Today's guest, BJ Gremillion, shares his success in the turnkey rental business and property management. Dive into this episode to discover the growing markets for turnkey investing, the significant function of property managers, and things you must consider when holding and selling turnkey properties. Stay tuned if you want to know how your failures will motivate you to succeed!Key Points & Relevant TopicsCurrent situation of the real estate business in TennesseeWhy a virtual property tour is not always a good idea for investorsWhat it's like to be a landlord in Georgia, Tennessee, and ArizonaThe importance of transparency and proper disclosure in selling turnkey properties to investorsProperty management's critical role in a turnkey rental businessWhat causes failure in real estate? Resources & LinksReal Powerhouse PodcastApartment Syndication Due Diligence Checklist for Passive InvestorAbout BJ GremillionBJ has been a real estate investor since 2008 and has enjoyed the variety and fast-paced change each year brings. Some might say 2008 was a rough year to get started but it was the time of his life. He enjoys the process and work that goes into building a brand and positive culture. BJ has purchased and sold thousands of properties with multiple exit strategies including lease options, long-term and short-term rentals, wholesaling, RV storage, commercial offices, fix and flipping, creative financing, land developments and entitlements, spec building, and custom new builds. Currently, he holds real estate in Arizona, Michigan, Alabama, Georgia, and Tennessee.BJ is a huge football and basketball fan but at the end of the day, the sports and even the business take a back seat to what's most important in his life, his wife Alexis, and their 5 kids. Nothing brings BJ more joy than those 6 people and he feels incredibly blessed.Get in Touch with BJWebsite: https://propertyrush.com/ To Connect With UsPlease visit our website www.bonavestcapital.com and click here to leave a rating and written review!
Kevin Osterhaus is a storytelling expert with a wealth of experience working with renowned hotel groups such as The Standard, Bunkhouse, and Graduate Hotels. Since becoming President of Graduate Hotels in 2021, Kevin has focused on launching programs like the Graduate Academy for employee education and development. He discusses the importance of storytelling in hotels and shares examples of creative stories and nods to universities that Graduate properties focus on. Kevin explores some fascinating stories from the world of hotels. In this episode, you'll learn about: • What excites Kevin about hospitality • How Graduate uses storytelling to create unique experiences • Why hospitality is an industry of disproportionate reward • How Graduate thinks about implementing technology • What Graduate has done to retain and empower employeesThis episode is Sponsored by StayflexiJoin the conversation on today's episode on The Modern Hotelier LinkedIn pageThe Modern Hotelier is produced, edited, and published by Make More MediaLinks:Kevin Osterhaus on LinkedIn: https://www.linkedin.com/in/kevinosterhaus/For full show notes head to: https://themodernhotelier.com/episode/54Follow on LinkedIn: https://www.linkedin.com/company/the-...Connect with Steve and David:Steve: https://www.linkedin.com/in/%F0%9F%8E...David: https://www.linkedin.com/in/david-mil...
Roman Viere owns and operates over 1000 rentals in Chicago with the bulk of those in the Austin neighborhood. In this episode, he gives a detailed breakdown on a terrifying explosion that occurred at his 35-unit apartment building in Austin. He discusses all things from the day of the incident including arriving at the scene, speaking with the authorities, and handling the press. Roman discusses insurance implications resulting from the explosion, insurance claims, and a 1033 exchange. If things weren't bad enough, he talks about his million dollar water bill and how he got around that! Despite never planning for explosions and other catastrophic events at your rental properties, these are events that all housing providers should be prepared to handle for the safety and protection of all parties. If you enjoy today's episode, please leave us a review and share with someone who may also find value in this content! Connect with Mark and Tom: StraightUpChicagoInvestor.com Email the Show: StraightUpChicagoInvestor@gmail.com Guest: Roman Viere, Urban Alternatives Link: SUCI Ep 77 - Roman Viere Link: The Bomber Mafia (Book Recommendation) Link: Greg Yearwood (Precision Consulting / 773-852-8246 / email@example.com / pcllcclaims.com) Link: Myk Snider (Sphere Public Relations / 312.816-5401 / myk@spherePR.com / SpherePR.com) Link: Jeff Riechenbach (State Farm / (773) 685-3600 / firstname.lastname@example.org) ----------------- Guest Questions 02:18 Housing Provider Tip: Be prepared to deal with emergencies at your rental properties! 03:16 Intro to our guest, Roman Viere! 03:55 The morning of a tragic event. 10:39 Arriving at the scene. 17:04 Being prepared for emergency events at rental properties. 27:55 Reflecting on the day of the incident. 35:57 Tactical items for dealing with an explosion. 43:01 Insurance implications. 60:13 Insurance Coverage and 1033 Exchange. 65:02 Lessons learned from this tragic event. 67:38 What is Roman's competitive advantage? 68:25 One piece of advice for new investors. 69:10 What do you do for fun? 69:44 Good book, podcast, or self development activity that you would recommend? 70:41 Local Network Recommendation? 71:36 How can the listeners learn more about you and provide value to you? ----------------- Production House: Flint Stone Media Copyright of Straight Up Chicago Investor 2023.
Being a business owner can be incredibly stressful at times, and property management entrepreneurs know exactly how stressful it can be. Today, property management growth experts Jason and Sarah Hull discuss how property management entrepreneurs can reduce and manage their stress. You'll Learn [03:07] Why property managers are so stressed [12:18] The secret to stress relief is… going for walks! [13:42] The magic of mini breaks [19:42] Taking care of your physical health to reduce stress [22:52] You put too much pressure on yourself [27:41] The problem with starting multiple businesses Tweetables “You put up with whatever situation you create.” “The beautiful thing about having a business is that you can create the business. You can build it around you and you can structure it in a way that allows you to reduce your stress, especially once you start to build a team.” “The business can take as much of you from you and your life as you're willing to allow it.” “In order to have more than one successful business, you must first have one successful business.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Sarah: You put up with whatever situation you create and the beautiful thing about having a business is that you can create the business, you can build it around you, and you can structure it in a way that allows you to reduce your stress especially once you start to build a team. [00:00:17] Jason: 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. [00:00:33] 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. [00:00:51] 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. [00:01:05] 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. [00:01:19] All right. So today I reached out to Morgan, one of our coaches on our team, and I said, "What should we talk about on the podcast? What are you running into with clients lately related to coaching?" Should I just read what she said or...? I'll sum it up. So basically she said a lot of property managers have a lot on their plates. A lot of y'all have a lot on your plate and you're not taking care of yourself. And, you know, this might sting a little to hear for some of you are not taking care of yourself right now, you know, you should be, maybe you should be eating better, you should be getting more sleep, you should be having less stress, should be like stepping up more as mom or dad, taking care of your kids, being part of the family, whatever it is, but you're just, you're not able to really be there in a lot of different ways because you are too busy being a martyr, too busy being a martyr, allowing property management to take over your life, allowing tenants to take over your life, allowing owners to dictate your life, and you're trying to please all of these other people. Probably matter a lot less to you than your family does, right? So that's what we're [00:02:39] chat about today. We're going to talk a little bit about today, about how it's possible to have it all. You can have a successful business. You can manage your time well, you can get support. You can have the space to work with DoorGrow, have time for coaching. You can have it all. And she also mentioned other big challenges is related to this is juggling multiple businesses. So these are some of the things we can get into today. Where should we start? [00:03:07] Sarah: Well, I think a good place to start is Let's address the elephant in the room, which is like stress. Stress in property management is super common because it is a very stressful business. It's a high pace, like fast moving business. Typically it's not something where hey, we have, you know, 18 days to figure this out and we could just take our time. Oftentimes it's like a fast moving, high pressure industry in general. [00:03:38] And I think that there are definitely ways to kind of help like reduce and mitigate stress. I just don't know how often people actually do it, and for a while I was in that bucket too. I really, I was like experiencing burnout and I think that's really common for people is just to go, "well, this is just normal. Like I own a business and this is normal and this is what owning a business is. This is what property management is, you know, this is what it's like. I have to just put up with it. And you don't. You put up with whatever situation you create and the beautiful thing about having a business is that you can create the business you can build it around you and you can structure it in a way that allows you to reduce your stress especially once you start to build a team. [00:04:29] Jason: Yeah, I think In building a business, any business, any industry, the business can take as much of you from you and your life as you're willing to allow it. And so it's really about setting healthy boundaries. And boundaries really aren't so much about telling everybody else, this is how you need to treat me necessarily. [00:04:53] Boundaries are really just about what you are going to do and not going to do. That's it, like it's in your wheelhouse. A lot of times people think boundaries are about like trying to control somebody else or telling somebody else you're not allowed to do this to me or say this or do... that's controlling. [00:05:10] That's not necessarily boundaries. Boundaries really are, "if you do these things..." If the tenant's going to treat or talk to me this way, I'm going to, you know, do this, or if the owner is going to treat me or talk to me this way, then this is going to be the consequence I'm going to do this since about what you're going to do. [00:05:28] And one of the ways you can easily set a boundary you know, back when I had a job, which is a while ago, I'm pretty much unemployable now. I think most of the entrepreneurs listening would agree they're unemployable now. You just wouldn't probably be able to work for somebody else. You're enjoying too much freedom as a business owner, even if it's your stress and your problem, it's yours, right? But one of the things I had to do is I had a job where I was managing an entire like tech support team and I got all the escalation calls and the work was never done. It was endless. It was never gone. It was never like, at the end of the day, I completed everything. [00:06:06] And could just go home and it was all done and I'm sure property managers feel they feel a lot like this. [00:06:12] Oh, yeah. [00:06:12] It's just it's never done. [00:06:14] It's never done. [00:06:15] Always outstanding stuff. [00:06:16] Always more to do... [00:06:17] ...work orders waiting [00:06:18] Sarah: ...more you could do, where you're like, "well, okay i'm done, but let me try to see if I can get these things in" or like, "Oh, maybe now I have some time to focus on, you know, this thing." and it's this never ending loop. It's a never ending cycle. [00:06:34] Jason: And when you know you have this endless to do list that you're always adding to. So it becomes a to die list because you're just making it bigger all the time. Probably there needs to be a cutoff, right? And so one simple boundary is you can say, "I'm done at 5 p. m." Like I'm going home and "I'm going to be with my family and I'm not going to work." Right. "I'm done." And now you need to set some things up, some systems in place so that you can be legitimately done by 5 p. m. Maybe it's you have an after hours call center. Maybe it's you've got somebody else on your team that has a phone, maybe the after hour stuff, you've got Filipino team members where it's like during normal hours for them, whatever, but you have some way of saying, "I'm done at five." Then from there on out, I get to be dad, I get to be family member, I get to like, feed myself, and I think this is like, in my study of like, men and women, I think men need this way more than women, but probably everybody needs this, but we need a time gap between work and family to transition. [00:07:42] I mean, at least like 30 minutes to an hour to decompress, especially when we first walk in the door. So like, guys, you need some way to become human again, because you're in like focus work mode and Sarah knows, like, I'm not good in that space. Like if she tries talking to me in that period. Like I'm not listening well, I'm not present and I'm like everyone's frustrated Like it just it doesn't go well. [00:08:10] Sarah: There's usually a lot of "hello??" [00:08:12] Jason: Yeah, and I'm like ruminating on the last thing somebody said or something else and I'm just I mean I'm in problem solving mode And I have to like get out of that space. [00:08:23] Sarah: Yeah, like you're physically here, but you're just mentally like yeah elsewhere. You're not, and it's weird because people in your life don't know that, especially like if you work from home or if you have kids are like, if you're here, like you're here, I should be able to talk to you or call you or walk in your office or, right? [00:08:44] And it's about kind of training. It's like, "Hey, I'm here, but just pretend like I'm not, I know you can see me, I know you can hear me, but during work hours, you got to pretend like I'm not here because a lot of people work outside the home. So just pretend in your brain, like unless there is an emergency, like I'm not here," but it's weird because when you can see someone and they're physically there, you just kind of expect them to be, you know, available. [00:09:12] So it's I think what something that you could probably do a little bit better is like in that transitional period. Like just either hang out in your office or like go upstairs to the media room or go take a walk or something so that gives you space to like decompress and then when you're ready then come around me because women, I think our brains work just a little different than men's do but like if you have computers like it's like we have like a thousand tabs open at all times. Now they're open like they're doing stuff in the background But maybe there's like three tabs that you're actually looking at right now, but all the other ones, they're just like back here, kind of spinning. And all of a sudden one of those tabs is like, "Oh, ping! Hey, we need you!" And we're like, "Oh, pull that tab open. Like, let's go into that." And he's like, "Whoa, I'm not even paying attention yet." [00:10:00] Jason: I've heard it described that women's brains have what's called diffuse awareness, which basically means they're way better multitaskers than us, but they're aware of everything going on at the same time. [00:10:12] The disadvantage is pretty prominent when it comes to like war or like focusing on one thing right then and trying to shut out all the extra noise and all that like crazy craziness. That's where guys really tend to excel because we're singular focus in our brain. We can literally stop thinking. We can actually just not think about anything. [00:10:34] Sometimes women are like, "what are you thinking about?" And we're like, "nothing." We can actually do that. And women don't get that a lot. I don't get it. I don't know. Like, how do you not think? Yeah. [00:10:44] Sarah: I think in my sleep too. Like I wake up with ideas that I didn't have the night before. And it's like just something was spinning around in my brain overnight. [00:10:52] Jason: So another thing I've noticed is I'm a lot more burnout by the end of the day if I don't get breaks. And a lot of times we have this, we get this obsessive need, like "I need to hustle, I got to do." And we become less and less effective. We're less and less present and we're less and less efficient and we're getting actually less done. [00:11:13] And so I find that for me, taking little breaks throughout the day, which I've been trying to do when I take little breaks throughout the day, it allows my brain to kind of unwind a little bit. It's like they say, if you keep a bow strung all the time, it loses its spring and you can no longer shoot arrows, right? [00:11:31] It's no longer effective as a tool. You unstring the bow when it's not in use. And so finding times throughout the day to give a little bit of break I think also as a way of setting boundaries for yourself and saying, I'm not going to just hiho silver all day long... and that's a Lone Ranger reference, but hiho silvering is where you're just, "I'm going to go! I'm going to solve the day! I'm going to do everything blah, blah, blah!" And you just go. And you're not really effective. You're just running around, go, go, going, you're not taking time to think, plan, meditate, chill out. You're reacting. Yeah, you're very, yes, you're very reactive instead of in control. So so I think that's another way to mitigate stress. [00:12:18] One of my biggest secrets for stress is just going for walks. It's a form of bilateral stimulation. It gets both sides of your brain to go back and forth. There's a form of therapy called EMDR therapy. I did, I worked with an EMDR therapist for a year, just from all the stress and trauma that exists in being an entrepreneur. My business coach at the time was like, "you need to go get EMDR therapy." And I was like, "okay, I'll go do it." And it was really helpful. But then I realized, you know what? The light moving back and forth or the vibrating paddle or having them move your eye back and forth. Bilateral stimulation also happens when you just go for a walk, and you just focus on feeling your feet while you think about whatever's stressing you out. And so, we like to go for walks. [00:13:04] Sarah: Yeah, we do. I love walking. I feel better after walks, and I feel like I do a lot of really good thinking, on walks too. It's it just because I'm away from everything, like I'm not in front of a device. I don't have my phone in my hand or I probably have it like on me, but I'm not like on it. I'm not looking at something. So it allows me to just. Focus on the thing that I want to focus on instead of whatever is calling my attention at that particular time. So, you know, if you've got emails piling up, like, and you're not looking at your email, you don't know that you have emails piling up because it's not in front of you. [00:13:40] So I really do like going for walks. I do want to circle back to the mini break thing. I have really great story to share. So years ago in my former life, I sold insurance. And I was newer to the insurance company and there was a woman, there were a couple women, but there was one woman in particular at this company. [00:14:02] She hated my guts, like oh my God, she hated me so much. I think to this day she still hates me. It's funny to me. I laugh about it. Oh man, she was so mean to me. She was just nasty, like sweet to my face awful behind my back in a lot of different ways. So one time she did not think I was at my desk and I had returned to my desk and we had like little cubicle desks and she was kind of around the corner talking with another woman who didn't like me at the time, ended up liking me, but didn't like me at the time. [00:14:32] And I hear her say, " I don't even know why she has a job here. She doesn't do anything all day. All she does is walk around. She's never at her desk. She just walks around all day long and she talks to people." And it was hilarious to me, like so comically funny to me. The better part was when she turned around to walk by me and realize, because she said that like a minute earlier and walked by me and realized, "oh shit, she probably heard that because she was at the desk." [00:15:03] And she's in a way, she had a point. What she missed is the big picture. So her point was like "she walks around a lot" and I do, I have to walk around