35] Jason: Got it. Okay. Now what's different between a property manager using this tool or like owners just going direct and getting TenantCloud and bypassing the property manager? [00:05:46] Mark: Well, yeah, I mean, some owners can do that, but I mean, then they have to deal with a lot of the heavy lifting with the maintenance and managing all the units. And so with the property manager using our system, we make it easy for the owners to have access and you can send your distributions to them and so forth. [00:06:05] But it really comes down to the ease of use and being able to manage all your leads. Manage, you know, all your contracts, all your communications with your tenants and with it, it's such a affordable option. Like our lowest plan is 17 bucks a month and we don't do a lot of unit restrictions like other competitors where you can add a bunch of units on the system. And really make it affordable for you as a property manager. So, yeah, hopefully that answers your question there. [00:06:36] Jason: Got it. Okay. So you would say TenantCloud's probably a lot more affordable than some of the competition that exists for property managers out there. So how would you say TenantCloud kind of compares to some of the big names in the industry like Appfolio, Propertyware, there's a bunch of these You know, and then I know Bodia just came out with RentVine and then Rent Manager, you know, these tools. So we've got clients using all these different tools. [00:07:03] So how does TenantCloud sort of fit into the mix and how do you kind of stand out among all these different tools because there's so many of them now. [00:07:11] Mark: Yeah. So we started with the end user in mind where it was more of a business to consumer platform where you didn't have to do a heavy integration and you could just quickly create an account and more of a self service where it would be really intuitive. [00:07:28] If you were, you know, if you had one property up to, you know, 50 units, you could easily log in. And it was way more affordable than those bigger players. They have monthly minimums, and you'd have to spend months to integrate your stuff. Everything we built was to make it so, boom, within a couple days, you could get set up, and we would help you add your accounts, add your units, add your tenants data. And so we really tried to make it cutting edge where we used a lot of the technology to help you get set up a lot quicker. And so one thing that people really, they come over to us is. You know, they're like, "man, your platform is a lot easier to use because of the way you built it. It's just really quick to get it. I don't have to hire an accountant or get an implementation manager to help me use your software" because a lot of times when you get into rental real estate, you're an entrepreneur or you have a day job and then you log into a property management system and you're like, "holy smokes, this is so overwhelming, like I can't figure this out." [00:08:35] And that's, I think the differentiator that we tried to solve is that you don't have to have a professional help you use our software. You can just go ahead and get started and it will help you from day one. [00:08:46] Jason: So basically, you're kind of one of your unique differentiators is since you started with the consumer in mind, instead of maybe a property manager in mind, you focus really on maybe the tenant and the property owner's experience being you know, really great, which once you started focusing on property managers, probably made a lot easier for the property managers. They're probably getting less questions. Maybe the reports are a little more clear. It's a little bit easier for them to figure out what they need, which has been a frustration. I've heard from a lot of software, you know, the owners find it confusing. They find their statements confusing. The tenants are like feeling things are confusing. Now a lot of property managers have all of these different tools. They kind of build their own Swiss army knife or stack of different tools and software. [00:09:34] How are integrations with TenantCloud or which things do you guys do really well that they might not need? You know, some of our clients might, for example, be using TenantTurner, even though they use Appfolio in order to get properties leased out and, or they might be, or to do self showings, or they might be using we've got a lot of clients getting going on this new AI maintenance coordinator called Vendoroo, or in the past, they might use PropertyMeld, you know, for maintenance coordination. [00:10:01] So they're stacking all these different tools because usually there's better stuff than what the property management software has internally. How does TenantCloud sort of go with this? [00:10:11] Mark: Yeah, that's a great question. So TenantTurner is an awesome company and we have an integration with them. [00:10:18] Jason: Okay. [00:10:18] Mark: And so we feel like we're a platform and we're doing more and more integrations with companies like you mentioned with maintenance. There's others out there that solve that problem. I mean, we have a maintenance portal, but we love to integrate other tools and make it so it's seamless and easy that you can do a show in coordination like a TenantTurner and so forth. [00:10:39] And so, yeah, that's a big thing for our users and we love to work nicely with other companies that will help benefit them. [00:10:47] Jason: Great. So, TenantCloud has an open API that some of these companies can connect with? Yeah. Okay. Awesome. [00:10:54] Mark: Absolutely. I mean, we have a partnerships team and they can reach out and we can, you know, when our users request certain things, we say, you know, that makes sense. [00:11:04] So absolutely. We love that. [00:11:06] Jason: Is there a scenario or a situation in which you think. TenantCloud' s maybe not a good fit for certain property managers or certain types of management. [00:11:18] Mark: Yeah, that is sometimes like multifamily or you're getting really a ton of units. You're going to probably need something a little bit more robust. [00:11:27] Now, we just launched reconciliation and some other features more reporting tools to help as we move up market because primarily we were focused on ones that, you know, had under 10 units and then we started growing. Now we have people that use us that have a few hundred doors and they love it. [00:11:46] They love the ease of use. They love the cost. They love that it's not restrictive, but some of that trade off is like, "Hey, you don't have some of these other customizations that you know, maybe a Yardi or some of these bigger players have." And so I would say if that's the case, you know, you'd have to wait a little bit as we continue to add more of those robust features for the upmarket bigger players. [00:12:08] Jason: It sounds like TenantCloud is a great place for a property manager. And it's small to start, especially when they're getting pushed back from places like Appfolio or Buildium, saying you have to have a 200 door minimum stuff like this. Is TenantCloud something that can scale with them up to maybe a thousand doors? Are they going to run into some capacity issue or some challenges if they continue? Because switching software is hard. [00:12:31] Mark: Yeah, it is. And we do have some that have a thousand doors and some bigger ones and they love it. And I think it's just the way you approach your business and how you can adapt. [00:12:41] I mean, you'd save a ton of money and the way that every property manager is different. You know, I wish there was a standard in how accounting worked in the industry and how things did with money in, money out and so forth. But so sometimes people say, "well, I'm just so used to how these older systems work," and that's fine. [00:12:59] But if you want to be more innovative and more customer facing and adopt, you know, the latest technologies on how payments are being transferred and so forth, then I think you'll fit in really good, you know, with what we have going on. [00:13:13] Jason: Got it. Yeah. I know that's been an industry issue for a long time is they're not being sort of a standard in accounting and NARPM then released the NARPM sort of chart of accounts and the NARPM accounting standard that hopefully is starting to get people a little more on the same page. [00:13:30] It has kind of been an adoption challenge, I think, and some people are starting to get going on it. And then there's definitely some businesses that have been capitalizing on it financially to like help businesses get that dialed in and get their QuickBooks like mapped out. Related to that, a lot of property managers have a challenge with financials and accounting. [00:13:51] They've got the accounting they've got to do for the client, right? Which is usually done by their property management software. But then there's their internal accounting, their own books. And some of them try to run that through their software, which I think is a little crazy. Or some of them tried, like, will have QuickBooks or something else. [00:14:07] I've noticed this it is a common problem in the industry is like people having this accounting mess and not being focused on it. Some outsource it and I've had clients come to me that say they found out their bookkeeper or accountant wasn't doing things right for like three years. And then one of my clients was suing their accountant and won and like, but it's still a mess that has to be cleaned up. [00:14:31] And so, maybe you could touch on TenantCloud. I know you help with the owners and their properties and the accounting. I'm sure. How do they help with their business accounting? Is there any connection to like maybe quickBooks, or is this something that the tool helps with or how would this work? [00:14:50] Mark: Yeah. So we have an integration with QuickBooks and that helps. And then everything we do with the reporting and with all your financials, we just try to make it really easy between the owners and the property managers so that, you know, it's seamless, but I do feel like, you know, QuickBooks could help. [00:15:09] And, you know, primarily we're trying to do property management software. But you know, personal finance is a big part of that. We just are launching a cool product with our banking partner where we can now loan some capital to folks that want to grow some doors. And so with our payment system and our banking partner, people can quickly get a loan directly through our system and they could use it to then go buy their next rental property. So we're looking at more innovative ways. That just kind of reminded me on the personal finance, like, "Hey, I really want to go buy this next door, but I don't have some money." We can help loan that money to help you grow your business. [00:15:51] And that's going to be coming out here at the end of this year. [00:15:54] Jason: Cool. Very cool. So how does how does this relationship with Rentler and TenantCloud benefit, maybe property managers that are looking to use your software. And this, your shirt has on it. So then you've got this relationship going there. [00:16:08] So how did these kind of work together? I'm curious. [00:16:11] Mark: Yeah. So Rentler doesn't have a subscription. It's free to use. And so if you're just like one unit. And you're just barely getting in. Let's say you're moving and you just need to rent out your basement apartment or you just have one property, you can use our payment system, do screenings and you can list your property, syndicate, get your leads, fill vacancies. And it's like super light. I mean, it would probably be very similar to like a Cozy back in the day, or like a Zillow Rent Manager just something there to just boom, do that. And then as you graduate, as you go, "Hey, I really want to do more accounting or actually property management software." [00:16:51] Then you graduate up to TenantCloud and when you list with TenantCloud, it will post on Rentler, but Rentler was primarily, you know, a listings and filling vacancy. So that's how that works. [00:17:02] Jason: Is there an easy upgrade path from Rentler to TenantCloud or? [00:17:06] Mark: Absolutely. Yeah, there is. [00:17:07] Yeah, we have a fantastic support system. Pretty much 24 seven support. We have chat, we have people you can call and we'll help you. Most all of our support have been in property management and ran their own property management companies. And so they're really helpful to. to guide you and what you need for your business. [00:17:26] Jason: Got it. Okay. Very cool. So, well, this is very helpful. Anything else that people should know about TenantCloud if they're working on making this decision right now between all these different software that exist out there? [00:17:38] Mark: Yeah, I'd say we have a free trial and give us a shot and there's a lot of great things coming down the pipe. [00:17:44] So just ask our team, you know, Hey, if we don't have something that we probably will have it coming soon, but yeah, give us a go and you'll love it and we'll make your life a lot easier. [00:17:56] Jason: Very cool. Awesome. Well, Mark, how can people find out more about TenantCloud? How can they get in touch with y'all? [00:18:04] Mark: Yeah, they can log on TenantCloud. com. We do a webinar every Thursday and they can learn about our system. And they can sign up for that on our website, TenantCloud. com. They can reach out. We have a great sales team, account management team that will give you a demo. You know, We'll do a consult free consultation on your business and help you out with that. [00:18:25] So we're happy to help we love the rental real estate industry and helping people grow and make passive income and that's what we're all about. [00:18:34] Jason: Awesome mark. Thanks for coming on the DoorGrow show giving us an update on TenantCloud and everybody check them out at TenantCloud. com. Thanks for coming, Mark. [00:18:43] Mark: All right. Thank you, Jason. Appreciate it. [00:18:45] Jason: You bet. All right. So if you are a property management entrepreneur and you are either struggling to get leads or to add doors to your property management business, reach out to DoorGrow. We might be able to help you and we've been able to help lots of our clients add hundreds of doors to their portfolios to help them scale their businesses. [00:19:09] And we would love to see if we might be a fit for you to help you scale as well. So check us out at doorgrow.Com. And if you are a fan of the podcast or you follow us on YouTube. Make sure to like, and subscribe and make sure you're plugged in and make sure to join our free Facebook community by going to DoorGrow club. com. If you go to doorgrowclub.Com, it will redirect you to our Facebook group so that you can join. Make sure you answer the questions clearly because we're really careful about who we let in. We reject 60 to 70 percent of the people that apply to join that group every month. It's for property management, entrepreneurs, property management business owners. [00:19:54] That includes those of you that are starting a property management business, just let us know that in the questions. So answer the questions. Join that and make sure you're asking questions inside the group and you'll by joining the group. We will also send you a series of free gifts to benefit you including a fee bible and some other resources that I think would be really useful to your business. [00:20:18] And you can also then schedule a call with our team. So check that out doorgrowclub.com. Until next time, everybody. To our mutual growth. Have an awesome week. Bye everyone [00:20:28] you just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! [00:20:54] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

ceo ai starting utah real estate bs manage seo scaling payments swiss screen realtors api properties collect ach cozy tenants ppc apple pay property management quickbooks salt lake advertise google pay appfolio yardi jason it buildium mark yeah jason hull jason you narpm mark well schedule e mark yes jason so mark all jason is doorgrow pm software mark absolutely

141. Why In-House Property Management is a Game Changer with Sam Eddinger

Play Episode Listen Later Aug 21, 2024 53:42

ABOUT SAM EDDINGERSam is the founder of Ironclad Property Management, an investor-focused property management company in central CT. He has been involved in real estate from a young age and has witnessed how investing in real estate with a long-term horizon can build wealth. In 2018, after 15 years as a nuclear engineer, he surprised his coworkers and managers by leaving his desk job to start Ironclad Property Management. Because of his experience in engineering, Sam brings a data analysis and process-based approach to property management. Because of his experience as an investor, Sam works to help each client improve their investment rate of return by renting high, renting fast, and renting well. THIS TOPIC IN A NUTSHELL: Sam's career and his journey in real estate Real estate network and communityEntrepreneur's organizationWhat is NARPM?Mortgage and loans to leverage dealsBenefits and challenges of setting up the PM companyWhy go for real estate syndication?How to add value as a syndicatorBranching out in different markets Hurdles that you see in getting into the Syndication gameUnderwriting and his take on their current marketPain points of Property managersAdvice to his 25-year-old selfFirst Entrepreneurial EndeavorFormal and informal training that shaped his journeyHis biggest mistake and what he learned from it Connect with Sam KEY QUOTE: “My biggest mistake was overanalyzing the numbers on everything and not taking more risks.” SUMMARY OF BUSINESS: Ironclad Property Management specializes in helping single and multi-family investors throughout central Connecticut. We are a process-based company and pride ourselves in removing the headaches of managing rental property while improving performance for our clients. ABOUT THE WESTSIDE INVESTORS NETWORK The Westside Investors Network is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication. The Westside Investors Network strives to bring knowledge and education to real estate professional that is seeking to gain more freedom in their life. The host AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management, and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com. #RealEstateInvesting #Multifamily #Syndication #MultiFamily #RealEstatesSyndication #PropertyManagement #AssetManagement #Investors #RealEstateInvestors #NARPM #JointVenture #EntrepreneurOrganization #NAPRMcommunity #HardMoneyLoan #SmallMultifamily #CommercialRealEstate #SeasonedInvestors #ValueAdd #Portfolio #Underwriting #InHousePropertyManagement #BlueStates #Connecticut #Syndicator #VerticalIntegration #GeneralPartners #Operators #WealthBuilding #InvestmentInsights #JoinTheWINpod #WestsideInvestorsNetwork CONNECT WITH SAM:Website: www.ironcladpm.com Email - sam@ironcladpm.com Phone no. 860-254-7343LinkedIn: https://www.linkedin.com/in/sameddinger Facebook: https://www.facebook.com/tempstguru CONNECT WITH US For more information about investing with AJ and Chris: · Uptown Syndication | https://www.uptownsyndication.com/ · LinkedIn | https://www.linkedin.com/company/71673294/admin/ For information on Portland Property Management: · Uptown Properties | http://www.uptownpm.com · Youtube | @UptownProperties Westside Investors Network · Website | https://www.westsideinvestorsnetwork.com/ · Twitter | https://twitter.com/WIN_pdx · Instagram | @westsideinvestorsnetwork · LinkedIn | https://www.linkedin.com/groups/13949165/ · Facebook | @WestsideInvestorsNetwork · Tiktok| @WestsideInvestorsNetwork · Youtube | @WestsideInvestorsNetwork

real investing real estate phone investment connecticut property game changers mortgage hurdles property management syndication portland metro narpm journeyhis uptown properties

LVR Talk S3E9 - Industry Partners Spotlight with Nevada NARPM President Paul Rich

LVR Talk

Play Episode Listen Later Apr 19, 2024 12:37

2024 LVR President-Elect Josh Campa sits down with some of our Industry Partner leaders, to discus how members can get involved more and broaden their reach in real estate. This episode features Paul Rich, the current president of the National Association of Residential Property Managers. As a recent past president of NARPM himself, Josh Campa gets into the nitty gritty of what goes on in the association and how it is helping improve the lives of real estate professionals and tenants alike.

partners nevada national association narpm industry partner paul rich

DGS 245: What Does DoorGrow Even Do?

Play Episode Listen Later Mar 28, 2024 13:35

We get the question all the time, “What does DoorGrow even do?” In this short and sweet episode of the #DoorGrowShow, property management entrepreneurs Jason and Sarah Hull share what they do, why they do it, and how to get in touch. You'll Learn [03:09] Most property managers suck [05:03] Don't kill your momentum! [08:35] We can make the industry better together [10:43] You might be the problem in your business Tweetables “We want to make sure you have a business that you enjoy doing stuff in.” “If you are not adding at least minimum a hundred doors a year, your business is broken.” “If you're doing what everybody else does, you're probably getting the same shitty results that everybody else is getting in this industry.” “The bar is so low in property management that, the phrase ‘a rising tide raises all ships,' I think a rising tide would just drown several ships.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Jason: If you're doing what everybody else does, you're probably getting the same shitty results that everybody else is getting in this industry. [00:00:07] Welcome DoorGrow property managers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow hacker... or property manager. DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income... and to becoming a better investor yourself and getting rental properties. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. [00:01:02] We're your hosts, property management growth experts, Jason and Sarah Hull, the owners of DoorGrow. Now let's get into the show. [00:01:10] All right. So we're going to make this a short episode today because I just didn't want to do it. I didn't want to do it. Like, honestly, like there's some days that I'm just like, "I don't want to do the podcast. Like, can we just get on with doing the stuff that I Like we need to get done in the business, right?" [00:01:26] Sarah: Let's be realistic. There are some days that we don't feel like doing anything. That's normal. [00:01:31] Jason: Right? That's business, right? I'm sure a lot of you wake up sometimes and you're like, "I do not want to do this today." [00:01:37] Yeah, so we want to make sure you have a business that you enjoy doing stuff in. So we'll have a quick conversation. So what we were going to talk about is what? [00:01:45] Sarah: Oh, why do you do this to me? [00:01:46] Jason: Okay, what we were going to talk about, we're going to talk about just real quick. Let's answer the question. [00:01:52] What does DoorGrow do? So we get this question all the time. Cause they're like "DoorGrow? You help grow and we grow doors? And like, what does that mean? How do you do that? Do you guys get us leads? Are you an advertising company? Like, what do you do? So what we do, the shortest answer I could give you is we help companies grow rapidly while eliminating their marketing or advertising expense and budget. [00:02:15] And I know that sounds crazy. So we're helping you not have to waste time doing cold lead marketing or advertising. You might think SEO or pay per click on Google or content marketing or social media marketing or whatever is the secret to getting all the business and growing your business and getting your hopes and dreams to come true. [00:02:35] And a lot of you have been spending a lot of money doing that, and it's not really working super well. And so what we do is we help you figure out how to grow effectively. We also help optimize businesses for growth. So a lot of times you're trying to grow, you're trying to do a bunch of stuff to get leads and to get doors and to get business, but you have all these blind spots that are eating up and causing you to lose and miss out on deals that you can't see. [00:03:01] It might be that you have your branding is off. Your reputation stuff is off. Your sales pitch is off. Your pricing stuff is off. If you're doing what everybody else does, you're probably getting the same shitty results that everybody else is getting in this industry. And most property management companies suck. [00:03:17] Most of you listening know this is true. You look at your business and you think, "we're pretty good, but all the other companies suck." And most property managers I talk to that are starting a property management business. They, I say, "why are you starting a business?" And they say, "I'm an investor, and I've tried to use other companies in my market, but they all suck." The bar is pretty low. The bar is so low in property management that, the phrase "a rising tide raises all ships," I think a rising tide would just drown several ships. Like I think they would just sink because they're just sitting on bedrock. [00:03:48] There's a lot of bad companies. And there's a lot of miserable property management business owners. This is not an easy business or industry. I know this is true. I've talked to thousands of property managers. I talked to property managers every week that are miserable every week on sales calls. They like get on a call with me and they're like, "I am not enjoying my business. I am struggling. I'm frustrated," and it's because they are trying to wear all the hats or they have team members that are not really making them feel safe, not really taking everything off their plate in particular roles. And so they still have to be involved and wear hats they don't enjoy it. They don't want to keep doing so. We help you get your team in alignment. We help you get your ops in alignment. We help you get your profit margin healthy. We are helping our clients crush it. And if you are not adding at least minimum a hundred doors a year, your business is broken. You do not have effective growth. That is not difficult to do. We've got clients adding a hundred to 200 to 300. And if any of my clients are listening, if you are not adding at least 100 doors a year, you're not listening and doing what we tell you to do. So we've got clients that are crushing it. The other thing that we do is on the operational side. [00:05:03] Like, if you keep stopping your growth and adding doors because you're like "we've got a whole bunch of business coming on. And now I got to focus on operations." You have to stop pausing. And so you have to stop stopping growth in your business. I see this all the time, even with some of our clients, they start growing really rapidly. [00:05:19] And they're like, "Oh my gosh, I got to like, stop growing. It's too much. I'm adding too many doors. It's getting painful. It's getting uncomfortable." If you stop, here's the challenge, what I've seen. What I've seen is that if you stop growing right now, you then cannot get things going for at least a quarter or two. [00:05:36] And then like a sales slump takes about a quarter to get out of. So you lose almost a year of momentum and growth just by stopping growth to focus on ops or to focus on fulfillment or focus on onboarding all these new clients, right? So you have to stop stopping because if you do this, you start growing, it gets uncomfortable and then you stop. [00:05:57] And then it's months to a year of growth, and then you start trying to build it up and get growth going again, and then you stop again, I see companies that do this, and what happens is your churn rate starts to match your growth rate, and so you end up with a business where you've been stuck at 50 or 60 units for like 3 years, or you've been stuck in the 2 to 400 unit range for like 3 years or more, and you can't figure out how to grow or get ahead. [00:06:24] And if you aren't stopping and you're still stuck at these stages, then your business has some serious leaks in it. And these are so solvable, like on the other side of this, it's so solvable. You could have such a better life. You could have more time with your family and kids. You could feel like you're actually making progress and not burning yourself out. [00:06:46] You could be getting out of the stuff that's burning you out and you could start to like have a real impact. You can have the day to day that you want to have. This is all doable. You can be miserable in a business with a thousand doors. You can be miserable in a business with 50 doors or 10. [00:07:05] Sarah: I'm totally overwhelmed. I'm like, "Oh..." [00:07:07] Jason: or you could like be having like space and time and taking care of yourself at any stage or level at 50 units or at a thousand plus units. And we need to shift your mindset and build the right business around you. So if you're dealing with some of these challenges, you've been stuck in struggling for a long time, you need to stop doing what I've done in the past and being stubborn and thinking you can solve it all on your own. [00:07:33] If you just watch enough YouTube videos or read enough books or go to enough NARPM conferences, and you think you'll just figure it out when all you end up doing is heaping more ideas that are just wasting time. And distracting you from what you actually need to do, which you can't usually even see. [00:07:51] You need some outside perspective because you're too close to the fire and you just keep burning yourself. All right. That's my soapbox. [00:07:59] Sarah: There. Yeah. Tell us how you really feel today, would you? Don't hold back! [00:08:03] Jason: Don't be stupid. Get help. [00:08:05] Sarah: I was talking to you. [00:08:06] Jason: People! Okay. All right. Yeah. And I've talked to so many property management business owners over the last decade, even the last week. [00:08:14] And I get really excited when I talk to people with problems because I know how easy it is for us to help them solve these problems. And if everybody knew how easy it would be for us to help them make progress and get their business moving forward, every property manager be signing up for a mastermind. [00:08:31] Everyone would because I bet a lot of you are frustrated and not happy there shouldn't be as many crappy property management businesses in this industry as there are. There just shouldn't. There's no need for that. We need to make the industry better. If we make it better, it gets better for everyone. [00:08:49] If your neighboring property managers all start doing a great job, your business and you start doing a great job, you will get more business. There's only 30 percent market share roughly. There's tons of available potential market share. There's no scarcity. There's no like, "Oh man, like there's nobody I could get as clients." [00:09:07] There's none of that. There's tons of available business, but the bar is so low and property management has such a bad reputation because there's so many crappy companies because they're doing stupid stuff that is not helping them grow, have revenue, have profit margin, and they're making lots of mistakes. [00:09:24] And because everybody else is doing that, it's like normal. So it's not hard to be exceptional in this industry just by doing a decent job. It's super not hard to be exceptional. Like there are so many companies don't even answer their phones. There's so many companies that don't even communicate with their owners ever. [00:09:45] There's so many companies that like don't even do inspections. There's so many companies that have their trust accounts, like absolutely mismanaged, right? That it's so simple and easy. You just need to be accurate and available and you would surpass 90 percent of the property management companies out there. [00:10:02] And then if you're one of our clients, we go way beyond that. We then start to make you a really great legitimate business that would be a great business in any industry, right? But in property management, the bar is really low. So if you want to be exceptional and start stealing all the market share and getting lots of business, that's not hard to do because the bar is so low in almost every single market. [00:10:23] It's not difficult to be exceptional. So that's my message for today. [00:10:27] Sarah: So give us a call. If you aren't happy in your property management business, if you feel like you can be doing less of the day to day, if you feel like you're overwhelmed and you're stressed, and maybe you're just not really in love with this business, we can help. [00:10:42] Jason: Yeah. If you're not growing fast enough, there's something wrong in the business and the problem is probably business owner. It's probably you. And that's the thing. Like, we have to take extreme ownership as business owners. We have to recognize that. "Oh, the business is a problem." If you're blaming your team, you pick that team, right? [00:11:01] If you're blaming your systems, the problem is you pick those systems. If you're blaming the market, then you're just making excuses because I'm sure somebody else could crush it in your market. We've heard all of the excuses. The only real honest thing that you can do is take ownership. Extreme ownership, [00:11:18] it's a great book, read extreme ownership. The problem is you. And if you own that problem, then you can actually change it and solve it. And we're here to help you do that. And we will help you see that this is all fixable stuff. All right, I think that's our episode for today. [00:11:33] Sarah: All right. [00:11:34] Jason: Anything you want to add? [00:11:35] Sarah: Nope. [00:11:36] Jason: Okay, then reach out to us at doorgrow. Check us out at doorgrow. com. Get on a call with me. I want to talk to you. Like if you're struggling, I will show you how we can help you solve this. And if we can't, then we won't take you on as a client. If you're not coachable, then we won't take you on as a client. [00:11:50] Like, but if I can help you, I want to help you. This is what we do every day. I love helping people grow their business and helping change their life. I want you to have a better life. I want you to have more time with your family. I want you to have more money in your bank account. I want you to have the freedom to take vacations and to do things that really matter. [00:12:09] Life is too short to be in constant suffering and pain and to live for a business that takes ownership of your life. And now you're like a slave to it, right? The business should be serving you. So let's get the business serving you instead of you feeling like you're waking up every day, serving your business. [00:12:27] All right. Until next time to our mutual growth. Bye everyone. [00:12:31] you just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! [00:12:58] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

google real estate bs seo extreme realtors ppc property management jason yeah narpm sarah oh sarah so doorgrow

23. The Most Asked Property Management Questions with Marc Cunningham

highlighting real estate investing property management amelia island property management business narpm marc cunningham

Play Episode Listen Later Mar 26, 2024 36:52

Do you lie awake at night wondering how to transform your property management business into a well-oiled machine? In this episode of the Property Management Business Podcast, host Marc Cunningham answers questions sent in by listeners. From exploring the feasibility of a self-running property management business to discussing pricing strategies for clients with multiple properties, Marc shares his insights and advice. Highlighting the necessity of policy and procedure manuals, the intricacies of handling maintenance, and navigating security deposit disputes. Whether you're pondering the automation of your business or seeking strategies to improve operational efficiency, Marc's answers, grounded in experience, aim to help property managers optimize their services and foster success. This is a great episode filled with expertise, valuable tips, and a fresh perspective on property management. Visit RentVine.com today to discover how you can streamline your operations and elevate your service In April, Marc will be in Florida for the NARPM broker-owner event on Amelia Island. Follow this link to sign up! To find out more about Marc's coaching services click here. Follow this link to spend 2 days with Marc and learn how to run a property management business This podcast is produced by Two Brothers Creative 2024.

