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Play Episode Listen Later Apr 3, 2025 31:34

As property managers, you know how important communication is. Building solid relationships and creating trust is crucial in the industry, especially when trying to bring on new clients and doors. In this episode of the Property Management Growth Show, property management growth expert Jason Hull sits down with Sam Wakefield from Close it Now to talk about how you can level up your sales game to close more deals at a higher price point. You'll Learn [00:54] Vendor and Property Manager Relationships [09:43] Why You Attract Cheapo Clients [15:33] Building Trust in Sales [21:14] Shifting Perception: It's Not A, It's B [27:43] Learning to Improve Your Sales at DoorGrow Live 2025 Quotables “Truly all that sells is just communication.” “The second you start to develop a trend in your life, look internally because you are attracting exactly who you are.” “If we don't build the right culture, it's on us as a business owner.” “As business owners, we want to not give up big chunks of our life for just money. We want to be able to have something scalable.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive Transcript [00:00:00] Sam: A lot of times property management companies think all the companies are the same, so they're looking for maybe cheaper, whoever's cheapest, a cheaper price. [00:00:07] Sam: But then what they get is a company that doesn't communicate and doesn't show up when they say they're going to, and it's really the old adage, you get what you pay for. [00:00:14] Jason: All right. I am trying a new platform today. This is Jason Hull and I am a property management growth expert. If you're not familiar with me, I help grow and scale property management companies and I am really good at that. And so our company's DoorGrow and we are the world leaders of growing and scaling property management businesses. [00:00:35] Jason: I've helped thousands of property managers do that. And today my guest is Sam Wakefield. Hanging out here with Sam. Sam, welcome to the show. [00:00:44] Sam: Thanks for having me on, man. I'm glad to be here. [00:00:46] Jason: Hey, good to have you. So, I'm really excited to get into this. We had some really nice dialogue back and forth. You coach. [00:00:54] Jason: Well, I'll let you tell. What group, category of people do you coach and you help with them with sales and closing more deals, so. [00:01:01] Sam: Yeah, absolutely. Yeah. So we do sales training and basically sales systems, whole operation systems within companies, but mostly sales focused for home services. So everything from HVAC, plumbing, electrical, and then even outside of that. Garage doors, or you name it. If someone improves a home, then we help the communication side of all of those companies. [00:01:27] Jason: Got it. So in my industry, property management people would call those vendors. That's usually what they call them. They're like, "these are the vendors." And so we thought it was fun. I went on your podcast, we had this really fun dialogue. [00:01:39] Jason: I highly recommend you go check out Sam's episode with Jason Hull and go check that out. We were going back and forth because we had done a survey each to our audiences, like what's frustrating about HVAC companies and what's frustrating about property management companies. Right. And just seeing the disconnect that existed there. [00:01:56] Jason: Which was interesting. So, before we get into this, I want to read a quick message from our sponsor. This episode's sponsored by KRS SmartBooks. Do you have properties manage, and zero time for bookkeeping headaches? KRS SmartBooks is your secret weapon. They specialize in finances for busy property managers like you, with 15 plus years of real estate knowhow and skills in AppFolio, Yardi, and more imagine monthly reports magically appearing, and zero accounting stress. Sound good? Head to krsbooks.com to book your free discovery call, integrity, quality, and a dash of bookkeeping brilliance, that's KRS SmartBooks, and that's K as in Kansas, R as in Rogers, S as in Sam. Sam. All right, so cool. Now let's get into this. [00:02:45] Jason: So we're going to talk about closing deals, but why don't you give us my audience a little bit of background. How did you get into sales and then starting your own company, helping people with sales, and like, how'd you how did Close it Now come to be? [00:03:00] Sam: Yeah, for sure. Thanks for that question. So, I've spent almost 20 years now in home services. [00:03:05] Sam: Most of my time has been in HVAC. I've done solar. I've done a lot of different trades over the years and, you know, so I launched the Close it Now company in 2019 because I really just recognized a place where there was not a lot of modern training because truly all that sells is just communication. [00:03:26] Sam: You know, it's how do we communicate clearer and in a way where we can educate so somebody can understand, one, what we're talking about, and two, why they should care and how it's going to make a difference in their life. So at the essence of that, so I was looking for some more modern training for my people at my company that I had at the time, and I didn't find anything out there. [00:03:48] Sam: So I just said, well, now we have a space for, you know, I have communication skills. I can train people. So that's when I launched the company in 2019 and so much of my career built up to that point of, and specifically how it affects here and why I'm here today. You know, I've worked with so many property management companies and individuals across 20 years of doing this. Yeah. So I've definitely learned a lot of best practices and a lot of the things not to do, you know? Got it. I all own my mistakes as well as, you know, coming across maybe property managers that I wouldn't work with again. Right. Yeah. So from all of that experience, you know, I started the training company, so I work with those home service companies to communicate better. [00:04:33] Sam: You know, a lot of it is, you know, of course, working directly with homeowners. But also there's a huge portion of all of those companies that, you know, rely on it and need property management companies to, you know, really help them stay in business and in turn they can turn around and, you know, help those property management companies to efficiently take care of properties. [00:04:58] Sam: But there's always seems to be this kind of struggle of, you know, that back and forth. So that's obviously why we're here today is a big part of that. But that's some of my history. I've been doing it 20 years. I started Close it Now six years or in, coming up on... yeah, April this year, next month is six years anniversary. [00:05:16] Sam: Nice. Of the company. And it's been a fun ride and we've definitely helped lots and lots of organizations to you know, to grow in a way. [00:05:24] Jason: You're helping them close it now. All right. Yeah. Got it. All right. So you're just, you're helping these vendors close more deals, right? [00:05:31] Jason: So, property managers, I think would love to hear. You're on the other side of this relationship between property managers and vendors. What have you seen and what's the general feedback that you're noticing of the property management industry? What's kind of the vendor's perspective? [00:05:46] Jason: Because I know property managers, they get frustrated with vendors, right? They're like, "oh, the vendors like say you need something when you don't and like they don't like, it's difficult to reach them or this or whatever." Right. What are some of the complaints and gripes about property management companies? [00:06:03] Sam: Yeah. Complaints and gripes about property management companies. One of the big ones is, a lot of it is kind of the same thing is lack of communication. Okay. That's always one of the biggest complaints that comes up is, you know, we will get, you know, say someone, a property manager will call in for us to go evaluate a property. [00:06:21] Sam: We'll take an air conditioning issue or something like that, so we'll show up and then we're trying to call ahead. There's no clear information was given on who to call ahead to. Then we show up to the appointment, maybe the tenant's there, maybe not. A lot of times they're not there. [00:06:36] Sam: Okay. Then we can get ahold of the property manager to even get in the place. So now we're like dancing around in the circle of, okay, who do we contact? You get frustrated, move on to the next call, then the property manager calls and "Well, why'd you leave? Somebody was there." [00:06:50] Sam: Well, nobody was there. And so all of this just seems to happen very often. [00:06:55] Sam: Too often. Yeah. So it creates a stereotype. When the stereotype is created, that means of course there's a reason for it. Yeah. And so this is one of the big ones is the lack of communication. And I know that I've heard that the other direction as well. But so that's one of the things I hear the most. [00:07:11] Jason: Yeah. Got it. Yeah, so I'm sure when a vendor finds a property manager that does communicate effectively that there's clarity in that communication happening, and they've got good systems in place. The tenant's there, the tenant understands what's going on. Everybody's informed. Then those can be really great relationships to have. [00:07:34] Sam: Absolutely. Yeah. Those are, you know, the last the last organization I was at, I was with them, I was a sales manager and trainer for six years there. And I went through about 18 different property management companies to find two to three that were worth working with. Wow. And that was, you know, just sadly. We were always open to when a property management company came to us and we're like, "Hey, we, you know, we need you to do some work. We're looking for a new vendor." We're like, "sure. Absolutely. We'll try you out as well as you're trying us out." Right. But sadly, you know, the two or three that we did find great relationships with. They were fantastic relationships because yeah, we, you know, part of my ethics is our team was like, we will show up on time no matter what. [00:08:19] Sam: Right? We always do what we say. We will never, you know, recommend something that's not verifiable from our, you know, from our testing. We're not going to just guess at this because we're not guessing with anybody's, you know? Yeah. Investment. And at the same time when we, you know, say we're going to do the work, we do the work, and we show up to do the work, we say we're going to. [00:08:43] Sam: So that was my ethics statement I always led with. And then basically I would ask the property management company, can I expect the same thing from you guys? Right? And sure enough, the second that we met in the middle and said, yes, this is how we want to do business, those relationships were always the very best ones because sure, were we a few more dollars than the other contractor down the street? Sure. Yes. But we showed up when we said we were going to and we did the right work right the first time. And so, right. That's a big part of that disconnect, I think, is it seems like so many you know, a lot of times property management companies think all the companies are the same, so they're looking for maybe cheaper, whoever's cheapest, a cheaper price. [00:09:22] Sam: But then what they get is a company that doesn't communicate and doesn't show up when they say they're going to, and. It's really the old adage, you get what you pay for. [00:09:30] Jason: You know, property managers have the same sort of problem is that a lot of people that are looking for a property manager are just looking for the cheapest price. [00:09:38] Jason: And they hate that. They're like, "we're not all the same." Right. So I, yeah, I think it's really important. I think this is dictated by the morals, the ethics, and the values of the business owner. It's always a top down thing. And so if the business owner is a cheapo, they attract cheapo clients and they deal with vendors through this cheapo lens, and this is where there's going to be a