a lot. I always have to, like, even I work from home now. I'm like, let me get the dog's treat, let me get the dog's out, like I'm going to just go take a lap, I'm going to get up and go, you know, get a drink of water, or I'll make myself a juice, or a coffee sometimes, like, there's certain days, I do laundry, so like, in between things, I'm going in and doing laundry, even if I just get up, sometimes, like, I have a bathroom in my office, I don't use that bathroom, I will get up and walk across to the other side of the house to use a different bathroom, why? [00:15:42] Because it gives me a mini break. So I'm really big on taking mini breaks. I always have been. And something I learned recently, I didn't know that I was doing this, but mini breaks are so good for you because they allow you to like, just kind of decompress take a break of like. First of all, it gives your eyes a big rest because now we're no longer staring at a screen. [00:16:05] Second of all, if you get up and you're walking, now you are getting that bilateral stimulation. And you're also like getting, if you're, if you sit too long, it's just not good for your body. Like sitting too long is not good. Standing too long is not good. Walking too long is not good. So we have to find that balance. But though, for those of us, like property managers who are not out in the field, We're the ones who are like hey, maybe we're, you know, at the desk and maybe we're doing sales that a lot of times it's at a desk. Jill, get up like every so often get up, but I would get in that office. It was funny. [00:16:40] It was a three story building. We owned all three floors, well, they owned and then I would like, I would go down in the basement and like, go talk to somebody for a few minutes. Instead of calling them on the phone, I would go walk down and talk to them and get what I need and then come back up. Upstairs was the kitchen. So I would go make myself a coffee, come back down. I would walk to the other side to go to the bathroom. That way I'm giving myself a mini break. But the funny thing about this is I was the most productive agent month over month in that company in what I did, which is personal lines. [00:17:11] So they're big performer and I'm not going to mention names, but they're big performer, she was great. And she's amazing. She's so great. I came in and I blew her out of the water every single month over month. And I quote unquote did nothing. So it was funny for me because I just laughed at that. [00:17:28] I was like, "Oh, this is rich." [00:17:30] Jason: Right. Yeah. [00:17:31] Sarah: But I was able to outwork and outperform anybody, and I still am because my stamina is just like I have now trained my body and trained my brain. But part of doing that is taking a break. If you say Sarah, you have to sit down for the next eight hours or four hours or three hours and just sit here and focus and do work like, I can't do that. [00:17:53] I need mini breaks. So even like in between coaching calls or in between sales calls or when I was doing property management and I was doing sales calls, I wasn't sitting at my desk. I was on my phone. I only ever talk on speaker. Everybody knows this about me. I only ever talk on speaker. So I was holding my phone. [00:18:10] It's a little annoying sometimes [00:18:12] ...holding my phone like this, but I would be up. I'd be pacing. I'd be walking around. Sometimes it was just back and forth in a room. Sometimes I'd go like in my closet and I'd come out. I'd go like down the hall. I'd come back. But I was always up walking and that gave me like a little mini break and I wasn't getting sore. [00:18:30] Like my hips get sore if I sit too long. So I think these mini breaks. There's gold in there. So make sure and if you are someone who lives and dies by your calendar, that's fine. Like at least every two hours schedule yourself like a five to ten minute mini break. Now this doesn't have to be long. [00:18:50] Sometimes people are like, "Oh, I can't take a huge break because then I'm like sacrificing time and I'm not getting enough done." You will get more done and these are mini breaks. I wasn't up like "hey, I'm going to go gallivanting for like you know, 20, 30 minutes. It's a 5 to 10 minute mini break. It gives your brain a rest. [00:19:10] It gives your eyes a rest. It gives you a chance to get up and move and you will get more done that way. Do you gallivant? I used to gallivant a lot. [00:19:20] Jason: I don't even know what that means. I mean, I picture you like, I picture somebody like Monty Python or something. You should know that word. I've heard the word. [00:19:29] I just can't picture what you gallivanting would look like. [00:19:33] All right. So, so what's interesting is some people say sitting is the new smoking. I don't think, I don't know, but maybe it's that bad. But I, what I do know is my Oura ring and which measures my heart rhythm and heart rate and stuff and my apple watch, which also does this stuff are constantly telling me that I need to stretch my legs or I need to stand up. [00:19:58] I get notifications. It can tell that my heart rate is being and my heart is being affected and my health is being affected when I sit too long. So there's, you know, this is a legitimate thing. So getting up and moving around, I have a standing desk and it's typically up unless Sarah's in the room. [00:20:17] Yeah. I don't stand. [00:20:18] Otherwise I'm sitting on a ball chair. And for those watching the video, I put this on my treadmill. I have a treadmill under my desk that I'm normally I'll walk on and I can get 10, 000 steps very easily just at my desk. And I find the days that I actually walk. I work. At the very least stand. [00:20:36] I have a lot more energy. I was really fatigued yesterday because I didn't stand or walk and I was like super tired at the end of the day. And so, one thing I want to point out is the days that I exercise and anyone that exercises consistently knows this is true, the days you exercise, you have a lot more energy. [00:20:57] It gives you a lot more in the tank and it doesn't even have to be long. It could be a seven minute workout. Google seven minute workout. It could be a 15 minute workout, which I do with my X three bar bands, which I think are really cool, or it could be going to the gym and like going to the gym after work. [00:21:16] A lot of guys will do that because it'll give them that space to become human again and get back into their body and become present and kind of work out, you know, the stress of the day, but working out is a proven phenomenal way of decreasing stress. And it gives you more time. It gives you more time back. Anytime you invest into exercise is going to give you more time back. And people that work out know this. Some of the most like effective brains that I follow in entrepreneurism are very fit. And it's been proven that when you contract muscle tissue, it pumps chemicals from your muscles that feed your bloodstream and in your brain and make you able to function more cognitively effectively. I think also the effect of discipline because it takes discipline to exercise. If you can discipline your body and discipline yourself in exercise and working out, Sarah works out, I work out multiple times a week, right? That discipline translates into business. [00:22:22] I think a lot like it's a big deal. And I've noticed that people that can focus on their body and focus on their health, their business becomes a reflection of that to some degree, and are there really fat, unhealthy, overweight people that making a lot of money? Sure. There's always exceptions. [00:22:42] However, I know that for me, I'm a lot more effective in business if I'm taking care of my health. So, and that lowers my stress. So should we talk about the idea of putting too much pressure on themselves? [00:22:59] Sarah: Yeah, I think we could talk about that. And I think this kind of boils down to, it's like the age old problem of like, "well, I own the business and it's on my shoulders. Like I'm the one that has to do it. Or like, I can't get somebody to do that piece." Like even if people hire, they'll hire out for things, but they still hold on to things that they don't like or they really wish they could offload, but they, for whatever reason, they have this like mental roadblock and they're like, "I cannot, I can't give that to somebody else. [00:23:32] It has to be me. Like people want to talk to me. It's got to be me. Like, oh I have to know that part of the business. I have to do that part of the business." And it's complete fallacy. So you don't need to do any one particular thing in your business. You can set your business up so that you do the things that you actually like and enjoy and build the business around those things and those things might change. [00:23:58] So in the beginning, I was just talking about this on the scale call Friday, I think. So in the very beginning, when you're like a solopreneur and it's all you, yeah, everything is going to fall on your shoulders because it's just you. When you start to hire though, you can start to give away things that you really don't enjoy doing. [00:24:18] Most of the times, this is what I see people do is they're like, well, I really like this piece, so I'm going to keep that piece and I'm going to give away these other pieces. But every once in a while, I still see people that they're like, oh, well, I'll ask them like, "what do you do in your business? Like, what do you do?" [00:24:35] And sometimes I'll get answers like, "well, I do everything. Like I do all of it. Ha." And like they laugh about it. It's not funny to me at all. That's pain That's like pain coming through and they're trying to like use humor to disguise it and That sounds pretty freaking awful. [00:24:51] Jason: Sometimes laughter is the stage Before crying, so sometimes it's the stage before crying for a lot of people they're like... [00:24:58] Sarah: yeah, so even these people they have a team and I'm like, well, what do you do? And they're like, "well, I do everything," like yeah, but then what does your team do and they're like, "well They do these things and I'm like, and what do you do?" [00:25:09] They're like, "well, I do everything else." [00:25:11] " So do you enjoy doing everything else?" Most of the times it's, they say, "no." [00:25:16] "So then why are you continuing to do it?" And they have this idea like planted in their brain that it has to be them. And it doesn't, it does not have to be you. You do not need to put all this crazy amount of pressure on yourself to be like, it's not all you. [00:25:33] You don't need to be the face of the company. You don't just because you own it. You don't need to be the face of the company and there will be, absolutely, there will be stages in your business where you are the face of the company There will be stages in your business where you are the company. It's you're like, "well, let me talk to the leasing department... that's me. Let me talk to maintenance. That's me. Let me talk to accounting. That's me," right? But at some point those things are going to shift and you're going to keep hopefully just the things that you really enjoy doing And if it's not something you really enjoy doing, you've got to be able to offload that and trust your team to handle that. That's also going to reduce your pressure noise a lot. [00:26:09] Jason: That's a big challenge we see it a lot. And the default for every entrepreneur is you move through the solopreneur stage, doing everything yourself. You build a team the wrong way, typically, which is you build the team based on what the business needs instead of what you need. [00:26:25] And then you're more and more miserable as the team scales and the business scales, your name is in parentheses next to every person on the org chart, because they all come to you with questions. And if you're dealing with that frustration, you really should be talking with DoorGrow and letting us help you get out of that. We're really good at helping people restructure their teams and get out of that pressure and noise. And if you're listening to this, you probably can't see it. You can't see how you're doing things wrong. You just know it doesn't feel right. You're like, "I'm wearing hats that I don't want to wear. And I have an entire team." [00:27:01] And a lot of times it's because we have some false beliefs, like "I'm the business owner. So I have to do the accounting. Or I'm the business owner. So I have to like be the person doing sales." There's nothing you have to do. If you own the business, you're king or queen, like you set the rules. [00:27:18] You can decide what you want to do. You can be the receptionist if that's what you want to be. That's your dream. You can outsource or like hire for everything else. Right. You can't see those sometimes accurately who you are and the things that you really do enjoy and what your purpose is. And so this is one of the things we help clients get really clear on and then restructuring their team so can be really helpful. [00:27:41] So related to this, a common scenario or problem is a lot of business owners put more and more pressure on themselves simply by starting more and more businesses. And this can be a big challenge, like entrepreneurs are entrepreneurs. And they're like they love starting stuff. They're like, let's start some shit. [00:28:00] They want to start more stuff all the time because starting is fun and sexy and exciting. And you can have this fantasy for the business and this new idea, and then making all that work and doing everything and all that is not so fun and exciting. So they're jumping to the next fun thing, and then they have the next thing they know, they have like nine businesses, you know? [00:28:21] Sarah: Yeah. And I think the other thing I see a lot is, especially with property management, there's a lot of crossover, right? They're like, "well, I could do property management and that goes hand in hand with real estate. And then that goes hand in hand with doing appraisals, and then that goes hand in hand doing inspections, and that goes hand in hand with insurance, and that goes hand in hand with being a notary, oh, and I could start a maintenance company, and now I could do like a cleaning company, and I can do this, and I can do this, and I can, and you and yourself. [00:28:50] Jason: Cool maintenance, roofing. Yeah. [00:28:51] Sarah: And we've seen that, and a lot of times when we see that, It's like, it's completely premature because in order to have more than one successful business, you must first have one successful business. So you can't have a business that's like, eh, and then go, "well, I'm just going to start another successful business." [00:29:15] Well, if the first one isn't working out so well, how you do one thing is typically how you do everything. So if you have a business that isn't going super well, and then you're like, "Oh, I'm just going to start another one." Well, your other one is probably going to mirror very closely what the first one looks like. [00:29:33] Yeah. Right. So I think that's, it's like it's just like temptation and it's like opportunity and it's just because there's so much that you're like, "well, I don't need to pay somebody to clean houses. Like I could just start a company and then my company I'll pay myself." But the problem is, and I'm not saying I am like, so not saying do not start multiple businesses. [00:29:58] What I am saying is only look at starting other businesses once the main one or your first one is super solid. Like when it's running really well, it really doesn't need you. If you can go for like a month or two without really handling or touching or doing anything in that business, So if I can take you and I can pick you up and drop you off on a like desert island and you come back and your company is just fine, now you can look at starting another business. [00:30:30] That's not the case? Don't do it yet. [00:30:33] Jason: Yeah. The company should be better than how you left it if you have a good business. Should be better. It should be growing. It should be healthy. Yeah, so we're going to wrap this up. But the first first thing I want to say related that is I've talked about the five currencies in the past. [00:30:50] The currency of focus. Which Sarah is talking about is the most important currency related to growing and scaling a business. The less you're focused on, and the less you're distracted by, the more you can help that business grow and grow faster. And so, just keep that in mind. At DoorGrow, we can help you become more of that entrepreneur that can solve all the gaps and all the problems with your one business, and it makes you a better entrepreneur for all the others. [00:31:18] We've seen that happen a lot of times with our clients. And that's our goal is to teach you to be the entrepreneur that can have the business of your dreams. The only reason you don't have it yet is you're not yet that person. So one of my mentors said, "Jason, you don't have the business of your dreams yet because you're not yet the person that can run it yet." [00:31:36] Which was a punch in the gut at the time. I was like, he's right. So, and the other thing that I've learned is that opportunity entrepreneurs, we see it everywhere. It's everywhere. "Oh, there's a problem. I could solve that. There's a problem. I could solve that. Oh, you need a pool maintenance person? Well, you could start a pool maintenance company to for property management." [00:31:56] Like you, there's a million things you could do. That doesn't mean you should. And Entrepreneurs, some of the most powerful things that we can do as an entrepreneur in focus is to just say no and turn things down and to not do things until we really get things solid, like you were talking about. So, all right. [00:32:15] So for those that have been watching us for a while or listening to the podcast for a while, I mean, I've, I talked to somebody this week that was like, "I've been listening for like three years" and it was like the first conversation I'd had with them. If you're sitting in the wings, listening to us, when is it going to be your turn? When's it going to be your turn? When do you get to be the person that gets to be the person getting these awesome results that our clients are getting? Why don't you believe you deserve this? Why are you being so hard on yourself and making things so difficult? Why don't you reach out? It's one thing, like there's some great free stuff that we give out. [00:32:56] We want to coach you. We want to mentor you. We want to help you. We want to support you in getting your business to actually become the business of your dreams. Have the day to day that you want, lower your stress, lower your pressure and noise, be more of what you are meant to be. More mom, more dad, more family, better pet owner. [00:33:17] I don't know, whatever you've got, right. Taking care of the people around you. Like we want to help you become the person you were meant to become when you started this business if you're doing it correctly and we want to help you do it correctly. So reach out to DoorGrow. Have a conversation with us. [00:33:36] If you have at least 20, 30, 50, 100 doors, we can start to help you. We can help you eliminate some of your crazy expenses, run lean. If you have 200, 400, or more doors, we know that this is a significant challenge place point for most people. They're sometimes the least profitable per unit they've ever been. [00:34:00] They're the most stressed they've ever been. They have an entire team. We can get you out of this like we can help solve this. This is a more fun problem for us to solve than even just getting doors. Getting doors is not hard. We can help you do that. For those of you that have the challenge, getting doors is no longer a challenge. [00:34:16] How do we deal with all these doors? How do we deal with all these team members? How do I become profitable? We want to help you with that. We can help you with that significantly. And if you have. 600 doors plus, you've got an awesome team, maybe even a thousand doors plus. And you're like, I really want to get more from this. [00:34:34] I want to optimize this more. I want to support my team more. I want to invest in them. I want my BDM. I want my operator to be working with DoorGrow and to take things to the next level. I want to feed into them and give them success. Then reach out to door girl. We've helped clients go from 600 to a thousand doors. [00:34:53] We've helped clients over a thousand doors, clean up stuff they should have done when they first started their business. Reach out to us. We want to help you out. There's no reason not to. Anything that you do with us. You're going to get an ROI that's far greater than our system is paying you. It's a no brainer and just goo DoorGrow. com and that's it. So anything else? All right. [00:35:18] I hate when you do that. [00:35:19] I know but I want to give you the opportunity to have the last word But all right until next time to our mutual growth. Bye everyone. [00:35:26] 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! [00:35:53] 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.