22. Industry Trends With Andrew Smallwood of Second Nature

Play Episode Listen Later Mar 12, 2024 53:35

What would you give to know the exact future of property management? Well, you're in luck! On this episode of the Property Management Business Podcast, Marc chats with Andrew Smallwood from Second Nature to talk about the future of property management with innovations, strategies, and nuggets of real-world wisdom that will help you view this industry. There are a lot of challenges today in property management. With new legislation and the integration of technology, Marc and Andrew talk about the ways in which the industry continues to evolve and why the importance of transparency, tenant rights, and how customer service is paramount. Tune in to find out what lies on the horizon for property management professionals and tenants. To find out more on Andrew Smallwood and Second Nature, click here! In April, Marc will be in Florida for the NARPM broker-owner event on Amelia Island. Follow this link to sign up! To find out more about Marc's coaching services click here. Follow this link to spend 2 days with Marc and learn how to run a property management business This podcast is produced by Two Brothers Creative 2024.

real estate investing property management industry trends second nature amelia island property management business narpm andrew smallwood

DGS 228: Getting Ready for Property Management Events in 2024

Play Episode Listen Later Mar 1, 2024 28:50

At this point in the year, it's still early enough to make some plans to level up your property management business. One of the best ways to learn new strategies is by masterminding with other professionals. In this episode, property management growth experts Jason and Sarah Hull talk about the importance of strategic time as a business owner as well as some upcoming events for property management entrepreneurs. You'll Learn [02:06] The concept of your default future [06:43] The four reasons for having a business [10:26] 2024 events for property managers [16:51] Why masterminding matters [19:44] The ultimate event for property management entrepreneurs Tweetables “If you're working with any business, they should be helping you change your future outcomes.” “Worse is still different, but not probably the change we were hoping for.” “I never want to be the smartest person in the room. If I am, that means I'm in the wrong room.” “They say you're the sum of the five people that you are around the most or something like that, but I think your business will be the sum of the five property managers are the most connected to.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Jason: They say you're the sum of the five people that you are around the most or something like that, but I think your business will be the sum of the five property managers are the most connected to and to be connected in our mastermind to other mastermind members [00:00:13] Welcome DoorGrowers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you are open to doing things a bit differently, then you are a DoorGrower. DoorGrower property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many real estate think you're crazy for doing it you think they're crazy for not because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. At DoorGrow we are on a mission to transform property management business owners and their businesses. [00:00:53] We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. We're your hosts, property management growth experts, Jason Hull and Sarah Hull, the owners of DoorGrow. Now let's get into the show. All right. [00:01:11] So before this show, we were talking about what we should be talking about in today's episode. So what are we going to talk about today? [00:01:18] Sarah: We will talk about getting ready for your 2024 and prepping, getting your schedule ready for some events that we've got coming up. [00:01:27] Jason: Okay. It is January 26. January 2nd. Sorry. I don't know why I said that January 2nd. What's wrong with you? I don't know. I don't know. I think I saw the clock. All right, so it's January 2nd The new year has just started. This episode will probably come out on the main podcast a little bit later, but we wanted to kick things off for the new year. [00:01:49] Make sure that everybody gets in momentum. I think 2024 is going to be a wild year. Every election year is. It's going to be interesting. So let's talk about your property management business, how you can get more of what you want and grow. So let's talk about some of the stuff coming up. All right. Where should we start? [00:02:06] Sarah: Let's first start about talking about what did your 2023 look like? Was it what you wanted it to look like? Was it maybe a little different where there's some curve balls that came at you in the middle of the year and threw the whole plan that you had off balance and if so, what are you going to do differently in 2024? [00:02:26] So if you change nothing, if you do nothing different, your 2024 will look probably pretty similar to your 2023 if not worse because the market is totally different, at least part of 2023. The market was good. The real estate market was pretty decent. It's not so decent right now. It's a little bit cooler. [00:02:45] In fact, we're really close to it flipping over to a buyer's market. [00:02:49] Jason: Okay. And for those of you listening, I think you'll really enjoy this concept. This is one of my favorite closes when it comes to converting people into clients or customers. And we call it the default future versus created future close. So it's important to take a look at your default future is. What you're going to get in the next year, and you can easily base it on what you did the last year and the year before that, and the year before that, you should have a pretty good idea of what your default future looks like. And if you're working with any business, they should be helping you change your future outcomes, right? They should be helping you improve your future. So for you selling to your clients, they should have a default future if they continue to DIY, do it themselves, manage their own property, work with the crappy property manager they've got now, whatever their current future is. [00:03:36] They should have a different created future if they're working with you and you need to help them see a different alternate future reality that includes you. So we run into people all the time that have had a very uncomfortable default future in property management. They have not grown for the last sometimes 10 years. [00:03:55] They've struggled. We have a client we just got on. He's been around 50 units for a decade. So that means it's a grind. That means there's a lot of churn, losing a lot of customers while you're adding customers and you're just not growing, right? Some of y'all are down in doors because I've heard the excuse of the pandemic or people, a bunch of my clients sold or whatever. [00:04:15] So a lot of you might be down in doors. And so your current future, default future looks even worse than last year or the year before, right? So we want to shift you towards a created future. Yeah, so how do we do that. Okay you do that with DoorGrow, right? So we are really good at helping create a different alternate reality for you a different future That includes us. [00:04:39] And because we've been able to coach and support so many, like hundreds of property management, business owners, we have tactics strategies that we've developed over time that we're always. Honing, improving, figuring out that have allowed us to increase our client's door count, make their operations smoother, improve their team, lower the entrepreneur's pressure and noise, decrease their stress, make the business more fun so they feel like they're more of a business owner. [00:05:07] And so these are the things that we do. At door girl. All right. And we've got a bunch of events that we do throughout the year that help to facilitate our vision in helping transform property management business owners and their businesses. [00:05:20] Sarah: Now is a really good time to plan out "what do I want my year to look like this year? Do I want it to look like more of the same? Or do I want it to look different, but positively different" because it can still look different, just maybe worse. Worse is still different, but not probably the change we were hoping for. Yeah. So if you want your business and your life and your income and your team and your day to improve, then you may need to just be open to doing things a little bit differently than you have before. [00:05:52] And I think being that we're at the beginning of the year, this is a really good time to set some time aside for you. Set some time aside to make sure that you're prioritizing the things that you really want to get out of the business or out of your life. And how do we do that? There's a few events that we have coming up throughout the year. [00:06:12] You can find all of our events, all of the details on doorgrow.com/events. And that will show you our event calendar. What event, who it's for, what the cost is, where it's located, the dates, all of that kind of information is on there. And if you go all the way to the bottom, there's a quick little video I recorded with even more details. [00:06:34] So you can watch the whole thing. It's only a couple minutes long, or you can skip to the part that talks about the event you're interested in. [00:06:41] Jason: Okay, cool. So for this new year, I would like to recap the four reasons, because I think. It's important to take a step back and assess your business through the lens of these four things. [00:06:55] We have a fifth reason, so maybe the five, but we want to take a look at your business through this lens and make sure you're actually headed in the right direction. Because it's very possible to be making more and more money in your business and become more and more miserable. And that's not the goal. [00:07:09] We didn't start businesses to become more miserable. We thought we started them to make more money, but what we really want is what more money can give us, right? We're hoping more money can give us more, number one, fulfillment. We get to spend more of our time doing the things we enjoy doing. More and more freedom. [00:07:24] We feel free. We don't feel trapped. We don't feel stuck. We don't feel like we're controlled. We don't feel like our business runs us. We don't feel like a slave or servant to our business. We feel free, right? Freedom. The third reason is Contribution. So if we have freedom and fulfillment, usually then we want to make a difference to others, right? [00:07:44] We want to benefit other people too. It's just innate I think in entrepreneurs, we want to change the world. We want to make it a better place. We want to improve things. We see problems and we're like, "I can make money solving that problem, right? That's contribution. That means making a difference to your family, to your team, to your clients, to everybody that you can have impact with and so contribution, I think, is one of the greatest gifts we can give ourselves. It feels really good to benefit others. And then the fourth reason is support. It's really difficult to have fulfillment, freedom, contribution if we don't have a team because then we end up doing and wearing all the hats that we don't want to wear and we should only be wearing the hats. Eventually, if we had the ultimate business, it gives us the ultimate level of fulfillment and freedom. Then we are only spending our time wearing the hats that we most enjoy wearing, which would mean we have a really good team that supports us and they enjoy wearing the hats that they're wearing and they take those off of our plates. [00:08:41] So we don't have to wear those hats. And so those are the four reasons. Now there is a fifth reason, and this is important to recognize. This is what your team members want more than the four reasons, typically. This is what your clients want often more than the four reasons... they want safety and certainty. [00:08:58] They want peace of mind. And so this is why a lot of people are willing to give up fulfillment, freedom, even contribution. They're willing to give those up and trade them in order to have safety and certainty. This is why they will go get a job. This is why they want to do what they're told to by maybe the media at times, right? [00:09:17] They want to be safe and entrepreneurs were a little bit, we're wired a little bit differently. We care more about having our freedom than safety and certainty, but we also want that too. And so having our business built out in a way that gives us all five of those things gives us the ultimate business and it allows us then to make a real impact and to have a really good team and to have less stress. [00:09:39] And so this is our primary goal with DoorGrow is to move you towards that. So take inventory. How do you feel you rate on each of these five areas right now? Do you feel you have safety and certainty? Do you feel like you have support and a really great team? You really feel supported in your business? [00:09:54] Do you feel like you've got freedom and fulfillment? You get to do the things that you really want to do. You're really enjoying your day today. You feel like you're making a difference out there and contributing in the best way. If you don't have those things, even though you have a bunch of money coming in or a lot of doors, you built the wrong business. [00:10:11] And it doesn't mean you need to change businesses or industries. It just means you need to change what your role is in that business. So 2024, let's move you towards more towards the four reasons. All right. So should we talk about some of the events we have coming up? Yeah, let's do it. [00:10:26] Sarah: Let's talk about the events scheduled for 2024. [00:10:29] By the time this airs, it'll still be early in the year. So you should be able to mark your calendars for the things that sound interesting to you and make sure that you prioritize your business so that you are set up for success so that you are able to grow so that you are able to get more of the day to day stuff that you just don't enjoy the stuff that bogs you down off of your plate because this is not the life that you need to live, but it's really common for property managers, so make sure that you prioritize this stuff. [00:10:59] So let's talk about some of the events that we've got coming up this year. What's first? Okay. The first thing we have, this is for our clients only. It's in January this month now. And that is open to all of our current mastermind clients. We're going to San Diego, California. So these type of events if you join the DoorGrow Mastermind, you'll have access to them. [00:11:20] So what our tribe events are. They're usually smaller events. They're not huge with, like 100 people or more. They're smaller, more intimate events. So if you're a little bit more on the introverted side, then this event might be really good for you because you get to create close connections with people. [00:11:39] So Jason and I attend these events as well as some of our clients. So you'll get to network and spend some time with other property management business owners. And what we'll be doing, this event, we do a little bit of business and a little bit of fun. So we have some activities planned out there for the day and either before lunch or at lunch or probably both because that's what happened last time is we're going to be, talking shop, talking business, what's working, what's not working, what's your plan? [00:12:07] What are you working on? How can we help support you in that? So that's our first one. [00:12:11] Jason: Okay, cool. Now we have some other things happening in January. [00:12:13] I'll just throw out there. If you're hearing this later and you miss this stuff, we might have recordings that you might be able to get access to if it's one of our public things. But make sure that you stay connected to us, follow us and are connected to us on social media or you're inside our Facebook group at doorgrowclub. com where we broadcast this and stream it live so that you don't miss out each week. January 11th in a week, we are going to do with our clients a jumpstart 2024 call on zoom where you can 10x your year. And we're going to talk about 10xing your growth in your property management business. [00:12:47] What's next? [00:12:48] Sarah: Okay. So the next event that's coming up will be open to everyone So if you're currently in our mastermind or not yet in our mastermind, or you were formerly in the mastermind, this will be open to everyone. We have our boardroom event that's coming up March 13th and 14th. It will be in Round Rock, Texas, which is just north of Austin. [00:13:10] And that event, we actually launched a lot of these events for the first time last year in 2023. We've had some success with them. Clients really enjoy these style of events, so we carried them on into this year. So the boardroom event, it is a smaller event. We will probably limit it to about six clients, like six businesses total. [00:13:35] For that reason, because we really want to be able to go deep. If the event gets too big, then we have to stay granular and more topical and this event, we call it boardroom because we sit on each other's boards, it's a two day event. And what we'll do is we'll really get in and we'll like tinker with your business and see, where are you spending your time? [00:13:55] What does your team look like, what does your profit margin look like? What does your revenue look like? Where are you struggling? Where are you succeeding? So we really get in and we go deep with clients on the smaller style events. So spots will be limited. If you're interested in attending any of our events or getting more information, just go to doorgrow.com/events. [00:14:15] All of the information is there. [00:14:17] Jason: Yeah. The last boardroom room event that we did was pretty awesome. So everybody walked away with a really solid set of clarity and to do items to take their business to the next level. And what was interesting is, a lot of them were really stuck and couldn't see where they needed to go next. [00:14:34] And so this allows us the opportunity to really go deep with the business owners. And so they get a lot of value from this. [00:14:40] Sarah: So that one is coming up March 13th and 14th. It will be in round rock, which is like North Austin here in Texas. That one is very focused on business. So we do break for lunch. [00:14:52] We do go for dinner. But it's boardroom style events. So we're in session almost all day. It goes from about nine to five [00:14:59] Jason: is serious stuff. All right [00:15:01] Sarah: Yes, cool. All right, then this one personally is my favorite is our premium mastermind events we also launched that last year for the first time and This one for me, it's just so fun because it mixes the two things that I love, which is business and travel. [00:15:16] I'm like all about both of these things. So if you're looking for an event that allows you to travel, do something fun, explore the area and really dive into your business in that same depth that we offer in the boardroom, then this event will be for you. So this we do reserve for our current and former mastermind clients only. [00:15:38] It's not open to everyone. But what we do is we get a luxury Airbnb or rental of some sort and we will rotate where they're held. This one that's coming up, it's April 9th and 10th. It will be in Bentonville, Arkansas. Very random spot, but the home is beautiful and it's huge. So we'll do some fun stuff in the area. [00:16:01] What we do, it's about a day and a half event. So we come in, we'll do a mastermind during the day, and then at night we spend some time just, hanging out at the property and getting to know each other and really connecting. It was really interesting because we did this last year in April, and then in May, we had our DoorGrowLive and the clients that attended our premium mastermind, oddly enough, they all also attended our DoorGrowLive, they were like their own little group of people because you just know each other so well, like you've spent time with each other. You really get to know each other's businesses and like business model and what are they doing and what are they all about? [00:16:39] So it was like so worth it for me. And it was amazing to see that at our DoorGrowLive. So if you are a current or former mastermind client, then. This might be a really great event for you. [00:16:51] Jason: Yeah. These are super fun. It's more of a more personal, more of an intimate setting. [00:16:56] We're hanging out together in the same house. And so the conversations are just, they're just really great. And this allows you to create some relationships and friendships. They say you're the sum of the five people that you are around the most or something like that, but I think your business will be the sum of the five property managers are the most connected to and to be connected in our mastermind to other mastermind members and our mastermind members are different. They're just different than the typical NARPM crowd or the typical crowd of people that are involved in property management. They like love what they get to do and they've shifted more towards the four reasons. They have a much healthier mindset because we've installed a lot of mindset things. This is why we want to bring mastermind clients to these, they're just a different crowd and being able to hang out with other people that are playing a similar game that have a similar mindset is just like next level. [00:17:45] And so the relationships that are created, I think will last a lifetime, which is really awesome. [00:17:50] Sarah: And I think that's a really good point is there's a lot to be said about who's in your circle and, who you're spending time with. So if your circle is doing things that are either similar or if they're even a step ahead of you, that's fantastic. [00:18:06] You're in the right circle. So I never want to be the smartest person in the room. If I am that means I'm in the wrong room. [00:18:12] Jason: I like being the smartest person in the room sometimes, but not all the time [00:18:15] Sarah: No, it's like when we run the events, yeah. I'm talking about when we attend. [00:18:19] Jason: Yeah, we invest a lot. [00:18:20] We invest a lot And we're a part of groups and have mentors that are like beyond where we're at here at DoorGrow. And being able to create that for clients and facilitate that, is really awesome. We love being able to experience that as well. So great leaders, I think are also great followers. [00:18:36] And I think that's why we're able to deliver so much to our clients is because we go join programs and events and do things like this, where we're the student, where we're learning, where we're connecting with people, where we're masterminding, we want to bring the same value to those that we serve. [00:18:49] So we've gotten really great benefits. We've done some really cool trips, different places, hang out with other entrepreneurs, and we always get a lot out of it. Even when I don't think I'm going to, I'm like "it might be fun." But then it like, sometimes it's changed my life. It's been really impactful. [00:19:04] All right. [00:19:05] Sarah: Next, we've got our DoorGrow Live. Okay. And as an added kicker this year, if you are a current mastermind client in our super system tier you get your own special event. Yay, so we're tacking it on right before DoorGrowLive, that way it's not additional travel, it's not really like hard to do, it's just gonna mash in with DoorGrowLive, so it will be the day before DoorGrowLive, which is, I believe it's a Thursday, it's May 16th, this is for our current SuperSystem clients only, we will be diving into all things SuperSystem, all things operations at this event. [00:19:41] Jason: Okay. So now DoorGrowLive. The DoorGrowLive is our ultimate event. This is where we get everybody to go, clients, non clients. It's our biggest event of the year. This is fun, interesting. We've got speakers, there's lots of interaction. We've got a lot of fun stuff going on. So this is going to be at the Kalahari Resort in Round Rock, Texas, which is the North Austin area. And it's a super cool resort has a huge indoor water park. It has a bunch of restaurants. [00:20:11] Sarah: It is Friday and Saturday. It's May 17th and 18th. This is open to everyone. So whether you are a current, former, it doesn't matter. You are never in our mastermind, never a client at all. [00:20:21] Does not matter. It's open to everyone. This is our big event of the year. So we bring in a bunch of different property managers. We bring in some vendors, we bring in some speakers, like it's a two day event. And we're holding it in again, North Austin. So Round Rock, Texas. And the resort is really, it's really great. [00:20:43] It's very nice. The rooms are nice. They have plenty of restaurants to choose from. We did our DoorGrowLive last year there, and we liked it so much. We decided to go back. [00:20:54] Jason: Yeah. Some venues treat you really well and some treat you really not well. And this one was really good. We really liked it. [00:21:00] Yeah, so make sure you get tickets to DoorGrow live. If you're wanting to just initially put your foot in the toe in the water to see what is it like around the DoorGrow culture? What is it like around DoorGrowers? What is it like around people that are involved in their ecosystem? This would be a great way to decide whether or not you should be spending a whole bunch of money with DoorGrow, right? [00:21:22] Is come hang out at DoorGrow live and see the magic that's going on and learn about the DoorGrow code, learn about people that are scaling up, talk to people that have their different lanyard colors with their different belt levels. Like we've got a whole program of ascension and, just like in martial arts, and so come check it out. [00:21:40] It really is a different thing. This is not your usual conference. Let's say it like that. This is like the ultimate conference We've decided like we want to make these the best that we can make them. So sometimes NARPM events are okay and sometimes NARPM events... maybe they're not. Some of them though, we like we've even had clients say well on some of them our event and NARPM event were right at the same time and they said "there's no way I would skip DoorGrowLive to go to a NARPM But what we've done is we've done everything that we could to make these conferences, the best conferences ever for property managers. [00:22:16] Sarah: There's a lot that goes into it like every little detail that we put into it, we really try to make sure that this is so beneficial and it's the big event of the year. It's open to everyone. So if you're thinking, "Hey I don't know what event I should go to," this would be a really good one to go to because it's so big and there's just so much that goes into it. [00:22:36] You'll get a lot out of it and it's not the boring conference that you're going to go and sit and fall asleep. And go, "Oh God, is it lunch yet. Can I go home now?" It's not like that at all. It's very exciting. There's a lot going on and we always provide really good opportunities to meet and talk with other people too. [00:22:55] So it's not just like you're in session all day long. There's a lot of opportunities to network with other property management business owners. [00:23:02] Jason: Yeah we actively try to facilitate that because we know that that's one of the biggest benefits we've gotten from going to events. It's just the connections that we actively facilitate that. [00:23:11] I think what makes, the DoorGrowLive events stand out is that it's a bit more holistic. We're not just focused only on property management. We're focused on improving you and your life and focusing on entrepreneurship, focusing on taking things to the next level. So people get a lot out of it and it really can be life changing instead of just business changing. [00:23:30] Sarah: So that's our big one. Now, if you like vacation style events, this one is a newer one. So we're testing this out this year. This is going to be our first one ever it's DoorGrow retreat. Yeah, so this will mix a little bit of business and lots of vacation style. [00:23:47] So this is open to your family to your kids to your spouse, whomever wants to join you and let it be like a business trip on a tax write off for sure So we will still do some business stuff and it's vacation style event, and that is going to be July 17th through 21st. And it will be in Punta de Mita in Mexico. [00:24:10] Yay. Super excited. So you will need a passport. [00:24:12] Jason: Get those passports ready. Get them now. We're going to mexico. So yeah, and this is gonna be a nice resort. [00:24:19] Sarah: Oh, it's yeah, it's very nice. [00:24:21] Jason: We go to nice places. All right. Yeah. Cool. A little picky. All right. All right. [00:24:25] Sarah: Then, second half of the year, we just mirror what we do the first half of the year. So for a lot of things, not for everything, but for a lot of them, we like to have a spring session and a fall session. [00:24:35] So our tribe meetup, we do two per year, one in January and then one in September. And again, this is for our current mastermind clients only. It will be September 11th will be our next in person tribe meetup location to be announced. Why? Because if you're a mastermind member, you guys get to submit your ideas and vote on it. [00:24:52] Then we have another premium mastermind event. So again, spring session, fall session, our fall session will be October 22nd and 23rd. This is open for our current and former mastermind clients. Only this one will be in Water Sound, Florida. We've got a really nice place there lined up. And then boardroom. So again, spring session, fall session. Our fall session will be November 20th and 21st, and we'll hold that here in round rock, Texas. Those are our events that we've got coming up. I'm super excited for all of them. [00:25:21] Jason: Yeah. I don't know that we've ever talked about all the different events and there's a lot of virtual events and online things we do for our mastermind members as well, besides all of this. [00:25:29] And we've never really talked about this. I don't think as much on the podcast. So I'm sure there's people listening. They're like, "Oh, I didn't realize DoorGrow did all this stuff or had all this stuff going on." We've got a lot going on. Yeah. In fact, one of the consistent pieces of feedback we get from Mastermind members is, "wow, there's a lot." [00:25:44] There is a lot. It can be a little overwhelming in the beginning. So we really hold people's hand to make sure they can navigate everything in DoorGrow Academy, all of our events, all the online classes, everything that we've got going on to make sure that it is geared towards what they need most and they don't get distracted by all the shiny objects everywhere. [00:26:02] So it's important. But if you're interested in any of this. You're interested in coming and jumping into the DoorGrow ecosystem. We have plenty of free trainings we would love to throw at you based on what your current challenges are, so you can get an idea of how we can support you, how we can help you. We've got a lot of case studies and testimonials. [00:26:18] I think over a hundred now on our playlist on YouTube of our case studies you can check out. See if you can trust these DoorGrow people. And once you're beyond the paywall and you're in with our clients, you'll get it. It's pretty awesome. But between now and then, feel free to join our Facebook group, which I mentioned earlier, go to DoorGrowClub.com and you get access to our podcast live. You get access to our masterclasses that we promote. That are free, you get access to a lot of really cool stuff and we've got a bunch of stuff, cool stuff in the file section there as well. It's available. [00:26:51] It's a great online community. And if you join it and you have to put in your email address, answer the questions and if we give you access, it's for property management business owners. We reject 70 percent of applicants. So it's a little bit exclusive, which makes it really cool. But if we give you access, you'll also get five emails that are sent to you. Like a fee Bible we're gonna send you gifts, we're gonna send you some free stuff. [00:27:15] I think we've covered all the events. Sarah's always coming up with more ideas, so there might be more stuff that we're going to be doing. [00:27:21] But yes, this is a pretty good overview. [00:27:22] Sarah: If you can give me the opportunity to travel, I'm probably going to take it. [00:27:25] Jason: She'll add it to the program for sure. All right. All right. So we appreciate everybody hanging out with us. We hope that this has opened your eyes a little bit to some of the cool stuff that's going on in DoorGrow, inspiring you to get plugged into our ecosystem. [00:27:37] And we are all about helping property management business owners take their business to the next level and grow. And until next time to our mutual growth. Bye everyone. [00:27:46] you just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! [00:28:12] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