lot of mess and a lot of communication issues, and a lot of times the business owner, and this goes for any business and any industry, has a blind spot to the fact that they're cheap. But they're, you know, you're a cheapo if you're the person that's always looking for the stupid coupon code every time you buy everything online, you're always like hunting for that like. I don't have time to do that. [00:10:21] Jason: Like that's a massive waste of my time to go find, save 10% on some stupid a hundred dollars thing online, right? Right. Like, Ooh, I'm searching around. Right. Oh, I saved $10 even though I could have made a hundred thousand dollars. Like if I just like built something awesome, right? So I think there's a mindset issue is that these property managers or vendor business owners are not valuing their time enough. [00:10:45] Jason: If you value your time, you value other people's time. You then show up on time. You then like try to make sure, like your schedule is tight, you want to make sure your schedule is full. Like you, because you value your time and you feel that it's important. And if you really value your time enough as a person, you get things like assistance. [00:11:03] Jason: You get team members, like you get support because your time is so valuable that you want to go buy other people's time because it's less valuable than your time. Right, and this is how we scale our businesses over time is we are buying other people's time that are like they're willing to trade and give up their life chunks of their life for money. [00:11:24] Jason: And as business owners, we want to not give up big chunks of our life for just money. We want to be able to have something scalable. And so I think there's a mindset thing that we have to not be cheap. We have to operate with integrity, and then our team members need to have these values instilled in them, and if we don't build the right culture, it's on us as a business owner. [00:11:45] Jason: And if we don't build the right culture, we then don't have longevity in our business. We don't get return business, we don't get return clients. We don't get to have that really good vendor to continue to work with. We don't get to have that property owner continue to want to work with us, right? [00:12:00] Jason: Because we have showcased that we are not on top of things, or that we don't have the right values or that we don't have healthy mindset. And so I feel like. At the foundation of everything. It always comes back to mindset. A lot of times [00:12:13] Sam: I a hundred percent agree with that. It, you know, it's funny that you're kind of started this conversation going down this path. [00:12:19] Sam: This is something that's been a very basically a soapbox for me, a big hot button. Yeah. You know, when I'm coaching... [00:12:26] Sam: jump on that soapbox, Sam. Let's go. [00:12:27] Sam: Yeah. When I'm coaching and training people lately, especially at this last week especially... yeah. You know, I'm training people with sales and that type of focus, and they, of course, people always come to me, "Hey, how do I overcome these sales objections?" [00:12:43] Sam: You know, somebody says, "I want to get three bids, or somebody says, your price is too high, I want to shop around, or I need to think about it." Yeah. And instead of just going straight to, "well, here's the word track and how to handle these objections." Yeah. We always start with: anytime that you find a trend in your life, [00:13:00] Sam: so if you're getting the same consistent objection, say somebody's getting every single time they get to the end of their appointment and the homeowner or whoever they're talking to says, "I want to think about it." It's like the second you start to develop a trend in your life, look internally because you are attracting exactly who you are. [00:13:17] Sam: I would be willing to bet that person does the same thing when they shop. So then no wonder you're getting every single one of your clients is telling you, "I want to think about it." Or if when you shop, do you ask for say, "oh, I've got to get some three bids on this thing. I got to look around." Yeah. Well, no wonder the people you're selling to always have to get three bids because we attract who we are. Yeah. And it starts right here in the mind. And it's incredible how that works. [00:13:43] Jason: Yeah. because if we're anxious, if we have that energetic sort of anxiety of that, like things are, it's expensive, and we go into that trying to sell it to somebody. Then they can feel that and we present it differently. And so we're like, "here's the price." And like, yeah, and it's worth it. And they can just, there's so many little subtle clues they pick up on that, Hey, this seems a little high. And because sometimes like if you're presenting to somebody and they're not what I call a cheapo, there's three types of buyers, cheapos, normals, and premiums I call them. [00:14:16] Jason: And normals are like, you typically like 60%. They're like the majority, 61%. The smallest group are usually the premium buyers, supposedly. But the idea is this: if you're a premium buyer and I present a price and I'm not even going to like flinch telling you about it, I'm like, "yeah, we've got this and this is what it costs and this," and they're going to go, "oh, this person feels really confident." [00:14:36] Jason: And it's just energetically how we present it. There's no like, "Hey, I'm trying to prep you for this price, you know, reveal because it's going to hurt a little bit." Right. Or if they just have the confidence and they know they're expensive, they might even just say, "Hey, we're one of the most expensive, but we're also one of the best. Let me tell you about your options." Right? So maybe they start with a pre-frame like that, but either way, they have this confidence that they know they have value and that it's worth it, and then they present it like that, then people would go, oh, okay, but if you have that anxiety deep down related to price and you know, you're this person if you're always looking for the coupon code or the discount code or you're trying to find the cheapest way to do something, then you've got a bit of that going on. [00:15:21] Jason: Because that's your identity. And so I've noticed this. Like in order to get people to be better salespeople, I can't just give them tactics. I have to give them identity. And so, and this is why my greatest sales hack, I call the Golden Bridge Formula. It's like it's the most authentic way to sell, which is your personal why connected to the business why connected to the prospect's why. Because we always trust motives. And the default assumption in sales, if I don't know your motive and you're trying to sell to me, is you want my money. [00:15:54] Sam: Right. [00:15:54] Jason: And if I think that's your only motive is you want my money and you're willing to do whatever it takes to get that, then you're probably maybe even willing to be unethical in order to get that might be the assumption. [00:16:05] Jason: Right? So that's kind of the default assumption in sales. And so to correct that, if I tell somebody, "Hey. I'm Jason Hull. My personal why is to inspire others to love true principles. And so what that means is I love sharing what works and learning what works and teaching to others. I would do that for free, for fun, and so I created DoorGrow and our why at DoorGrow is to transform property management business owners and their businesses. [00:16:27] Jason: And so if our whole belief system is around helping people transform their businesses. So that allows me to basically feed my addiction to learning, coaches, masterminds, books, whatever, and turn around and be able to share what's working with others. And that's just fun for me. So I have a business that basically fulfills my lifestyle and allows me to have fun and do what I want to do. [00:16:51] Jason: And you, Mr. Property management, business owner, who I'm maybe selling to, want to grow your business. And so our interests are in alignment. My business is the bridge that connects your why to my why. We both get what we want. It's the ultimate win-win, right? Everybody wins. And so I've been able to take really terrible salespeople that are really bad at selling, and I just get them clear on their own identity. [00:17:14] Jason: Mm-hmm. Who they are, why they do what they do, and have them relate that to people and then people trust them. And sales and deals happened at the speed of trust. [00:17:22] Sam: Oh my gosh, I love this so much. It's insanely powerful too when I'm teaching people how to do just introductions, you know? A super quick formula too for the property managers out there that are listening to that, even if you're property manager, you have to get good at sales. [00:17:38] Sam: Yeah, you have to be good at communication to be able to bring more doors into your portfolio. And so the way you know, a really easy formula for those homeowners when you're having that conversation, first of all, they've got to know who they're talking to. Yeah. You know, this belief, identity, you know, matrix that I actually I love to call, I just did a keynote. [00:17:59] Sam: It's funny for everybody listening. It's almost like Jason and I have read each other's notes, but we haven't. Just did a keynote, well that's maybe a month ago in Minnesota, that the entire talk was your thoughts, create your belief about yourself, your totally belief about yourself creates your identity, and then your identity creates your outcomes. [00:18:16] Sam: Yeah. And, but we have to go back and start with those thoughts. And so, but a simple, easy formula for property managers out there having this conversation is first of all, start asking permission for things. Yes. We can't just tell, right? If we can ask it as a question, ask it as a question. [00:18:36] Sam: So ask permission, like, "Hey, before we get started, do you mind if I take a quick minute and just introduce you to our company and myself." [00:18:44] Sam: yeah. [00:18:45] Sam: And so first of all, anytime a conversation starts, there's always this period of icebreaking, right? Yeah. Anytime anything new is introduced in anyone's environment, there's always stiffness until that moment of rapport happens and we relax a little bit. [00:19:00] Sam: Yeah. So taking a couple of minutes to just. "Hey, before we get started, do you mind if I introduce the company and a little bit about myself? Would that be all right?" Yes. So permission to it and then just take a few minutes because I mean, so many times we'll go through this crazy presentation and then we're asking somebody to buy from us and they don't even know who we are. [00:19:21] Sam: We never took the time to even introduce ourselves. Right. [00:19:24] Jason: Yeah. [00:19:24] Sam: Or they don't know thing about the company. [00:19:25] Jason: Trying to immediately shove the product or service down their throat. [00:19:28] Sam: Yeah. No wonder they need to think about it. They don't even know who you are. And so we introduce that first. [00:19:34] Sam: It's huge. And to just getting into the things. So that's the flow. It's like, okay, now that you know a little bit about us, tell us a little bit about you. What are you looking for? Right. So then you start that discovery process, and I'm sure you trained this but the discovery process is everything. [00:19:51] Sam: We have to understand the motive behind why they want to do things. Somebody just says, "Hey, I'm looking for a property manager." Okay, great. That's one thing. "Why do you would need a property manager? What are you trying to solve? What do we want to accomplish by having a property manager for your property?" [00:20:09] Sam: So we find out, what are the pain points? What are the issues that they're wanting to overcome? And then from there, we can create a, you know, craft a conversation around it. But until we know that, we're just stabbing in the dark and just guessing it. Yeah. Well, hopefully this will work. [00:20:23] Jason: Right. Yeah. If we just jump right to offering solutions when we don't even ask what they need it's not very