Welcome back to the Short Term Rental Riches Podcast! In this episode, we dive into the dynamic world of medium-term rentals. Discover invaluable insights and strategies to optimize your property for stays lasting a month or more. From choosing the right platforms to streamlining communication and setting competitive prices, this episode is your comprehensive guide to transforming your short-term rentals into lucrative medium-term opportunities. In this episode, you'll learn: Adapting Policies for Medium-Term Success Targeting the Right Audience Listing on the Right Platforms Alternative Guest Sources Instant Book and Visibility Stay tuned for the upcoming episodes in this three-part series. Subscribe for weekly insights that will elevate your short-term rental game. If you're navigating the evolving landscape of property rentals, this podcast is your ultimate resource. If you found this episode helpful, don't forget to like, share, and subscribe for more expert insights. Connect with us on our website, strriches.com, and let us know your thoughts and questions. Here's to turning your properties into thriving medium-term rentals! Need help managing your short-term rental and you don't want to go it alone? Shoot us a message here and we'll see if we can help.
Integrators are vital in business, acting as the glue that binds elements into a unified whole. In real estate, they play a crucial role, similar to Gannon Coffman's expertise as an operational leader. So, explore the functions of a chief operating officer and how they optimize systems to drive real estate success. Dive in! Topics on Today's Episode General functions of a chief operating officer in a RE business Cost-saving strategies for commercial real estate investments What to expect when working with a visionary leader The importance of having a good company culture Biggest challenges COOs face in real estate and ways to address them Resources/Links mentioned Slack Traction by Gino Wickman | Kindle, Paperback, and Hardcover The E-Myth Revisited by Michael E. Gerber | Kindle, Paperback, and Hardcover Trust But Verify by Corey Peterson | Kindle and Paperback Elevate your understanding of real estate by claiming your FREE copy of Corey Peterson's book, Trust But Verify. Text "BOOK" to (480) 500-1127 and learn the essential skill of critically evaluating real estate syndicators! About Gannon Coffman Gannon is the COO of Kahuna Investments, a vertically integrated private equity real estate company specializing in multifamily and student housing investing. He has over 15 years of experience in commercial real estate brokerage and development. Gannon has a Master's in real estate development and a Bachelor's in business and corporate communications. Connect with Gannon Website: Kahuna Investments LinkedIn: Gannon Coffman Want to invest alongside the Kahuna Investments team? Save your spot in our upcoming webinar, where we discuss how you can join our Private Investor Club and get access to our deal rooms exclusively. Now's your chance to start apartment investing, so visit kahunainvestments.com/webinar to register! Take the first step towards financial success by learning more about Kahuna Investments, and if your investment goals align with our formulas and approaches – book a short 15-minute Virtual Coffee call with us at kahunainvestments.com/coffee today! Are you ready to experience the cash flow life? Just text “BOOK” to (480) 500-1127 to get a FREE copy of Corey's book, Copy Your Way to Success, and learn how apartment investing can change your life today! Don't forget to download my Free Workshop Quick Start Video Series, and if you like what you have heard, please leave a review on iTunes.
What? Do you mean property managers have challenges?? Ha...it seems that our entire business is dealing with challenges. In this episode, Spencer and Matthew walk through three of the biggest challenges property managers face today. =================================== Connect with Matt and Spencer at Evernest: Evernest.co Visit the Podcast Website: Evernest.co/podcasts Email the Show: email@example.com =================================== Production House: Flint Stone Media Copyright of Evernest 2023.
Hello WIIRE friends! This week on the podcast, we are sharing our very best real estate tax savings tips to hopefully help save you as much money as possible. With year-end approaching quickly one of the first things we need to think about jumping into the new year is taxes. With growing your business comes more tax questions and responsibilities and we want to make sure you are using a forward-thinking tax strategy to start the new year off right.We are not CPAs or tax attorneys, so be sure to consult with a tax professional for highly-specific questions.Our friend Danielle Rutigliano still has a few new client spots left for our WIIRE members, so if you have not taken the opportunity to reach out to her and hear her expertise on real estate tax strategy, what are you waiting for? Make sure to mention that WIIRE sent you. We use Danielle for our WIIRE business and in our own businesses and cannot say enough good things about her services.Some of the tips on our list are straightforward and others are more complicated and as your portfolio grows, you should know all of the options in front of you. On our list of hot tax tips are:1031 ExchangeDie (morbid, but real life) while owning your propertiesSell your primary residence of 2 years tax-freeCost segregationSeller financingHold properties for more than a yearRealize appreciation by borrowing, not sellingMake sure you are planning ahead and prepared by consulting with a tax professional to keep your real estate investing biz growing and thriving. These are some amazing tips we have learned on our journey and hope they help you to continue to grow your real estate investing business!We will talk to you next week! Resources:Check out our favorite Bookkeeper & CPA, Danielle RutiglianoLeave us a review on Apple PodcastsLeave us a review on SpotifyJoin our private Facebook CommunityConnect with us on Instagram
Discovering Multifamily Episode 243: 7-Figure Property Management Exit With Steven CalascioneAre you a property manager striving to scale your business? Do you feel there's a better way to optimize and expand but can't pinpoint how? Are you searching for proven strategies to consistently grow your portfolio month after month?Steven Calascione joins us with a decade of real estate and property management experience. He's not only built a property management business from scratch but also sold it under 3 years for multiple six figures. Drawing from his hands-on experience, successful exit, and the power of his funnel strategy, Steve has crafted the "Property Growth Blueprint." This specialized program is tailor-made for property managers to achieve unparalleled scalability and consistent growth.YouTube: https://youtu.be/2f-o4GDTN3IWebsite: www.redknightproperties.com/media iTunes: https://podcasts.apple.com/us/podcast/discovering-multifamily/id1506820688 #financialfreedom #passiveinvesting #activeinvesting #investsmart #investwisely #buildingwealth #multifamily #podcast #Red Knight Properties #Anthony Scandariato #Brian Leonard #investing in real estate
Join Mike Brewer for episode 1,576 of the MultifamilyCollective as he delves into a critical, thought-provoking question that shapes the success of multifamily operations and management: "What then?" This episode explores the far-reaching implications of implementing new ideas, extending beyond initial outcomes to the ripple effects on various organizational aspects. Key Highlights: The Power of 'What Then': Mike discusses how this question helps understand the broader impact of new initiatives on systems, policies, and disciplines in multifamily operations. Beyond Implementation: A deep dive into the aftereffects of executing new ideas, ensuring that every angle, from an accounting, human resources, marketing, and operations perspective, is considered. Interdepartmental Considerations: Insights on involving multiple departments to gain a comprehensive view and address potential challenges. Strategic Decision-Making: Learn how to navigate the complexities of implementing changes within a multifamily setting, ensuring alignment with overall goals and strategies. About Mike Brewer: As a seasoned leader in the multifamily industry and the COO of The RADCO Companies, Mike Brewer brings knowledge in systems, marketing, and technology strategies, aiming to inspire and elevate potential in the multifamily space. Connect with Us: Website: multifamilycollective.com Podcast: MultifamilyCollective, wherever you get your podcasts Subscribe for More Insights: Don't forget to subscribe to our channel for more insights into multifamily leadership and strategy. Please rate and review; it helps spread the word! #MultifamilyLeadership, #MultifamilyOperations, #RealEstateStrategy, #OrganizationalImpact, #StrategicDecisionMaking, #SystemsImplementation, #MultifamilyManagement, #BusinessInnovation, #OperationalExcellence, #LeadershipInRealEstate, #ChangeManagement, #InterdepartmentalCollaboration, #RealEstateTechnology, #PropertyManagement, #BusinessProcessImprovement, #TeamDynamicsInRealEstate, #MarketingStrategiesInRealEstate, #HumanResourcesInMultifamily, #RealEstateInvestmentStrategies, #FutureOfMultifamily --- Send in a voice message: https://podcasters.spotify.com/pod/show/mike-brewer/message Support this podcast: https://podcasters.spotify.com/pod/show/mike-brewer/support
Sal Becovic returns to the show to discuss how he has continued to grow his portfolio despite the challenging market! Sal jumps right in by sharing his philosophy on acquisitions and being “rate agnostic”. He gives an extremely bullish outlook on Chicago leaving us feeling great about this special city. Sal discusses the ins and outs of his latest and largest acquisition; a 28-story condo building with value-add potential. Throughout the show, Sal emphasizes the importance of establishing solid fundamentals, surrounding yourself with great people, and being a good person; rules of life not just RE investing. If you enjoy today's episode, please leave us a review and share with someone who may also find value in this content! Connect with Mark and Tom: StraightUpChicagoInvestor.com Email the Show: StraightUpChicagoInvestor@gmail.com Guest: Sal Becovic, Becovic Realty Link: NBOA Chicago Link: Bloomberg.com Link: The Economist ----------------- Guest Questions 02:35 Housing Provider Tip: Ideas to make unit turnovers more efficient! 04:10 Intro to our guest, Sal Becovic! 07:31 Being in acquisition mode! 13:57 Being “rate agnostic” in today's market. 18:52 Sal's perspective on the Chicago RE market. 23:32 Sal's latest and largest deal! 37:21 What's next for Sal? 41:55 Operations and building a team. 47:30 Sal's closing tips on optimizing your RE portfolio! 51:03 What is Sal's competitive advantage? 52:35 One piece of advice for new investors. 53:49 What do you do for fun? 54:38 Good book, podcast, or self development activity that you would recommend? 56:23 Local Network Recommendation? 57:34 How can the listeners learn more about you and provide value to you? ----------------- Production House: Flint Stone Media Copyright of Straight Up Chicago Investor 2023.
Join us for an insightful podcast conversation featuring Greg Orquera of Orquera Florida Investments. We are pleased to share a new strategic partnership between Preferred SHORE and Orquera Florida Investments, which provides skillful property management services for our agents at Preferred SHORE. This collaboration emphasizes service and excellence, providing agents with a robust support system to manage their customers property portfolios effectively. In this podcast, we explore Greg's journey and achievements in the real estate industry, offering a glimpse into the expertise his firm brings to the table. With a focus on annual, vacation, and short-term rentals, they excel in positioning properties as desirable retreats for travelers. Tune in to learn how this venture will make a significant impact in possibilities for real estate investment with your customers. #PropertyManagement #RealEstatePartnership #InnovationInServices
Welcome to the "Secrets of Influence," in the digital age, "influence" often seems distilled to mere numbers – followers, likes, and shares. But for the visionary business leader, genuine digital influence is multifaceted, stretching beyond platforms and algorithms. "Secrets of Influence: A new pod storm series offers a profound exploration into the depth and breadth of digital leadership and influence in today's interconnected world.Join Matt as he dives into the world of influence.Series: Secret of InfluenceBeHome247 is a unifying operations platform for property managers in the residential and hospitality industries that provides complete visibility, control, and automation over many daily tasks from a single dashboard. Automate workflows, connect smart devices, reduce costs, and drive revenue with BeHome247. From “prospect to poolside,” every step is coordinated and executed in one, seamless, purpose-built, end-to-end solution.Get an interview on the Matt Brown Show: www.mattbrownshow.comSupport the show
In this episode, Karen Burns from Fyma joins us to talk about using your existing security, or CCTV, cameras to get real-time occupancy, footfall, and many other insights that help real estate managers maximize leased space and lower operating expenses. Find knowledge for the dynamic world of real estate management at irem.org.