DGS 237: Navigating New IRS Regulations & Mastering Year-End Tax Savings

Play Episode Listen Later Feb 28, 2024 31:04

Tax season is upon us. Every property management business owner knows the struggle of trying to navigate IRS regulations each year and find the best outcome. In this episode, property management growth experts Jason and Sarah Hull sit down with Mo Hussein with Balanced Asset Solutions. You'll Learn [02:05] Talking tax code and regulations [10:02] Why you need an accounting tool/software [18:38] Reducing your tax liability [23:21] Writing off education costs [26:24] A few more tips for the road Tweetables “The experts are worth a lot more to me than software.” “You're going to pay for everything in business, whether it's going to be in time or in cash.” “If a handyman shows up with only a multi tool instead of a toolbox to do a job, the property manager is probably not going to call that guy back.” “There's certainly a wrong way to do taxes, but there isn't a right way or one way to submit your taxes.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Mo: I think what's most important is having a single source of accounting truth I think that's probably what one of the biggest things that a lot of businesses struggle with, especially when it comes to tax season. [00:00:10] Jason: Welcome doorGrowers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others impact lives, and you are interested in growing a business and life, and you're open to doing things a bit differently, then you are a DoorGrower. DoorGrower property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not, because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners, and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market and help the best property management entrepreneurs win. We're your hosts property management, growth experts, Jason Hall and Sarah Hall, the owners of DoorGrow. Now let's get into the show. All right. [00:01:08] And today we have Mo Hussain back on the show. What's up Mo? [00:01:12] Mo: Hey, doing well. Pleasure to be here. [00:01:15] Jason: So we're going to be chatting a bit about tax strategies today. Yes. All right, cool. So let's dig into this. This is something that is near and dear to Sarah's heart, which is super weird. [00:01:25] Sarah: I hate paying taxes. Fun fact, I don't want to give more of my money away if I don't have to. [00:01:31] Jason: I know if I see something on Instagram about a tax strategy, I should just send it to her and she'll find it interesting. Like she just gets into this stuff. So Mo, what do you got for us today? [00:01:42] Mo: Yeah. Sarah, you are definitely probably the first person I've come across that has actually made a comment that you actually love going through this entire process. [00:01:50] Taxes is one of those things that, there's a saying, there's two things guaranteed in life, death and taxes. [00:01:55] Jason: And I'm trying to avoid both. So how do we avoid some of the tax? [00:01:59] Mo: I don't know if we can help with the death part. Maybe over time. [00:02:01] Jason: We'll probably all be somewhat avoid some of the death maybe. [00:02:05] Mo: Unfortunately, the tax code is very thick. It's honestly created an entire industry of professionals like myself and other CPA firms that are specifically just dedicated to decoding it and maximizing savings with our clients and with taxpayers in general, there's, there's a litany of information that's on the IRS website. [00:02:22] It's very difficult to parse through and and there's also consistent changes that are happening each year. I think probably the biggest changes that are happening this year that a lot of property managers are being impacted by is the new 1099 filings and the IRS portal. Prior to 2023, you'd be able to file your 1099s via paper as of 2023 now, for any filers that are filing more than 10 returns, those have to be filed electronically on the IRS has created the iris. The IRS has created this new portal called the IRIS and allows for you to be able to submit your 1099s electronically. And there's some changes that have happened between the fire system that a lot of folks were using before and the new IRIS system, of course, making things more and more, more, more complex as usual. [00:03:07] Jason: Got it. Why would they make anything easy? Yeah, it's definitely not the goal to be audited next year. Now, it seems when it comes to tax strategies, you've got every everything ranging from across the spectrum from risky, maybe not even actually viable strategies all the way to really safe and conservative. [00:03:31] And some will save you a lot more on taxes on the risky side, going towards more conservative. How do you balance this? [00:03:39] Mo: Good question. Medium. Good question. The interesting thing is although our CPA firm will file taxes on behalf of our clients. And there'll be another CPA firm maybe the client was working with before that filed taxes the year before. And maybe even though the deductions or maybe other things haven't changed significantly the return and the actual filing and the composition of it is different. And but it doesn't necessarily mean 1 way to do it is wrong than another way. There's a lot of different strategies, especially when it comes to things like depreciating assets and taking advantage, for example, of a bonus depreciation. [00:04:12] And just give you some context, bonus depreciation was a tax incentive that was enacted by Congress and in 2002 and it basically allows for accelerated business tax deduction on a large asset over an accelerated period of time versus over the duration or the lifetime of the actual asset. [00:04:30] Real estate is a great example of that. In 2023, you have bonus depreciation of up to 80 percent that can be taken advantage of, and then it drops to 60 percent in 2024, 40.25%, 26%, and 0% thereafter. However, a lot of these deductions, you may not want to take advantage of depending on where your revenues are at, so you can actually minimize your tax liability. [00:04:53] And so there's a lot of strategy around in different ways that a tax account or CPA will file your tax. And so that's where we see the variation what you mentioned about risky. There's certainly a wrong way to do taxes, but there isn't a right way or 1 way to submit your taxes. [00:05:09] And that's why you see a lot of different tax accounts and CPAs have different ways and strategies of submitting their clients' taxes. [00:05:15] Jason: Okay. All right. What are some things that property managers should be paying attention to this time of year here at year end? Yeah. Max this out. [00:05:24] Mo: Yeah. All right. One thing that we always urge our clients is the tax season shouldn't be an annual kind of activity or flurry at the end of the year, but a lot of folks wind up doing is nobody really thinks about taxes until after the new year and it's February and you're looking at March and April when the tax deadline is due for both your business and your personal taxes. [00:05:44] And honestly, that isn't the best time that you should be thinking about it. You should be thinking about it throughout the duration of the year. You should have some accounting system that's keeping track of all your expenses with the path act that got enacted in 2015, real estate agents and brokers have some additional relief when it comes to business related purchases that got that made changes to the IRS section I believe 179 deduction. And for example. In the tax year 2023, you can expense or write off up to $28,900 of the price of a new car for the tax year in which you bought it another certain limits of the type of vehicle that qualifies for this tax break. However, these limits are part of allowable deductions. [00:06:21] And if you're thinking about your taxes throughout the year, certain decisions that you'll make about acquisitions or things that you may be purchasing for the business may make a material impact at the end of the year on kind of your tax implications. And it's important to keep a log of all your receipts, expenses and everything throughout the year. [00:06:37] A lot of times when clients wait until February to start putting together all the prep work and the receipts and everything for their expenses, a lot of times you'll miss things and we always suggest you should take your time and file an accurate return. Versus just trying to be beat the deadline and not get hit with a potential fine you have in April when the taxes are due, but you can always file for an extension. And if there is a tax liability that's assessed, there will be interest that will be accrued during that period of time. But again, it's better to be accurate and maximize your deductions versus being in a hurry. [00:07:08] Sarah: Got it. Are there any deductions or obvious tech strategies that you would recommend for property managers or real estate agents in general? [00:07:18] Mo: Yeah great question. Some of the most common types of deductions for agents and brokers and property managers are marketing expenses, such as sales, open house signs, flyers, web development, business cards, mailers. [00:07:31] If you're leveraging a service, like DoorGrow, just consider real estate coaching and training. Those are considered education cost. Licensing and renewal fees. Things like association dues for MLSes, brokerage desk fees, any type of transportation kind of expenses, whether it be automobile maintenance or repairs, gas, mileage, travel, home office expenses, and even gifts, although there is a limit on gifts of a 25 dollar deduction for per client per year, and so there's a lot of different things that you can deduct. And a lot of times what happens is, you may be a broker or a property manager that's going to show a property and you need to go buy some flyers or handful flyers or something like there's some type of piece of marketing collateral. [00:08:13] And so you may go to FedEx and just use your credit card. And although at the time, it's registering in your head, that may be something that you forget to enter into the accounting system later. And so you're not leveraging that and as an actual viable business deduction. [00:08:26] And so this is why it's important that you're logging kind of your accounting activity and have a easy system to use something to use that's on the go as well. So you can easily kind of catalog and log these expenses. All these minor costs add up over time. And, you need to make accounts so you can maximize your deductions here. [00:08:43] Okay. [00:08:43] Jason: What do you think is the easiest system to use? [00:08:46] Mo: To stay away from words of easiest system or things like that, because it's very subjective, right? It's, we're all creatures of kind of habit. And some folks are tethered to their phones and are okay with using a litany of different applications. [00:08:57] A lot of our clients will use kind of QuickBooks for their management system, and for their to manage the kind of their corporate books, there is a mobile app can easily log things as you're going. You can connect that directly to your bank account and your credit card. And so as transactions occur, you can make sure that those are logged correctly. [00:09:13] I would say that, having a system that has an integration to whatever banking and credit cards that you're using and reconciling that account on a monthly basis to ensure that you're logging all the transaction. And then also keep in mind in scenarios where you're paying out of pocket for something or loaning something to the business, even though you may be the sole owner and want to take advantage of those. [00:09:33] There's a lot of different pieces of software that are out there that can help with that. We usually suggest for clients is, if you're already using some type of a property management and accounting system to manage your business, let's say Appfolio, there is a way to also manage your corporate books. [00:09:45] A lot of these property based accounting systems also have the ability to manage your corporate books. And it's not only specifically for real estate. They're an accounting system at the end of the day. And you can just create kind of things like a fictitious property labeled your corporate business and run all your financials and keep track of your finances that way. [00:10:02] Sarah: Now would be a really good time to send a reminder to property managers that your property management software is probably not the best software to do your internal accounting. So a lot of times clients are like, "Oh yeah, I have software for that. I use Rent Manager or Appfolio or Buildium. And that's fantastic to manage your client's accounts, but it's not the best system to like internally manage your accounting, it's not going to have the same functionality as something like QuickBooks would. [00:10:36] Jason: But you're saying some that's what they do. [00:10:39] They use a lot. That's what they do. [00:10:41] Mo: What I'm saying is that so these accounting systems. So the main difference. So if you think about something like a QuickBooks, it's a general accounting system. So it's meant for any business. The chart of accounts is very malleable, if you will, something like property based accounting system there is no such thing as like a business. There's a property, there's tenants, there's owners, there's vendors. Now, you can finagle or manipulate and come up with work around so that you can manage your books there. However, you'll have kind of an entire different chart of accounts for your corporate business, which would be different than, what shows up on the financial owners. [00:11:13] And so there's a trade off. You can use another system that's maybe tailored specifically to your business, like a QuickBooks and you have the flexibility of things like integrating credit cards and stuff, which is a nuance when you come to property based accounting systems. But then you have to manage 2 different platforms, or you can figure out some work arounds and try to manage and keep track of your financials in 1 of these property based accounting systems. [00:11:35] But then have to keep in mind about some of these work arounds, like reconciling, like a credit card, which isn't the same thing as reconciling like a bank account. But. So there are trade offs. But I think what's most important is, what we say having a single source of accounting truth I think that's probably what one of the biggest things that a lot of businesses struggle with, especially when it comes to tax season. Is that. " Oh, I have a bunch of receipts and stuff that are in my inbox. I have some screenshots on my iPhone. I have, this random Google Drive folder with other information. I need to call Sally, who's my, maintenance supervisor or whatever about some other transactions and stuff," and there isn't a single place of accounting truth. And having that will definitely save a lot of time, especially when it comes to prep. [00:12:15] Jason: I would think that grown up property managers are probably at least using something like QuickBooks because at some point they really should be on the NARPM standard accounting, standard of accounting chart of accounts. There's just some advantages. [00:12:29] Especially if they're wanting to exit that business someday, having clean books that are not commingled with your client's stuff inside Appfolio, for example, would make your business a lot more appealing and you'd probably fetch a prettier penny. [00:12:44] Sarah: And I think a lot of times people think, "Oh this is an accounting software because it does all of the accounting for my clients." [00:12:50] And there are differences for sure between how your PM software and how something like QuickBooks doesn't have to be QuickBooks, but we use QuickBooks. I like it and I can use it and I don't like technology. So something like QuickBooks functions, there are differences. And the other thing to keep in mind is if you have a team and your team has access to your property management software and you're putting all of your bookkeeping and accounting and financial data in there, your team has access to it and you may or may not want that. Some people might be very open and they have an open books policy and they don't care at all. [00:13:30] Some people, they hear that idea and they go, "there is no way I would do that." So if you're one of these people who's using your property management software as your own internal accounting system, you might want to think about doing that maybe a little differently. [00:13:44] Jason: I think this is where there's a challenge in business and in this industry that a lot of business owners don't recognize the differentiator between all these systems that you need in order to run a business. [00:13:55] You definitely need something like Property Ware, Appfolio, Buildium and Rent Manager, Rent Vine, whatever as a back office. And as a billing system as the main system for getting paid basically, and then you need an accounting and financial system. And those are different, the accounting and financial system, you need a system for how to manage money, how to do finances. So for example, Profit First is a nice baby step for a lot of businesses that are just getting started and have Frankenstein accounting as Mike Michalowicz calls it, and then you need a sales CRM system, which is usually very different than the CRM, which they're calling their back office where it's focused on bringing clients into the business. They're like "I have a CRM. It's Appfolio." And it's not the same thing. And and then there's several other systems that you need in a business process system, planning systems, et cetera. [00:14:47] When people start to think that they have a one system, they're like "I've got Appfolio, so I've got every system I need." This is where they struggle then to be able to scale their business because they don't have the knowledge, the insights and the transparency that they would need in order to get to the next level. [00:15:03] And they don't have the right tool to do all these other jobs. It's not the Swiss army knife. And what's funny is I sometimes equate this to the little multi tool that a handyman might have on his belt. If a handyman shows up with only a multi tool instead of a toolbox to do a job, the property manager is probably not going to call that guy back. [00:15:23] "Oh yeah, I've got a hammer. It's right here." It's not the same. It's not the same. So same thing in business. You can't just run it off of one system. There's no magic one system. Everybody has to build a stack of tools. I'm sure in your business, you have a stack of tools that use as well. [00:15:37] You don't have just one system, right? [00:15:39] Mo: That's right. It's all about using the best tool using the best tool to get the job done. That's an example that you mentioned about the handyman. At least when it comes to business, it's a huge cost when it comes with time and you're going to pay for everything in business, whether it's going to be in time or in cash. And where you take shortcuts on investing in certain systems, you're going to pay for it in the amount of additional time it's going to take for work arounds and manual things and processes, which is also brings up another point that we always stress to our clients is always consistently read like evaluating the business and your processes and the tooling that's being used so that you can constantly as we say, evolve forward. [00:16:15] Jason: Yeah, it's interesting. I had a mentor and he taught me this concept he called the five currencies. And basically there's five currencies you have to invest in life and in business. And it's time, energy, focus, cash, and effort. And what's funny is there's you get early on stage entrepreneurs that I think are trying to just avoid cash. [00:16:35] They're like, "I want to be cheap. I want to not spend money." And these are the ones that struggle to grow the most because they don't understand that their money is something that you can renew and earn. But time, as far as our life goes, is the scarcest resource. And what's really crazy to me is that our team members, we're buying their life. We're buying chunks of their time. They're trading time of their life for money. And they're trading probably the cheapest commodity for the best, or the trade and the best commodity for the easiest to get it seems like, but that's where they're at. And so as entrepreneurs, our goal is to move beyond just giving up our time and to get money. [00:17:16] And, we can invest more effort. We can invest more focus. We can limit the stuff we're focused on to grow faster, but in business, same thing with these tools, if we think we are saving money by only using one tool, we've got our crappy multi tool instead of building the ultimate stack, [00:17:36] then usually they just end up spending more on payroll. There's having to buy more time to do less stuff. And get less stuff done. So technology is a lot cheaper than people. That's I'm sure everyone listening realizes that, but. [00:17:49] Mo: Yeah, there's a difference in business when you're looking at things from the lens of a perspective of an expense, versus looking at the total cost of ownership for a particular solution or process or something like that. [00:18:02] And and and in that regard, you can actually, assess the amount of time that's wasted and there's always going to be some opportunity cost. You are a business owner, nobody gets into real estate because they want to do accounting or because they want to work on taxes and whatnot. [00:18:16] And so there are professionals out there who's, sole service and focus and business models is focused on that. And and that's not something that's going to differentiate you from your competition. So those things that are not going to differentiate you, those are the things you should be outsourcing and the things that you should be seeking help to take off your plate. [00:18:31] So you can focus on the things that actually drive your business forward. And allow for you to be able to grow your portfolio. [00:18:37] Sarah: Yeah, for sure. All right. Now I know this won't be the same for everyone because taxes is this crazy like mishmash of information and what works for you might not work for me and vice versa. Knowing that there's no one size fits all here. We're not shopping like off the rack. This is all tailored. What are some strategies that property managers should at least look into? Now, it might not make sense for everybody, but what are some things that they should at least look into and see "hey, does this make sense for me to implement this? I love learning right? So I love learning especially like how I can save money on taxes. So what are some ways that they can look into and see if it's right for them? [00:19:18] Mo: Reducing their tax liability Yeah, no, great question. . Of the biggest nuances are just things in accounting is that, there's no such thing as being a creative accountant, right? There's always a right way to do things. [00:19:27] But there isn't just one right way to structure your business. And so one thing that we see a lot of clients struggle with is, they'll create a business initially, most folks don't start off in property management or they're either doing, they either own a brokerage firm or they're an agent and whatnot and they're doing actual real estate sales. [00:19:45] And then they'll try to, get into property management and maybe they have also they're doing in house maintenance and whatnot and maybe like a leasing only service and and maybe they also have assets on the side that they own themselves. And one common- [00:19:56] Sarah: yeah. They're like, "I do all of these things." [00:19:59] Mo: I do all of these things, but they're doing it all under one entity. And so it's " hey, you should have a separate entity and LLC. There are liability reasons or mitigation for liability that you want to do this. And also, there are some potential tax benefits you can have an actual main corporation and you can have a sub entity or an LLC." That's your brokerage business. A separate LLC, that's the property management business. A separate LLC, that's the leasing only business. Separate LLC, that's the maintenance only business. And that, for example, that corporation can tax each of those sub LLCs, like a licensing cost, just to be able to actually use the name. [00:20:32] Of course, it may be the same ownership structure, but that's a potential way of of having a tax savings. A great example is you have the largest Companies like Apple and Nike and stuff like that, they have separate entities that are outside the US that tax licensing fees, just to use like the check mark with the entity that exists, that's actually transacting with the customers. [00:20:49] And then the other benefit of having all these entities that are separated out is that if you ever want to have a portion of the business that you wanna sell, you can demonstrate what the profitability, the profit and loss looks for that business. And you can have a separate valuation metric for that particular business and spin it off, especially if you have assets of your own, you want to have that in a separate entity, because you'll be able to take advantage of bonus depreciation. And that bonus depreciation essentially allows for you to be able to, take a rental property and take an immediate 1st year kind of deduction. If it's in 2023, you can start at 80 percent and whatever the bottom net losses on that particular asset, or that particular business that owns that asset that can now be offset the excess income. That's liable to taxes to offset against another entity. And so there's some strategies around that. There's also ways to be able to loan a particular asset or for example, if you have a car, you can rent it out to 1 of the entities, even though it may be the same individual that's using it. [00:21:49] There's a way to structure your taxes so that. Even if you own the property, you can technically lease it to 1 of the other entities and that can be a business expense and write off against another against 1 of your other entities. And so there's a lot of kind of small things like that that can make a material difference when collectively put together. But what it will ultimately we suggested something that we don't see too much. And usually we see a lot of clients struggling with is rather than having all your different enterprises and your sales activities, just revenue generating activities wrapped up into 1 entity to separate them out based on business lines. [00:22:22] And this also gives you as an owner perspective on what is working, what is not what needs help and attention and things that sort of be a little bit more prescriptive and data driven and how you make those decisions. [00:22:32] Sarah: Like that. For sure. Yeah. And then it's. Different P and L's to see, "Hey, what part is actually profitable here and what part, if any, is taking a loss. Where does my attention actually need to be? Because what makes me the most money?" Instead of going "I think this looks pretty good." [00:22:47] Jason: Things get mixed up. People make bad decisions. It's funny. Just for example, we'll get somebody that says, "oh yeah, I'm getting plenty of leads" and they're spending thousands of dollars on internet marketing. [00:22:57] And I'm like, cool. And they justify it. But I say, "where are you getting the leads from?" The majority were word of mouth. And so you're spending a bunch of money and I'm like, "cool, let's separate this out. What's your acquisition costs on ones you can attribute to the internet marketing stuff you're doing? [00:23:11] And sometimes they're like, "Oh yeah, it's 3- 400 a unit to like, to get on a client." And I'm like, that's ridiculous. And then they're like, "cool. I'll sign up for DoorGrow." I'm curious about the education costs and here at the end of the year, how do we help people justify signing up with DoorGrow leveraging education costs and getting that tax deduction? [00:23:33] Sarah: Such a good question because that's R and D! Research and development. [00:23:36] Mo: Yeah, it is. It is. Yeah. Real estate coaching training and education costs is considered an expense. It can be considered a deductible expense at the end of the day, especially a lot of the insight and kind of value that you guys add to the community is something that I think is priceless. [00:23:52] And if it's going to make a material impact to clients, bottom line, the thing is that none of us can be experts in everything. And so kinda the reality in business is you can learn in two ways. You can either learn from somebody else's mistakes or learnings, or you can learn the hard way yourself. [00:24:05] The latter is going to take more time, which you're not going to get back. And so the folks that are able to accelerate and grow their business, take advantage of like coaching and training and educational type of costs, I would say, "how do you justify that expense?" At the end of the year, if you're going to have an excess of income, that's going to be tax liable. And in these educational costs, and so you might as well invest instead of giving that money to Uncle Sam, give it to Uncle Jason and find a way to maximize and grow that kind of that ROI. I would say that's probably something that a lot of novice kind of entrepreneurs don't probably put too much emphasis on when they're 1st, embarking on their entrepreneurial journey it's just the importance and significance of education and insight, especially from those that have blazed the path before you, or have exposure to a lot of other folks that are in your same shoes. [00:24:49] Jason: It really is probably one of my greatest secrets in how we've scaled and built DoorGrow and the success we've had is once I finally stopped being the idiot that thought they could do everything and watch all the videos on YouTube and read books and figure it out myself. [00:25:05] I started to collapse time significantly when I got coaches and mentors and we shell out a lot of money to coaches and mentors and I've got some amazing ones right now, like really amazing coaches and mentors. And what it does is, yes, I'm spending more money, but I'm decreasing time. So it's collapsing time for me significantly. [00:25:24] I'm making a lot less mistakes. I'm not having to figure it out because every stage of business, you're stepping into the dark. And it's nice if somebody has already been there before you 'cause they're not in the dark about it. So they're like, "Oh yeah, just do this and do this. I've already tried that and that, and it doesn't work." And I was like, that's what I was going to do. And the same thing, the majority of the people that come to me are like, "I'm having trouble growing my business." And I'm like, "cool. What do you, what have you been trying? Or what are you planning to do at the startup stage?" [00:25:50] They're like, "I'm going to do internet marketing and SEO, pay per click," they're going to do everything. All the biggest companies that they're competing with are already spending way more money than them doing it. And they're just going to do it worse. And that's their strategy. "I'm going to do what the big companies are doing, but worse. And I'm going to try and charge less money. I'll be cheaper. And I will somehow provide better service." And I'm like, "good luck with that." And so we don't know what we don't know. And we make mistakes at each stage. And the secret to collapsing time is to spend money and invest in yourself. You get that back. [00:26:21] There's a big ROI. All right. Thanks for helping us sell door. I appreciate it. [00:26:24] Sarah: All right. So if you're looking for tax write offs at the end of the year, sign up with DoorGrow, we can help. Yeah. Don't give your money to the government. [00:26:31] Jason: And then we'll help you make more money. Nobody stays with us unless we're helping them make more money. [00:26:36] Sarah: Yeah, they haven't helped me yet. [00:26:38] Jason: Taxes are not giving you an ROI. [00:26:39] Sarah: Next year when we audited them, they're like.. [00:26:42] Mo: Another thing that I wanted to comment on, actually, a lot of people may not be aware of is between the COVID period of time, there's a Biden had released this this new initiative to be able to give back payable taxes. [00:26:53] And so if you had full time employees, between 2020 and 2021, I think it's up to $25,000 for each employee for each year, and that you can potentially be entitled to up to that amount. And so if you had full time employees, and that's free money, that's not free money. Technically, those are Payroll taxes that your organization already paid, but the government is literally just give it back to you as part of this initiative. [00:27:16] I'll take my payroll taxes back. That sounds great. The only requirement is that you had, you kept people on full time payroll during the 2020, 2021 year. And that those folks were with you for at least a year. And that those were actual W2 employees, not 1099. [00:27:31] Jason: Okay. That's worth talking about it. [00:27:34] Oh, she's up on all this. [00:27:37] Sarah: I don't know. Did you think I would have missed that? Okay. I'm telling you, I'm like- [00:27:43] Jason: She has some strange hobbies. Alright. I do, I know. Mo this has been really interesting. I appreciate you coming and hanging out on the show. Why don't you tell us a little bit about your company and how you can help people with some of this stuff if they're listening to all this going, "man, this is a bunch of gobbledygook I really could use help making this all make sense, and I thought Appfolio was an accounting system for my business" and they're just trying to figure it all out. How can they get ahold of you? [00:28:07] Mo: Great question. Before I comment on that, one, one thing that I do want to the misconception of Hey, just because you bought accounting software doesn't mean you bought accounting experts. [00:28:14] Sarah: Okay. Oh, that's so good. I love, I'm going to use that. [00:28:18] Jason: The experts are worth a lot more to me than software. [00:28:22] Mo: And usually there'll be priced a lot higher too, because the software, the proper application of it, it's like buying, It's like buying a seesaw or hammer or some tool, it's much cheaper to actually buy the tool versus buying or having the expert that's actually going to be utilizing the tool to build whatever. The peace of mind to me is priceless. So it is. I lead a group, a consulting group balance asset solutions been over for a little bit over 7 years. We are a CPA and technology advisory firm assisting clients with accounting, CFO services, like taxes, acquisition, disposition strategy, software implementations we're partners with a lot of the accounting systems like Yardi, and Appfolio, and Propertyware, and Buildium. We also help with Department of Real Estate audits and forensic accounting customer reporting, fund management. We're here to help maximize the value out of your subscription, streamline your business with technology and software, and give you time back to spend on the things that matter to your business, which is growing kind of your top line and working with your tenants and owners. We have clients in over 35 states and we have deep expertise when it comes to the trust accounting gap, the department of real estate compliance representation. So consultations are free and you can find us online at www. balancedassetsolutions. com. [00:29:33] Jason: Man, that's an awesome combo, nerdy accountants. [00:29:36] That's like the best combo ever, right? All right. Super cool. All right. So hopefully some people are reaching out to you right now when they're watching this and we appreciate you coming on the show. [00:29:46] Mo: Of course. Thank you so much, Jason. Take care. [00:29:48] Jason: All right. Take care. If you are a property management entrepreneur, you're wanting to grow your business, reach out to us at DoorGrow. [00:29:54] We would love to help you out. You can check us out at doorgrow.Com and join our free Facebook group at doorgrowclub.Com. Bye everyone. [00:30:00] you just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! [00:30:26] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

21. Online Marketing Dos and Don'ts

Play Episode Listen Later Feb 27, 2024 43:31

What is the best way to market your property management business? Have you been thinking about expanding into multiple markets? Stephen Fox with Upkeep Media joins Marc in this episode of the Property Management Business podcast to talk about the challenges they face using a strategic, long-term marketing mindset, considering the way advertising is continually changing. Also, learn how important website design really is and how video content is a must to building trust and standing out. Marc and Stephen also share their insights into the 2024 property management landscape, especially when it comes to the marketing perspective. Follow this link to see how Stephen and his team at Upkeep Media can help improve your marketing! In April, Marc will be in Florida for the NARPM broker-owner event on Amelia Island. Follow this link to sign up! To find out more about Marc's coaching services click here. Follow this link to spend 2 days with Marc and learn how to run a property management business This podcast is produced by Two Brothers Creative 2024.

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What Does NARPM Governmental Affairs Do for the Members?

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Play Episode Listen Later Feb 14, 2024 43:57

Feb. 14, 2024 In this episode we call “What Does NARPM Governmental Affairs Do for the Members?”, join NARPM® Radio host Pete Neubig as he interviews Tyler Craddock, NARPM Governmental Affairs Director. More and more legislation is coming into law, and it typically makes it more difficult for landlords and property managers. Meet one of the good guys. Tyler Craddock and team fight on the front lines to keep legislation from continuing to add laws where they do not understand the consequences. Learn what Tyler and team are currently fighting against and how we can help him.

20. Principles Before Process: The Importance of Establishing Your Property Management Operating Principles

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Play Episode Listen Later Feb 13, 2024 33:18

Are you ready to take your property management business to the next level? In this episode of the Property Management Business Podcast, Marc shares the six principles of property management. From making problems disappear to maintaining high standards for desirable tenants, Marc shares valuable insights and strategies for running a successful property management business. Tune in for expert advice and practical tips that will help you navigate the complexities of property management. Ready to retire and looking to leave your company in the right hands. Connect with Pure Property Management and see how they can help. In April, Marc will be in Florida for the NARPM broker-owner event on Amelia Island. Follow this link to sign up! To find out more about Marc's coaching services click here. Follow this link to spend 2 days with Marc and learn how to run a property management business This podcast is produced by Two Brothers Creative 2024.