effective. [00:20:30] Jason: And then they're going to have a ton of objections. [00:20:32] Sam: Yeah. Yeah. Absolutely. But yeah, that's the some of the complaints we have are the communication and the other one is just not responding once we find solutions, then give them to the property manager. [00:20:45] Sam: And then it's like ghosting for who knows how long until finally somebody gets back. And so that's the other side of the communication is not getting resolution once we actually, you know, we can do this work, but we're not going to sit around here all day to wait to get it approved. We have other appointments. [00:21:02] Sam: So do we want to reschedule? [00:21:03] Jason: It's treating the vendor like they're high value, they're going to treat you like you're high value and they're going to prioritize you. And so it really is a mutual respect relationship that needs to be built. So, Sam, I also want to bring up to our audience, you are going to be coming [00:21:19] Jason: to speak at DoorGrow Live. Yeah. And you're going to be teaching some really cool stuff. Could you just touch on real quick what you're going to be sharing at this because I wanted to come bring you to expose my clients and my audience to what you're going to be sharing and maybe you can get some people pumped up for DoorGrow Live, so. [00:21:38] Sam: Absolutely. Yeah. So thank you for the invite as well. I'm super excited to be speaking for DoorGorw Live. It's my passion, in fact to be able to help people in their daily lives, especially in conversations like this, to make it easy. I am such a firm believer that sales should be easy. If it's not easy, we're overcomplicating it. And so what we're going to be talking about at the event is I'm going to give some really simple keys to better communication so people actually not only listen, but they understand what you're saying and, more importantly, why should they care? [00:22:18] Sam: So we're going to talk about something called, the benefit lens. We're going to talk about some easy word substitutions. We're not going to be learning scripts or anything. We're going to be, we're going to show any really easy ways to get immediate buy-in to what our conversation is. Nice. And how to recruit people to be raving fans and be on board. [00:22:38] Sam: And how to ask and get referrals because that's huge in... [00:22:44] Sam: absolutely. [00:22:44] Sam: ...something like a property management. If every third door you added also added another one from a referral, what would that do to your business? Yeah, absolutely. So not just asking for referrals, but actually asking in a way where actually get them. [00:22:57] Jason: Right. Yeah. If you're getting enough referrals, one, because you have a good reputation, you're doing a good job, but also because you have an intention and you're asking appropriately, you create this kind of virus of growth in your business where it's multiplying. [00:23:13] Jason: Every client becomes more clients. [00:23:16] Sam: Yep. Absolutely. In fact, we can do a quick little as an example of some of the things we're going to cover. Are you open to doing a quick little role play with me on... [00:23:24] Sam: all right. Let's do it. [00:23:25] Sam: Some of the conversation here. Yeah. I love role play. [00:23:28] Sam: Let's have fun. [00:23:29] Sam: Yeah, for sure. [00:23:30] Sam: So I'm property manager. So before we do, give me a quick little context of what is a premium price property manager and what is like a middle range property manager. And so I'll know what I'm working with here. [00:23:44] Jason: Oh yeah. Usually our clients have three different price points for that reason. So, perfect. But let's say like, real typical in the marketplace is 10% is pretty normal. Okay? And this is not what we recommend. because our clients close more deals more easily at a higher price point. [00:23:59] Jason: So we have some special pricing models, but let's say 10%. Premium, maybe 12%, and the lower would maybe be like 8%. [00:24:08] Sam: Got it. Got it. Perfect. Alright, so I'm the project manager. So I'm going to be a premium 12%. Yeah. So what we're going to do in this conversation, I'm going to ask for the business and you're going to give me a little bit of a price flinch with, "well, the other guy was only 10%." [00:24:23] Sam: Okay. And so we'll show a quick, easy way to handle that. All right. In a way that will make sense for everybody. So, alright, Jason, so, sounds like everything that you've talked about, can you see how all the things we do will take care of the concerns that you have? [00:24:38] Sam: Yeah, absolutely. Sounds great. [00:24:40] Sam: Awesome. Perfect. So the next steps to get moving is you know, so we're just 12% of the monthly as for us to be able to take care of all of that. And this will just need a quick authorization on this form here and we can get started right away. [00:24:55] Jason: Ooh, okay. Well, I was expecting, you know, I talked to a company down the street, they were like 10%, which seems to be a bit more normal. [00:25:04] Jason: I don't know. [00:25:04] Sam: More normal? [00:25:07] Jason: I've talked to a couple companies and a lot of them all do it at 10%. Could, like, is it possible you could do it at 10%? [00:25:13] Sam: Oh, gotcha. So listen, I mean, so we were just 12%, but listen, we're not 2% higher or 2% more expensive. We're 2% better. Can I explain to you why that is? [00:25:25] Jason: Sure. [00:25:26] Sam: Absolutely. [00:25:27] Sam: So at that point, as a great company, you're going to have a hit list of all of the reasons why you're better than everybody else, and what makes you that premium company. I like it. So the minute we get that permission question in of, "Hey, we're not 2% more expensive, we're 2% higher, we're 2% better." [00:25:43] Sam: Then the permission question is, "can I show you why, or can I show you how?" And they say "Yes." Then we're going to, "okay, so what we do, it's..." never talk bad about the competition. Sure. But it's always with that perspective. "So what we do is this, and what we do is this, and what we do is this. We're always going to have the availability to be in contact, you know, 24/7 or you know, whatever all of the benefits is. [00:26:10] Sam: We're going through this huge benefit list. Yeah. And then when, once we, and it works like magic, once you get to about 10 or 12 things, especially when you know, those first 10 or 12 things are things the other companies don't do. Yeah. So many times that person will go, "you know what? You're right. You know what? You're right. Let's just go ahead and do it." Yeah. [00:26:31] Jason: I mean, you go through those things you say, "so does that make sense why maybe we're 2% better?" And they're going to be like, "yeah." [00:26:38] Jason: You've got agreement. [00:26:39] Sam: Cool. Absolutely. And the other thing to do in this conversation, and this is really powerful too, so, you know, we'll take you know, what's a, what's the average rent that we'd be taking that percentage off of? [00:26:50] Jason: Let's say 2000 bucks. [00:26:51] Sam: So 2000 bucks. That's what I was going to use. "So we're talking about 2% difference. So we're looking at $40 a month or $10 a week. Is it worth it to you for $10 a week to potentially fight the headache of, you know, your property management company not responding when you need them to respond, your tenants being really unhappy, the tenants turning over and over, for, I mean, $10 a week. Is it worth it to you for that?" [00:27:22] Jason: Yeah. [00:27:23] Sam: So if, I mean, if you're willing to roll the dice and take that chance, then of course you could do what you want. But if you want it done right and done once, so you're headache free and you're not going to have to, because the reason you hire a property manager is to be hands off. [00:27:35] Sam: Right? Yeah. Perfect. That's why what, that's what sets us apart. Next to any of the other companies around. [00:27:43] Jason: Got it. So hypothetical property manager, Sam here, like believes. You can tell by listening to him, he believes in what he is selling. He believes he's worth that 12%. He believes he's worth that value, and I love that reframe. [00:27:58] Jason: One of the NLP hacks I teach clients is, it's not a, it's b, and he's like, "it's not that we're expensive or higher price, it's that we're 2% better." And so you're saying this is how you are looking at it. Here's how I want you to look at it. And that's a really cool correction. I love that right there. [00:28:16] Jason: Very powerful. [00:28:17] Sam: The other part of that too is when you take, we're not talking about the total monthly, you know, we're talking about what's 12% or 10%? We're talking about 2% difference. Yeah. Is it worth it to you for a 2% difference to take the chance on having to deal with this, having to manage your own projects, having the headache, having the you know, the angry tenants or we don't have that problem. [00:28:42] Sam: And here's proof: review, testimony. Other people in the area, for people that use us just like you guys. [00:28:49] Jason: Yeah. Awesome. Perfect. And you're going to share some really cool stuff I know at DoorGrow Live. I'm excited, man. Me too. [00:28:56] Sam: Let's just tip of the iceberg. [00:28:57] Jason: For a salesman to be able to like build a coaching business, teaching sales like these are the best in the world at sales, and so I'm really excited to have you come. I've sold millions and millions of dollars of stuff. I love, I'm always learning more about sales, like this is something you can always continually learn more, so I love that little reframe. [00:29:17] Jason: That's a good one. I'm excited to hear what else you have to share. This is going to be really awesome. And if you're interested, go to doorgrowlive.com and get your tickets. Get your tickets. Our theme this year is innovating the future of property management, and we are bringing future ideas. [00:29:32] Jason: I'm going to be going over hybrid pricing, a new pricing model for property managers. This is the future. We're going to be sharing our DoorGrow hiring system. This is the future of how you're going to need to do hiring, so you're not making mistakes with hires, we're helping a lot of people replace their entire team. [00:29:48] Jason: So anyway, DoorGrow Live is going to be really freaking cool. So, yeah, and it's a holistic conference as well. We're bringing people from outside the industry, people that are related to different things. I've got a biohacking expert. We've got different things just to optimize your life as an entrepreneur and to make you better at what you do. [00:30:05] Jason: So this is going to be really cool. So, well, Sam anything else we should touch on? [00:30:10] Sam: You know, there's so much we could cover. [00:30:12] Jason: There's a lot. We'll save it for DoorGrow Live. How can people that, if they're listening, they're like, I'm a vendor, or I've got this, or I could really use Sam's help. [00:30:21] Jason: How can they get ahold of you? [00:30:23] Sam: Yeah, absolutely. They can go to, of course the website is closeitnow.net. That's NET so closeitnow.net. They can email me directly, sam@closeitnow.net. On an Instagram at @therealcloseitnow. Okay. Or basically search Close it Now anywhere and I pop up all over the place. [00:30:44] Sam: All right. I'm kind of everywhere on social media and on the Googles at this point. All right. [00:30:50] Jason: All right, well we're going to close this show now, so appreciate you coming on, Sam. It's been great having you. And for those that are watching, listening, if you could use some help from DoorGrow reach out to us. [00:31:00] Jason: You can check us out at doorgrow.com. We are the world leaders at coaching and scaling property management companies. And so if you are dealing with operational challenges, team challenges, hiring challenges, or you just don't know the right strategies for adding doors or business development, we can help you with all of that. [00:31:18] Jason: So reach out to us, check us out at doorgrow.com and until next time, to our mutual growth. Bye everyone.