Today, we're talking about the pros and cons of professional property management. Tune into this week's episode of The Lady Landlords Podcast, Property Management vs. Self-Management with Adam Craig. Adam is the CEO of CLE Real Estate Group, a real estate investment company in Cleveland, OH. Adam has completed more than 80 projects and accumulated a rental portfolio topping 11 million dollars in residential and commercial real estate. In this episode, you'll learn about: #1. The benefits and disadvantages of working with professional property management companies. #2. How to motivate your property manager to keep your best interests in mind. #3. How Adam manages 86 doors and how much time it takes him each week. Stay tuned until the end to discover the key to successful property management for scaling real estate portfolios! =====
What are the tax benefits of solar panels and electric vehicles? Connect with Mark and Tom: StraightUpChicagoInvestor.com Email the Show: StraightUpChicagoInvestor@gmail.com Guest: Michael Procaccio, Pro Financial Services Group Inc Link: Build Your Team | Straight Up Chicago Investor Podcast Link: Episode 198: 2023 Tax Strategies for Chicagoland Real Estate Investors with Michael Procaccio ----------------- Production House: Flint Stone Media Copyright of Straight Up Chicago Investor 2023.
Follow Mike & Shawn on Instagram! Shawn: @shawn_dimartile Mike: @miketighe_ Today's guest is Ken Gee. Ken was a former CPA at Deloitte before becoming active in real estate. These days, he is the founder and president of KRI Partners, dedicated to creating wealth for their investors and clients through multifamily real estate funds Here's what you'll get out of the episode: Ken explains his start in real estate and how to make people trust you Why does he always end up outbidding his rivals in high-value markets Why brokers like seeing investors come in with a fund rather than syndications Ken dives deeper into explaining the real estate business His personal strategy for ensuring his properties are managed right Connect with Ken: Website: kripartners.com/invest Learn more about Mike and Shawn: Shawn: www.investorshawn.com Mike: www.investormike.com
Get ready to unlock the secrets of success in real estate as we bring you an all-encompassing conversation with Robert Chiang, a seasoned real estate expert from San Francisco. Brace yourself for a deep dive into Robert's thrilling journey that spans from commercial real estate to house flipping and becoming a licensed general contractor. Our candid chat uncovers the stark differences between residential and commercial real estate, the magnified nature of the commercial side, and the myths that surround it. We also emphasize the power of persistence in overcoming the challenges of sales in this ever-dynamic market.We're pulling back the curtains on the intricate world of commercial real estate investing, with a detailed exploration of strategies for buying and selling apartment buildings. Expect to learn about the importance of building relationships with officials like building inspectors and the nitty-gritty of the grading system used in California. The challenges faced by newcomers in the commercial real estate market aren't ignored, and our discussion about the crucial role of the 1031 tax deferral strategy will leave you equipped for success in your real estate endeavors.As we round off, we dissect the current real estate market trends in San Francisco and San Jose. You'll learn about the increasing value of suburbs over the city, the impact of crime on these trends, and the importance of readiness for any market conditions. We reveal our strategies for finding lucrative off-market deals and emphasize the significance of nurturing relationships in the industry. Remember, securing the best deal should always be a priority! So, buckle up and prepare to gain invaluable insights from seasoned professionals, and arm yourself with the tools you need to successfully navigate the real estate market.Website:www.PassiveWealthCoaching.com Book on Amazon:https://a.co/d/9lOeQKVChapter Timestamps(00:03) - The Commercial Real Estate Journey(08:09) - Commercial Real Estate and Building Inspections(18:32) - Real Estate Market Trends and Strategies(32:01) - Real Estate Challenges and Successes(44:49) - Tips for Success in Real EstateHighlight Timestamps(04:39 - 06:12) Residential vs Commercial Real Estate Sales (94 Seconds)(14:23 - 15:29) Real Estate Investments (67 Seconds)(24:27 - 25:57) Network With Power Brokers in Real Estate (90 Seconds)(31:53 - 33:10) Local Investments and Property Management (78 Seconds)(38:56 - 40:06) Landlord Frustrations and Challenges (70 Seconds)(48:24 - 49:30) Learning Construction Skills and Tools (66 Seconds)Real Estate, Commercial, Investing, San Francisco, San Jose, Apartment Buildings, Building Inspections, 1031 Tax Deferral, Market Trends, Strategies, Success, Challenges, Mentor, Coaching, Passive Wealth, Amazon, Audiobook, Social Media, Speaking Engagements
Hello everyone, we hope you had a fantastic weekend and are ready to learn about exit strategies in the world of rest estate investing. We will be breaking down the following four exit strategies so you can determine which suits your needs best:Selling your investment propertyBuy and hold, or, long-term investingRefinancingRent to ownBut first, our friend, and WIIRE community member, Danielle Rutigliano is taking on a few select clients for the upcoming tax season, and you could be one of them. If you want to work with a bookkeeper who knows REI tax strategy front and back, Danielle is definitely someone you should connect with.While we know there are so many exit strategies we chose these specifically because they are what we have the most experience with and what we discuss most frequently on the podcast.Do you have more questions about one of the exit strategies we discussed in this episode, or have another strategy you'd like us to cover in an upcoming episode? DM us on Instagram and let us know!Until next week, take care, friends! Resources:Check out our favorite Bookkeeper & CPA, Danielle RutiglianoListen to Episode 35, Episode 36, Episode 37, Episode 38 with Jenn & Joe Delle FaveLeave us a review on Apple PodcastsLeave us a review on SpotifyJoin our private Facebook CommunityConnect with us on Instagram
In this episode, we'll get into the latest research about why landlords choose property managers for their properties. In each reason given, there is an opportunity for property managers to craft messaging to attract more of what clients are looking for. =================================== Connect with Matt and Spencer at Evernest: Evernest.co Visit the Podcast Website: Evernest.co/podcasts Email the Show: firstname.lastname@example.org =================================== Production House: Flint Stone Media Copyright of Evernest 2023.
This Flashback Friday is from episode 791, published last Feb 14, 2017. Jason welcomes Muthiah Nachiappan to the show. Muthiah is a client with 9 properties and an avid property management contract reader. He discusses his self-designed Property Management Survey, the garbage fees most property owners pay but don't question and how he became interested in income properties. For property owners, Jason shares 4 options for property management and then the 3 options property management companies have if they want to stay in business and service their customers. Key Takeaways: 2:57 Property Management contracts always favor the person who is drafting them. 4:19 Jason wants to disrupt the property management business through self-management, a la carte services and flat fee property management. 7:51 How Muthiah get interested in income properties. 11:54 Muthiah explains his Property Management Survey. 16:27] A flat fee system gives the property manager an agreed upon percentage of any money that comes in. 21:56 These 4 options for property management should be available to every property owner. 27:18 Property management companies need to change their business model to provide a hybrid option. 31:47 Let your property management company know that you are an educated and aware investor. 34:14 Muthiah shares his future investment plans and his retirement objectives. Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class: Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com
In this episode, join Shawn Moore for a captivating discussion with Marianne Heder, delving into the world of property management and the dynamic realm of hospitality. This conversation covers key insights into managing properties and the strategic partnership between Shawn's team and PMI.Discover why Shawn emphasizes the importance of having a robust support system, citing his experience with PMI's executive team and the meticulous process they underwent before forming a partnership. If you're an owner passionate about the hospitality space and eager to expand your brand by managing properties in diverse markets, Shawn encourages exploring what PMI has to offer.The conversation unfolds to emphasize the win-win-win philosophy—where property managers, investors, and guests all benefit. Shawn articulates his desire for a property manager who sees beyond numbers, aiming to maximize assets rather than treating properties as mere inventory.Marianne Heder chimes in with valuable insights, stressing the significance of leveraging others' expertise for personal growth. The duo discusses the essence of lasting relationships built on mutual success, highlighting the need for clear expectations from the outset.As the episode concludes, Shawn and Marianne invite listeners to tap into the resources PMI provides. Whether you're a property owner seeking the right manager or someone interested in entering the short-term rental business, PMI offers a tailored approach. Visit propertymanagementinc.com/vodacy for a wealth of information, including interviews and a form to connect with their team.For those looking to venture into short-term rentals and franchise ownership, Marianne extends a personal invitation to reach out directly at Marianne@PMITravel.com. She assures a thoughtful, handpicked process that might take a week but ensures the right partner for your market.In closing, Shawn and Marianne express gratitude for the audience's time, urging them to share the episode and leave a review if they found value. The challenges presented are to spread the knowledge and take actionable steps towards building a life worth not just living but thriving in.
In episode 57 of STR Data Lab, Jamie Lane sits down with Joe Riley, Founder and CEO of Patriot Family Homes. Joe's journey in property management began during his military service, leading to the unique approach of Patriot Family Homes in meeting the specific accommodation needs of military personnel and other traveling professionals. Patriot Family Homes distinguishes itself from other companies with a focus on 'needs-based' short-term rentals, especially catering to military travel which constitutes more than 50% of their bookings. They offer various stay lengths, from more than 30 days for relocations, 1 to 4-week stays for traveling workers, and shorter stays for events like funerals — their most frequent under-one-week booking. Joe also highlights their short lead booking time and discusses the current health of the market, noting fluctuations in demand and the significant impact of supply. Patriot Family Homes manages 550 units across 15 core markets, and Joe shares insights on their growth strategy, which includes increasing supply through third-party management, owning homes through affiliated property companies, and rental arbitrage, in response to high property prices and interest rates. The conversation also touches upon the impact of regulation in different markets, the challenges of working with military lodging regulations, and the importance of looking at real-world occupancy rather than forward-looking occupancy for revenue management. You don't want to miss this episode! ~~~~ Signup for AirDNA for FREE
Ditron is a seasoned Short-Term Rental (STR) Investor who is teaching others how to get started and maximize profitability with STRs. Ditron shares how he got started in real estate and utilized the house hacking and rent-by-the-room strategy. He shares tremendous nuggets on finding good STR markets and typical expenses associated with setting up and running a short-term rental. Ditron gives tips on working with AirBNB, STR expectations, amenities, and FAQs to consider to set yourself up for success. Mid-Term Rentals, STR underwriting, and automation are also discussed on the episode. This show is full of STR jewels of wisdom that you won't want to miss! If you enjoy today's episode, please leave us a review and share with someone who may also find value in this content! Connect with Mark and Tom: StraightUpChicagoInvestor.com Email the Show: StraightUpChicagoInvestor@gmail.com Guest: Ditron Corker, Roam to Rome Spaces & STR Innovate Link: Ditron's Meetup Link: SUCI Ep 143 - Jessica Ryan Link: Who Not How (Book Recommendation) Link: Jeff Ma and Eli Goodman Meetup ----------------- Guest Questions 03:10 Housing Provider Tip: Deliver a nicely landscaped property to encourage upkeep! 05:37 Intro to our guest, Ditron Corker! 08:00 Ditron's first deal! 09:20 Getting into short-term rentals (STRs)! 13:46 Expenses on STRs. 20:07 STR-Specific Features and FAQs! 24:27 Entertainment amenities in STRs. 25:56 Where are STRs allowed? 31:08 Underwriting STRs! 35:34 STRs vs MTRs. 38:55 Automation Systems. 40:50 Lessons Learned! 46:06 Tax Advantages to STRs. 49:22 Ditron's upcoming conference! 51:49 What is Ditron's competitive advantage? 52:25 One piece of advice for new STR investors. 53:02 What do you do for fun? 53:24 Good book, podcast, or self development activity that you would recommend? 54:05 Local Network Recommendation? 55:14 How can the listeners learn more about you and provide value to you? ----------------- Production House: Flint Stone Media Copyright of Straight Up Chicago Investor 2023.
It's believed that Auckland's surging rental prices won't stop anytime soon. According to global realtor and research firm Knight Frank, it's among the top three most expensive cities to rent in. The price for prime property has risen 6% in the six months to September, second to Sydney and Singapore. Aspire Property Management Managing Director Mike Atkinson told Mike Hosking that migrant arrivals continue to push prices. He says properties are still renting after about a fortnight on the market, even with raised prices, so rents will probably continue to go higher. LISTEN ABOVE See omnystudio.com/listener for privacy information.
Stephen Shedletzky —or “Shed” to his friends— helps leaders make it safe and worth it for people to speak up. He supports humble leaders—those who know they are both a part of the problems they experience and the solutions they can create— as they put their people and purpose first. After years on a corporate track, Shed was introduced to and inspired by the work of best-selling author and TED speaker Simon Sinek and, soon after meeting him, became the fourth person to join his team. For more than a decade, Shed contributed at Simon Sinek, where, as Chief of Staff and Head of Brand Experience, Training & Product Development, he led a global team of speakers and facilitators. Shed graduated from the Richard Ivey School of Business with a focus on leadership, communication, and strategy. He received his coaching certification from The Co-Active Training Institute. In this episode, Stephen Shedletzky shares insights from his book "Speak Up Culture" on how leaders can create environments where employees feel safe and empowered to speak up.In this episode, you'll discover: How to create a "Speak Up Culture" The importance of clearly defining values in creating a culture Why you should hire for trust not performance What the role of a good leader actually is. Balancing customer service with caring for employees first. Join the conversation on today's episode on The Modern Hotelier LinkedIn pageThe Modern Hotelier is produced, edited, and published by Make More MediaLinks:Stephen' Book "Speak-Up Culture": https://www.amazon.com/Speak-Up-Culture-Leaders-Listen-People/dp/1774582848Stephen Shedletzky on LinkedIn: https://www.linkedin.com/in/stephenshedletzky/?originalSubdomain=caFor full show notes head to: https://themodernhotelier.com/episode/53Follow on LinkedIn: https://www.linkedin.com/company/the-...Connect with Steve and David:Steve: https://www.linkedin.com/in/%F0%9F%8E...David: https://www.linkedin.com/in/david-mil...