DGS 231: How to Improve Your Maintenance Processes, At No Cost. Ever

Play Episode Listen Later Feb 2, 2024 41:03

We are always looking for new, revolutionary property management tools and strategies that benefit property managers, owners, tenants, and vendors. In today's episode, property management growth expert Jason Hull sits down with Tom and Diego from a new company called Calvary to discuss how property management entrepreneurs can improve maintenance processes at NO COST. You'll Learn [01:35] Innovating in the property management industry [08:30] Improving maintenance at no cost to the property manager [17:26] What kinds of businesses does this work for? [21:26] The biggest maintenance challenges [27:28] How do I implement this? Tweetables “You show what you can do and then you build trust.” “It all goes back to systems, SOPs, and training individuals.” “The one piece that's not scalable in a business is depth and depth is where the magic happens.” “If you want to scale your business, you have to do the things that are unscalable.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Tom: It's a true win for everybody. It really is. [00:00:02] Jason: And you guys don't charge the property manager... anything? [00:00:06] Tom: Nothing. [00:00:08] Jason: Welcome DoorGrowers to the DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrower. DoorGrower property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. [00:00:33] Many in real estate think you're crazy for doing it. You think they're crazy for not, because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. [00:00:52] We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. Now let's get into the show. [00:01:10] So today I'm hanging out with Tom and Diego Alatorre? All right. I got it. Sort of. All right. And Tom Van Waelem. Yes. Perfect. You guys are stressing me out with these last names, man. These are not easy. All right. So it's good to have you both on the show. So Diego and Tom have this cool idea and business called Calvary. And we'll get into that in a minute. [00:01:34] And our topic today is how to improve maintenance processes at no cost ever. And this is something really unique. And I was like pretty surprised when they originally shared this idea with me, their business. And so we'll get into that, but first let's get into some background between the two of you, how did you get into property management? [00:01:56] And I think this will also help, you know, qualify you to the audience. So they go, "all right. Should I trust these guys with some maintenance stuff? [00:02:03] Diego: So actually I could go ahead and get started and tell you a little bit about my background story. Yeah. It's actually really interesting, Jason, this was looking at your podcast and I saw that you did an interview with Pete Neubig. Pete Neubig was the owner of Empire. [00:02:21] Sorry, I'm a little bit, I'm a little bit nervous. It's the first time I'm doing a podcast. And he was talking about in your podcast that he hired four individuals, right? One of those four individuals that he hired, I was one of them. I started at the very bottom. I started as an assistant to a property manager. And from there working at Empire, I started to learn that maintenance was a very big struggle. Most issues pretty much happened because of maintenance, right? Escalations, billing problems, you name it. And from that point on I became a maintenance coordinator. [00:02:58] I started to take a really big like at maintenance. And I started to understand and build processes and start to, you know, find solutions on how to handle maintenance. So, and it really helped me because once Empire merged with a bigger property management company, I was able to utilize those same processes, that same structure and we were able to implement it at a very big property management company that had over 9,000 homes at the time. [00:03:30] And so after we implemented that, it really helped that company grow because we were able to rebuild the entire company you know, and scale it. Maintenance was one of those things that was hindering that company from growing and in less than two years that company went from 9,000 doors to over 18,000 homes. [00:03:51] And so after that, first I was headhunted by a couple of property management companies that knew what I was able to do when it came to, you know, to maintenance. And so that's when I decided to start working at Austin investors, I was able to do the same exact thing, which was implement you know, the maintenance knowledge, the processes, SOPs systems, and we had a lot of success. [00:04:18] We were able to help Austin investors grow as well, and we were able to solidify the maintenance department. It was actually during that time that I was at a conference with over 100 plus property management companies, and they were talking about their maintenance struggles and their maintenance issues and why they couldn't figure out how to handle it, you know, from you know, vendor relations growing from 100 doors to 500 doors and then how to handle maintenance, you know, once you have 1000 doors and so on. And that's when I realized that I had a lot of these answers that could help them. With these maintenance struggles, right? So after noticing those particular struggles, that's when I realized that we could help multiple property management companies, you know, and that was actually the same exact time that Tom approached me with the business proposition, and his business proposition it went very well with the idea of helping multiple property management companies. So Tom, my business partner he'll tell you a little bit more about, you know, himself and how we started our relationship. But yeah, that's [00:05:32] pretty much it. [00:05:33] Jason: So Tom, what did you think when you heard about some of the stuff that Diego had been accomplishing? [00:05:39] Tom: Yeah, crazy. I mean, when I approached him, I was a roofing salesman at the time, and I was knocking door to door. There was just a big hailstorm that hit Austin and the surrounding areas. And I was knocking doors, you know, helping people get insurance involved so they don't have to pay it out of pocket. [00:05:55] And I reached out to Diego with the hopes of, you know, landing, you know, a lot of inspections very easily without having to bother people knocking on the actual doors. So I reached out to Diego and I was like, "Hey, listen I would love to inspect all of your roofs because I believe that we can save your homeowners a lot of money just simply by inspecting them. If I find that if the homeowner doesn't want to continue, that's fine. At least the homeowner will know what the situation is with their roof." [00:06:19] Diego said, "wow, great. I've never heard about that. Let's do it." So we did the project, inspected 600 homes myself, and then after the project, we saved homeowners a lot. [00:06:29] We replaced about 60 or 70 roofs. So that's a lot of money that we saved because insurance claims, they have an expiration date, usually depending on the insurance company. And anyway, after that project, I reached out to Diego and I was like, "hey, what do you think? Do you think other property management companies would do this? Or are you the only one who was willing to do this? Because it was a lot of work." Right. [00:06:52] And he was like, "yeah, I think they would, but," he said, "you're forgetting about all the other trades." [00:06:58] I was like, "what do you mean?" I was like, "yeah, roofing is only about 10 percent of all the work orders. So you're forgetting about all this." [00:07:06] And he said, "listen, I've been thinking about the same thing, and I believe that there's a way for us to provide excellent maintenance to all property management companies and we can figure out a way for us to do it for them for free." [00:07:20] I was like, "well, look, if we partner with multiple property management companies, and we get so much work, we can leverage that volume with our techs. So we reduce our technicians that we work with, we reduce their marketing and sales costs, and then they give us a percentage, which is much less than the marketing and sales costs. So the vendor wins, the homeowner wins because they don't get marked up, the property management company, of course, wins because they don't have to pay for payroll, and we win. [00:07:52] So everybody really wins. And also of course, the tenant wins because with our systems and our really well trained people. We can actually provide great service, faster and arounds and all of that. [00:08:03] Jason: All right. So I think we need like a break sound effect. Everybody listening is like, "wait, whoa, what'd you just say?" [00:08:10] Like, that's like, sounds crazy. Could you take us back through that and help us make this make sense? So, cause you're talking a little crazy here. Like you can make maintenance more affordable and like, and do it and it would be free for them. And so let's break down the business model. So how does this work for a property manager? [00:08:34] Tom: All right. So when we partner with a property management company we basically. We can plug into their org chart wherever they'd like. So, for example, we work with big companies and we plug in underneath their maintenance coordinator, right? So that maintenance coordinator, they have about three, four hundred properties that they manage. [00:08:55] We just plug in there, they become our supervisor, and we provide the maintenance coordinators, we provide the vendor network, we provide everything. So we handle the work orders from start to finish. And whoever is supervising us within the company is also the liaison with the higher up. [00:09:13] Okay. Does that make sense? So for the smaller companies, for example, we would report to property managers. If a property manager is currently handling all of their maintenance themselves, they can just leverage our team. We have a specialized team with following the right processes. They leverage us and they just supervise us. [00:09:31] They send us the work and they become a supervisor. It eliminates 90 percent of their work. Yeah, sure. You know, sometimes there's an escalation. It's still maintenance, but at least we can handle most of it. They get daily updates. Everything runs very smooth. [00:09:46] Jason: Okay. So the property managers listening are like, "yeah, but how's this free?" [00:09:50] Like explain that again, like take us through, how is it possible for this to be free? Because they know you want to make money. This is a business. Yes. So how is it free? And if it's free, then are the maintenance costs being marked up. Expressly high, right? And so this there, there's got to be a catch is what they're thinking. [00:10:10] Tom: Yeah, so there's no catch. So the way it works is with our vendors. We send them a lot of work. That work means that they have less cost on marketing and sales department. Usually that's about 25 to 30 percent of their revenue. [00:10:25] Jason: Yeah. So let's explain this. So like, if you're a vendor, you have to spend a lot of time trying to market. [00:10:32] You're doing door flyers. You're like putting out mailers. You're like, they're wasting a ton of money. I get this stuff in the mail and it just goes right in the trash, right? They are going out on bids constantly trying to give quotes and none of this is making them money. This is all an expense. [00:10:49] So they're spending like a third of their revenue just to try and get customers. Exactly. Yes, sir. Yeah, exactly. And so vendors, you're able to basically eliminate that expense. [00:11:02] Tom: Yes, correct. We cut it more than in half. [00:11:04] Jason: Yeah. Okay. Yeah. So that's a big savings for them. They're not having to go out on bids. They're not having to like waste time. With the property management company, they're not having to deal with a lot of headaches and garbage. They just have work. And that's really what they want to spend their time doing is just doing the work. So this sounds like a selling point for these vendors and an incentive for them to work with you over maybe other, like through you rather than directly with property managers or rather out in the marketplace with random homeowners. [00:11:35] Tom: That is exactly. [00:11:36] Diego: Exactly. And the really unique thing about this, Jason, is that it doesn't just save them money, right? And we don't just get you know, the flat rate or we don't just mark up. We actually save the owner's money. Why? Because these vendors, they're so happy with the amount of work that we're sending them, that they also provide the best rates in the market. [00:12:02] Which are usually way below average. You know why? Because they want to be your number one go to technician, you know, they want you to send as much work as possible. And so they're pretty much booked up. You know, most of the vendors that we utilize, they're pretty much booked up. [00:12:19] And so they don't want to lose that relationship with you, which, you know, allows us to get better pricing for the owners, because that means we'll continue to get more work, you know, we'll continue to get more business, which also allows the vendors that we work with to expand as well. [00:12:37] We've had multiple vendors that started working with us in Austin and they have expanded to Houston, San Antonio, Dallas. And, you know, it's really a win scenario for everyone because vendors save money, owners save money, and property management companies don't have to pay any money when it comes to handling maintenance. [00:12:58] You know, they just have to have someone that oversees us. [00:13:01] Tom: And I also would like to add in terms of pricing. So for example, because we handle so much volume, we actually have access to very good priced GE appliances. So the homeowners will pay around 15 to 25 percent less on appliances. That's black on white proof. You can check our price versus the store and then also Goodman HVAC units. We have extremely good pricing on a regular unit for 2400 square foot home. We save a homeowner easily 1500 to 2,500 dollars, depending on who we compared with. But those are things that we can actually prove black and white that we say. [00:13:42] Jason: Yeah, awesome. So they're getting better rates on maintenance. They're not having to spend any money on doing that. They get discounted rates on appliances because of your buying power and they get discounted rates on HVAC. [00:13:57] Tom: Yes, sir. It's really a win. It's a true win for everybody. It really is. And it works. [00:14:03] Jason: Yeah, and you guys don't charge the property manager... anything? [00:14:09] Tom: Nothing. Nothing. No. So because we have such a efficient processes we can provide a maintenance coordinator, a maintenance manager, a regional manager, we have vendor onboarding, we have a tenant success, and quality control. We have everything in place to function as a full maintenance department. And again, we just plug in right where you want it underneath a property manager, maintenance manager, maintenance coordinator. It doesn't matter. We just report and that person becomes the liaison to the directors. [00:14:42] Jason: Got it. So you guys can be the entire maintenance department for a small manager. If a big company already has. Some things going that they really like and some team members that they really value, then you guys can just plug in and be the pieces that they still need. [00:14:57] Tom: Yeah, that's important to state. We don't want you to fire people. [00:15:02] That's not our goal. What our goal is, though, is now those people who are already in place, they can focus on tenant relationships. That is word to mouth right there. Same thing with the homeowners. Now you're going to grow your business because you provide a better service and you do not have to scale as fast. [00:15:20] So even without firing somebody, you just keep those people. They give a better service. Now you grow, but you don't have to hire as fast. [00:15:30] Jason: The one piece that's not scalable in a business is depth and depth is where the magic happens. I always say to my clients, if you want to scale your business, you have to do the things that are unscalable and being able to spend more time talking directly with the owners, connecting with them, letting them know what's going on in maintenance, making them feel calm and that you've got things handled. [00:15:54] Yeah. That interaction is what's going to retain those clients. I mean, the number one reason people leave property management companies and go find somebody else is communication. It's lack of communication. So you can increase the communication level significantly. So you keep these clients forever and Calvary can handle all the maintenance, correct? [00:16:15] This sounds like such a good idea. Why has nobody thought of this before? Why is no one else doing this? [00:16:22] Tom: Honestly, I think because it's hard. Maintenance is hard. And then not only that, yeah, I don't know if in maintenance, I guess you have to be a specific type of person, right to be able to handle that. And then you need to match that with entrepreneurship. Right. And most people, I think they have not seen the disconnect it's. Within the culture, all maintenance is handled inside the company. So I think, I don't know if like, a third company maintenance team has not come across. [00:16:57] Also, all of our competitors, they charge. They charge. Why? Because they can. You know, we want to provide value. We don't have to charge. We can. We don't have to. Our service is worth the extra cost, but we don't want to. You know, we want the smaller companies and bigger companies just to be able to grow without an extra cost. [00:17:17] And of course, by doing this it's smart business wise because now, you know, we can get our foot in the door more easily. So it lowers the barrier to entry. [00:17:25] Jason: Okay. So, how small is too small of a company to work with you? Some people listening are like, "man, this sounds like a great thing. Like, I don't really like maintenance. [00:17:34] I don't have a maintenance coordinator yet. I would love to work with them." What's too small? [00:17:38] Tom: Honestly, I don't think there is a too small. And the reason one caveat though, if we are already active in the market. [00:17:46] Jason: And that's the next question then is there's certain markets you mentioned, you know, around Austin, Texas, et cetera, which markets are you in currently? [00:17:54] And what does it take for you to go into a new market? Like, so it's an option for people. [00:18:01] Tom: So we're currently in all Texas markets. So Austin, San Antonio, Houston, Dallas, Fort Worth. We are very active in Denver, Colorado Springs. We have Tucson, Charlotte, North Carolina, Detroit. So those are the markets that we're already active in, so it's easy to just add a smaller PM company because we don't need to set up the whole vendor network right. We're constantly tackling new markets, by the way. But if we are in a market if you are a property manager looking, you're watching this and you're in a market that we are not in, we need about three weeks. [00:18:36] Jason: Yeah. Okay. That's it. So three weeks and how many units for a new market for it to make sense for you? [00:18:42] Tom: I think 250 would be the minimum. [00:18:45] Jason: Yes. Okay. Yeah. Got it. All right. So a property manager in a new market, if they've got at least 250 units. That could be it. If there's smaller ones, maybe they get together with their NARPM buddies and they're like, "Hey, let's get this." [00:18:57] And they add up to 250. That could work. [00:19:00] Tom: Yeah. But also whenever we open a new market, for example, 250 would not be profitable for us. So then we just focus on these markets as well. So we have our sales team now has more to do. [00:19:10] Jason: So then you start to like build that market up. Correct. Got it. And that builds up the business there and that allows you to get the discounts and do all the good juicy stuff that you guys do. [00:19:21] All right. Okay. Got it. Okay, cool. So you guys, this product sounds like a no brainer. And so you guys must be pretty busy rolling out to new markets. [00:19:30] Tom: Yeah, we are. I mean, we started business when Diego? On October 21st, 2022, we received our first work order and now we're in what 12 markets already. [00:19:41] Jason: And it must you know, it sounds like Diego is a pretty sharp operator. So like the systemization of being able to do these rollouts is probably pretty tight. [00:19:49] Tom: Oh, yeah. You go. [00:19:51] Diego: Yeah. So it's actually one of the things that I wanted to mention, Jason cause Pete Neubig actually, you know, mentioned it in his podcast as well. [00:19:59] It all goes back to systems, SOPs and training individuals. You know what I mean? Because. A lot of people focus on churn when it comes to owner churn or you know, tenants leaving and so on. Right. But not that many people focus on you know, your maintenance coordinator churn or your internal churn. [00:20:20] And so that's one of the things that we like to focus on, you know, you want to train individuals correctly. You don't just want to, you know, let their hand go and roam free and figure out things on their own. You want to take time to, you know, to teach them, to train them, for them to understand the guidelines, the SOPs, the structure, so that whenever we do fit in with a new property management company, [00:20:46] they're ready to go. They understand the business, they understand the concept, they understand what is needed of them to make that maintenance department better. Because at the end of the day, that's what we want. We want to help property management companies grow. And so we can grow alongside them. And because that's what allows us to, you know, to continue to grow. [00:21:07] And so it all goes back to that. Yeah, exactly. [00:21:10] Jason: So Diego, you know, having seen inside probably several lots of property management companies, maintenance issues and problems and having, you know, and being able to brilliantly do it really effectively and seeing that contrast, what are the biggest challenges that you're seeing or the biggest mistakes property managers are making when it comes to maintenance? And I think this is valuable because it helps people to understand how your brain works and how what you do at Calvary is a bit different than what they're doing. [00:21:39] Diego: I think it's a couple of things, but let me pick the top that come to mind I would say vendor relations. Vendor relationships are so important because what ends up happening is if you tarnish vendor relationships, what ends up happening, you don't have good, reliable vendors that you can count on, you know, that will provide the best service, the best pricing possible. And so I feel like. In this industry, a lot of companies have treated vendors poorly, you know, and we notice it constantly when we go to new markets they usually mention like, "Hey, I don't want to work with a property management company." And then, you know, you ask them why, and it's usually because of that. You know, building that relationship is very important because they're part of your group, they're part of your network, and once they see that they're super, super reliable. They give you the best pricing, the best service possible, and so on. I would say that's number one. [00:22:40] Jason: And before we move on from that one, like, this is really interesting because what we hear a lot in the industry is people complaining about their vendors. Like property managers are always complaining about their vendors saying they're the problem. They're unreliable and having such a negative perception of the vendors and they might be creating it. Like maybe the property managers are the ones creating this problem. They're like, but maybe they're not like paying them on time, or maybe they're not like being responsive in communication, or maybe they're treating them poorly if there's like an issue or a mistake or a challenge, right. Yeah. Putting them into a bidding war. Yeah. None of them want to be doing that. Right. It's a big waste of their time. [00:23:20] Diego: Yeah. Yeah, pretty much. I'm not saying all of them, you know, all property management companies do that, but I would say most do have that, you know, that they feel like they're entitled to get the best service instead of working together to, to build that relationship, to get the best service to have reliable individuals. [00:23:40] Jason: What's the next thing that you noticed in contrast between, you know, the property managers that are ineffective with maintenance and dealing with issues versus how you do things at Calvary? [00:23:50] Diego: Yeah. So I think it goes back to the maintenance coordinators or property managers, right? [00:23:56] Everybody is kind of doing their own thing. Right. So I've gone to different property management companies, and they're like, "Oh, no, I do things like this because this is the way to go. This is how I've been doing it for so long." But if you have five property managers, or if you have five maintenance coordinators. [00:24:14] They're all doing their own thing. They're not all working as a group, you know, towards the same direction. Which goes back to the structure, it goes back to the ESO piece. And so I feel like not that many companies understand maintenance entirely and so everybody's kind of doing a little bit different things, which is not scalable, you know. You can't have five individuals working, you know, differently because then what's going to happen is you're going to have people frustrated saying, "Hey, but this person said I could do this, but now you're telling me I can't do this and so on." [00:24:51] So I think it also goes, you know, that's one of the biggest things that I've seen going into different markets, different companies everybody's doing their own thing and so. [00:25:01] Jason: So there's a lack of consistency and yeah, I could see how that'd be frustrating for vendors too. If like a company had like five property managers, like bugging them portfolio style and all of them are different. [00:25:12] One of them might be a jerk to the vendors and the other one might be cool. Yeah, it could be messy. [00:25:17] Diego: Yeah, and then last but not least, numbers, KPIs, they never lie. And so if you have maintenance service requests that are taking too long, well, tenants are going to be frustrated. [00:25:32] Owners are also going to be frustrated. Why? Because most of the time, especially for small property management companies, the tenant has the owner's phone number most of the time, or, you know, I've seen that happen many times. So what they will do is they will reach out to the owner and they'll be like, "hey, they're lagging on this. They're not taking care of this. Hey, I'm having an issue with this." And so if you don't take care of things in a timely manner, it's always going to affect your business. I've seen where, you know, some clients they're okay with taking 14, 15 days to handle a maintenance request. And that's a big no no. [00:26:09] You know, you want things taken care of in less than five days. That should always be the goal. If it's an emergency, you want to handle it same day, you know, or at least mitigate the issue that same day so that the tenant is happy. So that they trust in the service that you're providing, and that will allow you to, you know, to dictate how you run your maintenance department and how tenants are trustworthy of your services. [00:26:36] And then, of course, you know, owners are also going to be happy with the services that you're providing, since you're not going to have that many escalations, that many issues, or that many problems that surface. [00:26:46] Jason: So, yeah, it seems like kind of a snowball effect that when you start to be inconsistent, you don't have a quick enough turnaround time on maintenance. [00:26:54] You've got, you know, all these challenges that it starts to then. Turn it into escalations, more conversations, owners might even be getting involved. And so it starts to get messy. And that complexity then takes over the business because then something that should have taken maybe an hour is now taking three hours of manpower and time in the business. [00:27:16] And so then it's like the business owner is trying to run a race and they're shooting themselves in the feet, right? So things are just like snowballing and getting worse and worse. And then they're like, this is chaos. This is crazy. Yeah. So, all right. So those that are dealing with these challenges, they're like, maintenance is tough, like vendors are tough. [00:27:35] Like all of these are problems and they don't have all this stuff dialed in. Or maybe they've got things pretty well dialed in, but they're like, "Hey man, maybe I could save some money on. You know, team, or I could just improve and get my team focused on higher level tasks of like communicating with people, more depth and retaining clients longer." [00:27:53] What. What would be the first step? How do they connect with you? [00:27:57] Diego: So they can pretty much, you know, reach out. We could set up a meeting where we can go ahead and explain, you know, go a little bit further in depth with their particular property management company, you know, how many homes they have and so on. [00:28:12] And then if they do sign up with us, in 7 days, we'll have a plan ready to go for them that will dictate exactly, you know, what is needed and what we're going to be implementing within those 7 days so that we're ready to hit the ground running. [00:28:26] Jason: Yeah, that's pretty awesome. And so what's kind of the onboarding process like, like for those that would be getting started? What would, what's sort of the experience? [00:28:36] Tom: So we have a two week process. So it starts by sending over the contract so they can read it over. [00:28:42] It starts by also getting all of the data of the current of the units they currently have, their history, the history of the work orders. Also, their current vendors are very important. We understand that property management companies, most of them have already built solid relationships with those vendors. [00:28:59] We don't want them to push them out. No, actually what we're going to do is we're going to contact those vendors. We're going to propose our proposal. And we're going to tell them like, "Hey, you will get more work, you know, by also getting work from other property management companies." So, yes, so we can use the same vendors as well. [00:29:18] So we collect all of the data, then we analyze the data. We implement everything into our software. There's something we actually haven't touched on, but we have found that Rentvine is a really, I mean, the best software out there. And we're also providing that for free to our clients. So we can I mean, we can work with any software, but if we do not have one, we can work with Rentvine. [00:29:44] Anyway, so that is also part of that onboarding process. Maybe it's like, "okay what software do you use? Do you want to switch to Rentvine?" And then over the second week, we start implementing. We have a few meetings where we discuss all the final, like who like the communication with the billing department. [00:30:01] Who's going to take care of that? Is that going to be the liaison? Is that going to be somebody of ours? So, yeah, it's a two week process. We have everything dialed down from a launch date, minus 14 days to launch date. [00:30:13] Jason: And the reason you like Rentvine, do they have a pretty good maintenance system? [00:30:18] Tom: Yeah, the communication is excellent. [00:30:21] The communication can be logged with timestamps, but more importantly as well, it aligns very well with bookkeeping. The bookkeeping is really solid in there and it just works. [00:30:32] Jason: So, what about those that have different maintenance tools, like maybe they've been using Latchel and they've got them handling the phones, or maybe they've been using Property Meld and they're using that text based communication system, these things that they need to keep, are these things that you would work with? [00:30:49] Like this sends a whole nother level of complexity I would imagine to your business. [00:30:54] Tom: Yeah, no, it actually, I mean, it works. So we started, so to get our foot in the door in the industry, we actually started as a vendor, right? So we, our systems work with any software. So it does work. It adds complexity, yes. But if we assign a certain maintenance coordinator to a certain account, they get used to that very fast. So it does work. [00:31:15] Jason: Got it. So you can work with whatever tools that they do have. And if not, you've got some good ideas for them to get their maintenance systems dialed in well. [00:31:24] Tom: Correct. [00:31:24] Diego: Yeah. Correct. And then, so that actually brings up a really good topic. So we can help them save money because most property management companies, they utilize, for example, Property Meld. Right. And that's an external tool to their actual software, which is usually Appfolio. And so they usually pay extra for per property for Property Meld, if they switch over to Rentvine instead of Property Meld, then we pay for that and it's, you know, it's completely free for them. So that means they save money there as well and pretty much Rentvine can do what Property Meld does. And one of the reasons why people choose Property Meld is because of the communication and Rentvine has a very good communication factor built into it. But it goes a little bit further when it comes to the, like, Tom mentioned the billing processes, because vendors can go ahead and submit the bills there and you can break down all of the information there, which fits in perfectly to the tool that the property manager is using. [00:32:27] So it allows us to have a very robust system that allows property managers, you know, to save money by choosing to work with us. [00:32:35] Tom: So. Yeah. [00:32:37] Jason: The more you share, the more stupid people might feel for not working with you. [00:32:43] Tom: I have one more, 24- 7 maintenance. Okay. Say that again. 24- 7 maintenance. [00:32:49] So rather than paying an external company for a call center to, you know, receive phone calls from tenants. Yeah, we actually have a night crew that will pick up the phone and also dispatch those work orders for work orders, of course, that are dispatchable at night, right? For certain emergencies. So we have a team working around the clock. [00:33:10] The night team is a little bit smaller, but it's around the clock. [00:33:13] Jason: That's amazing. So, yeah, because I know there's companies that are using Appfolio, they're using Property Meld, they're using maybe Latchel or EZ Repair H otline or something to do the calls. And these are all stacking as expenses in the business. [00:33:30] And then they're also having to coordinate all of the maintenance and go and source and find all the vendors. And you're saying, "we'll just take over all of this for you and it'll not cost you anything." Exactly. It worked. It worked. So, all right. So, a lot of people might be thinking this sounds too good to be true. [00:33:51] So let's say I sign up with these guys and I switch all my stuff over to using them and then I don't like it or there's something like they're afraid, right? This is their fear. And I've given everything to them. Are they going to have some benefits still? Like, will they have better processes? [00:34:09] Will they know what's going on? Like, like how do we lower this risk for those that are like concerned about handing over a piece of their business to somebody else and then what if it isn't good? Like, that's their fear. [00:34:23] Tom: Yeah. So, part of our marketing strategy and part of our vision and mission is to share all of our information. [00:34:30] So, we're not going to keep everything to ourselves. We're actually in the process of writing a book, which will be finished very soon, on how we actually do the maintenance. So, it's one thing saying, "oh, we know how to do it." It's another thing showing it and that's what we're going to do. So we have the processes, we can share that with the teams, you know, if we're hopping on a call, we can share what that is, but also to make it available to the public, we've written a book, it's almost finished, which holds all of our processes in a story form, which then is connected to presentations and actually implementable knowledge. So if they don't want to work with us, fine. We will still teach you how to do it. That also means that, you know... [00:35:11] Jason: like you're open sourcing your product. [00:35:14] Tom: It is the 2023 way of marketing, right? You show what you can do and then you build trust. So, but that's really, and you know, it's also to help people. Many property management companies might not want to do this and that's totally fine, you know, but we can still help those people. [00:35:31] Jason: Cool Well, I mean if things go well for you guys, which sounds like it will because it's a pretty sharp product If there might be the day when people are wanting Calvary doing the maintenance and not local property managers handling it. [00:35:46] So that's our vision. Awesome guys. I think this sounds like a no brainer. It sounds like a really awesome product. I'm really excited to see what you guys do. And I'm sure there's several that are interested in just once they hear this podcast episode, they'll be interested in giving you guys a shot.because maintenance is one of the biggest complaints we hear about in the industry. It's usually the first big challenge they all need to solve. And it sounds like you guys have got the product where it's solved and they can just get some Calvary and everything's going to be better. So, yeah. [00:36:19] Tom: So our website is cavalry.works. That is cavalry, C A V A L R Y dot W O R K S, because cavalry works. [00:36:29] Jason: Got it. Okay, cool. So check it out, everybody. So anything else you want to say before we end the show today? [00:36:37] Tom: Yeah. Thank you for the opportunity to come and present us. It was our first podcast. I hope we did a good job. [00:36:43] Jason: Diego's camera's a little crazy, but it kept us on our toes. So I'm really impressed with you two. I know we met earlier and chatted and I was like this like, it sounds like such a crazy good business model. And I think it's possible because of the expertise that you both have and that you're able to bring to the table and excited to see about that. [00:37:05] When that book comes out, maybe we'll have you come on again and plug that book. That'd be really cool. And then man, Diego, I'd love to have you come and maybe present to some of our clients in our mastermind, just about maintenance because everybody has this challenge and I think it'd be really cool. [00:37:20] So. All right. Well, looking forward to hanging out a little bit more with y'all and seeing what you guys accomplished. So, thanks for being on the DoorGrow show. [00:37:30] Thank you, Jason. [00:37:32] All right. Cool. So if you are a property management entrepreneur that wants to add doors, grow your business and you are struggling with getting more business and getting more doors, we can help you with that. [00:37:45] And we are really good at helping people grow. One of our clients, brand new, zero doors went through our rapid revamp class that we teach in our mastermind had zero doors and then after we cleaned up to the front end of his business, he started working on adding doors part time, like maybe 2 to 3 hours a day and then he was able to add and break the hundred door barrier. He was able to add a hundred doors in six months, and he was doing this part time. That would be impossible with advertising. That would be impossible with going and buying cold leads from doing SEO or pay per click or content marketing or social media marketing. [00:38:22] We gave him the right strategies. He went and took action. And he spent less time doing it than most people do. And he was able to add than most people do trying to grow their business. He was able to add a hundred doors in six months. That was what our client, Kent, who we just recently had on our podcast episode. [00:38:39] And if Kent can do it, you can do it too. And our clients can add a hundred to 200 doors every year, organically, just by using our strategies. If you have a really good full time BDM, we can help you add two to four hundred doors a year, organically. And then, we can also get you the right processes, and the right systems and things dialed in, so that you can become infinitely scalable, and then you can start to do acquisitions. [00:39:06] And you will make a lot more money off their doors, than the person you're buying them from was. So anyway, reach out to us at DoorGrow. You can check us out at DoorGrow. com and join our free Facebook group. You can get access to that. We have some free gifts for you by joining our community, go to DoorGrow club. com. This is just for property management, entrepreneurs, property management, business owners. Join that community. If you're starting a property management company, join that community. If you have an established company, join that community. People are helping people out in that group. It's an awesome community. [00:39:37] And our hope is that you will get so much value from the free stuff that we put out there and from our free content and our podcasts that you will want to join our mastermind, get beyond the paywall and see the amazing stuff that we're helping companies do and be part of an even more amazing community, our mastermind. [00:39:56] So until next time, to our mutual growth. Bye everyone. [00:39:59] you just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! [00:40:25] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

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Melissa Sharone: Meet Your 2024 NARPM® National President

national national president sharone narpm pete neubig

Play Episode Listen Later Jan 17, 2024 50:27

Jan. 17, 2024 In this episode we call "Melissa Sharone: Meet Your 2024 NARPM National President," join NARPM® Radio host Pete Neubig as he interviews Melissa Sharone, MPM® RMP®. Learn how getting the team involved in NARPM grows your business, how Melissa set up her company to run without her so that she's able to take on a time-consuming role like National president and the most effective way to use NARPM®.

190: Transitioning Out After 40 Years in Property Management - Bob Machado's Exit Story

The Profitable Property Management Podcast

Play Episode Listen Later Dec 29, 2023 41:02

Welcome Closers!In this episode of The Profitable Property Management Podcast, host Jordan Muela has an insightful discussion with veteran property manager Bob Machado. Bob shares his 40+ year journey in the property management industry, starting in the late 1970s when he stumbled into the business.00:48 - Getting into property management via 8 houses in 1979 as a new real estate agent11:00 - Forming initial partnership company, Sigma Delta Property Management16:23 - Joining the NARPM board in 1992 and spearheading massive membership growth26:22 - Splitting partnership company in half to reform his own company, Home Point36:00 - Selling Home Point to HomeRiver in 2017, staying for transition before joining acquisitionsHRG Link: homeriver.comSubscribe on your favorite podcast platform or my YouTube channel for more property management content and interviews with industry leaders.

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DGS 223: The Journey with DoorGrow: Jill Lyons and Alex Platt