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Vybz Kartel - Bicycle Ride (Yardi Riddim)

DJ RyanFlossy

Play Episode Listen Later Mar 24, 2025 2:44

Vybz Kartel - Bicycle Ride (Yardi Riddim)

Ep126: Donovann Jackson & Xavier Esquer, UCI Preview

The Gaucho9 Podcast

Play Episode Listen Later Mar 21, 2025 32:53

Gauchos return home after a tough trip to Hawaii where they dropped their first series of the season to go to 15-4 (4-2 BigWest) and get set to take on UC Irvine in a pivotal home conference matchup this weekend at Caesar Uyesaka Stadium. On this week's episode we recount the weekend interviews with LHP Donovann Jackson and 3b/SS Xavier Esquer, and then your host attempts a solo recap of the Hawaii series plus a preview for the upcoming series with the Anteaters. The Gaucho9 Podcast is proudly presented by Kyle's Kitchen and Yardi.

hawaii kitchen uc irvine gauchos anteaters yardi esquer

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

baseball kitchen season preview softball ucsb gauchos yardi alumni game

Play Episode Listen Later Mar 20, 2025 36:05

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

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Ep122: 2025 Season Preview feat. Bob Brontsema

The Gaucho9 Podcast

Play Episode Listen Later Feb 14, 2025 71:27

Another season of UCSB Baseball begins this weekend as the Gauchos play host to the Campbell Fighting Camels, the return leg of last years opening series with the foes from Buies Creek. Bob Brontsema joins us to preview the upcoming season as we recap the thrilling Alumni Game, discuss the Gauchos 53 game schedule, the new BigWest Conference Tournament, the vaunted UCSB pitching staff led by aces Tyler Bremner, Jackson Flora & Cole Tryba, as well as the collection of talented position players who will take the field this weekend. Gaucho9 is sponsored by Kyle's Kitchen & Yardi, who will introduce the new Yardi Youth Pass this season allowing all youth 6th grade or younger free entry to all Baseball & Softball games.

Benefits of Cost Segregation in Real Estate Investing and International Hiring with: Sean Graham

Lets Have This Conversation

Play Episode Listen Later Jan 25, 2025 47:33

Interest in self-storage has increased in over 75% of the top metropolitan areas, according to the latest annual survey of self-storage preferences conducted by StorageCafe. This nationwide self-storage search website is part of Yardi. As of 2024, Millennials constitute 25% of all self-storage renters, whether current or prospective. Compared to StorageCafe's 2023 annual report, there have been slight shifts in generational differences among renter demographics. The percentage of Millennial self-storage renters rose from 21% to 25%, marking the most significant year-over-year increase among the generations. Gen Z and Boomer renters saw an increase of one percentage point, now at 12% and 22%, respectively. In contrast, the Silent Generation decreased by three points to 13%, while Gen X remained stable at 23%. According to the Bureau of Labor Statistics, the average American employee changes jobs every 4.2 years. However, individuals may change jobs 10 to 15 times throughout their careers. Sean Graham is the founder of Maven Cost Seg. As a real estate investor and a registered CPA, he understands the tax benefits of cost segregation studies. Sean initiated his real estate journey by investing in small multi-family properties before launching a commercial real estate syndication company called Maven Equities. He did so because he started his career as a CPA in public accounting. He soon realized a traditional corporate path wasn't for him, so he began exploring real estate. His first property was an FHA-financed house hack. After experiencing the challenges of residential rentals, he moved into self-storage facilities drawn by less tenant turnover and streamlined management. He continues managing his portfolio of residential rental properties while investing in and developing self-storage facilities. With a background in public accounting, tax, and private equity, Sean leverages his expertise in scaling teams and maximizing tax benefits through cost segregation studies. As Maven Equities expanded, he began hiring virtual assistants to help with scaling. After learning the best practices for finding quality overseas talent, he founded Maven Success to assist other entrepreneurs in doing the same. Most recently, Sean launched Maven Cost Seg to help real estate investors access cost segregation benefits at an affordable price. He remains involved in managing his residential rental portfolio while also focusing on self-storage facility development. Find out more: https://mavensuccess.com/conversation Email: sean@mavencostseg.com Discount code: https://mavencostseg.com/conversation/

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Shredded: LinkedIn, Dice, The Muse, Yardi, Humi, Hippocratic AI, Maki, Employment Hero & More

The Chad & Cheese Podcast

Play Episode Listen Later Jan 16, 2025 6:47

The Shred is a weekly roundup of who's raised funds, who's getting acquired and who's on the move in the world of recruitment. The Shred is brought to you today by Jobcase.

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#66 Ann Durrell - “It really hit me that I wasn't being present”

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Play Episode Listen Later Dec 23, 2024

“It really hit me that I wasn't being present”If you are heading into 2025 and are thinking about making a change, have a listen to Ann Durrell on the final episode of Know Your Shift before Christmas, as I guarantee you will be inspired.Ann made a life changing decision 7 years ago to stop drinking alcohol. Ann talks freely about the difficulties in not only making that decision, but what also comes next.We also chatted about how Ann did not follow in the footsteps of her very academic family and why she now challenges herself with racing and fitness.And also, how she ended up winning a Reality TV survival show… As always, I asked Ann to recommend a future guest, and she recommended Cooper Healey, that will definitely be a great listen as well I'm sure. Partners Eipsys Analytics, combining Build-to-Rent and Student Accommodation experience with technical expertise to give you a bespoke BI reporting platform, alongside implementing and supporting you with your Yardi software suite, Eipsys Analytics‘ record speaks for itself. To become a partner of Know Your Shift, positioning your company alongside the biggest names in Student Accommodation, BTR and the entire Shared Living industry, get in touch at contact@garethduffin.com Follow Gareth Visit garethduffin.com Signup for Gareth's weekly newsletter (5-Minute Friday) - www.garethduffin.com/5-minutefriday Instagram - https://www.instagram.com/gareth_duffin LinkedIn - https://www.linkedin.com/in/gareth-duffin-32516966 TikTok - https://www.tiktok.com/@garethduffin Follow Know Your Shift Instagram - https://www.instagram.com/knowyourshift LinkedIn - https://www.linkedin.com/company/know-your-shift-the-podcast/ TikTok - https://www.tiktok.com/@know.your.shift