A former banker turned best selling author, speaker, a mindset and real estate coach, Nick Aalerud has 18 years of experience – in both UP and DOWN markets – across all strategies and asset classes. Having run a multi-state wholesale, fix & flip and rental operation where the team would do 100+ deals a year in seven states, his firms have syndicated, bought and sold over $100M in real estate, and currently has $20M in assets under management through RV Parks, Multifamily Portfolios and Self Storage portfolios up and down the East Coast. A vertically integrated operation, they have an in-house Property Management firm Peak Performance Property Management that works to add significant value to the portfolios, a Short Sale Firm Short Sale Mitigation that helps agents get homeowners out from their heavy debt, a licensed real estate broker under REAL and licensed educator for continuing education for both agents and attorneys, a host of the “Shut Up And Do It” Real Estate Podcast where he shares stories of other business owners who overcame their own challenges, and a coaching division (REI Ignition and REI Accelerated) with weekly coachings and live “evolution-based” events where the focus is to create 100 Financially Free Families each year, while showing them how to HAVE IT ALL in their finances, in their relationships, and in their LIFE. Having been through his own short sales, a foreclosure, crawling back from $400K in bad debt, losing hundreds of thousands in rehab lessons, and even a brush with the SEC when he aligned with the wrong people on large multifamily syndications… and two divorces which left him homeless and even in the hospital…He's learned what ultimately is the key to success. His new mission is to profoundly IMPACT as many people as he can through his business ventures, through his coaching programs, through his charity and service work, and through his efforts at being the best Dad, soulmate, creator, leader, mindset rebuilder and team leader he can be.Learn how to close like The King Closer at https://thekingcloser.com/With over 800 Videos, this is the #1 channel on YouTube for all things Virtual Wholesaling. SUBSCRIBE NOW! https://youtube.com/@RJBatesIIIBuy the replay of the Closers Olympics at https://closersolympics.com/rjLearn more about the systems I use to virtually wholesale nationwide using the links below!LeadZolo YouTube Leads: https://www.leadzolo.com/titaniumThe Most Powerful Dispo Tool: https://get.investorlift.com/titanium/Close 30% More Deals Using Our Preferred Transaction Coordinator: https://titaniumtc.comBatchLeads 1,000 Seller Leads: https://batchleads.io/titaniumSave 20% on Privy (Nationwide Comping Tool). Use Promo Code TITANIUM: https://www.privy.pro/Propstream Free Trial: http://trial.propstreampro.com/titanium/#rjbatesiii #kingcloser #closersformula #wholesalehouses #wholesalingrealestate #realestateinvestingSupport the show
A conversation with three longtime multifamily industry veterans, Lisette Perez, Regional Vice President with American Landmark, Laura Vargas, Community Manager with Bell Partners, and Joelis Barandica, Regional Education Director with ConAm Management, and the Founder of Latinas in Property Management…discussing inclusivity in the workplace, and the challenges minorities face in multifamily property management.See omnystudio.com/listener for privacy information.
Welcome Closers,In this episode of the Profitable Property Management Podcast, hosts Jordan Muela and Jeremy Pound discuss strategies for driving growth in the residential property management industry. They cover topics like lead generation, forecasting, goal-setting, and investing in company culture.Topics Lead generation strategies: inbound, outbound, referral marketing Setting realistic yet ambitious growth goals The importance of forecasting and goal-setting Investing in company culture and employees Celebrating top operators in the industry Removing friction to enable creation and growth Guest:Jeremy Pound - Sales coach and co-founder of RentScale and This Week in Property ManagementRentscale.comSalesmastery.liveKey Moments: The importance of enjoying the sales and marketing strategies you pursue based on your strengths and temperament (12:25) Leaning financially into growth goals and ambitions (20:04) Mastermind groups forming among roles like operations managers and maintenance coordinators (33:07) Setting growth goals based on how much "strain" you are willing to take on (39:18) Origins of Jeremy's idea for a property management magazine (43:15) How to subscribe to the Strategic Property Management magazine and podcast (49:54) Be sure to subscribe to This Week in Property Management on YouTube for more great content and insights from Jordan and Jeremy! Are you a property manager looking to scale your business in 2023? Join us for LeadSimple University in Austin, TX from December 5-7. This exclusive event brings together top industry experts to teach you the latest systems and processes to automate tasks, streamline operations, and develop rockstar team members. You'll leave with actionable strategies to 10x your growth, reduce stress, and create predictable profits. Space is limited, so secure your spot today at https://www.leadsimple.com/lsu.Unlock your full potential with LeadSimple University!
In this episode, John Wilson is joined by Rick Vazza, an owner and operator of plumbing companies in the San Diego area. Rick Vazza discusses his journey of purchasing and launching a drain franchise, Zoom Drain in San Diego, as part of his existing plumbing business. He highlights the positive impact it had on his business. Additionally, they look at essential growth strategies involving B2B business development and explore the potential of introducing a restoration service. Later in the episode, Jack Carr joins in, providing useful information on franchise problems, business growth considerations, and the effects on current operations.Discussion Highlights:Franchising Expansion: Rick outlines the unexpected but successful venture into franchising, sharing experiences from acquiring locations in different states. B2B Business Development: The focus on B2B, particularly in the drain industry, is highlighted as a key strategy for growth, with an emphasis on targeting restaurants, hotels, and property management.Preventative Maintenance Plans: Rick discusses the implementation of preventative maintenance plans for high-end restaurants, emphasizing regular inspections and eco-friendly solutions.Challenges in B2B Sales: The challenges of B2B sales, especially dealing with gatekeepers in restaurants, are acknowledged. The importance of strategic approaches, such as scheduling in-person meetings, is discussed.Top of Funnel Strategies: The podcast delves into the challenges of generating leads, with Rick sharing insights into their evolving top-of-funnel strategies, including Google, digital marketing, and Local Services Ads (LSA).Utilizing Google My Business (GMB): Rick explains the advantage of running two GMBs, leveraging the flexibility provided by having a plumbing company in addition to the drain business.Exploring New Opportunities: The potential for synergy between plumbing and drain services is explored, along with the consideration of adding restoration services, demonstrating a diversified approach to business expansion.Strategic Business Development: Rick refines business development, stressing a focused and systematic strategy with dedicated individuals targeting sectors like hotels, restaurants, and property management.Host: John Wilson: @wilsoncompaniesHost: Jack Carr: @thehvacjackGuest: Rick Vazza @RickVazzaSpecial thanks to our sponsor: Service Scalers: Looking to scale your home service business? Service Scalers is a digital marketing agency that drives success in PPC and LSA. Discover more growth strategies by visiting Service Scalers. Don't forget to subscribe!Youtube: @OwnedandOperatedPodcastX: @ownedoperatedcoSPOTIFY | APPLE PODCASTwww.ownedandoperated.comContact us: email@example.com
Today on the podcast we welcome seasoned property manager Dennis King. Dennis shares his wealth of knowledge along with a few tales that are guarenteed to leaving you in stitches. Please reach out and let us know how you are doing and any questions you have for us. Christie & Heather firstname.lastname@example.org Learn more about the Wilson Group's Property Management Division: https://www.wilsongrouprealestate.com/rentals-property-management/property-management-services/ Let's Connect: Instagram: instagram.com/movinguppodcast/ Facebook: facebook.com/TheWilsonGroupRealEstate Learn about Studio Bank: studiobank.com Learn about ATA Certified Public Accountants & Business Advisors: atacpa.net David Hart, email@example.com
This week's episode is a special treat as I'm joined by industry experts Bill Faeth, Jasper Ribbers, Shawn Moore, and Will Slickers. Get ready for a deep dive into the top three criteria for selecting profitable short-term rental properties and efficient management strategies. We've condensed the panel discussion for this episode, focusing on marketability, location, and proximity. If you want the full hour and a half of expert insights, head over to restmethods.com/panel. Let's unlock the secrets to short-term rental success! In this episode, you'll learn: Top three criteria for selecting profitable short-term rental properties Efficient management and maintenance strategies Unforeseen expenses Challenges for new hosts Future trends in short-term rentals Head over to restmethods.com/panel for the extended version. Connect with our expert panelists and tap into their wealth of knowledge. Get ready for a jam-packed episode filled with wisdom from experienced professionals in the short-term rental industry. Don't miss out on the secrets to success—hit play and let's dive in! Need help managing your short-term rental and you don't want to go it alone? Shoot us a message here and we'll see if we can help.
Welcome to Episode 42 of Inside Commercial Property. Join your hosts, Scott O'Neill and Phil Tarrant, as they delve into the dynamics of property acquisition and management with the expertise of Sophie Dugan, head of asset management at Dugan & Co Property. With a rich background in real estate corporate finance, managing a portfolio worth £1.6 billion for the Royal Bank of Scotland and providing capital solutions at Westpac, Sophie's insights are invaluable for anyone looking to understand the commercial property landscape. In this episode, we explore the intricacies of Queensland's rapidly growing property market, and investment opportunities surrounding the lead up to the Brisbane Olympics. Sophie sheds light on the challenges and strategies for acquiring and managing properties across Queensland's vast expanse, from the bustling Sunshine Coast to the remote reaches of Goondiwindi. Discover how on-the-ground expertise, strategic asset management, and a keen understanding of market timing can lead to successful property investments. We uncover the potential of Queensland's commercial property market and the critical role of education in shaping the future of real estate investment, so be sure to stay until the end! Learn more about Rethink Investing here. LinkedIn: https://www.linkedin.com/in/scott-o-neill-0b0aa151/ Facebook: https://www.facebook.com/rethinkinvesting Instagram: https://www.instagram.com/rethinkinvesting/ Check out our highly anticipated second book, 'Rethink Property Investing' here. (00:00) Preview and Introduction (03:44) Strategic property management insights from Sophie (07:26) Sophie's real estate journey (12:12) Negotiation tactics to ensure seamless management (17:45) How To maximise equity (22:27) What is the role of strategic asset management? (31:53) Evaluating property management performance metrics (35:48) How to enhance property value through innovation (41:47) Demand trends in industrial and retail properties (47:50) The importance of staying informed and connected in the market (52:38) Analysing seasonal market patterns DISCLAIMER: The information in this video does not take into account your individual objectives, financial situation or needs. We recommend that you obtain financial, legal and taxation advice before making any decision.
Listen in to our latest webinar with special guests as we discuss best practices for property managers across all departments. =================================== Connect with Matt and Spencer at Evernest: Evernest.co Visit the Podcast Website: Evernest.co/podcasts Email the Show: firstname.lastname@example.org =================================== Production House: Flint Stone Media Copyright of Evernest 2023.