Flint Stone Media's Portfolio Highlight Reel

Play Episode Listen Later Dec 14, 2023 27:13

At DoorGrow, we love showing off the awesome entrepreneurial people we get to coach and work with every day. In today's episode, property management growth experts Jason and Sarah Hull sit down with DoorGrow clients Jill Lyons and Alex Platt to talk about their journey in property management and with DoorGrow. You'll Learn [03:00] Starting a journey with coaching [07:26] Finding support as an entrepreneur [12:18] The path to success is hard work [16:54] Getting out of the business [19:28] The importance of good company culture [21:20] The impact of coaching Tweetables “Done is better than perfect.” “The more valuable you are to your business, the less valuable your business is.” “If you don't mind working, you don't set up boundaries.” “Just being open to the thought and the idea is enough to make it work.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Jason: The more valuable you are to your business, the less valuable your business is. Ooh, like that one. [00:00:07] Welcome DoorGrow property managers to the #DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you're interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager. DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. [00:00:47] At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win I'm your host, property management, growth expert Jason Hull, the founder and CEO of DoorGrow along with Sarah Hull, co owner and COO of DoorGrow. Now let's get into the show. [00:01:13] Our guests today... we've got Jill and Alex. Jill Lyons. Alex, what's your last name? Platt. Okay. I just know he's always with Jill, Alex. So we're really glad to have you on the show. And the topic of today's episode is like, we want to talk about your journey with DoorGrow because you've been with us for a little bit. So, why don't you introduce yourself and explain like kind of how you got into property management. [00:01:39] Jill: Well, I must've taken an insane pill along the way, but I like it. My name is Jill Lyons and I own and I'm broker of Relaxed Realty Group in Sarasota, Florida. Currently we manage about 500 homes. We have like maybe 520 now and our rent roll, we just surpassed 800,000 this month, so I'm stoked and happy and proud. And you know, I love the business. There's never a day that's not that I feel like, "Oh my gosh, it's, you know, Monday." I never feel like that. So it's every day is a joy. Not every instant is a joy, but every day is a joy. [00:02:12] Jason: So let's Alex, why don't you introduce yourself and tell us what is your role? [00:02:17] Alex: So, my name is Alex and I've worked with Jill here just over a year and a half, or going on almost two years when I got my real estate license. My wife started with Jill, Miranda, and she's been with Jill for what, 10 years now? Started with a business with her and I do the operations here. So operations and BDM. [00:02:38] Jason: Awesome. Okay, cool. [00:02:41] Jill: So he came from a customer service background with T Mobile for the last 10 years. It's great. Corporate's a great, but there's a lot more opportunity here and oh my God, he's great with people. Of course He's not " to brag about himself. So I'll brag about him. So he will put on multiple hats and do everything that whatever needs to be done. [00:03:00] Jason: Cool. Yeah, you guys make a good team. We've enjoyed having you in the program. So why don't we start with what problem problems were you dealing with when you first came to DoorGrow? Like what challenges were going on? [00:03:14] Jill: So I would say my strengths are that I love to sell and talk to people and help people. So, you know, that was naturally there and I grew the business with success with growing doors. And I was in a kind of a comfortable, I would say position as. Having a good amount of owners and properties, but I want to start exiting the business and it was just way too 'me centered,' you know, what do we do? What do we do with people coming to me? You know, I don't mind working. Like I say, so unfortunately, if you don't mind working, you don't set up boundaries, you don't set up corporate structures. My flow, there was nothing corporate about me. [00:03:49] If I wanted to step away, which I did this year, hired the operations manager, but I'm like, now what? And now what do you do? I'm an engineer by education. All I know how to do is build a spreadsheet and show people returns. So I was looking for ...I always believed in coaches. I've been coached since day one of my business. [00:04:07] So coaching is definitely something I believe in, but the coaching company I used was really just real estate working with buyers and sellers. So I hadn't ever got the property management business aspect of it and setting up the business and the structure. So when you watched one of your podcasts and listened to your podcast, and I liked what you had to say, so I-- "let's let them get us to that next level." [00:04:32] Jason: Watch the podcast, listen to the podcast, and now you're on the podcast. [00:04:36] Jill: I know, I'm like, what do I have to offer? That's the first thing, I'm still listening and learning. [00:04:42] Jason: You know, there's a lot of people listening out there that would dream of having 520 doors, having an amazing operator, having the operations running smoothly and being on your journey, stepping out of the business, like this, that's a dream for a lot of property managers. [00:04:58] They're still in the thick of the mud and wondering if there's a light at the end of the tunnel. [00:05:03] Jill: So they don't believe that I'm going to step out. [00:05:05] Alex: She's a workaholic. So, you know, it's a little bit of yin and yang. [00:05:09] Jason: You know, entrepreneurs, it's a tough thing. I've known a few entrepreneurs that have like exited their business and then they were bored and they started another business. It happens. So entrepreneurs, we want to stay busy and we want to do the things we really enjoy doing. So you just have to find something you maybe enjoy doing more. [00:05:29] Jill: I don't know. Yeah, no, I'm not closed to what's next, but I don't know. I'm still here. [00:05:35] Jason: So let's chat about, and maybe this is a question for Alex. So Alex what did you see when you first came into the business? Some of the challenges in how to like support Jill and how to get her out of the operational stuff. And what challenges did you see that DoorGrow so far been able to help with? [00:05:54] Alex: So luckily with your program we got to revamp everything. I mean, your Rapid Revamp was amazing. I mean, we got to go from rebuilding and rebranding our logo and everything. So I really enjoyed your class, especially with the whole cycle of suck, making sure that you're not holding onto those owners that are sucking up all your time and, you know, using. A lot of your resource when it comes down to it. I would say those were the biggest things and especially your systems that you have. I mean, I think the Flow is going to help a lot for us to map out each and every one of our procedures that we have on an operational standpoint. [00:06:33] Jason: Okay. So for those listening, DoorGrow Flow, our process software, which is pretty cool. So the Rapid Revamp, I mean, and you guys made a lot of changes. Yes. Changed your pricing. [00:06:43] Alex: We changed our name. [00:06:44] Jill: You changed the name. I said I would never, ever do that! [00:06:49] Sarah: She's like " I'm not rebranding." I'm like, "okay, we don't have to rebrand." And then she's like, "I think I'm going to rebrand." I was like, "wow! All right, let's do it." [00:06:58] Jason: Everybody says they don't want to do it. But what I love about entrepreneurs is that if you show them how to make more money, they're pretty okay with it. They're pretty okay with making more money. So, and I think the training, we do a good job in converting people into wanting to make more money. "Here's how it'll make you more money if you do the right things with your branding." So website. Did we help with that? [00:07:23] Alex: We're almost there. We're on the tail end of that portion of it. [00:07:26] Jason: So for those that have not been exposed to DoorGrow. Maybe they're just listening to this podcast. They're like, "I don't know if these guys are legit. Kind of looks like some sort of one of these Influencer sort of guys," or I don't know what people think before they become a client but what would you say to those that are on the other side of the paywall and maybe struggling? [00:07:51] Jill: For me, honestly, if I would have found this 10 years ago, it would have happened faster, my growth and where I am now would have happened faster and more organized. I kind of wing it and I'm the type that, you know, I don't want to spend any money unless a bunch of sitting in the bank. And I probably, if I would have opened up the bank and gotten the coaching and the programs from a property management company versus just from, you know, where I got my assistance from, which I had when I did buying and selling, which I hate it. So I kind of kept my things rather than going into property management coaching and training. It would have definitely made it faster and less painful, and I would say that's the biggest thing that I wish I would have found you sooner, but you know, you always find people when you're supposed to find them and entrepreneurs tend not to be, in my opinion, people that go to business school because they just want to do it. They jump in head first. There's no rhyme or reason to how we do it. So the organization is usually where we struggle the most. And just networking and having the beginning, I just went to Google and figured everything out on my own, rather than reaching out to an organization like yours, that's more specific for us and NARPM, which, you know connected me to other property managers and how are they doing it? And why did I have to create the wheel and do it all my way? I didn't even know that there was anything like this. [00:09:16] Jason: Yeah. And you had been in NARPM for a while before joining DoorGrow. [00:09:20] Jill: Yeah. I'm heavily involved in NARPM. I'm the president of our local chapter. So that definitely has made helped my business, and the connection and they have a lot of tools that have helped me significantly realize that it is a business and with systems. But but there isn't the sales support, you know, they don't have you, Jason. It's not energetic and make me go, "yes! I'm going to do it!" With you and with everybody around! You know, it's just like the connections. [00:09:48] Jason: Yeah. I know you have both really enjoyed the operational pieces as well, and you've attended quite a few of our scale calls on Friday that Sarah runs. What what things have you taken away from on the operational side of things? [00:10:04] Jill: So what would you say, because you deal with that more? I kind of say, go do it. [00:10:07] Alex: So, I take a lot of the way, honestly, you guys definitely on those calls go over a lot of different systems that are in other people's companies, to be honest. And we try to take piece by piece and just kind of make it our own when it comes to this. I think it's developing more of the systems that we have. As far as like a specific system, I think we talked about maintenance heavily. And the processes over how other companies do it and what we do with our maintenance. So it's kind of getting every pieces of everybody's input on that stuff to kind of lay out what maybe we should change, you know? [00:10:45] Jill: I will say that as far as operational, we were in pretty good shape with that. It's not technicalogical. So you have DoorGrow flow. I'm just talking with Errol tomorrow. So it's been on my list of things to do this whole year to set up flow and get that going so that it's more clear how we do things because when we have a new employee, I can't just hand them, "these are our thing," we have to manually tell them or give them a checklist, which doesn't really help. So, I have to hire Errol cause it stays on my list every single month and it hasn't been done. That's what I'm going to pass the buck on versus the website. I'd like to do the marketing. So we need to finish all of this by the end of the year. That's on our list. Does it check the list? We're at the last, getting to the last quarter. So you give us the tools. It's just setting it up. That takes a lot of time and concentration time. And Errol seemed to be I met him at DoorGrow live, you know, in Texas. And yeah, he was talking about processes and creating them. Like I talked about property management, so he's going to be our guy. I'll see how it goes. [00:11:47] Alex: We have a lot in our heads, obviously. So, that's getting it all down to where if somebody needs to know something, it's much easier. [00:11:56] Jason: Yeah we're planning on doing some more stuff with Errol Allen, who Jill's speaking with, and he's currently playing around with our DoorGrow flow software and testing it out as well. [00:12:05] So I think it's going to be a game changer for the market. So Sarah's had a lot of interaction, I think, with the two of you. What's been your perception of why they do so well as clients? [00:12:18] Sarah: Oh, well, so there's a few things that I'd like to kind of. Point out and give you guys like major kudos on. First is, I think you're just open. Sometimes we have people who are very resistant. They're like, " that won't work," and "I'm not going to do it like this," and "I can't do this," and "that's not in my market," right? And I think the difference is just being open to the thought and the idea is enough to make it work because if you go into something and you think, "oh, this won't work," well, you're probably right. Then it's not going to work. But you guys are very open and you also, I love this about you guys, you take action. You just come in and you're like, "this is what we're going to do," and then you take action, you implement and you get it done. I think, to date, they are the fastest people who have completed everything in the Rapid Revamp. Like, they get a medal for that. Like, every time, they're like, "yep, we're done with this," I'm like, "oh, wow, okay!" They just get it done. It's like they just put their heads down. They know what they need to do. They put in the work and they get it done and then they go, "okay, great, we did that. What do we need now? Like what's the next thing that we can do to either like build on top of that or like take us to the next level? And I think you guys are really great at that. And I think you, you work very well together. You know, you balance each other out. You like ping well back and forth, back together, and I think that gives you the ability to move things along so quickly. [00:13:44] Alex: It's great to have ideas that we can bounce off of each other and make it a solid process and get it out of the way and move on to the next one. [00:13:52] Jill: Well, and I love a checklist. So you have a checklist. I want to see checks on there. I don't want to see them open. So I think that myself, I can be more reactionary property management. Our phone is always ringing. Things are always happening. You know, I can easily not get anything accomplished in a day and be busy the whole day. So with the Rapid Revamp it has me be on track along with handling the things that come on you know all day but I have to get my things done [00:14:18] Alex: And the nice thing about your dashboard was the fact that you could assign things, we would take them and split them up and be like, "okay, you're going to do these and they're assigned to you" and then I could assign ones to me so we can you know, handle what we needed to. [00:14:30] Jason: Cool. [00:14:31] Sarah: Yeah. Yeah. I think that was really awesome just to see you guys because every time I check in with you, you're like, "Oh, yeah, we're done with that already." Like, okay, let's see what's the next thing for you guys? And you already knew! You were never like, "Hey, I don't know what I'm supposed to be doing. Like, you just like stayed the course. And sometimes it's hard for entrepreneurs to do because there's so many shiny objects. There's so many of them, right? Like, "Hey, I'm coming in, I'm doing this one thing and that's it," and then along the way, there's like some other little thing that's like, "Hey, I need your attention." [00:15:04] And it's so tempting to go, "Ooh, but I could focus on that." Like, " let me just go over here for a second," and like, you guys just stayed the course. You like stay on point. And I think that's that's something I really have to give you guys like a huge compliment on because it's hard to do that. It's really difficult to do that. And you guys do it really well. [00:15:25] Jill: Thank you. [00:15:26] Jason: Yeah. And so you've interacted with several of our team members, right? It's not just the Jason show or the Jason and Sarah show. And I think that's what a lot of people think. Could you just comment a little bit on DoorGrow's team? You don't have to remember everybody's names, but yeah. [00:15:43] Jill: Well the two that I've probably enjoyed the most is Clint. He's like the coolest surfer dude in the whole wide world, but he's sharp as a tack. You know, "we're just going to buy a $5 million company." He's the exact person to teach you how to be cool and do acquisitions and whatnot. [00:16:03] And that you can see why he's so successful because he's a joy to listen to. [00:16:07] Jason: Yeah, he's fun. [00:16:08] Jill: And ironically considering an acquisition in the middle of all listening to him and he took his time out, sent me a lot of information and questions I should ask and what due diligence I should do. So, I mean, his wealth of all the years that he's done that, enticed in a few documents was, I could have never created that. And then Roya, she's a ball of energy and I'm all into manifesting and all that. So, I mean, not many people you can feel through a computer screen with their energy, you know, that's heard of talent that she has. [00:16:43] Jason: Yeah, she's our dangerously powerful mindset coach. And teaches the advanced sales stuff. [00:16:51] She's yeah she's had quite an impact. Yeah. [00:16:54] Jill: Yeah. For sure. [00:16:56] I went to DoorGrow live, which was fantastic to connect with everybody. But thanks to DoorGrow and Alex being also trained as a DoorGrow. I'm taking my first three week vacation in 10 years. [00:17:08] Jason: That's amazing. That's awesome. Yeah. Yeah. That's awesome. Your business will be in good hands with Alex and and we've got his back. So. For sure. So awesome. Yep. Property managers, if you're listening to this and you have not taken a significant vacation in the last five years, when's your turn? Maybe it's time to reach out and let us help you take- this is one of the most common things that we hear, especially this summer. [00:17:36] Lots of our clients are taking vacations like for the first time ever, or in the first time in a long time, or it's a longer vacation than they've been able to take. [00:17:45] Sarah: Brandon and Mark, they took off the majority of July, both of them, took off the majority of July, and they're like, "things were fine, like things were okay," I'm like, "that's great, that's how it should work," and if we set it up that way, then things can work that way. [00:18:01] Jason: For sure. Yeah, one of our mentors had this quote, I don't know where it came from, but he said, the more valuable you are to your business, the less valuable your business is. Ooh, like that one. So Jill's working on making herself less valuable to the business. I've made DoorGrow less of the Jason show, and we've got all these amazing coaches and yeah, and that's the goal, right? We're able to provide more value and it allows us to be more free as entrepreneurs. To do the things that we really enjoy doing and eventually maybe to do nothing. If that's really the goal. I don't know. Jill, will have to find something to do. She's going to trap the world. She'll think we're not going to do nothing. Exactly. We're not going to do nothing. I don't think Jill knows what to do. [00:18:43] Jill: We just want freedom to not always to be working. [00:18:46] Jason: There you go. Yeah. [00:18:48] Sarah: You can choose the things you do. [00:18:50] Jill: Yeah. [00:18:51] Jason: Well, we've really appreciated having you both in the program. You know, the, Sarah mentioned about you, but what I've noticed is Jill, you have this gift of positivity, it seems to rub off on everyone around you. We've really enjoyed having you in the program. Everyone's like, "Oh, we love Jill." All of our coaches and team members love Jill. And you can see Alex has like got a positive, you know, energy going on as well. And so you've created a really good culture on your team and in your business. And I don't know if it's always been that way, but I know that's something that's important to us at DoorGrow is making sure everybody has good culture with their business and with their team. So can you touch on culture just a little bit? [00:19:30] Jill: Well, I think connection and culture is the most important thing. If I don't have it here, how is a client going to want to be attracted to us? You know, how is that going to work? You know, if you don't have a positive look on the industry, the business... I mean, this is anybody that calls us is frustrated with property management and say, "here, we love to do property management." They're like, "I need you!" [00:19:51] you know, tenants and everybody gets to complain to us and we have to listen to them and, you know, do our job, but in these walls of this company, we don't have to do that. We can vent to each other. We can laugh. We don't complain. We more laugh about situations than we do complain. And I think I've been a good leader as far as that goes. But I think that also because I have that energy, I want to attract that energy. And so those people are, who are working here and stay. [00:20:18] Jason: I love that. I mean, I think having a culture in which complaining is not the norm. I mean, it's easy to complain in property management. Right? And I'm sure there's a lot of you listening that are like, " I complain all the time. I complain every day," like reducing that complaining in the business and creating a culture where the team don't see that it's totally okay to just complain all the time. Because if you're complaining about your clients, they're going to feel that. They're not going to want to work with somebody that's, they know is just going to be complaining about them behind their back. [00:20:47] And so I think that's really powerful. And I think that there's a lot of joking in property management, and I think if you can't laugh about it, then you're just going to be hurt by it, and so... [00:20:58] Jill: and the only way you make a lot of money is to do the things that nobody wants to do. [00:21:02] Jason: There you go. And they will pay you a pretty penny to do it. [00:21:05] Alex: Yeah, we don't have one person that dreads coming to work every day. That's for sure. Everybody's like, "oh shoot. It's monday. Let's go!" [00:21:11] Jill: We're a little family. [00:21:13] Jason: Awesome. Yeah, I love that. You have a good culture. So, cool well, anything else we should chat about? What are the biggest takeaways you feel like you've gotten from being part of working with DoorGrow for those listening? [00:21:28] Jill: I think first of all to make sure that I express my purpose to everybody, you know, start with the person. [00:21:34] Jason: Has that changed your close rate? Has that changed how clients respond to you? [00:21:39] Jill: Oh, just overall being brave enough to start with that, you know, I always assume they don't care, you know they're not calling for my me personally, but they are, you know, and some would get to know me on a personal level over time, but I never started the conversation with that. [00:21:54] I always started it with "I love property management" and I think they could feel our energy, but not deep down what my life purpose is. So, and how I could tie that back into having them become our client. But it gets a personal, it makes it a personal fit right away or not. [00:22:11] Jason: Yeah. They either trust your motives and like them or they don't, but they, at least they know what your motives are. Otherwise they're just going to assume you just want their money. [00:22:20] Jill: Yeah. The name change was a huge one. And then the third, I think final one for me is. When you did your stack deck and it wasn't like perfectly animated with all these designs and it looked great. And I'm fine with it. I stopped judging my marketing to have to be the caliber of Coca Cola. [00:22:40] I don't have designers out there. I don't want to spend design. So just produce it and get it out there and make it look kind of quirky and we're quirky anyway. So I don't know why I was thinking that we had to be this high level, corporate marketing program in order for it to work. [00:22:54] Jason: I think done is better than perfect for sure. [00:22:57] That's one of my [00:22:57] Alex: favorite things is like, no, just get it complete and then we'll move on and we'll get the next thing done. [00:23:03] Jason: Yeah. Done makes money. And you've made a lot of changes. You've gotten a lot of things done that are going to help shore up leaks that make you a lot more money. And. Yeah. A lot of people get really caught up on things being so perfect. [00:23:14] They don't get as nearly as much done. So kudos to both of you for implementing and taking action. So, well, we appreciate you coming and hanging out with us here on the show. What do you feel like, what are some tangible results besides the brand? Revenue doors, any other shifts that you've seen in the business since joining? [00:23:33] Jill: Well, we've gotten rid of a lot of the properties. I had the guts to say to a couple owners, you know, "You have to either sell this property or find another manager because it's too much of a liability. And I'm scared to because X Y Z and so should you." And obviously it's a great time to sell last year. So this is the time get to get a better asset, 1031 exchange it, or let's you know, we need to drop it by the end of the year. I didn't, you know, say we're going to drop you on 30 days, but they, most of them, most of those as a consulting, they trust us and know us and they sold those properties. We have two that are closing this week, our last two that are closing and we had problems. Yeah, problems. So we've gotten rid of a lot of problems since the beginning and liability issues, you know, you know, liabilities. So that's that's, I think our biggest deal and it's allowed other doors to come in. [00:24:28] It's amazing what you let go just energetically things will fill its place. So door wise, I would say we're at about the same, but revenue has gone up 20%. [00:24:38] Alex: We've been getting higher-end properties instead of, you know, things that were D class properties that we didn't want. [00:24:44] Jason: Love it. 20 percent more revenue. Awesome, that does not suck. [00:24:48] Sarah: And getting rid of the problem, right? [00:24:55] Jason: Well, we appreciate you being clients and we're super excited to see your progression through the DoorGrow code, and this business I think that could easily be at a thousand doors in the next two to three years. It's totally doable, especially if you start doing some of the acquisition deals, like it's going to be really interesting once you get some of these systems in place, then you're ready to just scale like crazy. So excited to see what you do. All right. Well then we'll go ahead and wrap up. Appreciate you being on the show. [00:25:25] Thanks for hanging out with us, Alex and Jill. Thank you. Great. [00:25:29] For those listening, if you want to be like Alex and Jill and make good decisions and grow your business in a healthy way, and maybe increase your revenue 20%. aNd clean up your portfolio and optimize your sales pipeline so you make more money, more easily reach out to DoorGrow. [00:25:45] We would love to take a look at your business and see if we can help you. The answer is: we can... most likely and see if you'd be a good fit for our program. You can check us out at doorgrow. com. There's a big pink button on the home page says "I want to grow." click that. Do the three steps there to see if you'd be a good candidate to work with us, and until next time to our mutual growth. Bye everyone [00:26:08] you just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! [00:26:35] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

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This Week in PM 4: Is It the Right Time You Sell Your Property Management Company?

Play Episode Listen Later Oct 12, 2023 54:46

In this episode, Jock McNeill, VP of Acquisitions at Pure Property Management, joins us to discuss his company's journey in acquiring several of the notable property management companies that you may have heard about while participating in the annual NARPM conference. We also cover what Pure looks for and the process they follow when acquiring all of these PMs; among other critical updates that we're seeing this week in PM. We hope the content of this episode allows you to consider what your vision is for your PM company. Do you want to join a larger team? Should you be prepared for a company like this to enter your market? Watch this Video-Based Podcast: View Episode Video Link to Sound File for Sight Impaired: Click Here Original Air Date: October 12, 2023 Presented by: ⁠⁠RentScale⁠⁠ Host and Founder: Jeremy Pound of ⁠⁠RentScale⁠⁠ and ⁠⁠Strategic PM Magazine⁠ For this episode's full show notes, click here. ----------------- Production House: Flint Stone Media Founder: Producer Jaime Follow Flint Stone Media on social media: LinkedIn: Producer Jaime | Flint Stone Media Instagram: @FlintStoneMedia Tik Tok: TikTok.com/@producerjaime Facebook: Facebook.com/FlintStoneMedia Threads: @FlintStoneMedia Clubhouse: @ProducerJaime YouTube: @FlintStoneMedia101 Or, feel free to email Jaime@FlintStoneMedia.com Interested in working with Producer Jaime her team? Why FSM | Get Started

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Pros and Cons of Adding Short Term Rentals to a Long Term Rental Management Business with Heather Nicely – Part 1

The Property Management Show

Play Episode Listen Later Sep 28, 2023 29:21

Heather Nicely is a Realtor, broker, and loan officer, and also the president of the Arizona chapter of NARPM. She's been on all sides of property management and today, she's joining us to talk about short term rentals and how managing those properties are different from managing long term rentals. Heather's Journey to the Short […] The post Pros and Cons of Adding Short Term Rentals to a Long Term Rental Management Business with Heather Nicely – Part 1 appeared first on Fourandhalf Marketing Agency for Property Managers.

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Episode 72: Artificial Intelligence (AI) Ft. AJ Shepard

Property Management Brainstorm

Play Episode Listen Later Aug 29, 2023 35:04 Transcription Available

Property Management Brainstorm host Bob Preston has met many property managers in the industry. Bob and AJ Shepard of Uptown Properties have known each other for the last few years, mainly from their involvement in the NARPM organization. AJ is also a real estate investor, active in real estate syndication, and owns a beer brewery. Bob and AJ discuss the buzzword Artificial Intelligence, AI for short, and how it can be utilized in property management companies to streamline operations and increase efficiencies. This is his second time on the show, so we are excited to welcome AJ back to the Brainstorm!Topics Covered:[1:58] AJ Shepard introduces himself and his company, Uptown Properties.[2:55] AJ explains his involvement in the NARPM organization and why he is running for President-elect for the NARPM National Board of Directors.[12:30] Bob and AJ discuss the definition of Artificial Intelligence (AI) and its use in the property management industry.[14:24] Is AI synonymous with automation?[16:45] Are routine tasks of property management the primary application for AI in our industry?[21:55] Can AI be used by property management company owners for higher-level predictive analysis and decision-making?[23:35] Property management is a people business. Is there a risk of AI losing that personal touch?[26:45] Bob and AJ discuss Smart Home technology and its application of Artificial Intelligence in managing rental property portfolios.[30:20] AJ provides his parting words and thoughts on AI.Connect with AJ Shepardhttps://www.uptownpm.com/Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

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The Business Runs Itself with Brad Larsen

Owner Occupied with Peter Lohmann

Play Episode Listen Later Aug 16, 2023 64:29

Special guest Brad Larsen joins us for Season 3, Episode 7 of Owner Occupied. In this episode we discuss: (00:00) Sponsor: ⁠⁠⁠⁠LeadSimple (01:54) Brad's background and career (02:54) What are you predicting for the next 2-3 years in the industry? (10:41) Thoughts on NARPM (15:26) How do you approach potential business opportunities? (19:07) What is interesting about starting a roofing company vs. other opportunities? (21:35) How do you spin up a new business? (27:53) Sponsor: ⁠PayProp (29:29) The possibility of a self-running PM Company (33:09) The PM Mastermind Podcast (37:08) The process of running a conference (42:26) Sponsor: ⁠Second Nature (43:46) how to spin up a brokerage company (49:39) Home Property Management (56:06) Thoughts on AI (58:47) Struggles in dealing with customers as a Property Manager Learn more about Brad Larsen & how to connect with him here: Property Management Mastermind PMMcon Property Management Mastermind Podcast Property Management Mastermind Facebook Group The 40-hour Work Year by Scott Fritz Learn more about Peter Lohmann & how to connect with him here: ⁠⁠⁠⁠Follow Peter on Twitter⁠⁠⁠⁠ ⁠⁠⁠⁠Join Peter's Newsletter⁠⁠⁠⁠ ⁠⁠⁠⁠Visit Peter's Website⁠⁠⁠⁠ ⁠⁠⁠⁠RL Property Management

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Episode 70: Lessons Learned in Property Management Ft. Amy Hanson

Property Management Brainstorm

Play Episode Listen Later Aug 16, 2023 30:57 Transcription Available

During his time in the property management industry, Bob Preston has met many property managers all over the USA. One of the most exciting stories he has heard is that of Amy Hanson, who has purchased a property management company, sold it, and started another in a different city. There are many lessons to learn from Amy, including how NARPM has helped shape her journey!In this podcast, Bob speaks with Amy Hanson about how she started in property management, the importance of the NARPM organization in shaping her career, and the lessons she has learned that can help many other property management companies.Topics Covered:[1:35] Amy Hanson introduces herself and her company, A Plus Management, in Plano, TX.[9:00] Maintaining a work-life balance as a property manager.[11:14] How the NARPM organization has influenced Amy's career.[17:40] What lesson did Amy learn from her first company in San Antonio, TX, that helped her start A Plus Management in Plano, TX?[19:40] What Amy knows now that she wishes she had learned in her first property management company?[21:05] What ancillary fee has Amy implemented at A Plus Management that she would not have thought of with her first property management company?[23:28] What is the best technology Amy utilizes today in the tech stack at A Plus Management that she wishes she had access to in her first company?[28:10] Amy shares her final thoughts, tips, and lessons learned.Connect with Amy Hanson, A Plus Managementhttps://www.aplusrocks.com/Connect with Bob Prestonhttps://www.propertymanagementbrainstorm.com/This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

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Behind the Curtain: NARPM's Journey to Industry Leadership

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Play Episode Listen Later Jul 19, 2023 50:47

July 19, 2023 In this episode we call "Behind the Curtain: NARPM's Journey to Industry Leadership," NARPM® Radio host Pete Neubig interviews Gail Phillips, CAE, CEO of NARPM®. Gail takes us on a journey through NARPM®'s remarkable history, shedding light on its vision. Tune in to learn how NARPM® stays ahead of the game, and hear about the incredible benefits that await potential Members.

DGS 207: Why You Need a Community as a Property Management Entrepreneur

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Play Episode Listen Later Jun 21, 2023 35:25