#122: Going Long With Profitable Embedded Accounting Software After 13 Years – Raj Bhaskar

Practical Founders Podcast

Play Episode Listen Later Dec 13, 2024 62:14

Raj Bhaskar is a successful two-time practical software founder with one exit. In 2000, he started his first software company, VisualHOMES, to provide a comprehensive financial management software to public housing agencies. With no outside funding, the business grew to serve 65 regional providers serving 2 million residents before Yardi Systems acquired the company in 2010. After he left Yardi two years later, Raj and his brother launched Hurdlr to reach the wider small business market with a simpler accounting and tax management software than Quickbooks. They started selling their online accounting software to small businesses, but eventually they returned to their original vision to build embedded (white label) accounting that works inside other software. Hurdlr has grown steadily and has served over 1.3 million small businesses in its 13-year history. Raj invested his own money for many years and a little outside investment. The company is now “lifetime profitable” and growing quickly with 25 employees. Raj loves his work and has no intention of selling the business anytime soon. Quote from Raj Bhaskar, cofounder and CEO of Hurdlr “I ran my previous software business for 10 years before I sold it. And Hurdlr is now over 10 years old. These days, I'm talking about the next 10 years and the next 10 years after that. The next decade and two decades from now, because it's relevant and because I think we're just getting started. “I've seen inflection points in markets, and our market is finally ready. That's the part we didn't have any control over. So, in my view, there is no finish line. This is the starting line where we now have all these assets and need to let more people know we exist. “It's crazy to say after 10 years that this is just the beginning. So I could say probably 20 years from now, looking backward, OK, these are the phases, but I'm in new territory and I know this will be a sustainable and growing business for a long time.” Links Raj Bhaskar on LinkedIn Hurdlr on LinkedIn Hurdlr website Podcast Sponsor – Full Scale This week's podcast is sponsored by Full Scale, one of the fastest-growing software development companies in any region. Full Scale vets, employs, and supports over 300 professional developers, designers, and testers in the Philippines who can augment and extend your core dev team. Learn more at fullscale.io. The Practical Founders Podcast Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app. Get the weekly Practical Founders newsletter and podcast updates at practicalfounders.com/newsletter.

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#67 Jess Gallop - “I woke up one day and thought, it's not meant to be me”

Play Episode Listen Later Nov 21, 2024

This was a big one for me. I have wanted to sit down and interview my guest this week for a long time, ever since I decided to start a podcast, and I couldn't be happier with how it went.Jess Gallop has helped define Student Accommodation in this country, having been part of Unite, Greystar, iQ & Student Roost, and she's done it her way.The number of careers and lives she has influenced is truly astounding, and in our conversation we talk about the good times, and the tough, rough bits that have shaped Jess' life.So do me a favour, listen right to the end, because we put absolutely everything into this one.As always, I asked Jess to recommend a future guest, and she recommended Ronié Williams, that will definitely be a great listen as well I'm sure.PartnersEipsys Analytics, combining Build-to-Rent and Student Accommodation experience with technical expertise to give you a bespoke BI reporting platform, alongside implementing and supporting you with your Yardi software suite, Eipsys Analytics‘ record speaks for itself.To become a partner of Know Your Shift, positioning your company alongside the biggest names in Student Accommodation, BTR and the entire Shared Living industry, get in touch at contact@garethduffin.comFollow GarethVisit garethduffin.comSignup for Gareth's weekly newsletter (5-Minute Friday) - www.garethduffin.com/5-minutefridayInstagram - https://www.instagram.com/gareth_duffinLinkedIn - https://www.linkedin.com/in/gareth-duffin-32516966TikTok - https://www.tiktok.com/@garethduffinFollow Know Your ShiftInstagram - https://www.instagram.com/knowyourshiftLinkedIn - https://www.linkedin.com/company/know-your-shift-the-podcast/TikTok - https://www.tiktok.com/@know.your.shift

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#66 - Paddy Allen - Kinetic Capital

Play Episode Listen Later Nov 12, 2024

“Sometimes in life, you never know what is round the corner” Delighted to welcome back Paddy Allen, CEO Kinetic Capital back to Know Your Shift.We got stuck into a number of different topics.Paddy's new(ish) role at Kinetic Capital and he shared some of the big plans they have for the student accommodation sectorWe got stuck into how 24/25 has been in PBSA and I got him to make some predictions for this year that you'll definitely want to make note of.Paddy gave me an update on Pathways to Property, which is growing at an even greater rate than before.And how he might be about to become the next Property social media star…I couldn't not ask Paddy for a guest recommendation, and he recommended Rebecca Tobias, really looking forward to recording an episode with you Rebecca. Have a listen on the links below.

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AI-powered Multifamily Leasing, State of Housing Market & Rental Trends, with Reffie Founder Connie Lee

Play Episode Listen Later Nov 6, 2024 42:59

Connie Lee is the Founder of Reffie, a centralized leasing platform designed to help Multifamily operators streamline their leasing processes and lease units faster. Reffie helps automate the 'boring', so real estate operators can focus on closing more renters. Before launching Reffie, she served as Strategy & Operations at Mosaic.tech and also managed Finance and Business Operations at ZipRecruiter. Connie is also a Real Estate investor in Los Angeles and an angel investor in various startups.(02:40) - Connie's entrepreneurial journey to Founding Reffie(05:49) - Challenges in Multifamily Leasing(07:24) - Leveraging AI in Real Estate(15:11) - Feature | Berkadia's BeEngaged - Learn more: Ecosystem of founders, industry professionals, and capital providers dedicated to redefining the Commercial Real Estate space.(16:47) - Reffie's Business Model(28:50) - State of the Housing Market(33:52) - Feature | CREtech NY Conference & Expo - Sign Up: Tangent listeners get a 20% discount using code PARTNERTANGENT20 at checkout.(35:24) - Rental Trends & Amenities(39:07) - Collaboration Superpower: Taylor Swift

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#65 Dan Smith - Student Housing Consultancy

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Play Episode Listen Later Oct 29, 2024

If there is a theme of the podcast this year, it is hearing from guests that you may think you know a lot about, but then they come on Know Your Shift, and you realise there is so much more to their storyThis is definitely true of my guest this week, Dan Smith from Student Housing Consultancy.Dan has a huge following both on LinkedIn and for the podcast he co-hosts, but we explored a lot more during our time together, from the life changing personal and professional changes of his life, to how he built a platform for himself that has a seismic effect on the industry.From University, to Gin, to Nido, to Marketplaces and what he is about to embark on next…Have a listen on the links below.

The Easiest Way to Integrate with Multifamily Property Management, with Propexo CEO Remen Okoruwa

Play Episode Listen Later Oct 22, 2024 39:22

Remen Okoruwa is a former strategy consultant and product manager, and now Co-founder and CEO at Propexo. His company helps property owners, operators, and proptech companies deliver better resident experiences through the power of data. Propexo provides tools for connecting property management software with other technology in a streamlined way. Propexo is a customer-centric organization that focuses on data strategies that delight residents, improve NOI, and make Multifamily real estate a better place for everyone.(2:06) - Remen's & Propexo's origin story(4:47) - Building the Plaid for Proptech(8:32) - State of Propexo today(12:02) - Propexo's model & ROI in Multifamily(16:04) - Serving diverse use cases & customer base(17:22) - Feature | Berkadia's BeEngaged - Learn more: Ecosystem of founders, industry professionals, and capital providers dedicated to redefining the commercial real estate space.(18:59) - How Proptech VC looks at integratability(24:26) - Building a collaborative & customer-centric product road map(26:54) - RealPage v. US Justice Department(29:27) - Feature | CREtech NY Conference & Expo - Sign Up: Tangent listeners get a 20% discount using code PARTNERTANGENT20 at checkout.(33:42) - Collaboration Superpower: Cyrus the Great (Wiki)

#64 Katie Goodrum - AndThen

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Play Episode Listen Later Oct 22, 2024

Two things men never talk about, how they are feeling, and their underwear.My guest this week on Know Your Shift is Katie Goodrum, founder of AndThen.Like our thought patterns and mental state, underwear is private and remains largely unseen.Katie's experience of the mental health challenges of the men in her life, alongside trying to improve the landscape for her son Josh's future, led her to setting up AndThen, boxers for men, that reminds them daily of the power they have to make positive choices. ⚠️We talk about some incredibly difficult topics including mental health and suicide in this episode, but also how Katie is determined to make difference.50% of the profits from AndThen boxers go to men's mental health charities.Not only do I ask you to listen to the episode but give the boxers a try, they are rated the best boxers ahead of Gymshark, Under Armour and Lululemon and you too can make a difference. I have bought some and they are fantastic.

#63 SHORT SHIFT - Res Life, who does it better, Private Providers or Universities?