Hi friends, we are so excited to have you join us for another episode! This week, we are sharing our 6 best tips for building your investor community. We will be talking about the advantages of being a part of an investor community, how you'll gain access to knowledge and expertise from real-time investors, discussing partnership opportunities that can arise from being part of a community, and how you can even receive (and offer) emotional support and motivation from like-minded investors.But first, if you haven't already, we would LOVE it if you could take 1-2 minutes and leave us a quick review about the show to help others not only find the WIIRE podcast but tune in and grow our reach. All you have to do is open the WIIRE podcast on whichever platform you stream from (typically Apple Podcasts or Spotify), scroll down to ‘Ratings & Reviews', and click ‘Write a Review'. Drop in a few sentences with what you love most about the show and submit! Let's grow this tribe together!Second, we are so excited to share that the waitlist for our 2024 Phoenix WIIRE Retreat is now LIVE and you can be the first to grab your seat by getting your name on the list NOW! Our retreats fill up super quickly and while we do our best to add as many spaces as possible we love being able to keep the retreat cozy and intimate so make sure your name is on that list to get access to tickets when they become available.Finally, let's dive into ways you can build your investor community. The 6 specific ways we will be sharing with you on how you can expand your investor network are great places to start whether you are a brand new investor or have been growing your portfolio for years.Join us at a WIIRE retreat!Attend a BiggerPockets ConferenceJump into our free Facebook groupJoin local investor Facebook groupsCheck out a local REI meet-upVisit a local co-working spaceThat's all for this week. Thank you so much for tuning in, friends. We are so grateful for each of you!Take care, friends! Resources:Check out our favorite Bookkeeper & CPA, Danielle RutiglianoFollow progress on the Historic Downtown Lancaster ProjectLeave us a review on Apple PodcastsLeave us a review on SpotifyJoin our private Facebook CommunityConnect with us on Instagram
Last time we talked about the difference between cold and warm leads. So how do you take this information and use it to grow your property management business? Join property management growth experts Jason and Sarah Hull as they reveal the top strategies and DoorGrow secrets for growing a property management business. You'll Learn [01:09] Strategy 1: The Neighbor Strategy [07:33] The 3 kinds of neighbors to target [11:59] Strategy 2: The Review Strategy [16:26] Strategy 3: Real Estate Agent Referrals [20:26] Strategy 4: Presenting to Groups [25:32] Strategy 5: Product Research Interviews Tweetables “Not all leads are equal.” “There is just so much abundance, and if you put yourself in a scarcity mindset, you're going to experience that for sure.” “There is no shortage of business if you're a property manager.” “This like scarcity mindset, we have to kill it. We have to get out of it.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Sarah: Especially in the U S like there is no shortage of business if you're a property manager. [00:00:08] Jason: 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. [00:00:23] 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. [00:00:42] 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 founder and COO of DoorGrow now let's get into the show. [00:01:09] All right. So the topic we decided to talk about today is how to get the best leads for property management. We talked about previously the difference between cold and warm leads, right? So not all leads are equal. And if you missed that episode, go check that out. I highly recommend it. It will save you a ton of money and time, wasting your energy, cash effort, et cetera. So today we're going to talk about some of the best strategies. We're not going to go into a lot of detail. If you want to go deeper with us, you can reach out and we can coach you through this stuff and help you grow your business without spending a bunch of money on marketing. [00:01:51] All right. So why don't we kick this off and we can tell them a little bit about the neighbor strategy, which we have a really cool training on that we will give to the audience for free. We'll tell you how you can get it. Let's do it. So, do you want to intro that one? [00:02:07] Sarah: No, you do it, because this is your whole thing. [00:02:10] You set up the whole page, so you do it. I don't want to miss anything. [00:02:14] Jason: So, the Neighbor Strategy is a really simple concept. And the concept is, you probably have gotten a phone call before, at your property management office, And somebody said, "Hey, do you manage in X area, in some sort of area?" [00:02:30] And the answer was no. And you just said "no." Or your team just said "no." And they hung up and said, "nope! We don't. Sorry!" And that is a perfectly good lead that somebody, one of your neighbors would love to have. And you just threw it in the garbage. So the analogy I use, if you go to neighborstrategy.Com and get this free training, you'll learn how to make this strategy work, but it's really simple. Our clients never get told no. They reach out to neighboring property management companies to just explain this. "Hey, sometimes I get calls for your area and I usually just throw that gold in the garbage. Would you like to have it?" And they always say yes. And in that I teach how to convert, even if that's a cold lead that came in for them, I teach you how to convert that or have your neighbors convert that. [00:03:23] If you share the neighborstrategy.Com landing page with them so they can learn the training how to convert that from a cold lead 10 percent close rate into a 90 percent close rate warm lead. So you're able to refine this gold for them, give it to them, and they can then get this gold and they're getting business. And so we've got clients that are doing that with each other that are in neighboring markets. You can even do this with property management companies that are in your market that focus on a different niche than you. [00:03:52] So if you do single family residential largely or small multi, there might be commercial companies and they get asked, "Hey, do you, can you also manage my rental home" and "no," and they throw it in the trash. You would probably like to have that, right? And so the neighbor strategy is a simple way and you can stack and add neighbors all around your market neighboring property management companies. [00:04:15] Capturing some of that rain that they can't capture that could go to you and companies that are in your market that are a different niche than you, and I give you scripts. I give you the language to use and I have drawings and I explain how this all works and how to convert these from a cold lead into a warm lead and how to get your neighboring partners to do this as well. It's really a simple strategy that is super effective. [00:04:39] So I highly recommend you check out neighborstrategy.Com. Go get this free training. We want to give this out because we know that if you have neighbors that are doing this strategy, then everybody wins. Everybody benefits. This benefits the entire industry, and it's really simple. Like leads should not be getting lost. And we don't want them just going and searching on Google, becoming cold, desensitized, looking at cheap pricing and becoming terrible potential clients. That hurts the entire industry. So this is a way to benefit the entire industry, which is part of our mission here at DoorGrow. [00:05:16] Sarah: I think with the neighbor strategy, let's just address the elephant in the room because everyone goes, "I don't want people to know what I know. Like I want to be different. And like, I want to keep my knowledge a secret, right?" that's why I hear this all the time where they're like, I don't want anybody else to know. And it's that kind of mindset that really holds us back because there is just so much abundance, and if you put yourself in a scarcity mindset, really, that's like, you're going to experience that for sure. [00:05:43] Like for sure. Especially in the U S like there is no shortage of business if you're a property manager. Most people do not know what property managers are. The ones that know what property managers are, they might not have a great perception of what property managers do why because they may have been burned in the past. They may have had like a really bad experience. [00:06:06] They may just go, "oh, well, yeah but you just do like rent collection like I could do that myself," and any of us property managers that have had a conversation like that, it's hard to not laugh when someone's like "I could do it myself." You're like, "okay, do it yourself. Call me when you're ready. Do it yourself, and if you blow it up so bad, I probably won't even want to help you at that point because it's just going to be a huge mess for me." But there's so much that goes into it, right? So we have to also kind of keep in mind that if we really think about it, like you can kind of break this down by almost any sector, right? [00:06:42] So if you see like a fast food chain, like Burger King, Wendy's, McDonald's, very, very rarely are they the only one in a huge area. They do better when there's more of them, like, packed closer. So, it's funny because you notice this when we drive around. Every time there's like a CVS, we'll see a CVS, and very close by, somewhere there's a Walgreens. Why would that be, right? So, why do these multi million dollar companies choose to put a CVS here and right across the street, a Walgreens? If they were worried about competition, do you think that they would do that? Hell no. They'd be like, "well, if CVS is there, I'm going way over here." But they know that by putting two similar options close together, it's actually going to draw in more business. [00:07:33] Property management works very similarly. And the other thing to kind of keep in mind with this is I think there are three like neighbors kind of to target. One is neighbors that are outside of your area. So if you cover. Like Austin, but I don't go to Round Rock. Well, then find somebody in Round Rock, right? Like find people who border the area that you cover. That's the first one. The second one is find people that cover the same area that you cover, but in a different sector, like Jason said. So maybe I only do residential. I might want to partner with somebody who does commercial. Because odds are, at one point in time, I'm going to find somebody who wants commercial, and I don't do it, and I'd love to have somebody to pass that on to, and vice versa. [00:08:20] And the third one, and this is the one where everybody goes, "I'm not doing that," just test it and try it. And I used to do this myself, so I'm not steering you in a direction that I would never have done. Find someone in your area does the same exact thing that you do now. Everybody here goes, "Whoa, now that's scary. I'm not giving business away to my competitors." Well, here's the thing is not all business is business that you want to take. And that's something that you really have to get solid in is what business, what properties, what clients, what tenants do I want to take? And what do I want to have in my portfolio? Because if you work with us at DoorGrow. We train everyone on the cycle of suck. And it's super easy to get like trapped in that. And it's because you just take on everything. You do not want to take on everything. And it doesn't mean that they're a bad client Maybe they're just not a fit for what you do. [00:09:16] Maybe you could tell like the relationship isn't probably going to be super great. So when I was running my business, I was happy to give those off to somebody else. Why? Because I would rather them work with another property manager, even if it is my competitor, I would rather give that to a property manager so that they at least have some kind of chance with their rental property versus, "well, I'm just going to do it myself." [00:09:39] And we all know, guys, we all know how that works. So those are the three that you would want to target with the neighbor strategy. [00:09:45] Jason: Yeah, didn't you get some leads coming from a neighbor? [00:09:49] Sarah: Yeah. Yeah. I got mostly from like neighbors that were outside of my area. My competitors were the type that would just take on anything. [00:10:00] And it was fun to me because I was like, "well, if they're not a fit for me..." because I was a lot more picky. So if they're not a fit for me, if then I'm not taking them anyway. It's not like, "Oh, well, I'm going to give Jason this lead that I want." No, you're not going to give away leads that you want, right? [00:10:17] You're just, if you don't want to take the business, if it's not a fit, if you like, it's just not going to work out, then does it hurt to give it away? No. They're going to have a better experience with some property manager than trying to do it on their own. And we want investors to have a good experience with their rental properties, even if it's not with you, because they're going to then buy more investment properties, right? [00:10:43] And this is going to like promote the industry. So this like scarcity mindset, we have to kill it. We have to get out of it. [00:10:51] Jason: Yeah, I think one month you have five doors from a neighboring property manager one month. [00:10:56] Sarah: I got like 17. [00:10:57] Jason: Yeah Okay. Yeah, so and that's from one right? And so If people are intentional, especially if you're in you know larger markets if you can hit all the people that are around your market or people that get sometimes get called or Asked about your market then you can get a bunch of business, right? [00:11:18] It can add up all right for sure. [00:11:20] Sarah: Like we even have clients. We have a bunch of clients like in the like la orange county area, but it's so crazy there with the traffic like, you know, like yeah on the map It says it could take you like 15 minutes but because of traffic it might take you an hour and a half or like two hours, right? So we even have like clients in our program that like refer business back and forth just because they know, because of the traffic, they're like, "well, if it's on the North point, I just don't want to take it." So that's another... and that's people in the same area that do the same thing that they do. And it makes your life easier because now your operational costs are going to be lower because you're not trying to drive like two hours to go do an inspection. [00:11:59] Jason: All right. Let's talk about reviews next. Cool. So one strategy that's helped some of my clients add easily 200 doors in a year, if they get this game dialed in is online reviews. Now, all of you know this game you think, and a lot of you try to play this game and you think you know how to get reviews, but what we focus on at DoorGrow is focusing on reviews as if it's a sales lead, like putting it into your pipeline, following up and getting the majority of every new tenant and every new owner to give you a review. [00:12:34] And there's a way of doing this so that it doesn't sound slimy. And it doesn't sound like a used car salesman in a way that they want to help you back and reciprocate. And we have scripts for this. We have ways that we help clients do this. And we have a tool to facilitate that and make the process even easier, which is GatherKudos, which any of you can sign up for GatherKudos at GatherKudos.com. It can integrate with things like Property Meld, and it just makes a review funnel that makes it easier for you to get valid feedback in your business, whether it's good or bad. And if it's good, it pushes them to choose a review site and gives them directions how to do it. So it just lubricates that process, makes it so much easier for your prospects to leave good reviews. [00:13:21] Because we know that the negative reviewers are highly motivated and the good reviewers need a little bit of motivation, and so we have a training called Reputation Secrets where we teach how this can work super effectively. We've got clients that are crushing their competition in getting more reviews because they're getting almost all of their tenants and owners to get reviews if they really build this growth engine out. They can at least get the majority of each new tenant and owner to give them reviews. [00:13:51] And if you're growing and adding doors, you're getting new tenants, you're getting new owners, and you can then be also getting new reviews. And if you're crushing it at the review game, that's better than having the top spot on Google because reviews function like warm leads. [00:14:06] Sarah: And then James and Brian, when they came into the program, like when Brian came on, I think he said they had some online reviews, but they were either like a two something or a three something online. So like not super great, right? Why? Because all the people who were angry were like, "I'm going to be a keyboard warrior." And then they focused on the strategy and they got up to over four stars. And I think that helped them break the thousand door barrier. Yeah. They had added like over 400 doors in one year. [00:14:35] And this was part of the strategy that helped them do that. [00:14:38] Jason: Yeah. And less than a year. So the cool thing about this strategy of building this particular growth engine is that this is one that is very easily done by your team. This doesn't have to be your BDM. It doesn't have to be a salesy person. It doesn't have to be the business owner. This one can easily be done by your team and it can be systematized. It can just be part of your tenant and owner onboarding process if you build this engine correctly. So, and I guess that's all we probably need to say about that one. Yeah, it's a really great strategy. Really simple great strategy [00:15:13] Sarah: It's free. It's a free strategy. This is not costing you any kind of money. You're not, you know spending money on marketing or advertising or ads or nothing like that. And it's really great I had so many clients contacting me or prospective clients contacting me because they're like, "oh I saw your review." [00:15:33] Jason: Yeah, this strategy also helps boost your local SEO. If you're familiar with local SEO or ranking, Google looks at review diversity. Which means getting reviews from lots of different channels. So GatherKudos, and our method helps with you getting more reviews, not just on Google, but also Yelp and maybe Angie's List, City Search, Thumbtack, whatever you have or using, right? [00:15:57] And so, review diversity. review quantities, so getting more reviews on each of those channels, and the review ratings, like getting good ratings. This helps filter out the bad ratings as well and helps you capture it locally so you can actually do something to mitigate that and help those people, which is what they usually really want. [00:16:16] And so it makes the whole process easier. So we highly recommend that strategy. Very easy growth engine to build out if you understand how and we train our clients on that. So let's talk about the one that probably is one of the fastest methods to grow a property management business. I mean, one of our clients that added over 400 doors at another client that I had 310 in doors in just a year. This