If you are a property management entrepreneur, you have probably experienced isolation. Being an entrepreneur is often a lonely profession, but it doesn't have to be. In this episode of the #DoorGrowShow, property management growth experts Jason and Sarah Hull discuss why every property manager needs a tribe to keep them accountable and celebrate their wins. You'll Learn... [01:45] Don't Surround Yourself with Negative People [06:30] The Isolation of Entrepreneurs [12:45] The Benefits of In-Person Events [17:11] Why DoorGrow Spends 6 Figures Annually on Coaching [20:00] Don't Try to do Everything Yourself! Get Support [30:34] When Someone Else Knows What You Need Better Than You Tweetables “Sometimes what's constraining us in growth is something so simple and obvious that somebody else could see.” “Your growth will be very limited if you are surrounded all the time with toxicity and negativity.” “You need to be around people that don't believe your excuses and that can see your limiting beliefs.” “It's very challenging. It's a tough industry. It is not for the faint of heart. But it can also be very rewarding.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Jason Hull: You need to be around people that don't believe your excuses and that can see your limiting beliefs. And they're like, "that's gross. Like you don't need that. That's bullshit, right? Like you don't need that belief. Like it's actually like this. This is how I see it." And that changes your beliefs if you hang out with those people. [00:00:16] Welcome DoorGrow hackers to the DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you're interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow hacker. DoorGrow hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the bs, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host property management growth expert, Jason Hull, the founder, and CEO of DoorGrow here with Sarah. Do you want to introduce yourself? [00:01:20] You do it. [00:01:21] Sarah the COO of DoorGrow and my wife. Now let's get into the show. " You do it." All right. [00:01:31] You're on a roll. I'm on a roll. All right. Welcome everybody. So today I was like, Sarah, what should we talk about? And so the topic we decided to talk about is something that's been really beneficial to us. We want to talk about why as a property manager, you need a tribe. You need people as a property management entrepreneur, business owner, you need a tribe or you need some people to support you in your positive goals and your growth. And one of the things that I've seen in the industry a lot is there's a lot of people in the industry-- property management's tough, right? It can be tough, and it's very easy to create a tribe or have a tribe or be in groups in which everybody's negative about property management, right? Like where they're just sharing wine memes and like, "Hey, it's the end of the day... property management... tenants, argh!" right? That's not what we're talking about. We're talking about the opposite. A tribe that helps you focus on the positivity and moving your business forward, and that's been super beneficial for us in our business. So maybe Sarah can tell us a little bit about that so. [00:02:40] Sarah Hull: All right. Well, I think in property management there's a lot of different challenges. We can all agree on that. So it is easy to kind of jump on that train of, "hey this is hard" and "my life sucks" and "I don't know why I do this" and "sometimes I don't get paid enough money to deal with this." So it's very challenging. It's a tough industry. It is not for the faint of heart. But it can also be very rewarding, and I think surrounding yourself with positive energy and positive people versus the naysayers and the people who want to, focus on oh, how bad their day was and how hard this is, and how challenging this is, and how tired they are, and that they're just constantly drained. If those are the people that are surrounding you, and that's what you're hearing, you will like, whether you realize it or not, you are programming your brain to think this way. [00:03:46] So if we're surrounded by people that are constantly negative and they live for the weekend and they're like, "oh, I'm going on vacation. I can't wait and don't bother me, leave me alone. Like if you don't just truly enjoy what you do and you are being dragged down constantly. Your brain is absorbing all of this. It's like a sponge. So really what you're doing to yourself is, it's a form of self-sabotage, and it's really important to get yourself around people that are just vibrating at a higher energy. I know that sounds really woo woo, but that's something that over the last few years I've had to work really hard at. I've really become a professional at cutting people off and cutting people out if they're not a champion of me if they're not somehow, helping to promote me or helping me to think, more differently or really proud of what I've done. Because there are always people who are like, "oh yeah, I don't like that guy. I don't like that girl." Like, "oh, she, yeah they're great and all, they've got a bunch of success, but it came because they don't do things the right way, or they, they took an easy way out. So if you're surrounding yourself with people like that, you've got to minimize all of those thoughts and all of the time that you're really spending, so that you put yourself in a better position in order to be positive, in order to grow. Your growth will be very limited if you are surrounded all the time with toxicity and negativity. [00:05:33] Jason Hull: Yeah. I think it's really important to be around people that don't believe your excuses, right? If you're around people that are like, "yeah, that's how it is. Yeah, it sucks sometimes, and that's just like the way it works" or, "yeah, it's difficult to grow or yeah, that's hard. Or, yeah, I'm dealing with that too." Right? Then you're in a support group for a problem, right? That's a support group for a problem, right? That's not helping you move past it. And so you need to be around people that don't believe your excuses and that can see your limiting beliefs. And they're like, "that's gross. Like you don't need that. That's bullshit, right? Like you don't need that belief. Like it's actually like this. This is how I see it." And that changes your beliefs if you hang out with those people. Because their beliefs is are more true and more accurate, they're not going to change theirs down to your crappy limiting beliefs. You're going to uplevel yours. And we all have those at any level. We all have them. And then we talk to somebody that's at a higher level and they're like, "well, I see it this way," and we're like, "oh my gosh, I couldn't see that before." So you need a tribe. So one of the challenges that is created, I believe naturally for entrepreneurs is entrepreneurial isolation, like we're isolated. Especially in early stages. You probably felt this when you first started your business. It's all me. I'm all alone. [00:06:49] Sarah Hull: Yeah. Well, I think I've really-- I felt that until I came to Texas. [00:06:56] So what was different about Texas? [00:06:58] Well, I think everything was really different about Texas, but I think just the mindset of people here is so different. And it's a lot easier to be around people that just, they think there's more, they think it's easy. I think something that I kind of had a lot of when I grew up was: making money is hard, like, you've got to turn, you've got to work, you might need to work, 2, 3, 4, sometimes jobs. Yeah. In order to make the money that you want. And the mindset that I had for, a long period of my younger life was. Hey, if I want more money, I've got to, work more hours, or I've got to get a raise, or I've got to get an extra job. So, for years of my life, I had just worked multiple jobs, two or three at a time so that I can make the money I wanted, and I just thought like, this is what you do. This is normal. And it's hard, like if you can do great things, but it's hard and you just have to, buckle down and like, dig your heels in and just plow through. And only within, I'd say the last three years that I realize it's not hard. It's hard if you make it hard. It's hard. If you think it's hard and it's hard If you're surrounded by people that tell you it's hard then it's going to be hard. You best bet it will be hard. But it doesn't have to be hard. It really doesn't. And just your own mindset can really prep you for what you're going to receive. So if you think, "oh it's hard and I've just got to grind and there's no other way to do this. That's what you're going to get. [00:08:40] Jason Hull: I think every entrepreneur goes through kind of this journey. From a young age, entrepreneurs are a little bit different. We don't value safety and certainty as the highest priority. We are a little bit more adrenaline junkies. We're a little bit more focused on, taking risks. We're willing to work longer hours and harder to like get something going. In order to have more freedom, we care more about freedom than just staying safe and having a safe, stable job. And we think the world can change. We see that things could be better. We want to improve everything around us. We're like, why are people doing it that way? We're not satisfied with the status quo. So what that creates is, that creates a situation in which we're weird. And we get a lot of friction and everybody around us is like, why are you being weird? Like, why don't you just go along with what everyone else is doing? Just do what everyone else is doing and be safe. Like, why don't you just go get a job? Any entrepreneurs ever heard that before? Right? They don't get us. And so we start to learn. As an entrepreneur, "I probably shouldn't say anything." I should probably like not put out there what I'm doing. I need to isolate more because I'm getting so much friction. [00:09:53] Sarah Hull: People just, they don't understand it. They don't get it. But you have this higher vision that other people just don't, they don't have yet, and they can't see it. It's your job though, to help them see it. So you small yourself and you make yourself smaller and more little, and you just say, "Hey, I'm going to I'm just going to do my own thing. I won't worry about it. Then you are taking that opportunity away from not only yourself, but from other people. To see, hey, there's more. This isn't it. You're not done yet. [00:10:31] Jason Hull: It's really difficult though, if somebody's wired that they're at their core. They're like, I want safety and certainty more than freedom and more than taking risks you're not really probably going to change them or convince them. And because we're a minority, we're like, we're rare as entrepreneurs. In order to escape that entrepreneurial isolation that we've all created around ourselves where we think we're on an island and it's all up to me and I've got to get my team to do stuff, and we feel weird and we're different... we have to start connecting with other entrepreneurs. Then we start to realize we're not weird. I went through this and when I first got my first coach, And he was like, described what entrepreneurs were like, and he was like this. And I hung out. I went to an in-person event and it was a group of entrepreneurs and they were all making way more money than me. I felt like the ant in the room, but they all were kind to me. They all loved my ideas. My coach at the time was like, you have a multimillion dollar business and you don't even know it. I started crying because he could see that I had the capacity to do something that I couldn't even see it the time. And that's why it's so important to get around people that can believe in you. [00:11:35] And that's the thing, if you're around other entrepreneurs that are high functioning. Where you have good coaches, good mentors, good people that you're connected with, good friends, whatever, they will see you in your greatness. They'll see you in that you're playing small. They'll see that there's something better for you that you can't even maybe see for yourself. And that changed me. It changed me as a person. That event changed me because I was like, whoa, all these people have multimillion dollar companies and they all were listening to my nerdiness and what ideas I had and they thought I was helpful and valuable and if they can do it, I can probably do it too. And that was like, and I just thought it was, maybe that was impossible, like, but if they can do it... these people can do it. Maybe I can do it right.? So, and that's part of the why we invest a lot as a company and why we're in a lot of different masterminds and programs ourselves, and why we offer a mastermind to our clients, which has become the main, our main business. We have our mastermind groups for our clients. So do you want to talk maybe about some of the groups that we've been in or some of the benefits we've seen in being part of some of these groups that we're in? [00:12:46] Sarah Hull: Yeah. I think even over the last couple months, we've gone and done several, like in-person mastermind styled events. And some of them last minute you were like, "oh, we shouldn't, I don't think we should go. Our business doesn't need anything." Yeah. Like, " we're good right now. We already know what we're doing. We just need to do it." Yeah. And I think sometimes that's exactly when you need to go. Yeah. So even that event that you said, "oh, I don't know if we should go and do it," we had planned to, and then about a week beforehand, Jason's like, "oh, I don't--" [00:13:20] we had so much. [00:13:21] "Like, we're good. Like we have so much on our plate. We already know what to do. We just need to buckle down and do it and get it done." And I said, "I think that's why we need to go." [00:13:31] Jason Hull: And it was really good. Like I had some serious breakthroughs, like I broke down and had a breakthrough. And there was stuff that I just couldn't see and being around, I mean, these are high functioning people that we got to hang out with. You're talking about Puerto Rico, right? Puerto Rico, yeah. Yeah. Our Puerto Rico trip. We did another really cool one in Houston we did with a different group of entrepreneurs. Yeah. A lot of these are coaches, so we're connected heavily to the coaching industry. We went and did the Nashville. We went to another group there two times to Nashville. Yeah. Twice. That was a game changer for us as a company. [00:14:03] Sarah Hull: Both times. And that's the thing is, you sometimes you might go to something and it's really good and then you go wonder the second time, like, "am I going to get as much out of it? Yeah. Is it going to be as good? What are they going to do this time?" And it was absolutely just as good as the first time. And I think the first time you walked away with like 77 little like ideas and I didn't see your list this time, but I, it was huge and big list this time too. It was huge. So there was a big, long list of things that sometimes it just takes a person on the outside looking in-- Yeah-- to say, "oh, well why don't you do it like this?" And you're like, "oh, I can't even believe I missed that." [00:14:40] Jason Hull: We still need to sit down and go through the last event we just got back from Yeah. In Nashville and go through all that. Haven't even been back a week yet. Yeah. But we've got our conference this week, so we're getting our clients together so they can experience an in-person connection. So that's another piece. A lot of these masterminds, there's a virtual component. We have that as well, but the ones we're talking about where we get the greatest benefit, there's been virtual components to those, but the in-person really is dramatically different for us. [00:15:08] Sarah Hull: It is different. It's just so different. When you get face-to-face with people, you really get to connect with them. I think sometimes. It's in the unplanned moments too. It's like, "Hey, we're in the taxi going to this place," or we're on the bus, driving around and-- totally-- like, there's no structure to those moments. It's like hey, we're going to go from here to here, and to do that, we're going to get on the bus. But it's the conversations that are happening on the bus. We're all sitting there, and you sit in different spots and you talk to different people and you're like, "Hey, I heard this is what you do and I'd love to pick your brain on this." and there's so many people, especially in that group in Nashville, there's so many people that they've just been there, done that. Like they've tried it, they've won, they've failed, and they're like, I'm completely willing and open to contribute to other people. And I think that's the other component of it is you can't go into a group like this. And say, "I'm going to take. I'm just taking, yeah. I'm not telling anybody what I do. I'm just going to hide. I'm not telling anybody because this is like my secret sauce." Yeah. Get the secret sauce all over everything. Tell everybody you know, "Hey, this is what I do." This is how it works. Because no matter how good you are, even if you're like, "Hey, things are freaking awesome for me," that's great. You can still get in a group like this. And if you come in and say, "Hey, like this is amazing. This is what we're doing. This is how we're doing it," you are still going to get some ideas because there's going to be something that someone says and you go, "oh I didn't even think about that." yeah. Didn't even think of it. And a lot of times it's like you're just too close to the fire. [00:16:45] Jason Hull: Yeah, like one of the in between moments we had in Nashville was with our friend Sharon. And Sharon, he's the CEO of a company that just posted like, I think they publicly posted they had 4 billion in quarter one in [00:16:59] Sarah Hull: revenue, not just total like 4 billion in. [00:17:02] Jason Hull: So this guy knows a thing or two. And so, and he shared one idea that was so simple it could potentially double our client retention rates. And these are the type of things that we want to bring to the table for our clients. Like we're always innovating, always looking for what's the best, what's working really well, how can we optimize things? And a lot of our best ideas don't come from the property management industry. They come from like us playing our own game of business. In the coaching industry, which is what we are now. We do websites, but we started as a web design agency. But we're no longer really an agency. We're more of a coaching business and running a mastermind but we're always learning better and higher systems and ideas that we can then give to our clients. And our clients are also contributing really cool ideas like our last DoorGrow Live event. This one we have people presenting too, from within the group, like they're sharing. But we had some amazing ideas shared at the last event where everybody was like-- everybody was like, no matter how big, "I'm starting a maintenance company. Yeah. Or I'm going to start doing this." because they got this idea that was unique and different than I'd heard in the industry of how to make this work more effectively. Really cool ideas. We're just stacking cool ideas all the time. I don't think there's any other program out there that is able to stack cool ideas. Even, you know, NARPM's a really great organization. There's some really great organizations out there and people that do coaching. There's some other masterminds, but I don't think anybody moves as quickly or invests as much money as we do into our own coaching and into masterminds and working with high level people and creating connections, relationships, and so, I don't think there's anyone that moves as fast as us too. Like we move really fast as a team because of our amazing systems. It's the same system we teach clients to do for planning DoorGrow os and all this kind of stuff you've probably heard me talk about on the podcast before. [00:18:54] I want to challenge something you said. You said moving to Texas was different and I think. I think what's really different is Austin moving to Austin area. Austin has a very entrepreneurial community. It does. That's kind of unique to the area, and like I lived in LA area and... all right. SoCal, everybody from Pennsylvania think SoCal, like if you've been to Pennsylvania, like up there. Sorry, but I don't think it's that great, but. [00:19:24] Sarah Hull: I'm also sorry if you live in Pennsylvania, [00:19:25] Jason Hull: SoCal is pretty great, except the politics is horrible, but, and there's like, yeah. And some of the areas are getting really bad, but that's why I left. Right? But SoCal in LA, you think there'd be a lot of entrepreneurs and whatever, like people are all about themselves. Like, it was really difficult to connect. I couldn't find groups or communities. I would go to some events and it just wasn't the same. And it's very different here. And a lot of people here are from California, which is, it's like all the best people escaped but it's an awesome community here that allows us to connect with entrepreneurs and destroy that entrepreneurial isolation, right? That I had mentioned. Now, a lot of people don't invest in these things because they think they can figure it out themselves. I mean, is every entrepreneur's default thing. I'm smart enough, I can watch some YouTube videos, I can read some books. I can figure it all out myself. I can do it. That's like stage one. You think you're the hero, you're a king. You can do it all on your own. Right? [00:20:19] Sarah Hull: But you know, and it's not even that you're wrong. Because you can. Yeah, it's true. You can do it by yourself. [00:20:24] Jason Hull: Just take a decade longer. [00:20:26] Sarah Hull: It's just going to be infinitely harder. And I think one of the beautiful things about connecting with the people that are in your industry specifically they all have a different formula for what they do. They all have different knowledge, they all have different experiences and expertise. So, I mean, there are people in like in our mastermind group that they're like, "Hey, this is what I am going through right now and it's a mistake that we made, and I want to share it with the rest of the group so that everybody else in the rest of the group gets to learn without having made the mistake themselves. [00:21:05] Jason Hull: I think also what's unique about our, because it's not just property managers getting together, there's lots of other places that could do that besides DoorGrow. I think what's really unique is that because of how much I've invested and how much we invest as a company and how much we've kind of consolidated and that we continue to do that aggressively and very quickly. I mean, we're in I think 2, 3, high level, high ticket masterminds right now. We spend easily six figures a year as a company on that. Like my business allows me to feed my coaching addiction and to get more stuff. Right? That's true. Right? So the business serves me because I love to learn. Right. And I love teaching and sharing. I think what's really different though, is that when people come into our group, Their mindset very quickly gets upgraded. I mean, we have a training called Mindset Secrets. Like we are changing these people the way they think and the way they operate. And now they aren't able to be part of a group of other people with that upgraded mindset and that upgraded level of thinking. And they're not doing stupid stuff. Like, they're not like, "I'm going to go just try and do internet marketing or content marketing" or whatever they're trying to do to grow, they're like, there's better ways. "So I'm going to do this stuff that DoorGrow taught me." So everybody comes in with a bunch of junk and a bunch of garbage and a bunch of false beliefs and a bunch of ideas of what could work. And that's not really working. And they're frustrated or stuck. They're stagnant in their operations, they're doing too much in their business. They're not really enjoying their team. Like we get all of them to see a better way of doing all this and change it. A lot of people think DoorGrow's all about growth. That's like such an easy thing we solve for clients is adding a bunch of doors. What we really do is we really help business owners become entrepreneurs and run really effective teams and get really great people and build really great systems and operations. That's really what DoorGrow does, but everybody thinks DoorGrow must just help people grow. [00:23:00] Really, we love working with the 200 to 400 door plus companies that are struggling with people, systems, team, operations, because these are all the things the business owner thinks they should be doing, that they should not be doing. This is what their operator or these people should be doing on their team. Right? And so because they come in and we upgrade their mindset very quickly. That group as a group, this Hivemind, this Mastermind, are able to contribute so much more value than I was able to see in any other groups in the industry. Does that sound fair? [00:23:33] Sarah Hull: Yeah. I think that's-- I'm obviously biased, but-- no, I think that's a good point and I think it gives you really a place to be recognized too. Because we don't get that. Yeah. Like there's no one, you know, when you're in school or when you're a kid and like you do something and you get like the gold star or something, you're like, oh yeah, I got a lollipop because I did my chores today. Like yeah. As adults, we don't get that. There's nobody who's like, "I'm so happy about what you did. Like you did such good job. Yay for you." Like, unless you have these connections, like you just, you miss out on that. [00:24:12] Jason Hull: So you're kind of touching on the gamification or the gamification where we've gamified our mastermind, right? We've got like our belt levels. Like you're moving through martial arts for property managers where you're going from like zero, a fantasy belt to a white belt of getting your first door to being a black belt at a thousand doors. And we have like achievements that you've mapped out, that we have achievements that we've mapped out as a company for people to achieve certain things to showcase their expertise and our clients wear, like this is new, but they're going to be wearing at DoorGrow Live this week. They're going to be wearing lanyards that are their belt color that they've earned in our system. This is not just because they have doors. You don't get to be a black belt because you have a thousand doors. You have to start as a white belt. Get on the mat and like earn each of these belt levels by achieving certain milestones in DoorGrow to prove that you've upleveled your mindset, you've upleveled parts of your business and that you've got things financially in place and that you have a profitable company. Like there's all these requirements that we've installed and that gamification makes it a lot more fun and allows some of that, you know, recognition to be seen by other people. Right? Yeah. So that's been really helpful. [00:25:27] Sarah Hull: And I think that's a really good point too, is the door count doesn't always matter. That's what we in the industry, that's where we're like, oh, they have, 5,000 doors. Like, oh my god, that's insane. But I've seen companies with like 8,500 doors that make $54 a door or what? I'm sorry. But I have-- [00:25:47] Jason Hull: and that's revenue. Some of them aren't very profitable. [00:25:51] Sarah Hull: Well, right. So I have zero interest in running a company that has 8,500 doors in which I'm making next to nothing or worse, losing money and I'm not getting paid, or I'm not getting paid well because all of the money is going out to expenses. So what we've done is we've kind of engineered things so that, because I mean, given the choice, if you could have a company with 8,500 doors making bare bones minimum, or if you could have a company with a thousand doors, but you're extremely profitable... so that's what we really focus on with especially the belt system that we put in place. But what's really great about it is when you come to, like one of the live events, you can just pick them out of the crowd super easy by the lanyard. Just look at the color and if you know the DoorGrow Code and the belt system, you'll know very easily like, Hey, this is where I'm at and this is what I want. So let me find the people in the room that are ahead of me. That's who I'm going to talk to. [00:26:55] Jason Hull: Yeah. Super easy. Yeah, so. Love it. Yeah, so that's helpful. Like everybody needs a hero to chase after. They need those mentors. And so we facilitate that in our program as well. So, yeah, so it's been a game changer for us to have tribes that we are part of that can help us level up. Sometimes they're pointing out things that are so obvious and so stupid that we're missing because we're too close to the fire that it's ridiculous. Like one of them was we do website design for a lot of our clients and we've done that for over a decade. But one of the people that ran a multimillion dollar business that we were in a group with said, "Hey, your website says you do this, and this doesn't sound like what you described." We had changed so much in the previous six months. And it was about six months since we had redone our website. It was all outdated. Our homepage was outdated. And so it was such like a blind spot and it was so obvious and it could affect our revenue so much. It was so stupid. Like I was embarrassed because I'm like, I run a web design agency, and we do this and I've done this forever and I'm missing something so simple and obvious that could make things so much easier. So we changed that and now we're getting a lot more leads and a lot more flow, and it was just like something that we were missing and we just needed somebody outside. And there's so many things like that. We just did a premium mastermind event. We went to Pigeon Forge. [00:28:21] Well, Sarah set this all up technically. Yeah, so it was like in the Rocky Mountains area and like by Pigeon Forge. Smoky Mountains. Smoky Mountains. Smoky. Not in the Rocky Mountain. I don't know where it was. Sarah set it all up. [00:28:31] Sarah Hull: I know you just showed up. He's like, what am I doing? I'm like, just show up. Right? So, yeah. Yeah. So I kind of set everything up, but what we did is we got a hand selected group of people together and we rented out like a luxury vacation rental. I wanted it to be nice, like very nice. Beautiful view of the Smoky Mountains. [00:28:56] Jason Hull: It was like this beautiful cabin. [00:28:57] Oh, it was awesome. Up on this hill. Yeah. Like a beautiful view. [00:29:01] Sarah Hull: It wasn't a hill, it was at the top of the mountain. [00:29:04] Jason Hull: I don't know. I call that a hill, but it yeah, it was beautiful. We had big mountains behind my house when I lived in SoCal. Yeah. So. But it was, yeah, it was really beautiful. We did some fun things with them. [00:29:14] Sarah Hull: Yeah. Yeah. It was really great because we got everyone together. Yeah. And the first day, it's like everybody's just kind of hanging out at the property. We're having dinner, we're just kind of talking. We're just figuring it out. The next day we did a deep dive on everyone's business, and I think that was incredible because you get to just contribute to the group with what you can, you get to receive from the group with what you need. And then at the end of the day we went and we just had some fun. So we got out of business mode, which sometimes entrepreneurs are not really great at doing. So we got out of business mode. We went to dinner, we went to a museum, and then we got back to the property and some of us were like, okay. We were up until, I don't know, it was like one in the morning. Yeah. Just chatting. Because we all just couldn't stop. We were all like, okay. Some of them were like, I need to go to bed. I need to go to bed. I think there was probably a good like six of us up until like 1:00 AM. And everyone just got so much out of that and like we got so much out of that too. And it's like that style of event that we've been to and we just knew we needed to implement that in our program because if we come across something and we benefit that much from it. Like I said to Jason, I was like, we have to do this. Yeah. Like, we have to make this happen for our clients. I don't care what it takes. [00:30:34] Jason Hull: Going back my point in bringing this up is that, a lot of these business owners, these property management business owners were at similar stage in their business. And they were able to share ideas. Everybody kind of opened up what their problems were. We looked at their financials. Like we went deep and they were very vulnerable and everybody could see some really obvious things that, that the business owner couldn't see. Like one of them was still getting a lot of phone calls and wasn't able to function in that BDM role that they wanted to as a business owner, while their spouse was functioning more as operator role and they weren't able to do that because they were getting so many calls and property management related stuff to work on. And it was so simple. It was just changing the phone system. That was it. It was just changing and setting up a phone system and changing, setting up some routing. And that's freed up so much more time since he went to that event. He like made those changes really quickly and now he is got way more bandwidth, right? [00:31:30] Sarah Hull: So, and since then he's added, he's now over 200 doors. Did you know that? Yeah. What was he at before? I think at the event he was 150 something. Yeah. So he's now over 200 and that event was a little over a month ago. [00:31:42] Jason Hull: Yeah. Yeah. So I mean, sometimes what's constraining us in growth is something so simple and obvious that somebody else could see, especially somebody that's worked with people at a much higher level. We can see that path. Right. So, anyway, I think-- anything else we should touch on of why property managers need a tribe? I don't think so. You need a tribe. Don't be isolated. Your business will be the sum of the five property management business owners you pay attention to or listen to or connected with the most. And get into a group where people have upleveled their mindset. Have a conversation with our team. You can just check us out doorgrow.com. Go join our free Facebook group where we've got some really cool people in there. They're all very helpful. You can go to DoorGrowClub.com to get access to that. Or just go to our homepage of DoorGrow, click the big pink button, and I have a free training, like 90 minutes going into how we can help you level up your operations, create more freedom and fulfillment for yourself, and that's really what's holding you back probably in adding doors. It's probably that you know how to add doors, but deep down, you know that if you add another a hundred doors, another 200 doors in the next year, which we can easily help you, you know that means your life's going to get worse. We need to change that so your business is scalable and get the right systems in place so that you know your business can handle that and your life gets better the more money and doors you have. And let's make you profitable. Like really profitable. Yeah. So if your profit margin isn't like, at least what? [00:33:14] Sarah Hull: Minimum 20%. But maybe even 30 minimum, maybe even 40%. Oh, yeah. Like, let's get you. Some of our clients have 40, 50, 60% profit margins. [00:33:25] Jason Hull: Which was not the case when they came to us. No. Right. So if you're not experiencing the margins that you would like to in your business, it's a lot of times you just can't see it. But we can rearrange the team, we can lower your costs, we can get your team to be more productive or effective. And they don't need to be micromanaged more. You just need some specific systems, like a good planning system, good hiring system. So anyway, we'll wrap up. I could talk about this stuff forever, but it's nice doing the episode with you, Sarah. So I'm trying to convince her to do more with me. So if you guys like her being on these episodes, comment in the comments. Oh boy. Here we go. I know she's better looking than me and she's way smarter than me in some things. Some things. And so yeah. [00:34:09] Sarah Hull: You're going to butter me up like that, I might do more episodes. [00:34:12] Jason Hull: There you go. Butter. Yeah. All right. So anyway, that's it for today. So until next time to our mutual growth. Bye everyone. [00:34:21] You just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! [00:34:47] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

How to Build a Profitable Property Management Business with Brad Larsen

Team Building Podcast

Play Episode Listen Later May 12, 2023 9:07

In real estate, our worlds revolve around the transaction, we miss out on the profit of parallel verticals. It might not seem that way on the surface but property management is the epicenter of all real estate transactions. Everything goes in, around, or through property management. The more we invest in it, the more profitable we are and the more valuable our businesses will be. In this episode, founder of RentWerx and Team Building Summit keynote speaker, Brad Larsen shares the advantages of property management. Guest Bio Brad is the Founder of RentWerx, in San Antonio, Texas managing 1,000+ single-family homes with 35+ staff members. In 2017, Brad started the Property Management Mastermind Podcast, created the Property Management Mastermind Facebook Group, started the Biz Dev Mastermind Consulting Service, and started the Property Management Mastermind Conference. Brad has been a NARPM® Member since 2014, as well as a presenter, speaker, and exhibitor at NARPM Conferences. He also served as the NARPM Accounting Standards Committee Chair in 2018 and has most recently been accepted as a NARPM-certified instructor.For more information, visit https://pmmcon.com and https://www.propertymanagementmastermind.com. You can also find Brad on LinkedIn.

DGS 199: Why You Should Focus On Profitability In Your Property Management Business