Play Episode Listen Later Oct 18, 2024

This episode of Short Shift, your weekly bitesize clip from the Know Your Shift podcast, is from my conversation with Rebecca O'Hare.Rebecca talks about all things Res LIfe, how it is evolving rapidly in UK universities, and how to get a wide range of students involved, even when finances are tightPartnersEipsys Analytics, combining Build-to-Rent and Student Accommodation experience with technical expertise to give you a bespoke BI reporting platform, alongside implementing and supporting you with your Yardi software suite, Eipsys Analytics‘ record speaks for itself. To become a partner of Know Your Shift, positioning your company alongside the biggest names in Student Accommodation, BTR and the entire Shared Living industry, get in touch at contact@garethduffin.com Follow GarethVisit garethduffin.comSignup for Gareth's weekly newsletter (5-Minute Friday) - www.garethduffin.com/5-minutefriday Instagram - https://www.instagram.com/gareth_duffinLinkedIn - https://www.linkedin.com/in/gareth-duffin-32516966TikTok - https://www.tiktok.com/@garethduffin Follow Know Your ShiftInstagram - https://www.instagram.com/knowyourshiftLinkedIn - https://www.linkedin.com/company/know-your-shift-the-podcast/TikTok - https://www.tiktok.com/@know.your.shift

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#62 Tim Daplyn - Global Student Living

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Play Episode Listen Later Oct 15, 2024

“I will answer that question, but I want you to answer it first!”Tim Daplyn doesn't give many interviews, which is why it surprised us both that this became our longest ever podcast episode on Know Your Shift.Tim is by his own definition, a private person, which is why I'm so grateful for the brutal honesty and openness he gave me during this interview, which also made me laugh so much.Some highlights;The life defining event that happened to him on his first day of universityTravelling around the world – we definitely strayed into the podcast turning into a travel show, but it was fascinating to hear about Tim's adventures at a young ageHanding over the ownership of Red Brick Research to the team and why that was important psychologically for TimAcquiring a business on the day of the first COVID lockdownHow and why GSL came to be and what the future holdsAnd the longest, and definitely most controversial quick fire round we have ever hadAs always, I asked Tim to recommend a future guest, and he recommended David Chadderton, Suraiya Comunello & Thiago Alves, we look forward to recording an episode with you all soon. Have a listen to the full episode on the links below.Apple - https://apple.co/3Pps3rzSpotify - https://open.spotify.com/show/4R2ltPkgTBtPaIKdLP5pT8PartnersEipsys Analytics, combining Build-to-Rent and Student Accommodation experience with technical expertise to give you a bespoke BI reporting platform, alongside implementing and supporting you with your Yardi software suite, Eipsys Analytics‘ record speaks for itself. To become a partner of Know Your Shift, positioning your company alongside the biggest names in Student Accommodation, BTR and the entire Shared Living industry, get in touch at contact@garethduffin.com Follow GarethVisit garethduffin.comSignup for Gareth's weekly newsletter (5-Minute Friday) - www.garethduffin.com/5-minutefriday Instagram - https://www.instagram.com/gareth_duffinLinkedIn - https://www.linkedin.com/in/gareth-duffin-32516966TikTok - https://www.tiktok.com/@garethduffin Follow Know Your ShiftInstagram - https://www.instagram.com/knowyourshiftLinkedIn - https://www.linkedin.com/company/know-your-shift-the-podcast/TikTok - https://www.tiktok.com/@know.your.shift

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Exploring The Explosive Growth of Coworking And What Lies Ahead with Will Sandford

Future Of Work Podcast

Play Episode Listen Later Oct 8, 2024 40:19

In this episode of The Future of Work® Podcast, we explore the fast-paced evolution of flexible workspaces and their impact on commercial real estate with Will Sandford, Director of Coworking at Yardi. Will discusses the growing demand for coworking solutions, the rise of enterprise clients in flexible office spaces, and how data is reshaping real estate strategies. We also unpack Yardi's long-term investment in the coworking sector and what it means for the future of office space. As coworking continues to expand, could flexible offices become the new standard for businesses of all sizes? Join us to find out.

# 61 Sam Bailey-Watts - “You can now see cities where the problem isn't going to go away next year!”

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Play Episode Listen Later Oct 8, 2024

“As a parent of 4 children, it really worries me!”My best podcast episodes (in my opinion) are the ones where I don't say a lot, and in this one, I just sat back and listened to my fantastic guest, Sam Bailey-Watts. Sam shared so much with brutal honesty and emotion, I think you will want to listen more than once.Some of the many things we discussed are,The loss of his father and the lasting impact that has had on his life.The beginning of UPP and the rollercoaster of Sam's journey with the business for 18 years.How being around Universities from a very young age shaped his career pathHis unmissable thoughts on the state of University funding and student affordabilityAnd what his next BIG change is going to be…As always, I asked Sam to recommend a future guest, and he recommended Paddy Jackman & Paula Wilmore, we look forward to recording an episode with you both soon.PartnersEipsys Analytics, combining Build-to-Rent and Student Accommodation experience with technical expertise to give you a bespoke BI reporting platform, alongside implementing and supporting you with your Yardi software suite, Eipsys Analytics‘ record speaks for itself. To become a partner of Know Your Shift, positioning your company alongside the biggest names in Student Accommodation, BTR and the entire Shared Living industry, get in touch at contact@garethduffin.com Follow GarethVisit garethduffin.comSignup for Gareth's weekly newsletter (5-Minute Friday) - www.garethduffin.com/5-minutefriday Instagram - https://www.instagram.com/gareth_duffinLinkedIn - https://www.linkedin.com/in/gareth-duffin-32516966TikTok - https://www.tiktok.com/@garethduffin Follow Know Your ShiftInstagram - https://www.instagram.com/knowyourshiftLinkedIn - https://www.linkedin.com/company/know-your-shift-the-podcast/TikTok - https://www.tiktok.com/@know.your.shift

Hidden Profits Revealed: How AI Transforms Multifamily ROI

The Real Estate Crowdfunding Show - DEAL TIME!

Play Episode Listen Later Sep 24, 2024 57:26

Yardi is value add for multifamily real estate. Period. ‘Value add' and ‘forced appreciation' are usually tied to exterior upgrades, paint, carpets, kitchens, and amenities to drive net operating income (NOI). Yardi is redefining that. You can buy a building where the traditional value add has already been maxed out, implement Yardi's systems, and—Presto!—you've just added more value, boosting NOI. If you're not using Yardi's AI-enhanced systems, you're falling behind. My guest today, Paul Yount, Industry Principal, Residential, shares how Yardi helps you dominate your competition and increase returns for you and your investors. Here's what you'll learn about: Virtual Assistants for Leasing: Yardi's AI chatbot, Chat IQ, automates responses to prospective residents via email, text, and voice. It provides faster, more effective responses than human interaction, helping you lease up quicker, convert more leads, reduce vacancies, and drive profits. Maintenance AI: Yardi's AI doesn't just log maintenance requests; it diagnoses and suggests solutions proactively, cutting maintenance requests by 17%. This streamlines operations, reduces costs, and improves resident satisfaction. Virtuoso Assistant: Designed for internal use, this AI assistant allows property managers to request and analyze performance data—like rent rolls or occupancy reports—via simple commands, optimizing decision-making and boosting management efficiency. Bottom Line: If you're a multifamily operator facing property management challenges, this podcast is a must-listen. ***** The only Podcast you need on real estate and AI. Learn how other real estate pros are using AI to get ahead of their competition. Get early notice of hot new game-changing AI real estate apps. Walk away with something you can actually use in every episode. PLUS, subscribe to my free newsletter and get: • practical guides, • how-to's, and • news updates All exclusively for real estate investors that make learning AI fun and easy and insanely productive, for free. EasyWin.AI

Can You Trust The Market Report?