strategy. If you have, especially if you have a full time BDM, and if you don't, we can help you with the hiring piece and training of a BDM so you don't make mistakes there because we get a lot of people coming from BDM coaching companies and BDM placement companies that do not have good experiences. [00:16:58] And then we help them clean that up. And people don't even know that we focus on that. So this would be referrals from real estate agents or from a variety of other sources that we talk about. But this can be very effective, but usually is very ineffective. Most property managers try to focus on this and get very few referrals on a monthly basis. [00:17:23] Sarah: Yeah. And I was lumped in that too. And then back in my insurance days, cause I was doing insurance and I was doing property management when I first started out. And I was like, "Ooh, I'll get referrals from everyone. And it'll be so great." Cause everybody would just send me business. And I was doing everything the wrong way. And I wasn't getting a lot of referrals. And then things started to shift when I realized, "Hey, this is not working the way that I wanted it to work." So I had to make some changes to make it work better. But everyone like, they just always go about it the wrong way because this is like, this is a really common thought is like, "Hey, I'll get referrals. Like this is how a lot of businesses work is on referrals. So I'll just do that." And then what happens is they start to focus on getting referrals. They Don't know exactly how to make it work, but they just think "hey, it's simple like you should just be able to send me business," and then they wait and usually nothing comes in or if something comes in it's like, "thanks, but that's not really what I wanted." [00:18:24] Jason: Yeah, the secret is you actually have to destroy the idea of getting referrals in the mind of the people you want referrals from and get something better. And so I touched on that on some previous episodes, if you dig around, but this is some of the really magical stuff that we share with clients, how they can get more real estate agents, connecting them to investors and close a lot more deals. And this creates warm leads. They're easy to close. They're early in the sales cycle. [00:18:54] You can charge more money than typical in these situations. And so it's a win, win for all three parties all the way around. This is a, this is the fastest way I know of to grow a property management business. It works really well, but there's a lot of pitfalls in this. There's a lot of mistakes. We've listened to phone calls of some of our, you know, clients, setters or BDMs trying to. [00:19:20] Like get relationships created with real estate agents and doing the outbound partner prospecting stuff that we talk about and there's a lot of failures and We have to coach them through this and it this is a and a growth engine that takes probably 90 days to build effectively to get to work effectively. The first 30 days you're going to build that engine from scratch and the second 30 days, we're going to make some major tweaks and changes. [00:19:48] And then the last 30 days is where you start to hit pay dirt, where we tweak things to get that last 10 percent of dialing things in. That gives you 90 percent of the results. And this is where the magic happens. And most people quit too early, don't do it enough. They just go present to a big real estate office meeting while people stare at their phones and wonder why nobody like gives them leads. And it doesn't work. And they're like, "I've tried referrals. I've tried that," you know, so we hear that all the time. You've not tried it the way that we do it cause it works. And if it's not working for you, you're doing it wrong. That's all I'll say. [00:20:23] All right. So, let's talk about groups. [00:20:26] Let's talk about groups. [00:20:28] Sarah: So can we talk about the big mistake of groups? Sure. . So everyone goes, oh, a group, I'll do a BNI. [00:20:35] Jason: Oh yeah. wah wah. or a Chamber of Commerce. So we hear this all the time, like, "oh, I go to the BNI or I go to Chamber of Commerce" and I mean, that one's really simple. And to throw people a bone, we get asked this all the time, "well, I'm thinking to join a BNI group." would that be effective? The answer is usually no, because the way BNI works is you're going to have one expert in each category, which means there might be one real estate agent there you might be able to get a referral from. You'll have one of, one property manager, which is kind of nice. You don't have competition, right? [00:21:09] But the challenge is most of the people there are not your target audience, and a lot of them are not able to connect you to your target audience, and there are better groups available in which you can either create the group and own it, or you can go find groups that exist and be part of it, in which you can have an entire group of potential referral partners, or an entire group of potential clients. And that's probably the first big step is just like, if you're going to go hunting, go where the game actually is. So, now groups, we recommend you do groups after you get good at one on one. And the challenge is most people go and try and present to a group and they think this is going to be so great, and they have no way of collecting people's information that are interested in the group. They don't know how to optimize that. They don't know the things to say. They don't understand concepts like trial closes and getting people to buy into things. They don't understand how to create leverage and how to get leads. [00:22:10] You should be able to walk away from any group situation with leads and appointments. Yes. With scheduled appointments. And we teach our clients how to do this, how to optimize this, and how to identify and capture the people that are quick, early adopters, the people that take a little bit more nurturing, and the people that are a bit more skeptical. And this is something that you do throughout your presentation if you're doing it effectively, but you really, it doesn't make sense to go do a group presentation if you're not good at selling yet, and you're not good at one on one interactions, and you haven't built up, you know, the ability to close deals one on one, because groups, you're not going to close people in a group situation. [00:22:56] You don't close them. In a group situation, at best, you can get a one on one interaction typically scheduled, and then you can close them. So we need to teach you how first to be really good at one on one. And then you can graduate to doing the group thing, but don't waste a good group opportunity. These are not super common. [00:23:16] If somebody is like, "Hey, I'll let you come present to my group," and you blow it. Yeah. Yeah. You wasted all, like you wasted probably hundreds of doors of business that you could have gotten if it's a decent sized group. One of our clients went to a group, used a presentation that we gave him and he was able to close in his first time. He went to this group, it was a realtor investors association, real estate investor association, a rea group, whatever. And he was able to present to like 200, 300 people, the group had like 500 and he walked away and he had been stuck at like 60 doors for the first three or so years of his business. He couldn't figure out how to get ahead. He got 20 doors that month from doing one presentation. He got four or five owners. They each give him like four or five units or something like that. And he was able to add about 20 doors a month from just hanging out at this group. And being part of this group, and it's, he spent maybe max about five hours a month investing time into this group. [00:24:20] That is an amazing return. Five hours a month to get 20 doors a month, right? He was at 300 doors in six months of using the strategy. And then his business started to fall apart a little bit because he was adding too many doors. And back then, way back then, we didn't have the systems that we have to help clients with that problem. [00:24:42] We're like, we need to help clients solve that problem. We're good at solving that problem now. Like how do I deal with all these doors that I'm getting on? Which is a problem we think is super easy to create for clients to start adding an up doors that it gets painful. So groups can be very effective. [00:24:56] But make sure you get good at one on one first. You don't waste those opportunities. I've heard so many stories of wasted opportunities presenting to a group of real estate agents And then afterwards they're like, "I don't know. How'd I do? I don't know. I think I did okay. Some couple people came up to me and said I did all right." [00:25:12] "Cool. Did you get any appointments or leads or anything scheduled?" [00:25:16] "Nothing," right? So and then maybe a lead here will trickle in like over time, but that's not effective. So a lot of these growth strategies they stack and they compound on each other. [00:25:28] Let's touch on one more to wrap this up. Last one. This is a strategy we love to use with startups because startups they don't have a lot of confidence. They don't have a lot of knowledge. They're lacking a lot of knowledge about property management, and one of the big gaps in knowledge that they don't have that a lot of you that have been doing this for a long time and you've talked to a lot of owners is they don't understand their prospects' pain. [00:25:55] They don't understand the prospects concerns. They don't understand the language that their potential clients use, and they don't understand the objections that are preventing them and knowing all that. Sometimes can take people a decade to really dial in. And so our way of collapsing time on this dramatically quickly, like really fast is a technique called or strategy called product research interviews. [00:26:18] And this is also a great way to get your initial pool of clients, even if you're starting from zero. And so this strategy can work very well. I call this the Trojan horse of selling, but you're going to interview and we have the script for the interview. We have the four phase process for doing this. If you do this correctly, if you interview people that have rental properties and you do this effectively, you will be getting clients because getting clients is about having conversations with your target audience. And this gives you an excuse and an in to be able to get to know your target audience, to ask them questions and allow them to help you and give you advice and to why they are not currently working with a property manager and then be able to deal with all these and learn how to deal with all these objections and then how to do the ultimate pitch and how to solicit them in a non salesy way to do and give you another opportunity to pitch. But you get to pitch during this interview, you get to pitch your services. [00:27:22] To people that may not have considered property management before. So this is an easy way to get your foot in the door and get some of your first initial clients and build a relationship of trust. And that can be very effective. Did you want to say anything about product research interviews? [00:27:35] Sarah: No. Michael used it. He was still over the 200 something door mark, and he used it, and I think he said he added like five or six doors in one week, and that was only after doing a few phone calls. [00:27:48] Jason: He said 10. He added 10. I don't remember. Something like 10. [00:27:51] Sarah: So, I don't remember exactly how many. I can go back and look at the stats. [00:27:54] Jason: Yeah, Michael Sullivan, he was on one of our podcast interviews we just did recently, a really great episode. Highly recommend you check it out. But he was like, "well, I'll try this and I'm an experienced property manager." He just came up with a different excuse to interview people instead of saying, "Hey, I'm starting a business and want to get some feedback." [00:28:10] He used a different strategy and use this strategy. And he was able to add doors from the first person that he interviewed. And we've had clients have that situation happen as well. So this can work. It's not just for starters, but it can work for anybody. In fact, this is the strategy I use when I first started our mastermind. [00:28:29] I did product research interviews to figure out what, how can I create the ultimate mastermind? Cool. I'll just interview people and ask them, what do you want? It was a little bit more complex than that, but that's kind of the idea. And that allowed me then to say, "Hey, would you be interested in this if I launched it and it had some of what you mentioned and the stuff that I'm pitching you on?" And everybody says, yes. And then I probably closed about half of them. And so that's how I started the mastermind so that I had a nice cohort and a pool of people to kick things off with. So, and this is one of the strategies I've used over and over again. [00:29:05] With new product launches or new offers to figure out how do I make this as good as possible? And this will help you make your product and your offer and your pitch as good as possible Really cool strategy and we've got the goods on how to do that as well And we've got other growth strategies, but these are some great ways to get leads that costs less money. [00:29:26] They take less time and they get you more warm leads and you'll close more deals more easily at a higher price point. And then if you do cold lead advertising, so there you go. And that's how to add lead, like get leads without doing SEO, without doing pay per click, without doing content marketing, without doing social media marketing, without doing pay per lead services, internet marketing. [00:29:50] You don't have to do internet marketing in order to grow your business and to grow faster than those that are. So, and that's it. Anything else? Nope. All right then until next time to our mutual growth, everybody make sure to join our free facebook group Doorgrowclub.Com. We put trainings in there. We give out information, and our goal in that group is to nurture you and warm you up so you can trust us and become one of our clients. We then can change your life and that's what we want to do is to transform this industry. Until next time to our mutual growth, bye everyone. [00:30:26] 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! [00:30:53] 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.
In the Multifamily asset class, being vertically integrated is especially important. Managing apartments is very labor intensive with 24-7 residents, so a lot of things can go wrong. With so many people involved, and so moving parts, expense and revenue management is a continuous challenge. Shelley Peterson, President of Kahuna Investments, owner of 3000 apartment units, has migrated from third party management companies to in-house management and is seeing increased effectiveness, significant operational savings, and profitability.
Andrew kicks things off by discussing necessary skills to succeed as an entrepreneur in Real Estate. He talks about the value of a building inspection even if the property will be rehabbed. Andrew clears the air on the need for auxiliary inspections such as radon, asbestos, and sewer scopes. Andrew drops golden nuggets on questions that investors should be asking inspectors to mitigate their risk. The show is closed out with technological advances in the inspection industry that investors should be aware of! If you enjoy today's episode, please leave us a review and share with someone who may also find value in this content! Connect with Mark and Tom: StraightUpChicagoInvestor.com Email the Show: StraightUpChicagoInvestor@gmail.com Guest: Andrew Fox, BrickKicker Inspection Services Link: BrickKickerCommercial.com Link: The Game with Alex Hormozi Link: Good to Great (Book Recommendation) Link: Mathew Tarailo (Network Referral) ----------------- Guest Questions 02:58 Housing Provider Tip: Set up lock boxes for access during emergencies! 04:54 Intro to our guest, Andrew Fox! 09:41 Skills for Entrepreneurial Success. 14:02 BrickKicker's Model! 20:19 Inspecting properties that will be rehabbed. 25:47 Auxiliary Inspections. 33:03 Questions Investors should ask Inspectors. 35:23 Technology in the Inspection Industry! 43:06 Outlook on the Inspection Industry. 47:13 What is Andrew's competitive advantage? 47:33 One piece of advice for new investors. 48:00 What do you do for fun? 48:13 Good book, podcast, or self development activity that you would recommend? 48:43 Local Network Recommendation? 49:20 How can the listeners learn more about you and provide value to you? ----------------- Production House: Flint Stone Media Copyright of Straight Up Chicago Investor 2023.
Anthony Melchiorri is the creator and host of Hotel Impossible, President of Argeo Hospitality, co-host of the No Vacancy Podcast, keynote speaker, and author of his new book, "Show Up: The Five Steps to Getting Out of Your Own Way." He joins us to share his inspiration behind writing the book and what it means to "Show Up" for yourself. Whether you work in hospitality or not, Anthony's book and experiences offer valuable insights for personal development, leadership, and achieving success.In this episode, you'll learn: Anthony's Inspiration for writing "Show Up" His Five Steps to Success The importance of not lying to yourself Why you should trust your instincts What it means to "obsess over the details" Join the conversation on today's episode on The Modern Hotelier LinkedIn pageThe Modern Hotelier is produced, edited, and published by Make More MediaLinks:Anthony Melchiorri's Book "Show Up"Anthony Melchiorri on LinkedIn: https://www.linkedin.com/in/anthonymelchiorriFor full show notes head to: https://themodernhotelier.com/episode/51Follow on LinkedIn: https://www.linkedin.com/company/the-...Connect with Steve and David:Steve: https://www.linkedin.com/in/%F0%9F%8E...David: https://www.linkedin.com/in/david-mil...
Jeremy Wells is the owner and partner of Ozarker Lodge, an independent hotel in Branson, Missouri. He is also a partner at Longitude, a hospitality branding and design agency, and co-founder of Flyover Development. Jeremy has authored two books, "Future Hospitality" in 2022, and his newest book, "Indie Hotel," was published earlier this year.David Millili and Steve Carran sit down with Jeremy to discuss the inspiration behind his book, the resurgence of independent hotels, and the unique characteristics that set them apart from branded properties. Jeremy shares his insights and advice for aspiring hoteliers, drawing from his own experience in the industry.Get ready to discover: The inspiration behind "Indie Hotel" Why there is a resurgence of independent hotels How to overcome challenges in developing independent hotels The relationship between opening a hotel and writing the book. Join the conversation on today's episode on The Modern Hotelier LinkedIn pageThe Modern Hotelier is produced, edited, and published by Make More MediaLinks:Jeremy's Book "Indie Hotel": https://www.amazon.com/INDIE-HOTEL-Hoteliers-Breaking-Independence/dp/B0CHL4713KJeremy Wells on LinkedIn: https://www.linkedin.com/in/wellsjeremy/For full show notes head to: https://themodernhotelier.com/episode/52Follow on LinkedIn: https://www.linkedin.com/company/the-...Connect with Steve and David:Steve: https://www.linkedin.com/in/%F0%9F%8E...David: https://www.linkedin.com/in/david-mil...