The Profitable Property Management Podcast

Play Episode Listen Later Mar 23, 2023 36:55

We recently learned that most property managers have an awful profit margin in their businesses. If you struggle with profit in your PM business, you won't want to miss this. Join Jason and Sarah Hull from DoorGrow to learn about how to improve your business, team, and profit margin by making small improvements with BIG impact. You'll Learn… [01:18] Why do property managers have bad profits? [05:11] You need a better team [07:06] How do you know if someone is the right fit? [14:09] Deciding if YOU are in the right roles [18:10] Why you need a strategic planning system [22:57] How to fix your team Tweetables “If you have team members you don't feel safe giving up a chunk of your business to run for you, it's because they don't share your values. And if they don't share your values, you'll never trust them.” “It doesn't matter how many doors you have or how few doors you have, you can have a really bad profit margin.” “The average profit margin for companies in the 50th percentile is only 1%.” “The easiest low-hanging fruit to increase profitability is to tackle the biggest expense in your business if you have a team… people.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] If you have team members you don't feel safe giving up a chunk of your business to run for you, it's because they don't share your values. And if they don't share your values, you'll never trust them. [00:00:09] Welcome DoorGrow Hackers to the #DoorGrowShow! If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow Hacker. DoorGrow Hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. [00:00:48] At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the bs, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host property management growth expert, Jason Hull, the founder and CEO of DoorGrow here with Sarah, the COO of DoorGrow. And now let's get into the show. [00:01:16] So what are we chatting about today? [00:01:18] We are going to talk about profits. [00:01:21] Okay. I'm noticing this trend lately in talking with some clients, in talking with property managers, that some companies that are struggling with profitability-- which tends to happen when you have a team, usually in the 200-600 door range. Some are now maybe two to 400 range, which I call the second sand trap. A lot of times I'm noticing that they're trying to figure out profitability. They're like, " we don't have a good enough profit margin and-- Oh, we just did a cool video. [00:01:53] We did. [00:01:54] Called what? [00:01:55] Profit Martian. [00:01:56] Profit Martian [00:01:58] Little silly play on words. It's this silly video, make sure you go do a search on YouTube for Profit Martian. So you need to focus on your profit margin, right? And a lot of property managers have really bad profit margins. Like some of the gurus and mentors and coaches that you look up at out there, some of the people with tons of doors, their profit margin actually really sucks. It doesn't matter how many doors you have or how few doors you have, you can have a really bad profit margin. [00:02:26] Yeah. So actually, um, I was talking to somebody just maybe two days ago and he sent me some data from NARPM. So they do all of their little, you know, tests and data gathering and all of that good stuff. And this is from, I think, not 2022, but I think 2021. But there's like a whole breakdown. And if you're in the 50th percentile of property management companies, regardless of size, the average profit margin for companies in the 50th percentile is only 1%. Like one 1%, like one whole percent, which is... I almost threw up when I saw that document. Like, oh, whoa. I felt so gutted. And, I don't know, maybe I was just doing something different when I was running my company, but my profit margins were insane. They were insane. It can be-- [00:03:18] Define insane. Can you tell them? [00:03:20] I was well over 50% profit margin. [00:03:22] Yeah. [00:03:23] Like well over 50%. She's kind of efficient. I ran a tight ship. We did. But I almost couldn't believe the data, but I have to believe the data. It comes from NARPM right? So it's like, well, that's the data. So I don't know what's happening. And I think, I think we made the connection. [00:03:42] Yeah. And wait, can I brag by you for just a sec? So in-- [00:03:45] Yeah. [00:03:46] So she has, she was managing over 200 doors. [00:03:50] 260 [00:03:51] Okay. [00:03:51] Okay. It's a difference. [00:03:53] That's a lot. Some companies only have 60 and they're struggling. So 260 And these are C class properties? [00:04:02] Yeah. [00:04:03] Small multifamily. [00:04:04] And lots of single. Single and small multi. [00:04:07] Yeah. [00:04:08] Our like big multi was like 10 units, like a 10 unit building. [00:04:11] Okay. [00:04:11] We don't have in that area, big, big buildings. [00:04:14] And these are like not necessarily the easiest tenants normally. [00:04:18] No. [00:04:19] Now she did this with only one part-time person that was boots on the ground. [00:04:27] Mm-hmm. [00:04:28] And Sarah was so bored. She was so bored, she came to work in DoorGrow like she was like-- [00:04:35] Twice. [00:04:36] Yeah. [00:04:37] Yeah. So I came and then I left and then came back. [00:04:41] Yeah so I just want to point out like she's super efficient and she was able to do that. After looking inside of like, and talking to thousands of property management companies, like, I know that's exceptional. Like, I know that's rare and a lot of people are like, how's it possible? And some clients of ours, after Sarah's gotten on a coaching call with them, have cut their staffing costs in half, or fired half their staff. Like-- [00:05:01] Yeah. I've had a few of them today. [00:05:03] Yeah. [00:05:04] And then they thanked me for it. [00:05:05] Yeah. [00:05:06] Yeah. [00:05:06] Well, the team members probably didn't. [00:05:08] Well, not them, no. They weren't too happy. [00:05:11] So what we're noticing is a lot of times property managers are like, "we need more KPIs, we need more metrics, data. We need more data, numbers, we need more micromanaging and more process documentation because we're trying to squeeze blood from a stone. Like " how can I get a little bit more juice out of my team?" when they don't focus on the actual real problem. And the real problem is you have a shitty team. Like your team-- [00:05:38] The wrong team. [00:05:39] And maybe they're good people, maybe they have good values, but they probably do not match the three fits. Did I do an episode on the three fits previously? [00:05:49] Probably at some point. I think a lot of times what I see is-- and not just in property management, just in general, businesses-- they hire the wrong way. [00:05:57] Yeah. [00:05:58] So there are three different fits and they go cultural fit, then personality fit, then skill fit. [00:06:05] Mm-hmm. [00:06:05] And they should be in that order. Most of the times, what I see is the reverse. So they focus first on skill fit and then on personality fit and maybe culture. [00:06:19] So the Three Fits of DoorGrow... trademark. So the Three Fits to the Ultimate Hire, this is a framework that I came up with because I was just noticing in my own business this became really important. I was also noticing in other businesses of other million dollar plus business owners we hang out with and in lots of our clients. Like a lot of people were having difficulty with team members. This is common no matter how big the business is or how small it is, if they had a team. And it's because they don't have people that are the three fits. There's sort of a similar concept I noticed in the Traction book, but I didn't really like that model. I wanted to simplify this. So here's how I look at it, I look at it through these three lenses. First culture fit. Do they share your values? You can assess your team right now. Does everybody on your team share your values? If you're not clear on what your values are, though, the answer is probably no. They might have good values. That doesn't mean that your team members might have bad values, it just means they might be different. Like for example, you might value things being done very efficiently. Maybe that's a big deal to you and your clients value that, and you want to make sure things are done as cheaply and efficiently as possible. But maybe you have a person that's a vendor or a maintenance coordinator or in-house maintenance staff and they value things being done, quality, and they take a ton of time. Or it might be the reverse for a lot of you. It's just different competing values. And so if somebody doesn't have the same values as you, what's the big problem with that? [00:07:54] Well, the problem is they're going to make decisions differently than you make decisions. [00:07:59] And so you'll never trust them. You cannot trust them. So this is the thing, if you have team members you don't feel safe giving up a chunk of your business to to run for you, it's because they don't share your values. And if they don't share your values, you'll never trust them. That's the bottom line. Let's talk about personality fit. Culture fit is the most important, like Sarah said. Personality fit. This means they naturally love doing this job. They naturally love doing it, which means they don't have to be motivated. They don't wake up in the morning and think, "I can't wait to for the weekend. I hate this job." They like, they love doing what they get to do. And believe me when I tell you, you may think nobody loves property management. Nobody loves this... there is a person. There are people out there that love changing bed pans. There are people out there that love doing just about anything if you get the right personality fit for that role. Not everybody loves sales, but if somebody's the right personality fit, they love it. They love the push. They love the hunt. They love the chase. They love the challenge. They love talking to people. They have no resistance to doing cold calling. [00:09:04] Some people love that stuff. Some people hate it. Some people love accounting. Some people hate it. Some people love, you know, whatever it is. You can pick anything. And so personality fit means if they're good culture fit and a good personality, that means you just need the third, the last thing, which is skill. The skill fit means they have the training and the experience to do the job. So you can hire people that already have the skill, which is somebody that already knows how to do it well. They're what we would call a "who." They're looking for somebody who can do the job, or there's those that you can train and teach how, so that would be like hiring a "how". There's a really great book called Who Not How, which is a really great book, and in the beginning, early stages you have to hire "hows" and you're going to teach them, which means you have to be the "who" that knows everything. [00:09:56] And later on you're going to start to hire people that are beyond your level. Like I hire people beyond my level that are better at these things than me. I hire "whos". They're much better at these things. And so here's how this works. I usually have a Venn diagram, three circles that are overlapping. I've got culture, personality, skill, and if they have culture and personality, they can be trained-- is what shows up in the middle of those two. If they have culture and skill, but they're not the right personality fit for the role. They don't love it. But they believe in you. They love your company. They share your values, and they have the skill to do the job and the training. Here's the caveat, they'll never be great. They'll never be great at that role because they'll always have friction and resistance. Let's say you hire somebody to be a bdm, but they hate talking on the phone. They don't like reaching out to people and it's uncomfortable. You've trained them. They have the skill to do it. They believe in your values and believe in your business, and they share a belief in you. Like they like want to support you, but they're always going to have friction and they're going to avoid it. "Well I tried texting them twice," you know, and you're like, you have got to call them, right? So if they are personality fit and a skill fit, but not a culture fit, you'll never trust them. And so that's how these play out. If you have all three, they're the ultimate hire. Okay, so what I want you to understand is if you're focusing on profitability right now, KPIs, metrics, more micromanaging, it takes an infinite amount of processes and micromanaging to try and create the results you'll get from the three fits, and you'll never get close. It just won't happen. And so it doesn't make sense to go sign up with profit coaching companies and working on your NARPM accounting standard and all these metrics, when the easiest low-hanging fruit to increase profitability is to tackle the biggest expense in your business if you have a team. And what is that? What's the biggest expense? [00:11:47] The biggest expense on your team? Well, all the people. [00:11:49] Yeah. If you have a team, it's your team. People are-- [00:11:53] You have got to pay people. They like that. [00:11:55] People are expensive. They're way more expensive than software. They're expensive. And you need people in a property management business. It's a people based business, right? It's about relationships and communication and all this. And so the first thing we want to do is decrease the unnecessary work, which Sarah's really brilliant at. We decrease the unnecessary work. That alone can cut your staffing costs in half. [00:12:18] And redundancy. I've talked to like a lot of property managers where it's like, "who handles your leasing?" And they're like, "oh, Joe and Sally." Nope. have one, one person. Because if Joe and Sally does it, that means nobody's actually doing it. Because Joe will say, "oh, I thought it was Sally." Sally will say, "oh, I thought it was Joe." and he goes back and forth and that's how things fall through cracks. That's how things get missed. That's how mistakes happen. There's no true ownership... [00:12:43] Yeah. [00:12:43] ...of that thing. And if there's no ownership, you can like guarantee that it's not going to happen. [00:12:49] If it's not clear who owns the particular job or task or thing to be done, then nobody does, and then they'll be stepping on each other's toes so there'll be double work or it'll just get left undone. Or "I thought they were going to do it." It becomes a mess. Right? [00:13:01] Mm-hmm. [00:13:02] What else should we talk about about this? I think the thing is if you've seen our DoorGrow Code, and if you haven't seen that, I highly recommend you reach out to our team, get a copy of the DoorGrow Code. It shows the roadmap to go from basically zero to 1000 doors and how to do it as quick as possible. A lot of people focus on the profit system, which we have way later at like maybe the 600 door red belt stage, but they've skipped really dialing in their pipeline system. Maybe your sales CRM right now is still like a spreadsheet and you don't have your sales process defined. You don't have maybe a process system, so you don't have some sort of system like we're launching DoorGrow Flow, which is really cool. Vizio like flowchart software for mapping out your processes and for your team running the processes in the business consistently. But you don't have a really solid process system where the processes are clearly defined. But even if you have all the processes in the world, if you don't have a good people system in the business, which is the next thing that you need to have, this is your hiring system. This is how you vet your team. This is how you make sure everybody are the three fits. And I should point out the most important, who's the most important business that should be the three fits? [00:14:14] The CEO. [00:14:15] Yeah. [00:14:16] Yeah. So those of you listening, if you're the business owner, it's you. You should be making sure you are the right personality fit for the roles that you're in. And I guarantee if you're wearing every hat right now, or a lot of hats, you're not, you're not the personality fit. That's why you don't love doing some of those things. Those are the first things we've got to get off your plate. [00:14:33] Yeah. I talked with an owner yesterday and he's like, "oh, I do everything." I'm like, "all right, let's talk about what is everything? Tell me what you do" "I do this and this and this and this and this. So the list is like 20 things long. I'm like okay so out of those things, like what are the things you actually enjoy? "Like I love building systems." He's like, "I love it." He's like, "that's what I do." I'm like, "okay, cool. So what are you doing right now that you hate, that you like, if I could like just snap my fingers, you would never have to do again? What would be?" He's like, I hate doing sales, which is really-- [00:15:02] This was a business owner... bizarre [00:15:04] Really unique because a lot of times the business owner loves doing sales. That's the role they want to keep. They're like, "I love doing that. I love talking to people. I love networking. I love selling. I love promoting my business. I love that." He hated it. I'm like, "you're an operator and that's great." I'm like, that's cool. Like you're that operator personality type. The operator is not going to do sales. So if you're hiring somebody and you're like, "oh yeah, you're going to help me out with admin work and operations, and then they're also going to be like BDM and doing cold calls and..." no, they're not. No, those are two different personality types. [00:15:34] Yeah. [00:15:35] And they clash hard. They clash hard. So in that case, like he should not be doing sales because he hates it. So does he do it? Yes, because he has to. But does he like doing it? No, absolutely not. So if you don't like doing something and you're forcing yourself to do it, it means a few things. First of all, it means you're probably not going to be really super good at it because you're forcing yourself to do it. So you're just going to like, all right, how can I hurry up? How can I get through? Like you're not intentional with it. You're not. Because your heart isn't in it. You're like, I hate doing this. This is just something I have to do. Um, and then it also means that it will fall on his list of priorities really low, which means it will happen last. So he'll go, oh, these are all the things I could do instead of doing sales calls and he'll do 20 million other things instead of doing the sales calls. And the sales calls are the thing that actually are going to help grow the business. But since it's such a painful thing for him to do, it's going to come so low on his list of priorities that that will be the thing that either gets done last or gets skipped. So in that case, like take off that hat and hire it out. You need a bdm. [00:16:47] So one of the things that we recommend that you do is you need the process system. You need a people system. And so that's something we help our clients build out is a hiring system. We have DoorGrow ATS that stands for Applicant tracking system and software, and then we have an AI assessments partner that we partner with to assess you and your team and your potential new hires. [00:17:08] Mm-hmm. [00:17:08] Then we have things that we help you map out, like R Docs, which are the ultimate job descriptions, which will filter out and help also attract some people that are the right personality fit. And so we have this whole system for-- [00:17:21] the right culture fit. [00:17:22] Yeah. [00:17:22] Yeah. Your R doc will attract the right culture fit. [00:17:25] And so the hiring system we put in place reduces that risk because one bad hire is going to cost you probably about 10 grand minimum. You'll probably have a month for three months. You'll be paying them some sort of amount of money each month, and they will probably also cost you some business, especially if they're connected to the front end at. So it's going to be expensive. [00:17:45] Yeah. Plus your time to train them. [00:17:46] Yeah. [00:17:46] Or somebody else's, like on your team is training them so their time. [00:17:51] Yeah. So you're losing money. [00:17:52] Plus they missed opportunity from finding the right person. Yeah. [00:17:55] So bad hiring is super costly in the business. It eats your profits up like crazy. Bad team members or weak team members or team members that are not solidly the 3 fits. Eat your profits like crazy. [00:18:09] Yeah. [00:18:10] And then we have people that have somewhat mediocre teams or they're just not in the right seat on the bus, as a lot of people like to say. And then they don't have a planning system. And that's the next system we want to put in place a planning system. Once you have an operator and you have, you know, a team, a planning system, it really is the rocket fuel for your business and the planning system that we've built is better than EOS. It's better than Traction, all that kinda stuff out there, those are very top down. It needs to be bottom up to where your teams start to work and function like business owners thinking strategically in helping you grow these different arms and pieces of the business that you put them over on your executive team. And so DoorGrow OS allows that to happen. It's software that we've built and this allows you to come up with your annual, quarterly, monthly, and weekly goals as a team to figure out how do we eat this elephant one bite at a time and break it down. And it creates ownership, it creates accountability. Everybody can see whether or not people are getting things done. There's green "yeses" and red "no's" at the end of the week on this software and everybody's accountable and can see it. A players, people that are the three fits, they love this, they love this accountability, they love being in the system. B players will quit. [00:19:30] Mm-hmm. [00:19:31] I've seen it multiple times. We implement something in a business, a planning system like this, and then team members quit. They're like, forget this. I don't want to be seen. I don't want to be accountable. I don't want them to know whether I'm getting stuff done or not. I just want to do my day-to-day tasks. This really is where you have team members that are now moving the business forward instead of you dragging them up the mountain towards the goal, which a lot of you feel like that. And if you're dragging your team members up the mountain, they're all sitting in the wagon and you're pulling them and you're trying to clear the path with the machete and go up the mountain towards the goal, you have the wrong team. If you get your team in the right alignment and you've got your values defined, you've got your process system, your people system, your planning system, your pipeline system, you've got all these, you will be infinitely more profitable. [00:20:15] I find that I get three times the output from team members if they are the three fits easily. And so what would that do? Imagine what that would do if you got three times the output from the existing team, how much more capacity you could have. How would that affect your business? Like it would be, it's pretty magical, I will tell you. So our clients grow pretty rapidly. And so focusing on those after we get all those systems in place, then at DoorGrow we'll focus with clients on the profit system. [00:20:43] Mm-hmm. [00:20:44] After all that, going to the profit system and KPIs and metrics and trying to squeeze team members and all this is kind of like you're trying to do body building and you are taking creatine. You're like, creatine's supposed to help my muscles. Yeah, it can help a little bit, but you need to eat food. You need to get sleep. You need to exercise, like you need to do the basics. So don't jump to the end and now start to squeeze more money out of your team and more profitability when you haven't solved all these earlier problems that need to be solved. [00:21:18] Don't put the cart before the horse. [00:21:20] Yeah, it really is putting a cart before the horse. [00:21:23] And everyone wants to, because they all want to focus on profitability and there are ways that you can focus on profitability. in your company early on, like door number one, you should be focused on profitability and there are things that you should be tracking in your business, but when you hire a team member and then you're like, oh, I'm just going to put in like 10 metrics that they have to do every day and I want end of day reports and I want weekly reports and I want this and I want that, I want this. It's just not going to be the same thing. Those are not going to be the things that actually help you be more profitable in the business, and that's what everybody thinks, but that's a really common mistake. The things that are actually going to help you be profitable in your business are things like looking at your P and L. Whoa. Crazy, right? And it's okay if you don't, right? Because this is what we do. This is how we learn. But you are not looking at your P and L every month making decisions based off of your P and L, then that's a missed opportunity. And then if you're not tracking your profit margin, if you're like, "I have no idea what my profit margin is, I don't know," then there's a missed opportunity. So those are the things that you could do even early on with or without team members. That will actually help you and you can make decisions accordingly and based off of that information, instead of saying, "all right, now I want to micromanage my team more and I want implement this and this and this and this, I need 12 tracking systems and I need all this data and all these metrics and all these spreadsheets," then what you're doing is you're just paying your team to do more work. [00:22:51] And that work isn't even moving the needle, which everyone thinks that moves the needle it doesn't move the needle. [00:22:57] So let's talk real quick about having the wrong team. Really, if you've been stuck at maybe the 200 to 400 door range for several years, you can't figure out how to get ahead, usually, the problem is you. Whether you want to admit it or not, you have the wrong team. You're micromanaging them. They come to you asking every question, and you can't trust them to think and make decisions the way that you would, and this is because you've built the wrong team and that's on you. And so there's a couple myths. One myth is the clone myth. I see this early on. They think, "well, if I could just find somebody else like me then I could clone myself. I just need that one person. They'll be just like me, and that's all I need. Entrepreneurs, I want you to understand it takes like 10 people to clone yourself. It takes like 10 people because you're so adaptable. You can do so many different things. And so it takes like 10 people to clone you. There's not just one. [00:23:52] And if you found somebody that actually was like you that could wear multiple hats and be highly adaptable and like was intelligent, you could learn all this stuff and do all of this, guess what? You're just training your next competitor. They're going to leave you because would you work for somebody? Probably not. You want freedom, you want fulfillment, you want the Four Reasons you are an entrepreneur. If you find somebody highly adaptable like that, they're going to learn what they can from you and they're going to go, "I can do this better myself. I can have more money, more time, more freedom, more fulfillment if I do this myself. I'm going to go do that." So if you find a good clone, they will be a clone, but they will also start doing what you're doing, and that-- I've seen that happen a lot. And they'll take some of your portfolio with them sometimes, regardless of what sort of legal stuff you think you've got protection on. I've seen that happen over and over again. [00:24:42] So the other thing is if you have the wrong team, this is something we can help you with at DoorGrow. We can help you figure out your team, assess, and we'll help you figure out which things are your strengths, which things do you most enjoy doing so we can build the right team around you. [00:24:56] Mm-hmm. [00:24:57] You can't build the right team around the wrong person, and so if you're showing up as the wrong person in the business, you're not doing things that you love, you're not focused on those things and then you're hiring team members based on what the business needs. This is the big failure I see why people get stuck at 200-400 doors is they built a team based on what they think the business needs instead of based on what you personally need as a business owner. We will help you figure that out. We have processes for this. We do time studies, we help you with R docs, all these things. We're going to get you clarity. We'll have you do our AI assessment as well. We'll get you clarity on what you should be doing and what you love doing, and then we will help you figure out very clearly what the next right hire is based on your time study instead of based on what you think the business needs because where the pain in the business is. [00:25:45] That's going to change your life because now your business gets easier and easier and better and better the bigger your team gets, you are focusing more and more on what you love the bigger the team gets and the more doors you have, the more revenue you have. And that means you're now building the right team and your business becomes more and more effective and more and more efficient as it gets bigger instead of more and more stressful. So we can help you get out of this. We can shift you from the wrong team and you showing up as the wrong person and wearing the wrong hats that you don't enjoy very quickly. It'd probably take us about a quarter to make significant movement on this. Even in the first month, you're going to get some serious insights and we'll make some shifts, but in a quarter, we can usually get you to a much healthier place where you feel like you have more fulfillment, more freedom, and we've restructured your team so that we can help you out. [00:26:34] We've done that. I just did that with the client recently and he thought, "Hey, I'm the operator." [00:26:39] Yeah. [00:26:39] "This is what I like. I like being the operator. I'm good at this. I'll do this." And then we assessed him because we built out his r doc for the operator. We assessed him in that role and he was like, "oh. I should not be doing this role." [00:26:51] He was not an operator. [00:26:53] : I actually don't like this and I don't function well in that capacity." So he realized that he should not be running the business in the operator capacity. [00:27:02] Mm-hmm. [00:27:03] Which means he needed to hire an operator. So that allowed him to focus on the things that he actually does like, which is the sales and the bdm, not surprisingly. So he's now in that role in the business and he was like, "Hey, I'm going to hire an operator, and he had someone on his team that he thought was going to be able to ascend into this operator position. He was going to start him out and then kind of ascend him and give him like a little bit more and a little bit more. We assessed this team member the same way, and it was very clear, "this is not going to be your operator." [00:27:35] Yeah. [00:27:36] "So if you put him in this position for right now, like it will be like, you know, a butt in the seat, but this is not your long-term guy. This is definitely not your forever guy. There's just going to be too much friction because he doesn't function in that capacity. He doesn't." And he said, "well I think I'm going to try it. We're, we're going to see how it goes." He tried it and very, very quickly he realized, "oh, this is not the right move. He's not going to be able to handle these things that operators handle." He could handle like a few pieces. So he's like, "I have to change, I have to change the role and I have to continue looking for the operator." and it was so funny because he was like "the AI assessment showed me very clearly, like, I am not the person for this. and he is not the right person for this." [00:28:24] Mm-hmm. [00:28:24] But he was able to make those decisions and have that, like, have that clarity in his business because of those assessments and because we built out the R docs and aside from doing that, he wouldn't have known and he just would've been the operator. That's what he thought he was supposed to do. [00:28:39] Yeah. So we have these R docs, we feed them into this AI tool. It helps us assess the different personality qualities and then we can adjust those levers based on what we think, whether it's accurate or not. And so it's very easy. Like we can sit down with a client like this client and look at this and go, what's the ideal operator? "Well, they would have this attribute, this attribute, this attribute." Cool. And then we have him take the assessment and it shows that's not him. It's pretty obvious. I mean, and then he looks at those, "well, what are my attributes? And then he can say, yeah, that's true about me. I can see that now." so it really provides some clarity. [00:29:12] I just want to say one more thing on that. So since we ran the business through that assessment we had his results. [00:29:18] Yeah. [00:29:19] And then we ran this other person that he thought was going to end up being the operator through that same assessment. And we had his results and we could see, first of all, that the business owner was not going to function as the operator. But it also staff ranks them so we could see the business owner out of two candidates. Right. We had the business owner and this other, the other team member. [00:29:36] Yeah. [00:29:36] The business owner scored the best, which still was not great. And then this person scored less than the business owner. [00:29:45] Yeah. [00:29:46] Which means that he definitely cannot do the role because he actually would do a worse job in the role than the business owner. And we already know that the business owner was not the right fit for role. [00:29:57] Yeah. [00:29:57] So it was like super clear. He's like, "oh, I see that now very clearly." [00:30:01] You want people that are better at these jobs, and that's the ideal. Everybody on my executive team are better at their job than I would be. I used to do every role in the business. I can do their jobs, but I don't love doing their jobs, which means I'm not going to be as great at their jobs, and I wouldn't put as much attention on it. Right? [00:30:23] Okay. So to sum this up, if right now you feel like you need more metrics, more KPIs, and more processes, and that's your gateway to profitability and freedom and everything else, you probably have the wrong team, and you need to get the right systems in place. You need a really good planning, communication, people, hiring, pipeline. All these systems in place that we have in our DoorGrow Super System to get your business in alignment. And then you're ready to start eating up other companies. You're ready to start buying and acquiring companies. You're ready to start, like you can see team members into this and hire. You can scale infinitely. Once you have these systems in place, you can scale. And that's our goal at DoorGrow is to create scalable businesses. And so if you want some help with scaling your business, getting out of, you know, the crappy day to day and the frustration, and you feel like your only way out of this business is to sell it someday, you can exit certain pieces of the business without exiting the business. [00:31:23] I've exited almost all the pieces... I've exited all the pieces that I really don't enjoy in my business. And I will continually be exiting pieces until maybe someday actually exit everything in the business and just an owner. Well, maybe eventually I die, or whatever, right? So you want to figure out which level of exit you want and you don't have to exit the frontline work or the stuff that you don't enjoy doing. This myth that you're the only person that can do it is bs. "Nobody else can do it better than me" is bs. This is what early entrepreneurs usually say that aren't well seasoned or haven't realized there's people out there that are smarter than you, better than you at most everything that you don't enjoy doing. [00:32:02] And you need to find those people. And we can, we can help you with that. We can help you get out of that situation and you're going to be way more profitable. You will have so much more profitability if we do that stuff first. And then after all that, we can focus on maybe some metrics and some KPIs, but most companies probably don't even need that granular sort of stuff once they have all this other stuff dealt with and taken care of. So, anything else you want to add? [00:32:29] I don't think so. I love doing this stuff. This is how my brain works, so like the clients that are like in our program and going through this stuff, I love it. I'll talk about it all day long. And I do think it's something that you can do that really will propel you. It's going to move you into that world that you really hoped that you would get right, because I doubt very much when you started a property management company, you were like, "man, I can't wait to talk to tenants every day. I can't wait to deal with maintenance. That's going to be so fun. Oh yes, dealing with tenants and evictions and like, all the nonsense that comes along with it, like, yeah! I can't wait for that. It's going to be so fun." It's like, probably not really your dream job. Like it sure as hell is not my dream job. I will tell you that. I've been offloading like more and more to my assistant and I'm like, "oh, this is so nice. I don't have to deal with a lot of the stuff that I used to have to deal with." [00:33:23] But I think a lot of times what business owners forget, or at least they don't realize it for some reason, is this is your business and you get to build it the way that you want to. So all of the, "I should do this" and "I have to do this," and "I'm the business owner, so this is my job." No, you create your job. You decide what your role is because you started the company. So all of the, "I have to do the accounting because I'm the owner." False. Like "I have to do the sales because I'm the owner." False. Like all of the things that you think that you need to do, do they have to be done? Yes. Does it have to be you? No. So you get to be the one who decides what seat do you sit in in the company, and I have clients that say, "I don't want any of the freaking seats at all." Awesome. Let's make that happen for you. [00:34:12] Yeah. I mean, if you wanted to be the receptionist, you could just be the receptionist, like it's your business. You can do whatever the hell you want. [00:34:18] You can do whatever you want. [00:34:19] Yeah. [00:34:19] If there's a thing in your business and you're like, I love this piece. Then keep that piece and let that be your role, and then hire out around that, like that piece. Don't give that piece away if that's the thing that you like. [00:34:34] One of my mentors said something to me that really hit me in the gut, and he said-- and I've shared this on the podcast before-- but he said, "Jason, if you don't yet have the business of your dreams, it's because you're not yet the person that can run it yet." and so that's our goal at DoorGrow with our clients, is we want to teach you to be the entrepreneur that can have the business of your dreams. You can have it. There's no reason why you can't have it. If anyone can do it, you can do it too, and we can help you get there. So That's it for today. So hopefully this was helpful. Until next time to our mutual growth, everybody, be sure to like, subscribe, follow us on all the different channels. We're on everything and we appreciate it. And leave us a good review somewhere. We would love that too. And check us out. Go to doorgrow.com and for those of you that want to be part of a free community, get some free stuff, and hang out with some other entrepreneurs and kind of be nurtured by us, and learn more about DoorGrow because you're not just ready to pull the trigger. Go to doorgrowclub.com. You can join our free Facebook group, and get in there. And if you're ready to have a conversation with my team and us map out a roadmap and a plan for you to get out of some of the suck that you don't want to be in, go to DoorGrow.com and book a call with our team. All right, bye everyone. [00:35:51] You just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! [00:36:18] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

152: Nothing But Class w/ Brian Phelt

Play Episode Listen Later Mar 22, 2023 45:42

Welcome, Closers! Today, I'm interviewing Brian Phelt Broker/Owner at ForeFront Property Management.Brian Phelt is a class act through and through. He trusts the process of putting in hard work and waiting for the payoff. Listen in as we discuss the endless perks of being a part of the NARPM community and how the thing that can take you to the next level is opening yourself up to learning. Just another chance to get great advice and wisdom from a rock solid business owner."Getting to be around people in NARPM and learn from them how to run a business and know your numbers has mad the biggest difference for me." - Brian PheltBrian's LinkedIn: https://www.linkedin.com/in/brian-phelt-4134b1b/ Brian's company site: https://www.forefrontpropertymanagement.com/ Simplify sales, streamline operations, grow faster, and scale your business. Learn more about LeadSimple - click here: https://bit.ly/3BXS9da

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What Every Property Manager Needs to Know to Make a Profit with Brad Larsen and Renee Mueller

Team Building Podcast

Play Episode Listen Later Mar 2, 2023 23:35

Property management can be extremely rewarding if done correctly. However, if it's not systemized, it can have the opposite result. We have to ensure that all parties involved follow through with the processes that are put in place for seamless management.What are some of the things every property manager should know when it comes to these processes? How can we execute this service correctly so that we get maximum results with minimum effort?In this episode founder and owner of RentWerx Brad Larsen and Real Estate Broker/ Owner at kwELITE Renee Mueller join me to discuss the future of property management, the processes involved in property management, and key points every property manager should know.Three Things You'll Learn In This Episode - The process behind property managementThere are many systems in place that make property management work. How do we ensure that these systems are implemented for maximum results?- What you need to make property management work for youWhat are the numbers we need to reach in order to make the most profit from property management? - How to go after an emerging opportunity in property management How can we solve the problems of reluctant landlords?Guest BioBrad is the Founder of RentWerx, in San Antonio, Texas managing 1,000+ single-family homes with 35+ staff members. In 2017, Brad started the Property Management Mastermind Podcast, created the Property Management Mastermind Facebook Group, started the Biz Dev Mastermind Consulting Service, and started the Property Management Mastermind Conference. Brad has been a NARPM® Member since 2014, as well as a presenter, speaker, and exhibitor at NARPM Conferences. He also served as the NARPM Accounting Standards Committee Chair in 2018 and has most recently been accepted as a NARPM-certified instructor.Find Brad on LinkedIn @Brad LarsenVisit https://pmmcon.comVisit https://www.propertymanagementmastermind.comRenee Mueller attended the University of Omaha after graduating from Columbus High School in 1997, studied Marketing and Hotel Management, started investing in real estate in 2000, and became licensed as a Real Estate Agent that same year! Renee went on to earn the C.R.S. (Certified Residential Specialist) designation, the Certified Luxury Home Marketing Specialist (CLHMS) designation, and G.R.I. (Graduate of Realtors Institute). Earned multi-million dollar producer awards consistently over the years and in 2018 made the decision to open her own Brokerage to better serve the community & clients, and to coach and train agents to run their own businesses!!In 2018, Developed and owns Parkway Plaza, which houses kwELITE, Aksarben Mortgage, Aksarben Insurance, Aksarben Property Management, Omnia Development Corp, Charter Title & Escrow, and Big Apple bagels! In 2020, she partnered with Jeff Cohn to open kwELITE, Keller Williams and they now have 8 expansion locations in NE.Find Renee on LinkedIn @Renee Mueller.

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149: Resiliency at its Finest w/ Jenni Utz

The Profitable Property Management Podcast

Play Episode Listen Later Mar 1, 2023 46:56

Welcome, Closers! Today, I'm interviewing Jenni Utz, CEO at UTZ Property Management.Jenni is a champion from start to finish. Her mentality when it comes to running a business is employee first, because by taking care of them they in turn take care of the client.Listen in as we cover the difference in residential vs. HOA property management and how to manage the family that is the NARPM community. Whether you're new to property management or a veteran everyone's got something to learn from this episode. "If you aren't willing to take one step back in order to eventually take ten steps forward then this isn't for you." - Jenni UtzJenni Utz on Linkedin: https://www.linkedin.com/in/jenniutz/ UTZ Property Management site: https://www.utzpm.com/ Simplify sales, streamline operations, grow faster, and scale your business. Learn more about LeadSimple - click here.

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Episode 69: The Benefits of a NARPM Membership With Tim Wehner

300 to 3,000

Play Episode Listen Later Feb 27, 2023 30:09

Matthew and Spencer are joined by Tim Wehner, our Acquisitions Specialist and current President of NARPM, to delve into how NARPM provides valuable assistance to Property Managers nationwide. In this episode, you'll learn: Why NARPM members share so freely The relationships, designations and benefits And much more! =================================== Register for the NARPM Broker/Owner Conference & Expo event in Carlsbad, CA on April 25-27th ➡️ narpmbrokerowner.org Check out narpm.org for other future events and opportunities! =================================== Exciting Opportunity: Evernest started a monthly webinar series to dive even deeper into the world of scaling your PM company. Sign up for our second webinar titled “How We Signed Up 500 Doors in January” on Thursday, March 2nd at 3-5 PM CST. Sign up for the 300 to 3,000 webinar at Evernest.co/Webinar. =================================== Subscribe to our property manager newsletter ➡️www.evernest.co/pmnewsletter/ =================================== Connect with Matt and Spencer at Evernest: Evernest.co Visit the Podcast Website: 300to3000.com Guest: Tim Wehner, Evernest Email the Show: podcast@evernest.co =================================== Production House: Flint Stone Media Copyright of Evernest 2023.

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Secrets of the Property Management Industry with 2023 NARPM® President Tim Wehner, MPM® RMP®

Play Episode Listen Later Jan 17, 2023 45:59

In this episode we call “Secrets of the Property Management Industry,” Pete interviews 2023 NARPM® President Tim Wehner, MPM® RMP®, and Vice President of Acquisition Integrations for Evernest, on discusses all things property management, including the Evernest/Dodson merger, why he gives back, how he got started in the business and sales secrets on growing your business. Also, Pete unveils the three numbers that changed his maintenance division around.

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Secrets to Starting a New Property Management Company with Amy Karns Hanson

texas starting secrets hanson treasurers management company managing broker property management companies mpm owner financing rmp karns narpm

Play Episode Listen Later Dec 30, 2022 51:42

In this episode we call “Secrets to Starting a New Property Management Company," Pete interviews Amy Karns Hanson, MPM®, RMP®, of A Plus Management. Amy has successfully run her own brokerage for over 16 years and actively participates in real estate investing. In 2016, she moved to Dallas, Texas, where she currently is the Managing Broker for A Plus Management. She iwas 2022 Central Regional Vice President for NARPM® and is 2023 Treasurer. Pete's hot topic of the day is "Owner Financing."

DGS 194: Meet The DoorGrow Team & What's Coming In 2023 For Property Management Growth