Real Estate Espresso

Play Episode Listen Later Sep 13, 2024 5:15

On today's show we are talking about how to find good data. Last night I hosted an event and invited the Keynote Speaker from Costar to present to our audience. It was a great presentation and the speaker had lots of relevant statistics that would be of interest to anyone in my local market. There were numbers on multi-family apartments, on office, industrial. During the informal part of the evening we got into a debate about the best sources of data. Every company that specializes in analytics seems to have their own special sauce for how they gather and validate their data. Some property management companies like Yardi and Realpage also have data analytics products. Both companies are leaders in property management and they can rely on the vast quantity of data that is hosted in their system to provide an accurate picture of the market, but only for the properties they have viability of. Companies like Costar and ALN use a more old school approach. They have legions of analysts who will monitor the market and pick up the phone and call property owners when a transaction takes place on a commercial property. They will call the property managers at a property and interview them. It's hard to know whether the property managers are being fully honest in the interview process. One of the reasons why the reports differ has to do with the methodology. ---------- **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

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

Unbelievable Real Estate Stories

Play Episode Listen Later Aug 29, 2024 21:32

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

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1,813 The Power of Forcing Functions: Simple Hacks for Success in Multifamily

ApartmentHacker Podcast

Play Episode Listen Later Aug 25, 2024 3:09

Ever struggle to stick to your goals? What if you could set up a system that makes taking the next step almost automatic? Let's explore the concept of forcing functions and how they can transform your personal and professional life. Welcome back to the Multifamily Collective! Tonight, we're exploring forcing functions, a powerful tool for taking action when you need it most. Think of it like this: in property management systems like Yardi or RealPage, you can't move forward without completing mandatory fields. That's a forcing function at work. Now, imagine applying that same principle to your life. Want to exercise more? Lay out your workout clothes the night before, or sleep in them! Want to stop a bad habit? Create a consequence that makes you think twice, like a curse jar with a hefty price tag. These small, strategic setups can make a big difference, almost automatically pushing you to take the right actions. It's all about creating conditions that lead to success—whether in your personal routine or within your multifamily organization. Ready to implement forcing functions in your life? Hit the like button, subscribe to the channel, and tap the notification bell to stay updated with more tips to enhance your multifamily journey! --- Support this podcast: https://podcasters.spotify.com/pod/show/mike-brewer/support

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State of the Markets (July 2024) ep. 370

Play Episode Listen Later Jul 3, 2024 50:55

Is now the time to be bullish or bearish on real estate? In this episode of REady2Scale, host Jeanette Friedrich, Director of Investor Relations at Blue Lake Capital, sits down with Paul Fiorilla, Director of US Research Editorial for Yardi Matrix. Paul brings a wealth of knowledge from his extensive background in real estate research and editorial roles, including his time as Editor-in-Chief of the CRE Finance Council and VP at Prudential Real Estate. Key Takeaways: -Market Trends and Forecasts: Paul shares his insights on where the real estate market is headed, particularly focusing on multifamily properties. He discusses the varying performance of different property types, such as the challenges faced by the office sector versus the booming industrial and resilient retail sectors. -Multifamily Market Analysis: The episode delves into the multifamily market's performance post-pandemic, highlighting significant trends in household formation, migration to the Sunbelt, and rent growth. Paul provides a detailed analysis of current trends and future predictions for rent growth and occupancy rates across various regions. -Impact of Economic Factors: Paul discusses how economic factors, such as job growth, immigration, and supply chain issues, influence real estate markets. He explains how these factors contribute to the current market conditions and what investors can expect moving forward. -Comparing Financial Crises: A comparison between the 2008 financial crisis and the current market situation is made, with Paul explaining why today's market is not headed for a similar systemic crisis. He highlights the differences in leverage, economic performance, and the health of the banking sector. -Geopolitical and Macroeconomic Impacts: The episode touches on the potential impacts of geopolitical events and macroeconomic trends on real estate investing. Paul provides insights into how global trade, political changes, and exogenous events can influence real estate markets. -Investment Strategies: Paul emphasizes the importance of having a well-defined investment strategy. He shares examples of successful investment approaches, such as those used by large operators like Blackstone, and offers advice on identifying and capitalizing on emerging trends and niche property types. Connect with Paul: Listeners can connect with Paul Fiorella through the Yardi website, via email at Paul.Fiorella@yardi.com, or on LinkedIn, where he regularly shares his research and insights. Watch the full episode here. Read the transcript here. Timestamps 00:00 Introduction and Guest Welcome 01:07 Paul's Insights on Real Estate Market Trends 02:52 Deep Dive into Property Types and Performance 21:33 Comparing 2008 Financial Crisis to Today 36:16 Geopolitical Impacts and Future Predictions Are you REady2Scale Your Multifamily Investments? Learn more about growing your wealth, strengthening your portfolio, and scaling to the next level at www.bluelake-capital.com. To reach Ellie & the Blue Lake team, email them at info@bluelake-capital.com or complete our investor form at www.bluelake-capital.com/new-investor-form and they'll connect with you. Credits Producer: Blue Lake Capital Strategist: Syed Mahmood Editor: Emma Walker Opening Music: Pomplamoose Learn more about your ad choices. Visit megaphone.fm/adchoices

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DGS 252: AI in Property Management Maintenance Coordination