Today's guest is Braedon Hebert. Braedon is the Co-founder of CondoWorks, an accounts payable automation platform built for property management companies (condo/HOA/commercial/residential). He is also an accountant turned entrepreneur. Show summary: In this episode of the How to Scale Commercial Real Estate Show, Braden Hebert, co-founder of Condo Works, discusses the role of technology and automation in the property management industry. Hebert explains how Condo Works, an accounts payable automation platform, streamlines the accounts payable process for property management companies, reducing errors and saving time. He also emphasizes the need for strategic thinking when implementing technology. The discussion also covers the challenges of balancing customer needs with revenue potential, and highlights key features of the Condo Works software. -------------------------------------------------------------- [00:00:00] Intro [00:01:33] The Challenges in Property Management [00:09:29] The Importance of Technology in Scaling a Business [00:11:27] The importance of technology and automation [00:13:04] Using technology to establish escape velocity [00:18:07] Automating utility downloading and invoice approval -------------------------------------------------------------- Connect with Braedon: Linkedin: https://www.linkedin.com/in/braedonhebert/ Web: www.condoworks.co Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns. Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → email@example.com SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Braedon Hebert (00:00:00) - So part of our technology will automatically download all those all those types of utility invoices then extract the data. So to eliminate any sort of data entry required then it can be approved and paid. Intro (00:00:15) - Welcome to the how to Scale Commercial Real Estate show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big. Sam Wilson (00:00:28) - Braden Hebert is the co-founder of Condo Works, which is an accounts payable automation platform built for property management companies. Braden is also an accountant turned entrepreneur. Braden, welcome to the show. Braedon Hebert (00:00:40) - Yes. Thanks, Sam. Glad to be here. Sam Wilson (00:00:42) - Absolutely. The pleasure is mine. Braden. There are three questions I ask every guest who comes on the show in 90s or less. Can you tell me where did you start? Where are you now? And how did you get there? Braedon Hebert (00:00:52) - So as you alluded to, my I got my start as an accountant working for one of the big accounting firms, then went to a big company. But I entered the the startup and tech world about a decade ago in that role. Braedon Hebert (00:01:05) - And that's where I met my current co-founder, who's the who was the chief technology officer of that first company. And so my path was was in the startup tech world in those finance roles. I went through some acquisition acquisitions throughout that, but wanted to take the leap into the the early stage incubation stage of a company and joined him as a as a co-founder of Condor Works. Sam Wilson (00:01:33) - That's really cool. What is the what is the opportunity that you guys see? I guess you know, one, the startup tech world is highly competitive. And, you know, I can't imagine jumping into that. That's something that kudos to you guys, you know, for being willing to take those those risks I think that's really cool. But what's the opportunity that you guys see in what you're doing right now. And why is now the time to do it? Braedon Hebert (00:01:58) - So maybe I'll go back to the to the very beginning. So one of the things that my, my co-founder did, in addition to helping build and develop companies, is he also became the treasurer on his condo board. Braedon Hebert (00:02:10) - And that's where he saw firsthand some of the the challenges that face property management companies when it comes to processing and paying their bills. So there's there's a high invoice volume. There's multiple stakeholders plus complexity, not from the accounting side, but operationally, if you're trying to keep track of discrete financial records across all of your properties, the the accuracy and routing and recording of those invoices is critical. But but complex because paired with those challenges, it's also an industry that has been slower to adopt some of the more modern technological solutions. And so, for example, he was signing hundreds of checks every month. He was seeing vendors taking six months to get paid. And, you know, when you calculate the internal cost to the property management companies, it can cost 15 to $20 per per invoice just to pay that. So he said, well, this is awful. Ben being the tech guy he is, he said there's there must be a better way and I'm going to build it. And so that's that's how calendar works was born. Braedon Hebert (00:03:17) - And it was. And we see that that pain that still exists across across many property management companies. Sam Wilson (00:03:23) - Got it. No, that's really interesting. How does this differ. And forgive my ignorance here because I neither run a tech startup. I don't run a accounts payable automation platform. And um, yeah, anyway, forget what else, I don't run. But anyway, all of those being said. When it comes to accounts payable. In my mind, I think, gosh, I mean, it seems like you could just get ACH set up out of your various bank accounts, you receive your invoices, you ACH or vendors, and off you go. Why is it not so simple? Braedon Hebert (00:03:56) - So I would I would back up. You know, paying it can sometimes be the easy part. It's it's the, the full cycle being receiving or getting the invoices than having it properly approved, entering that information into the accounting system. So recording that invoice and then and then issuing payment. So you know our platform handles that end to end with with tech and automation built in throughout that process. Braedon Hebert (00:04:26) - So I'll you know, one of our my favorite examples is is a utility bill. So you know, gas power, water even, you know, the telecom bills. Um, either they're they're coming in the mail a couple of weeks later, then you're rushing to pay them, or someone has to spend time logging in and clicking, downloading, download, invoice, download, invoice downloading. So we we know some of our customers were spending days just doing that. So part of our technology will automatically download all those all those types of utility invoices then extract the data. So to eliminate any sort of data entry required then it can be approved and paid. And so a lot of that upfront work in terms of just handling the invoices can be eliminated, which once you get to a certain scale, you know, some some of our customers are processing thousands, 10,000 invoices a month. And so that that can really add up, uh, across the team. Sam Wilson (00:05:26) - And the opportunity for. Sam Wilson (00:05:29) - Error. Sam Wilson (00:05:30) - I mean, just becomes magnified where it's like, did we get that utility invoice that's emailed, actually paid, and did it get logged properly? And we're counting on, which is just crazy in 2023, we're still counting on human touch on some of those things where it's like. Sam Wilson (00:05:48) - And so no, I see what you're saying. And that makes a lot of sense, especially for property management companies that are handling, like you said, you know, thousands potentially of invoices a month and going, gosh, is this is this being properly logged? I mean, even for us at just the handful of facilities that we own it, we're trying to put those processes in place where it's like, hey, this is. The is that paid this month, I don't know. So there are some similar meetings we were having just recently were like, is that okay? No, this needs to be a system like very, very tight knit system. Maybe we're not saying. Braedon Hebert (00:06:16) - Hey Sam, our lights went out. What happened? Oh, shoot. That that invoice that I guess we didn't get it didn't forgot to pay it. And. Yeah, that's the worst that can happen. Sam Wilson (00:06:27) - Absolutely. Absolutely. Yeah. You get a disconnect notice and you're like, how do we. And which we haven't had a disconnect notice. Sam Wilson (00:06:33) - But I'm just thinking worst case like you're saying like lights went out or you get a disconnect. How is this happening. And I can see. Braedon Hebert (00:06:38) - How it happens. That was a theoretical example of course. Sam Wilson (00:06:41) - Right, right. Luckily it has not happened to us. But that is I mean, I could see it very easily happening accidentally or it's like we don't know how we missed that. So that's that's really cool. Can you tell me we talked about this a little bit before we kicked off the show? You use the word condo more broadly maybe than what I would say here in the States. Can you define really kind of the the broader scale of the product that you guys are developing in the, in the what condo means? Braedon Hebert (00:07:09) - Yeah. So yeah, I had said our current branding gives away a bit of our origin. So maybe if I say the word aboot or process or process, I'll also give away my Canadian roots. So we got our start in Ontario. In Canada where we're condo is kind of the catch all term for a HOA or community or association. Braedon Hebert (00:07:32) - And that's that's where we got our start. And that was the the branding and the website that was that we've been developing. But our goal more broadly is to be is to be a solution for, for all types of, of property management companies. So whether it's the condo HOA association as well as commercial residential. And I was actually looking up our customer roster. We have a senior lifestyle management company in the Tennessee area as well. So it's it's you know, the the challenges are similar. And it's from a branding. It's something that's on the on the strategic table for us. But yeah, thank thanks for bringing that up. Uh, just to be able to help. Yeah. Broaden the conversation and to help to clarify that. Sam Wilson (00:08:18) - Right. Right. Because I mean, your product could very easily be deployed across industrial facilities or industrial property managers to multifamily property managers to, I mean, anybody that's managing a large portfolio of assets that, like you said, you know, has has an incredible accounts, payroll. Sam Wilson (00:08:35) - Or accounts payable. Excuse me. If I could speak today, you know, invoices coming in. You need to have that product where you can reasonably take those in, make sure they get paid, and then do it again without without making sure that there's a manual process to keep track of that. So, Braden, one of the things that you said in the onboarding question, I always asked us and again, for those of you that listen, what's a fun fact or surprising view in one of the views that you put in there, Braden, was that tell me a company's tech stack, and I can tell you the growth rate. I think that's really, really interesting. What does that mean? Braedon Hebert (00:09:08) - I. Yeah. Like the the question prompted. Trying to be a bit controversial or edgy but so we've. You know in building this company and talking to hundreds or property management companies, you start to see different patterns. And as a, as a business, it's in you know, real estate in general is often it's is quite local. Braedon Hebert (00:09:29) - And there are, you know, there are companies that's, that's that's their focus. That's that's where they want to go. But there's others that I call it a bit. I use the term escape velocity for those that are able to, to, to build a company that expands. Into a wider geographic area. And so there's there's a, you know, in property management specifically, there's there's their startup costs, although the switching costs are low. So it's really it's relatively easy to create your own. If you're a property manager, you get four properties. You can you can exist as a standalone business. But those that obtain the escape velocity are the ones that, that, that, that have that extra is that whether it's ambition or operational excellence, to be able to, to grow and specifically think manage people is a huge part of that. Beyond, you know, beyond their local area, beyond the, the, the, the greater metropolitan areas that they ran into to, to, to to grow into a much, much bigger footprint. Braedon Hebert (00:10:31) - Um, and so I and I the other pattern is that the, the use of technology is a common characteristic of those companies that are able to obtain that escape velocity. So operationally they have to be be sold. They the managing of people is is a huge part of that. But the being able to adapt and and effectively use with the modern technological tools that exist can really help those companies to, to, to grow at a higher rate than, than others who, who aren't necessarily doing that. Sam Wilson (00:11:10) - I think that's a really insightful observation. It's not something I would have thought about, but what are some of the things, I guess, that as as you see those various companies that are willing to embrace technology, willing to embrace automation, like. Sam Wilson (00:11:27) - What. Sam Wilson (00:11:27) - Does that say about them? Because there's more to it than just, hey, I like technology and automation. There's something about their mindset. And their approach. Braedon Hebert (00:11:37) - Is, yeah, it's not chasing the new shiny thing, but it is a it is a mindset that exists that they're thinking about how to how to improve their business. Braedon Hebert (00:11:48) - So they're they're not chasing the, you know, every the everyday fires. They're able to elevate it and think strategically. So, you know, it's not about, hey, we're it's not just, hey, we're we have these cool tech toys. It's it's they're thinking strategically about how to just effectively manage their business. And, you know, the the tech they use is a part of that. But it is a common pattern that we've observed amongst those companies that do seem to have a have a higher growth rate than others that aren't there. Sam Wilson (00:12:18) - Yeah. No, I think that's, that's that's really insightful. And you said not putting out fires because it takes time. I mean, it takes time to think through. Yeah. There's automations. There's there's there's technology out there. But implementing it is a discipline I think. I know at least it is for me. Maybe I'm not that bright and I'm certainly not tech savvy. And so for me, it's harder to be like, okay, how are we going to use this tool effectively in our business? And then how does it act? Or how can we structure it such that it solves problems without creating a whole pile of new ones that now is now just more work? And so I think that's but figuring those things out to where you're getting beyond the day to day, like, okay, hey, this is how this technology solves problems and saves us time and money is really, really cool. Sam Wilson (00:13:04) - What how did how do you view that as it pertains to your business? Like what are what are you guys currently doing to use tech to establish or get that escape velocity that you need? Braedon Hebert (00:13:19) - Yes. Yeah. It's it's. So I, we had a meeting with our or some of our investors last night and they, we're also guilty of that as well in that being able to focus on your current customers and you want to provide a good, good level of service for them and a really good experience. And that can often trump, you know, you know, Trump thinking about, okay, this is this is I need I need time to work on the business. So I was working in the business, working on the business and carving that out. And that's where one of the benefits of of having, you know, whether it's a board of advisors or your business, business groups that you may be in is is it does act as a forcing function for you to, to to think about the business and how to how to improve it. Braedon Hebert (00:14:08) - Um, for, for tech, one of the benefits of being a tech company is that we can build a lot of our own, our own solutions, right, to help that. So we we've we got our start in in about late 2019 and we've seen it growing across Canada, United States, different different types of property management companies. But we've managed to do so and and multiply the footprint of the company without multiplying the amount of people that we need to support that customer base. And so that's that's having a discipline from a product development standpoint, not to just focus on new features or the shiny things for us are being, you know, new things for us develop. It's also being able to focus on, you know, how do we make our system as efficient. That not only helps us, but it does also help our customers in that they're they they have less, less questions. And there's there's things that make it easier for them. So it does come down to to discipline though, at the end of the day, to, to force yourself to take that step back. Sam Wilson (00:15:10) - It is hard. It is absolutely hard. We in the in our laundry facility business, you know, we use software inside of that and it's interesting to watch and it's newer, not completely new, but they're still constantly solving problems. And there's even, you know, there's even forums where we can put in feature requests where it's like, hey, you know, we'd love to see, you know, XYZ on our point of sale or whatever, you know, whatever the the feature is. And I would think for you guys, that same thing probably is true where people are constantly saying, hey, what's, you know, can we have this feature? Can we add that? Can we add this? How do you prioritize those in what's maybe a problem that you guys are actively internally trying to solve that you haven't solved yet? Braedon Hebert (00:15:53) - The prioritization question is is tough because everybody has their. Yeah has has. Yeah that's what they want. So you have to balance. One is is this a is this a one off for this one customer. Braedon Hebert (00:16:08) - Some of them are are louder than others. And so you have to consider is this broadly applicable. Will feature customers find this attractive. And also you have to also wait that as to the revenue potential as well. And so we've had some of our as we've grown we've gotten bigger customers that have have have pushed us in a good way to develop the features that they, as a bigger company, need for their scale. And so that's that's been, you know, how we have prioritized those, those features and. Terms of what's on our on our roadmap. The some of the ones that I'm, I'm personally most excited about is like is to help. There's a lot of similarities and applicability be going from, you know, HOA or communities to commercial and residential. Um, there are certain nuances to, you know, outside of the HOA space that that do differ. And so it's it's there are certain features that would be very well received by certain. Potential customers that we've had conversations with in the, in the commercial space, um, for example, or even in, in rather than being third party managers, you're an asset manager where you own everything versus in the space, you're managing independent hoa's. Braedon Hebert (00:17:39) - And so, um, being able to, to achieve that vision, the more broad of of being able to cater to property management more broadly, um, building off of that, that HOA Association condo, um, base. Sam Wilson (00:17:54) - Got it. That's really, really cool. All right. Last and final question for you is what's something about your software or your solution maybe that I haven't asked that you would want to make sure that we cover. Braedon Hebert (00:18:07) - Well, we spoke about the the automated utility downloading, which is is one of those eye catching features as boring as it sounds. Um, yeah. But everyone, even personally, everyone hates dealing with their utility bills. So if we can automate that, that's that's something that that people really, really enjoy. I there's if I can say to you, so what if if, if, if you're if your current operations include handling paper whether that's receiving invoices on paper, having a cabinet that you store everything in or signing, signing paper checks, you know if that can if you can envision that going away. Braedon Hebert (00:18:53) - That's that's yeah. Especially when we talk to owners, oftentimes they're the ones who sign the checks. And it's like, okay, what happens if you go on vacation? Well, you know, I signed a bunch before I leave and then I have a huge stack when I come back. Okay. Well, you know, the the the conveyor belt doesn't have to stop running. Uh, in those, in those scenarios. Um, so that's one and I think the other one that in the larger scales is, is being able to really configure, um, who needs to approve what invoice. And so it's reducing a lot of the noise, but also automating how who needs to approve what invoice and when and enforcing that. So one, it reduces work, but also it helps enhance internal controls to make sure that invoices are being properly, properly screened. So that's that's we're getting a little deep there. But that's know that's the stuff that we care about though. Sam Wilson (00:19:43) - Those are huge pain points that you're solving for though especially that invoice. Sam Wilson (00:19:49) - I mean, at least that one that invoice approval speaks to me where it's like, you know, as we grow, I go, my gosh, you know, I don't want to be in front of every invoice that comes through the door and have to be the one that signs off on like, oh, yeah, okay. You know, whatever it is we're say we're. Redoing a facility the paving contractor sends there. Like, I mean, there should be a way to and again, maybe that's just a, you know, small example that doesn't doesn't apply. But I think there's you're touching on some things that everyone thinks about and is trying to figure out a way to solve. So that's very, very cool. Braden, thank you for taking the time to come on the show today. I certainly enjoyed it. It was great learning about what you guys do, how you do it, and the opportunity you guys see in the market right now. And it sounds like it's being very well received. Sam Wilson (00:20:34) - So this has been a blast having you on today. If our listeners want to get in touch with you and learn more about you or your product, what's the best way to do that? Braedon Hebert (00:20:41) - So our website is Conoco. So not not.com but.co. And so that's that's our website. And then our we're most active on LinkedIn which where you can find me on there as well as as Conda works on LinkedIn. Sam Wilson (00:20:59) - Fantastic. We'll make sure you include that there in the show notes. Braden, thank you again for your time today. This was certainly a blast. I do appreciate it. Braedon Hebert (00:21:06) - Okay. Thank you. Sam. Sam Wilson (00:21:07) - Hey, thanks for listening to the How to Scale Commercial Real Estate podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories. Sam Wilson (00:21:28) - So appreciate you listening. Thanks so much and hope to catch you on the next episode.