Play Episode Listen Later Dec 21, 2022 34:24

At DoorGrow, we have made some MASSIVE changes to our coaches and programs with even more to come! In this episode, Property Management Growth Expert Jason Hull shares some recent additions and big changes in his life as well as in the business. You'll Learn… [01:22] Personal updates from the host [06:54] Meet the DoorGrow team and what they do [15:36] The NEW coaches we're bringing on [18:07] We cracked the code: the DoorGrow Code [23:36] PR: the new property management growth hack [27:26] The DoorGrow SUPER SYSTEM! (5+ systems in one) Tweetables “We are definitely not immune to the struggles that entrepreneurs go through.” “Sometimes there's just some stuff holding people back, and I find mindset is the best thing that I can help clients within the program.” “I want to create this community. I want to impact the industry positively.” “The property management industry has a couple of major challenges at the present. The biggest challenge is the awareness challenge.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Nobody else is doing the stuff at the level that we're doing. Nobody else has the Avengers team of coaches that we are building. We're building the best. And then we have our new DoorGrow Super System, which is all these software and coaches and all these different major systems you need to build in your business like the hiring system, the planning system, the process system, your sales system, all these systems we call Super System. [00:00:25] Jason Hull: Welcome DoorGrow Hackers to the # DoorGrowShow. if you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you're interested in growing in business and life, and you're open to doing things a bit differently then you are a DoorGrow Hacker. DoorGrow Hackers love the opportunities, daily variety, unique challenges and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the bs, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host property management growth expert, Jason Hull, the founder and CEO of DoorGrow. Now let's get into the show. [00:01:22] So before I go too far, let me just say, I'm going to share some news. So we've done some really cool things lately at DoorGrow, and I've had some personal changes in my life that I think are really awesome too. So I just got back from Mexico, and I got married while I was there. So Sarah and I-- Sarah is the COO and operator of DoorGrow. She was my fiance and now she is my wife. Right? So we got married while we were in Mexico. This was planned, by the way. This was a destination wedding in Cabo San Lucas at a resort, and it was very beautiful, but it was like stressful for us. Really stressful. Like getting married legally in Mexico is a challenge. A lot of people probably don't do that. They probably just do it in the U.S. Sarah wanted to get married legally in Mexico. And I was on board, but our wedding planner was not equipped to handle that. She normally just does the pretty stuff, ceremonially at the hotel and made the mistake of saying that they could do this and put things off and didn't listen to us, and the customer service level's really, really not there. Like poor communication, always putting us off. " I'm dealing with a bunch of events right now. I'll help you later. We have it handled. It'll be great. It was not handled, so we ended up getting the ceremony done, but legally, the whole week after that was supposed to be like honeymoon time was us dealing with the legalities and back and forth between a lawyer, a new wedding coordinator, marriage coordinator-- because the first one we basically fired-- and like a judge and all this communication, getting everything handled. You have to get a blood test to get married to Mexico, and you have to get your birth certificates translated and apostilled. I didn't even know what that meant. [00:03:19] So it was a bit dramatic and a bit stressful and we eventually got it all handled, and there was a lot of stress for Sarah and I leading up to that because we're doing cool new programs and launching new stuff at DoorGrow, and then we had some like issues with our sales team and like sales not happening because we had a problem with lead generation and stuff like this, and it was just, you know, that's business. That's part of business. We are definitely not immune to the struggles that entrepreneurs go through. [00:03:50] So, and we've been making rapid changes in the business. Lots of changes. So I recently launched the DoorGrow Code. Nobody's done this before. I highly recommend you reach out to my team and get access to one of our recordings of the DoorGrow Code webinar that we just did. It's really cool. So the DoorGrow code is basically this journey and life cycle of the property management entrepreneur, and it's how you can collapse time. We cracked the code. This is the code, and how to go from zero to a thousand dollars, if you want to, in three to five years and in as quick of time as possible, and all the different systems and things that you need to get dialed in. And so we've built our programs around this so that you can grow your business rapidly. And so our new mastermind is even better than before. It's not a fit for everybody, but our new mastermind is really awesome, so I highly recommend that you check it out. So now also it is the day before Thanksgiving as we're doing this recording right now live and, you know, I just, I'm also super grateful. So Sarah and I recently purchased a home, it's like a million dollar home in Round Rock, Texas, and so it's on a golf course. It's beautiful, really nice area. I really like this area. We're just north of Austin. The downtown area is a little bit too crazy for my taste, but this is more residential and it's a nice area. We love downtown. We like to go downtown for fun, but we're like 30 minutes away and we're out of the crazy. So, and I really like this area, so. Lots of good things. Married, new home, and we're now fostering a pit bull like a new dog. So, and Sarah's already got Parker, who's a pit bull mix. I believe pit bull with a Great Dane is what we're guessing. It's a little bit taller than a pit bull, a little bit narrower head, a little bit... beautiful dog. And now we're fostering this like maybe one, two year old. Dog that is a-- we just looked it up-- a blue nose brindle pitbull, beautiful dog named Chance. So we're going to see how that goes. Right now we can't really get them near each other. They're both kind of A type personalities and so we're trying to like, give them treats and get them near each other a little by little and get them used to each other. And so far, it's going pretty well. It's going pretty well. [00:06:15] There hasn't been any major (growling noises), you know, fights or bites or anything like that, so there hasn't been any of that yet. So that's good. But they're a little bit nervous around each other, and they're both like kind of high energy dogs. So, so that's, that's kind of the stuff that's going on. So, Thanksgiving tomorrow, I don't have my kids this Thanksgiving, so it's a little weird having holidays without the kids. [00:06:38] I feel like that's just strange. But I wanted like to talk about just a little bit on this call, just kind of let you know like, what's going on in my world and let you know that I'm grateful. So I'm really grateful. Life's good. I've got a lot of really awesome blessings. I've got an amazing team in the business. [00:06:57] We've got, you know, Ashlee and Giselle over client success. They're really taking care of our clients, holding their hands, getting them access to all of our different resources and materials. That's a huge load off my plate. We've really put a lot of time and attention into client success. Those that aren't familiar with client success, it's not the same as customer support or customer service, which we have a team doing that. Client success is basically in coaching programs, this is the team that keeps track of which clients are doing really well, which ones aren't showing up to calls, which ones aren't doing as well, you know, and how can we facilitate things and help them, you know, do well, is the idea. So we've also put a lot of attention into optimizing and improving the fulfillment side. For my fulfillment team, which is run by Adam, he's been with me for... I mean, it's got to be coming close to a decade now. I don't know. But Adam's an amazing team member. He knows how to do just about everything in the business I do to some degree on the technical side and in our billing software and stuff like that. And Adam's been-- he's phenomenal. And he's always traveling somewhere else in the world. Super grateful for Ashlee and our new team member, Giselle in client success. Also super grateful for Adam and the entire fulfillment team that he oversees. We've got two logo designers. Grateful for you two. They're a husband and wife team actually. So we ended up bringing one on, and then we brought in the other's partner, and we're the world's leading property management branding and design agency. And it's because we have really great people that handle that. And so, amazing logos. We've done so many rebrands and so many logos. Nobody else has done anything like this in the industry. It's just nobody else has done this. And so, we've rebranded hundreds of companies. We are the world's leading property management branding agency without question. And we do a great job. [00:08:52] And related to that, we also do their websites. We do their print collateral, like the business card designs and yard signs and mailer postcards for direct mail and like all this kind of stuff. And so, really appreciate our design team. We also have web designers. Mike's been with us for a while. He's our head developer, coder guy and helps with support and we've got Morgan, who's-- two different Morgans on my team: sales Morgan and support Morgan. Support Morgan is male and Canadian, and our sales Morgan is female and here in the US right? Canadian Morgan's been with me for a long time. Really appreciate him and the support that he is able to provide our clients and he helps with getting, gather, kudos, stuff set up. He helps with support tickets and website changes and things like that. Gosh, and I know I'll probably leave somebody out, but I'm just really grateful for everybody on my team. We have an amazing team. [00:09:52] Super grateful for Sarah. Of course. She's really shifted things throughout the whole business. Operationally, she can see things that I can't see. She is intuitive. Super intuitive. She just knows things are off either in an area financially and I'm able to bounce all my ideas off of her. She's really sharp. She's an INTJ for those that are into Myers Briggs. So she's a brilliant strategist. And so I really a appreciate having her, of course, in the business as well as romantically and personally, right. So gosh who... I'm going to pull up my team so I just don't forget anybody that I want to point out here. We've got an amazing team at DoorGrow and we are expanding beyond our core team. We're also bringing in coaches, so I'll tell you a little bit about that. So it's no longer just the Jason and Sarah show, where Sarah's kind of coaching more on the operational side. So that took a big load off my plate with helping property managers implement DoorGrow OS, which is better than EOS and better than Traction and better than all that kind of stuff that's floating around out there. So she's really taken ownership of that and helping that. Also, our hiring system is amazing. So we've got DoorGrow ATS and DoorGrow Hiring. ATS stands for Applicant Tracking System, which is a system that I built out for getting really good team members. So that you don't waste time on people that are not a skill fit, culture fit and personality fit, you need all three fits. So we've really made a lot of improvements in our systems and in our program and in how we keep track of clients and where they're at in the process and making sure they're clear on where they're at in the process. [00:11:32] And we've got roadmaps and we've got checklists and like it's-- we've just made so many improvements this year, so I'm just super grateful for the team that supports me and all the stuff that we have going on. I want to point out, you know, my gratitude today. [00:11:47] Oh man, I'm also really grateful for Madilyn. She goes by Madi now, but Madi's my daughter and she creates most of the stuff that you see on my social media personally and at DoorGrow on any of our social channels. She creates the video, she edits all our case studies and testimonials. She makes most of the videos that you see on our YouTube channel... reels all this stuff that's Madi, and she does a great job. We really appreciate her and she just keeps increasing her skillset and it's really funny, like she's able to speak in a voice-- I did a podcast episode with Madi previously, which some of you all might enjoy. If you're curious, what's it like working with dad? You know, she shares her perspective about me on that podcast episode. That was fun. And, who have I not mentioned? Brittany. Brittany was originally my assistant. Now she just helps with like podcast setups and like some billing stuff and things like this because she wanted to focus on being more of a mom and adopting kids. Still appreciate Britney, she operates, you know, kind of quietly in the background, just consistently getting stuff done. [00:12:50] We've also got Kyle. I'm grateful for the marketing ideas and lead generation ideas that he's brought to the table that's really helped move us to the level that we're at now. And we are also bringing on a new kind of fractional director over marketing that's really sharp named Amara. So Amara, you know, shout out to you. We appreciate you as well. We're really excited to see the new stuff that you're helping us implement and getting us shifted into. And we're getting set up on HubSpot, y'all. So we're getting that set up and so we have better tracking internally, but I don't recommend that for property managers. There's better like CRMs I think for property managers, one of which we're developing, which is coming, which is DoorGrow CRM. Pretty awesome. Really excited about that. Has like landing pages and text message automation and like voicemail drops and all sorts of cool stuff that you're just not experiencing with any other CRM in the property management space right now. And we will be building out and optimizing stuff so that we have some preset stuff that's really going to help you grow your business. So we brought in a coach that's helping us with that, John Chin, who's one of our clients, but he actually took some of the stuff that we're doing that we teach related to getting partners that refer and introduce you to investors. He's put that on steroids with leveraging these systems, and so we're really excited to have him help out with coaching clients now as well. So anyway, I get excited about our offer and our product but. [00:14:25] Grateful for Vin. He's our web designer. He does great work creating our SeedSites. We still call them SeedSites, our designs. And I mentioned our logo designers, that's Grace and Raymond. So really appreciate them. Raymond does amazing work and we're really excited that we now have brought Grace on board. And then, who else have I not mentioned by name? I mentioned Giselle. She's brand new, really helping out Ashlee and client success, and Ashlee's having a baby. So congrats to Ashlee on the team. So really appreciate Ashlee. Brought her home for client success. She used to work in like a convalescent hospital, I think, or nursing home-- nursing homes or whatever. And she'd set up programs and create community and connection. We're like, you'd be perfect for this. And she really was. She's been a great fit. So we've just got such an awesome team. Really appreciate everybody on the team. We've also got Jane and Justin. They're our setters. So they do a lot of the follow up and outreach and nurture and stuff like that. [00:15:25] Key point or like what I'm trying to share, I guess, is that I'm really grateful, super grateful for our team. I'm also really excited and grateful for the extension to our team. Now we're bringing in experts, people that have been really seasoned experts in the industry. We've got experts that have come from channels like Home River Group, and they're really amazing at acquisitions. We've got experts coming in that, like Errol Allen, who is going to be working with our clients on process documentation. He's kind of the expert at this. We've got Jo Olivery, who's in Australia, expert at systems and is Disney certified, which I guess is a big deal in operations. So we've got her coming on board as a coach and we've got Roya Mattis. She's a really brilliant, amazing, intuitive mindset coach. Really helping people deal with issues that are holding them back. Sometimes there's just some stuff holding people back, and I find mindset is the best thing that I can help clients with in the program. And usually all the coaching and stuff that we do, whether it comes to operations or sales or whatever-- When I ask clients, "what's the best thing you've gotten out of the program?" a lot of times I would hear "mindset." And I always thought that was so weird. It's the mindset. Really mindset-- it's throughout everything that we do, and we brought in a mindset coach who's really like helped us identify some cool things. She works with me personally, works with Sarah personally. [00:16:51] She just did an amazing training on the basic needs, and I realized my basic need is like, love and belonging. That's why I do what I do. I want to like benefit people. I want to create this community. I want to impact the industry positively. Sarah's basic need is power and achievement. She wants to accomplish stuff and get stuff done, and that works really great having an operator that helps facilitate that stuff in the business. She's always looking for how can we like level up clients and level up things. And so we both have this drive and motivation to benefit our clients from different perspectives. Right. Which is really helpful. Anyway, and I know there's, there's probably some, there's other coaches that we're bringing on that I'm probably missing, but yeah, we're always adding more coaches. And if you're listening, if you feel like you're like one of the best in the industry, we want the best. If you feel like you're one of the best, you want to be part of this mastermind and, you know, get paid well to invest some of your time towards DoorGrow and work with some of the best clients, really the best people in the industry. Our clients are so growth-minded, like positive mindset, like they're high functioning, like we have some amazing clients ranging through our DoorGrow code from white belts up to black belts. We've got these different belts and black belts are like a thousand door plus. And then white belts are they've got their first door, right? So. We also launched the DoorGrow Code, which I mentioned. The DoorGrow Code shows these different stages. It helps you know exactly like what's that secret question that you have in the back of your head that's holding you back and like, what are the problems you're dealing with right now? [00:18:20] What do you need to stop doing in order to get to that next belt level or that next level of growth? This really is a mindset shift for people when they just see this. You can identify quickly where you're at, how many doors you're at, what your revenue is, and very clearly see what you need to do, and you can even look at previous stages and go, "oh, I didn't do those things. That's why I can't move forward. I'm kind of tethered to this belt level way back here that I didn't solve that problem. That's why I'm so frustrated with my team or why I'm so frustrated and I can't get to that next level. That's why I'm stuck at 50 or 60 doors and can't break that a hundred door barrier. That's why I'm stuck in the 200 to 400 door range, and I'll never be able to break that 600 door barrier and get to being that red belt." Right? So I recommend: reach out to our team and check out our new programs. I think it's really awesome. [00:19:11] This is a lot more of an informal episode, if you can't tell. I just wanted to share gratitude, tell you kind of what we're up to at DoorGrow. We're going to be launching a DoorGrow process software. It's very different than what else is in the industry, so it's going to be very visual, like Vizio or like a flow chart. And Errol Allen's going to be helping me, you know, build out some of these processes, but I said, "how do you usually build out processes?" "Like I build it out in this sort of Vizio like software. It's very visual, and then I have to translate it or help clients translate this into something like Process Street where it's linear," which is what our team's been using. Or "then I have to translate it into like Lead Simple or some sort of process system. But the challenge with those systems is that you can create maybe context sensitive stuff, but in a linear to-do sort of list, you don't have branches very easily. It becomes difficult, but on a visual flow chart, that's very easy to do. You can say: "ask a question, do they have pets?" Cool. If they have pets, we need to do all of this stuff and go down this route, and do they not have pets or are they service animals? So maybe there's like three options and you have different criteria and different things to do, but some of these might converge, right? Service animals and pets, there might be some similar things you need to do in this flow chart. So this is where processes can be really complicated and you want to map it out visually, but then you have to like take this visual map. Wouldn't it be great if you just had a visual map and that was the actual process? So that's something that we're working on as well. And I mentioned DoorGrow Flow, which is that software. I mentioned, DoorGrow CRM, and we've already got DoorGrow OS, the best operating system, strategic planning software in the industry. And we already have DoorGrow ATS best hiring process and system in the industry, completely customizable and tailorable to your business. We also have partnered with an ai assessments company. And so these AI assessments are really good at helping to identify those three fits. I mean, we used to use like disk assessments, and we used to use, Myers Briggs and like Wonder Lick and all, like some of you use predictive index and so some of these tests are cognitive, some of them are conative. All these different tests to try and figure out: are they going to be a good personality fit. Are they a skill fit? Do they have the intelligence level to be great? Are they going to be a culture fit, like with our values? And so this AI assessment tool helped us to eliminate that for all those different assessments and it's proven to be accurate. That's how we got my-- oh my gosh. I didn't mention Mar or Maricella. Mar is my assistant. Mar, I love you so much. She has taken over our event planning. Grateful for Mar, she's amazing. She like, has done our last two DoorGrow Lives and made them work and they worked really well. Clients had an amazing experience. We did one in Austin and then we did one in Vegas. We're going to continue to do them in the Austin area. But we're really excited. She's already been working on the one that we're doing in May. Y'all should be at this event. It is going to be awesome. And we've got all these new programs. Gosh, there's just so much. But anyway, we've got news, so thank you, Mar. I'm really grateful for you. She's actually the one that makes me a lot less crazy, a lot less all over the place and meets with me on a daily basis to make sure I'm being taken care of. Gets my, you know, haircut appointments scheduled, gets my float sessions booked, makes sure I'm like getting my Krav Maga like things set, you know, for martial arts. And she helps with travel and she's also our event planner for our events and she's doing a phenomenal job at all this stuff. And so we just keep adding more to her plate because she's just so good at everything. [00:23:08] I mentioned our DoorGrow hiring system. Super cool. That's how we got Mar. We used that on our entire team. We vetted our entire team and it proved that all of them are highly intelligent. Also proves that all of them are really good for their role. And our really good culture and skill fits, and it's been proven to be very effective with some of our clients that were our initial Guinea pigs going through this. So we've coupled that with DoorGrow ATS and that's DoorGrow hiring. Really awesome system. We are also going to be bringing on a PR coach. I'm kind of cat out of the bag, but we've got three candidates that we're working on right now and they all have over a decade of experience helping local, small businesses grow and scale their businesses through public relations, which I think is going to be the next level thing for this industry. It's the new opportunity for growth. The property management industry has a couple major challenges at the present. The biggest challenge is the awareness challenge. Most people that could be working with property managers are not because they're not really aware of property management. After the awareness challenge, the next big hurdle is the perception challenge. That's what steals most of the rest of the market share away. Out of those that are aware, a lot of them believe property management and property managers are bad or not good or are shitty and it's a well deserved perception. Most property managers suck. Though there's a lot of bad property managers out there or management companies. And I don't believe they intend to be bad. I believe that's what happens when they price themselves like everybody else at 10% or less, or they do flat fees like everybody else that's not doing a percentage. [00:24:51] They have bad pricing. They're not getting paid well enough. They don't have the right culture in their business, so they don't have good team members. They are micromanaging their staff, trying to micromanage them through tasks based systems like Asana and Monday and Process Street and Lead Simple. And so they don't have amazing team members that they can trust to think and make decisions and their team members-- is in the DoorGrow code, by the way-- they're frustrated, like, "why can't my team members just do what I ask them to do? That's one of the big questions that you have in that usually around the 300 door stage. But these are the things that we help solve at DoorGrow. So PR is a new opportunity because what it does, public relations or pr-- Well, let me start with this. So just so you understand this, there are two main channels when it comes to creating awareness and we call this main awareness channel marketing. And there's two pieces to marketing. There's two pieces to marketing. You learn this in marketing 101. There's advertising and there is PR. Advertising mistakenly is used to try and grow businesses a lot of times. But really what actually has had the most success in growing companies historically is not advertising, it's PR. PR is what builds awareness and creates brands and helps them get market share while advertising historically and typically only helps them retain the market, share that PR created. Coca-Cola, for example, was built originally through pr, and PR is a lot less expensive than advertising. The first iPhone and Apple's rise to fame was all basically PR. People were talking about it. Lots of buzz. Not very expensive when it comes to advertising, but advertising is used by Coca-Cola to keep their market share aggressively in the cola industry, for example. And so most people though, in the property management space are trying to use advertising mistakenly, which allows you to target the people that are looking for property management. But the search volume is really low, and there's very few people that are actually looking for it. And so our growth strategies for clients are in the blue Ocean. We're really great at helping clients create new market share and expand the industry and build that awareness. PR is kind of that next level, so we're bringing in a PR expert, doing some cool things in the PR side of things also with DoorGrow to promote the industry and benefit the property management industry. [00:27:21] So that's something that's coming down as well. You heard it here first, right? So these are some of the cool things that we're innovating and doing at DoorGrow. Nobody else is doing the stuff at the level that we're doing. Nobody else has the Avengers team of coaches that we are building. We're building the best. And then we have our new DoorGrow Super System, which is all these software and coaches and all these different major systems you need to build in your business like the hiring system, the planning system, the process system, your sales system, all these systems we call Super System, the DoorGrow Super System. It's the system of systems. So we're helping to build that out with clients as well. And also a growth acquisition engine for acquiring other companies. We're building the ultimate system of systems for property managers, so our clients are going to be the fastest growing in the industry, and we're taking people from small businesses to helping them grow as large as they want. And we're doing this based on my foundational principle-- you've heard me talk about this on many calls before of the Four Reasons. So we're not just growing for growth's sake, we're growing so that as you grow and scale, you do this in a way that you get more fulfillment out of your day-to-day, you feel more freedom, and you get more of a sense of contribution that you're making a difference in the world, living your best life, contributing in your best way that you were designed to do, and you're getting more support from your team. This is the four reasons for starting a business. Most people think they just want to make more money. However, what you really want are those four reasons, because that's really what you're hoping money will give you. You can make more money and not get those four things. So we are doing all of this stuff to help our entrepreneur clients not be property managers, and instead be entrepreneurs that maybe hire property managers and do property management, but getting you out of the stuff that doesn't give you freedom or fulfillment or sense of contribution and making sure that you have a business and a team that really makes you feel supported. And we are building the team and the systems that really will make you feel supported in our program. [00:29:28] And our program is less than it cost even a single team member. And you're getting access to all of this stuff. All the software included, the website, hostings included, GatherKudos, our reputation software included, all the different software tools that we are launching or that we have currently are all included as part of our mastermind. And then we also have been stacking bonuses. So I'm sure my competitors are like, listening to this, and they're like, "I got to start doing all this stuff." But one of the things that we've been doing is we've negotiated with some of the top vendors. My goal is to reach out to all the top vendors in the industry and get a best-in-class discount. I've negotiated this because our clients are high growth and they're adding doors quickly. Vendors love our clients. We've negotiated with some of the coolest tools and systems in the industry, best in class discounts. Discounts that they agreed would be better than anything else they offer to NARPM or anyone else. And some of these are stackable discounts. For example, like Tenant Turner and Easy Repair Hotline. And ourpetpolicy.com and Levo Secure, really cool software. We've got a list and I'm constantly stacking more. If you feel like you're one of the best vendors and you want access to our clients and you want a stamp of approval from DoorGrow. We want the best-in-class discount, and it's just as long as they're members of our mastermind, they leave the mastermind, they lose all these bonuses and discounts. But reach out to me if you feel like you're the best in the category. We've got Z inspector. Sorry if I'm missing you, if you're a vendor. We've got Virtually Incredible. We're getting the best of the best and stacking these bonuses and discounts for our clients. So it just makes the program a no-brainer to like be in because you're saving more money, making more money, and it's less than like a part-time team member to be part of our program on a monthly basis. [00:31:25] So anyway I think that's about all I'm going to talk about today. So I appreciate you hanging out with me. I know this is a bit informal. You got a little bit of a picture of like what's going on at DoorGrow some of the new innovations. You've heard a little bit about my team that I'm super grateful for. I think a lot of people mistakenly think it's the Jason Show. It's definitely not the Jason show, and as soon as I can, like my goal is to exit as many pieces of the business as possible so I can really just focus on the stuff that I really, really enjoy more and more fulfillment and freedom for myself as well. And I really love getting to do what I get to do. I like innovating. I like coming up with ideas. We're in some of the best-- my team and myself are in some of the best coaching and mentoring programs that exist out there. We are in Masterminds as well, and Sarah and I are constantly taking trips to these different events, masterminds. We're in usually at least three major ones at a time. We spend at DoorGrow over six figures annually just on coaches, mentors, and programs. You get access to this knowledge that we are constantly curating and improving upon and bringing in. And that's one of my skills and genius I feel, is I'm able to take ideas from other coaches, other things, programs, I'm able to improve upon them, package them together in a better way, and then we're able to benefit our clients and so you get access to some really good stuff as part of our program. [00:32:51] So anyway, with that, I'm going to go ahead and end today's podcast episode. Until next time to our mutual growth, everybody. Check us out at doorgrow.com. If you're new to us or not yet working with us, and you've been sitting on the fence, now's the time. And also, if anything I ever say on this podcast is helpful, please leave us a positive review or feedback or something somewhere online. It really means a lot to us. And until next time, to our mutual growth. Bye, everyone. [00:33:20] Jason Hull: You just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social, direct mail, and they still struggle to grow! [00:33:47] Jason Hull: At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

Strategy: Pulling Out All the Stops to Onboard 150 Units in 7 Days

Play Episode Listen Later Nov 30, 2022 48:59

In this episode we call “Strategy: Pulling Out All the Stops to Onboard 150 Units in 7 Days," an onboarding success story, Pete interviews NARPM® member Julie Mullinax, co-owner and CEO of CRM Properties in Indianapolis, Indiana. Pete talks to Julie about how she came to manage over 920 units in five different markets in Indiana (Indianapolis, Kokomo, Ft. Wayne, Muncie, Lafayette), including single-family and multi-family homes and three larger apartment complexes (25 to 60 units). She talks about her strategy of onboarding 150 units that had gone bad with another property management company and how she pulled out all stops to get the units onboarded in a seven-day period. Pete's hot topic of the day is "Home Warranty Companies."

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Streamlining Your Lease Renewal with Kyle Stephenson

va richmond renewal leases streamlining stephenson narpm

Play Episode Listen Later Nov 9, 2022 53:26

In this episode we call “Streamlining your lease renewal process,” Pete interviews NARPM® member Kyle Stepenson, president of KRS Holdings Inc. in Richmond, VA. Pete talks to Kyle about how he came to manage over 4,000 units in the Richmond area, including single-family and multi-family homes. He talks about his strategy of vertical specialties in property management and putting together a team that specializes in a specific area with specific purposes. Pete's hot topic talks about streamlining your lease-renewal process.

Why NARPM Is Important

The Investing Revolution

Play Episode Listen Later Oct 17, 2022 27:58

There are so many groups, teams, organizations, associations, and many other types of certifying agencies. So how do you find the right one? In this episode Jonathan Cook makes that search easy for you. He has been a member of different organizations and shows why NARPM (National Association of Residential Property Managers) is important and stands out. How it provides its members with tons of resources from successful leaders. This episode covers: What is NARPM Interconnection Networking Friendly Competition Find a NARPM operating team by reaching out to Jonathan Cook today at revolutionrentalmanagement.com! http://www.revolutionrentalmanagement.com

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Why Customer Churn is a Silent Killer with Daniel Craig

The Property Management Show

Play Episode Listen Later Sep 8, 2022 35:29

Daniel Craig on Why Customer Churn is a Silent Killer Daniel Craig from ProfitCoach is joining us on The Property Management Show today to discuss the problem of churn and the value of retention. Walk down memory lane with us for a bit, and you'll remember that Daniel's first benchmarking study led to the NARPM […] The post Why Customer Churn is a Silent Killer with Daniel Craig appeared first on Fourandhalf Marketing Agency for Property Managers.

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TWLX 2022 BONUS: NARPM President Liz Gulley Cleyman Talks About Make-A-Wish

Triple Win Property Management

Play Episode Listen Later Aug 18, 2022 10:05

National Association of Residential Property Managers (NARPM) President Liz Gulley Cleyman speaks to Andrew about why Make-A-Wish America is so important to her. Second Nature is excited to donate 100% of proceeds from TWLX 2022 to Make-A-Wish! Support Make-A-Wish right now by donating to the non-profit via Andrew Smallwood's fundraiser: https://www.facebook.com/donate/3261345960850017/ Register for TWLX: https://bit.ly/3JHwsTm Got questions? Email us at triplewin@secondnature.com To see what other professional property managers are doing in your area, schedule a call at https://rbp.secondnature.com/triplewin Join our private Facebook group just for professional property managers at https://bit.ly/3jezcLp Stay up to date on events and resources at https://bit.ly/rbp-home Follow the Triple Win Property Management podcast by Second Nature and never miss an episode! Hosted by Andrew Smallwood and Laura Mac Featuring Liz Gulley Cleyman Produced by Andrew Smallwood, Laura Mac, and Carol Housel Edited by Isaac Balachandran

NARPM Radio: Build a profitable enterprise that runs without you. Stop having the business run you.

runs enterprise profitable brad sugars narpm

Play Episode Listen Later Jul 31, 2022 52:53

Brad Sugars, best selling author, business coach and owner of ActionCOACH International, a franchise in 83 countries discusses the recipe for owning a business - A profitable enterprise that runs without you. If you own a PM company, don't try to be a better property manager try to be a better business owner. In this episode Brad discusses, hiring, training, building systems, building people and the blueprint for getting out of your own way and creating a profitable business that runs without you.

NARPM Radio: Are venture backed firms pushing out the small PM firms?

The Property Management Mastermind Show

Play Episode Listen Later Jul 13, 2022 54:05

Doug Brien - Former NFL kicker and CEO of the venture backed firm, Mynd Management, discusses how he took his first company Waypoint Homes public, his take on institutional investors and how it will impact property management and why culture is so important. Doug discusses the advantages of national firms and why the industry still has room for the mom and pop firms.

ceo venture backed firms narpm

Insurance Solutions Instead of Security Deposits

Play Episode Listen Later Jun 20, 2022 34:12

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/

security real estate insurance real estate investment property management deposits narpm

DGS 173: Learning at 800-1200 Doors: The Savvy Property Management Entrepreneur

Play Episode Listen Later Jun 7, 2022 10:48

If you have made it to the 800-1200 door range as a property management entrepreneur, you have likely found strategies, essential connections, and executive team members that have helped your business grow and scale. However, even at this stage, savvy entrepreneurs tend to find themselves dealing with problems. Join property management growth expert, Jason Hull, in the final addition to the DoorGrow Avatars Series as he details the common issues PM entrepreneurs face at 800-1200 doors. You'll Learn… [01:19] Defining the Savvy Property Management Entrepreneur [03:46] How to Deal with Burnout and Building an Executive Team [05:00] Learning from Smaller Property Managers [07:49] Implementing the Ultimate Planning System [09:06] Transitioning to the Business of Your Dreams Tweetables “At the 800 to 1200 door range, these are savvy property management entrepreneurs. They are savvy at running a team. They're savvy in their business.” “As you come up through this DoorGrow scale that I've been talking about of these different stages in the life cycle, you gradually are being more connected to other savvy people and mentors.” “It's helpful for you to be around these smaller and more nimble property management businesses, because these businesses, they can implement stuff quickly.” “One of the best tips I can have is you need to get a really efficient operating system in place.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] This is better. This is going to allow your team to be involved in decision-making instead of you being so top down, trying to tell everybody what the goals are and what they should be doing right? Because that means you're dragging them up the mountain. They're like all sitting in a wagon and you're clearing the path ahead and trying to drag them up to the goal. [00:00:17] We want to get the team pulling you in the wagon. Welcome DoorGrow Hackers to the #DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you're interested in growing in business and life, and you're open to doing things a bit differently then you are a DoorGrow Hacker. DoorGrow Hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. [00:00:55] At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host property management growth expert, Jason Hull, the founder and CEO of DoorGrow. Now let's get into the show. [00:01:19] So today we're going to be continuing on that series of these different stages in the life cycle of being a property management entrepreneur. So this might be way beyond where you can even maybe imagine your business at right now, but we've gotten to the point where we're at now that 800 to 1200 door range. So at the 800 to 1200 door range, these are savvy property management entrepreneurs. They are savvy at running a team. They're savvy in their business, so they have probably by now had mentors, coaches... they've invested in themselves, and this is something that's very unique between them and maybe a solopreneur is they've really been investing in themselves in order to get to this level. It's not really possible to get to this level without some self investment and without having really good culture defined in their business. So they have a business that has culture. They have a cohesive team. They've been in the business for a while, like a long time, maybe more than a decade, maybe more than two decades. [00:02:24] At this stage, this might be a multi-generational family business, or maybe it was part of somebody else's business and it was purchased, right. But there's some depth in this business at this stage. They're rare at this stage. There's not a lot of businesses, especially in the single family, residential or small multi space that are at 800 to 1200 doors. [00:02:45] Likely at this stage, if you're the entrepreneur or the business owner, you likely have little to no connection to the business in some ways. Like you just might not be super focused on it. If you are, I want to talk to you because I love those business owners. They're still engaged. They're still passionate about the business and they usually love the stuff that I teach even more than people at earlier stages because they are ready for it and they can value it. You know, a lot of the things that I learn and absorb and take in by investing in my own self in high level masterminds and coaches and books and everything that I do to learn, they love this stuff because they're ready for it. [00:03:24] They know how useful it is, and I get the best feedback from the most high functioning people, and those are my favorite people to work with. But there's a lot at this stage, they've really checked out. Some have been completely burnt out on the business. They've put somebody else in to run it. Their whole goal has been, "how do I escape from this business, this vehicle that's uncomfortable?" So they put somebody else in place. [00:03:46] So they have an executive team, they have hiring systems, they have a defined sales process, they have a BDM most likely. Somebody else is doing sales for them a lot of the time. Their website is usually I find outdated. They're only updating it maybe once every 10 years, maybe sometimes only once every five years, so their website's probably overdue for an upgrade. I've noticed they often have acquired multiple property management companies, at least maybe two usually, at least one or two including a significant competitor. So they've eaten somebody up, and they're possibly looking for the nearest exit to see if anybody else would be willing to do the same for them because they might be burnt out. [00:04:27] So, they have built this really great executive team in which each member of this team takes complete ownership over a piece of the business, so they have somebody in place that's handling all of the maintenance stuff. They have somebody in place that's handling the management stuff. They have somebody in place that's handling the internal operations for the business. They have somebody in place that's handling the financials and the accounting and the bookkeeping and the reporting and all that. So they have key people. That's an executive team, so that they don't have to wear every hat or do all of these things in the business. [00:05:00] What else about them? Something that's really important at this stage: they're now paying attention to the smaller businesses that are in the industry. They go to NARPM events and different things like this because they want to see what the little guys are doing and what innovations other people have, because they want to maybe apply this, but they don't want to be the guinea pig. They want to see what all the little guinea pigs are doing and experimenting with and whether or not it was hurtful or helpful for their business. And so they benefit by being around other property management entrepreneurs that are not at their level. Now, they do probably have connections, network, mastermind people that they hang out with that are at their level. You know, they've got some connections there 'cause you don't get to this stage without some connections and some relationships. Solopreneurs are heavily isolated, and as you come up through this DoorGrow scale that I've been talking about of these different stages in the life cycle, you gradually are being more connected to other savvy people and mentors, peers, heroes that you want to be connected to, or that you look up to so that you can get good ideas, good feedback, and that are not the emperor with no clothes sitting on top of your little micro kingdom. [00:06:18] You recognize there's people out there that are doing better than you are that can give you good feedback. So it's helpful for you to be around these smaller and more nimble property management businesses, because these businesses, they can implement stuff quickly. They can adopt new technology rapidly, way faster than you can, right? Because for you, you have a really large ship. It's difficult to maneuver this thing and to turn it and to make changes because you have a lot of doors, you have a lot of team members, and there's a bit of friction there generally. But the advantage you have is that even small optimizations, small tweaks, small improvements at various stages of your pipeline, to your pricing, to your website, to all the things that we could facilitate or help with at DoorGrow... [00:07:03] Small tweaks and improvements, for you, give you a big result. It makes a big difference. It can have a significant financial impact. It's very easy for us to save you a little bit of money on staffing costs or increase efficiency a little bit or to make small movements that will easily pay for any of our services or program and help you justify it. So and paying for something like DoorGrow and services is really a drop in the bucket. You waste way more money, probably on bad team members or team members that aren't as efficient as they could be. Staffing costs are really high for you at this stage. And so we want to find some efficiencies and some ways to improve some stuff. That is those at the 800 to 1200 doors. [00:07:49] So one of the best tips I can have is you need to get a really efficient operating system in place. We call that DoorGrow OS. It's the most effective strategic planning system that I believe exists. A lot of people are getting caught up on Traction and EOS, and this. This is better. This is going to allow your team to be involved in decision-making and your team bottom up to be creating the goals and the growth of the business instead of you being so top down, trying to tell everybody what the goals are and what they should be doing and being a dictator, right? Because that means you're dragging them up the mountain. They're like all sitting in a wagon and you're clearing the path ahead and trying to drag them up to the goal. [00:08:30] We want to get the team pulling you in the wagon. You just are sitting in it with your map and your strategy and your pen, and you're figuring out where we need to go, and they're clearing the jungle path. They're laying out the road. They're making it easy and they're pulling you along. And when you have that really good executive team and you have a really good strategic vision and plan in place that your team runs and that your operator really leads and is in control of, you will see your business grow rapidly significantly because you'll be able to focus on what the business needs most right now, instead of everybody just doing their day-to-day work. [00:09:06] So that's something that we can help you with DoorGrow, so, that's basically, I think, about it at that stage that I want to touch on today. These are really, usually, cool business owners. They're either really cool or they're really burnt out. So hopefully you're not the burnt out one. If you are, let's transition you into the business of your dreams, and if you feel like you're close to having the business of your dreams, you just need some tweaks, talk to us at DoorGrow. We'll help you out. So that's it for today until next time, to our mutual growth, make sure to go to doorgrow.com. Schedule a call with our team, and join our free Facebook group at doorgrowclub.com. Bye, everyone. [00:09:43] You just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay per lead content, social direct mail, and they still struggle to grow! [00:10:10] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today's episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.

DGS 169: The Most Common Problems For Property Management Businesses at 200-400 Doors