Creating Wealth Through Self Storage

Play Episode Listen Later Jun 13, 2024 53:51

Maintenance is often the most challenging area in a property management business. What if you could automate your maintenance workflow with an in-house, expert AI maintenance coordinator? In this episode of the #DoorGrowShow, property management growth expert Jason Hull sits down with David from Vendoroo (formally Tulu) to talk about AI maintenance coordination and how it could revolutionize the property management industry. You'll Learn [05:25] The AI Revolution [10:51] What can AI Maintenance Coordination Do? [20:58] How Vendoroo Handles Work Orders [27:56] Why You Should Have in-House Maintenance [37:30] Where do Humans Step in? [41:37] Handling Worst-Case Scenarios Tweetables “Property management is a very human business. It's a very relationship-driven business.” “Is it scalable? Is it burning you out? Is it pulling you away from other duties that you need to be? Are you spreading yourself too thin? Great questions to ask if you have growth objectives.” “Residents don't want to talk to a computer. They want to feel that they have a connection to their property manager.” “The first offense creates a little crack between the relationship. The second one, you're losing trust with your owner.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] David: Even people who had in house maintenance coordinators or VAs, good ones, always still feel that they needed to second check all the work. And now when they're seeing the justification and they're seeing the education behind it, they get this sense of like, I can let go. You know why? Because this system is doing maintenance exactly the way that I'm asking it to do maintenance. And they feel that now they're actually back in control. [00:00:24] Jason: Welcome DoorGrow Property Managers to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you are open to doing things a bit differently, then you are a DoorGrow property manager. DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not, because you realize that property management is the ultimate high, trust gateway to real estate deals, relationships, and residual income. [00:01:05] At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. [00:01:25] And now let's get into the show. All right. So today I'm hanging out with David Normand and Reza Keshavarzi. Did I say your last name right? [00:01:36] David: We always say it sounds like the great sauce that you would put on a steak. Keshavari. So delicious. [00:01:41] Jason: All right. [00:01:41] David: Yes. Cool. [00:01:43] Jason: So David and Reza are from a company called Tulu, which we'll be getting into, which I think are probably revolutionizing maintenance related to AI and our topic today, we're going to be talking about AI and maintenance coordination, maybe getting into some of the current maintenance challenges, what AI could help with, what should be automated, what shouldn't be automated because I think that's a very important thing to cover and how to turn maintenance into a profit center. Before we get into that, why don't we get into some background? So David, why don't you give us the journey? How did you two get into this? How did you event like, how did you start your journey in the property management space? [00:02:24] David: Yeah, great. It's crazy to think about it. It just all started probably about 15 years ago. Like many of you, started a property management company with a buddy of mine. I remember we started off with 80 doors. Got our 1st client, was excited. He left his job at Verizon. I was actually in the banking industry, bidding on subprime auto loans and the 2008 crash happened. And so we all knew what happened after that. And so anyway we actually had some tremendous success and in just over four years we added over 600 doors. Which was a phenomenal growth in our market. And we had a lot of people going, "Hey, what's your secret sauce? what are you guys doing?" Right. And the reality was, is that we just cared, right? We cared harder. We had fiduciary duty. And all of these owners were leaving their other property managers and saying, "Hey, Maybe these guys have it figured out," and we were getting conversions and our close rate was like 80%. [00:03:13] It was really crazy, but something happened and just like many of us, owners started getting frustrated feeling like, the magic was wearing off because at the end of the day, no matter how hard we worked. Those owner statements and those maintenance invoices at the end of the month, I realized were the main source of friction between those long lasting relationships and the same reason why somebody left that previous property manager to come over for the hope of more transparency and maintenance was the same issue that we ran into. [00:03:41] Right. So that led me on this journey of trying to figure out, how do we standardize our fiduciary duty to owners when it comes to maintenance and help them bring transparency and education and understanding to what I feel is really the cornerstone foundation of what a great relationship is? Because no, the building can be full, the mortgage can be paid, but those maintenance bills still come in and there's still the questions. [00:04:06] "Why does this cost this much? So I had some great opportunities to work went on with Fannie Mae helped them manage their rental portfolio, but still in the back of my head, wanted to try to solve this issue. And all these years later, I get a phone call from somebody that said, "Hey, you need to meet this guy, Reza. He's in the HOA industry. And he's seen a similar issue with lack of transparency. And I think that you guys are trying to solve the same issue. Hey, why don't you meet up?" And I'll, and I'll preface this. This was the fourth introduction to a guy in a fourth type of tech or a company that we try to part with. [00:04:40] And it just shows you the journey of an entrepreneur. Like you never know when that right connection that's going to align with your passions, resources, and understanding happens. And I actually had three other techs that didn't work out before. And I didn't want to bring them to market. [00:04:52] Right. So that's our story. We got introduced to each other and the synergies have been fantastic. And I'm really excited to talk about what we're doing here in the space. So it's been a crazy journey. It's been exciting. Maybe one day I'll write a book down the road about all the things not to do. [00:05:04] Jason: I think every entrepreneur that has a little bit of success could write that book. I'm sure. So cool. David, where do you think we should start? Like there's a revolution right now, this AI revolution, like it's AI everywhere. And and it's moving fast. [00:05:21] David: Yes. [00:05:21] Jason: Like really fast. [00:05:22] And it's a bit crazy. And. Everything's changing. There's a million software tools and companies coming out. Maybe AI is making all of them. I have no idea, but like... [00:05:31] David: 85 percent of all content written online is written by AI these days. So yeah, definitely. [00:05:35] Jason: Right. There's the fake internet theory that like the majority of the traffic and communication and comments on the internet isn't even real. So it's like we're walking around this fake ghost town online. And we're consuming content and we're like none the wiser in a lot of instances. So my quick take, for those listening, as we're going through this AI revolution, it's exciting. There's a lot of change happening. [00:05:57] We don't want to be left behind. We want to make sure we're paying attention to what's new, what we can use. Everybody's probably used chat GPT once or twice or keeps hearing about it from other people. "They've got a GPT, that thing that you use." Yeah. I used it this morning, right? Like I was trying to figure out something in my Chevy Tahoe. [00:06:15] And I was like, "how do I do this thing in my Tahoe? Like, can you just tell me?" And it can collapse time, but sometimes it's not useful. I think my take on this is that human interaction is going to be a premium. It's going to be at a premium. It's going to be something that really sets people apart because we're moving away from humanity to some degree by leveraging all this tech and AI and all these tools and property management is a very human business. [00:06:43] It's a very relationship driven business. And and I think we'll get into this today. We want to be careful of using technology where we shouldn't or trying to trick people. "Well, look, I'm pretending like it's me, but it's AI. Haha. I tricked you." And what's funny is there's little indicators, like, and we know that this stuff's being used in a lot of different ways, like governments are using this now, like, we don't even know what's real on the news or what's like deep fakes or AI, like they're showing people's like doing interviews and people are zooming in and noticing their rings are disappearing and like weird stuff, right? [00:07:20] David: Yeah. [00:07:20] Jason: And stuff's going viral on like the internet. And so we're living in this world where we're super skeptical and we wonder if anything's real. [00:07:28] David: Yeah. [00:07:29] Jason: Sometimes people are even asking, like, is this AI on a phone call? [00:07:33] David: Yeah, well, you can't tell the difference now. I'll tell you, our tech team and AI guys they actually played around with me a little bit and they actually use my voice and had me doing work orders and no one could tell it was them. [00:07:44] Not me speaking and giving triage and doing that type of stuff. And I actually I tested it with my wife and I sent her a message over it and she didn't even blink an eye. Didn't even blink an eye. It was crazy. It was that first like aha moment that really when we talk about our fiduciary duty to our clients and ourselves about the power of this and where it's going, right. [00:08:01] And to that point. So when it comes to AI, I think people need to understand that really, the way that we look at chat GBT to me is just the new Google, right? It's Google on steroids. Okay. And so, yeah, for sure. Do we use some chat GBT to understand like, how to write the perfect sentence structure? For sure. [00:08:18] But the cool part about this, Jason, is that what we're doing is: how do we use these models in this education that teach it about fiduciary duty to your owners? That's what gets me excited, right? That's what gets me excited to understand and to think intelligently and to think with thoughtfulness to the owner's pocketbooks when it's considering a decision of how to dispatch for maintenance, right? [00:08:42] Like, isn't that what we're all looking for? That we need a system that every work order that comes in that it goes to a expert maintenance coordinator that we know what that costs. I'm talking expert maintenance coordinator, a person's been in this job for 15 to 20 years that you can send a work order to and they don't make an error. [00:09:00] They're intelligent. They're able to educate, they're able to be client facing. Like there's a real skill set there if you put that on a CV for somebody, right? But that's not what this industry is filled with. Actually, this industry is filled with individuals who are under pressure to find the most affordable maintenance solutions and the most affordable ways to try to find people to run those maintenance solutions. We're allocating the least amount of resources to handle what I consider the highest probability of owner dissatisfaction in the property management relationship with the owner, right? So I have a VA who's 2000 miles away that's responsible for spending a thousand dollars in my owner's money. [00:09:38] And there's all types of potential errors and things that are happening as a result of that. So the way that we look at AI and actually in our business, we just use the word smart a lot. And we try to use that word, that intelligent instead of artificial. Because you know what? There is a lot of human input that has gone into this to teach it how to be smart and to teach it how to consider the fiduciary duty. [00:09:59] So at the end of the day, I would encourage all the listeners here that are going on this journey with us today to understand, not to be skeptical, how to maximize its value, right? And that's really what we're going to be focusing on today and to show you how we're maximizing its value to help us achieve what we call our dream outcome when handling maintenance. [00:10:18] Our dream outcome is as a property manager, I'm starting a company or I'm looking to grow, or I'm hitting those next growth objectives, or I'm looking for ways to be more profitable. What is my dream outcome? And that all circles around having an expert maintenance coordination in my office that is reducing trips costs and considering the fiduciary duty to my clients. [00:10:40] Right? So that's what we'll talk about here today and how we're using AI to achieve that. [00:10:43] Jason: Got it. Well, let's get into it. So what can AI do and what can't AI do? Like, well, specifically what can Tulu do and what can't Tulu do? [00:10:54] Where's the line drawn? [00:10:55] David: Yeah, that's a great question. [00:10:56] So first of all, I always tell everybody this out of the beginning: we are not an outsourced maintenance coordination solution. We're not an outsourced company. Yeah. We are not a vendor. Okay. We're not bringing vendors to your marketplace. Okay. Tulu is your expert in house maintenance coordinator. [00:11:13] So if you're thinking of "I'm hiring a maintenance coordinator" or "I'm building a property management and I need a maintenance coordinator," you now have that. That's that ability to add this onto your software, your system. It's a simple plug and play. You get to remain inside of your portal, you don't have to leave it. [00:11:30] There's not another new portal, all updates, all things are pushing to Buildium and we're pushing to Appfolio. That was a big part of it. There's no new app for the vendors. There's no new app for the clients because we know what's important for them to live inside of there. So what can it do? Well, first of all, it's a leader. [00:11:43] Okay. And being a leader means that it is going to use the information that we capture about your company to lead your VAs, to make expert triage decisions that always consider your fiduciary duty to the owner. So let's give an example right here to break that down. Right. Say a hot water tank comes in. [00:12:03] Okay. Hot water tank's leaking. Okay. First thing it's going to want to understand is what time of the day is it and where is the hot water tank leaking from? [00:12:09] Jason: Okay. [00:12:10] David: And then it's going to determine based upon the location of the hot water tank, the type of the hot water tank, which type of vendor at which time is the right one to send out. That is the most cost effective that has the greatest probability of resolving that issue for the best price and meets the satisfaction of the resident. Right. Now that was a mouthful right there. Okay. And if you think about all of the potential errors and data points and things that are involved, the smart maintenance coordinator considers all those and it brings out a triage and it tells the VA "here's the pieces that you're missing. Here's the information that I need. And here's what my suggestion is for you to move forward." So it's amazing at being a leader. And then it's amazing at being an expert about creating communications for the resident and to the vendor to direct them. And then it's also an educator and at the bottom of every work order. [00:12:58] And I hope to be able to show some people it's really cool. We don't believe in just telling people what to do. We should educate them and tell them why they're doing what they're doing. Right. So imagine if you had the best expert maintenance coordinator leaning over the shoulder of every VA that you have standing there and telling them every work order, every time, here's what to do, here's how to do it, and here's why you're doing it. Right. And as a result, we're finding that VAs that come over that are dedicated to the account in two weeks, they're educated. And in six weeks, the majority of them are executing as a high level maintenance expert within six weeks. Of after sitting down and learning the training system, because just as much as it's leading, it's also training and educating. [00:13:38] That is a wow moment for somebody who's been in the space, who's been here for 15 years, managing hundreds and hundreds of people for government entities and stuff and understanding the amount of time and effort and training that goes into somebody. And then all of a sudden they come and they tell you, "Hey, by the way, I got a new job. Thank you for all the training. I'm going to go make $30,000 somewhere else," right? How many times has this happened to me? Hundreds of times, right? And so that's a big part of what we're solving here. [00:14:02] Jason: So in order to be effective and operate as an expert maintenance coordinator so that your VAs that don't have this knowledge can function as if they have this knowledge, then this has to be programmed, right? Maybe it'd be helpful for, the viewers or listeners of this podcast to find out what are all the inputs that go into this? What did they have to provide and what do you guys provide, so this AI, they can trust it? [00:14:29] David: Yeah. Yeah. Great question, Jason. So first of all, I want to put it on point two to make an emphasis that in this journey that we're all learning about these smart technologies and AI, there's still a big part of human component, right? [00:14:38] And it's like when you chat, when you write something in chat GBT, like you just don't send it without looking at it. Right. You're reviewing it and making sure it's still saying that you want it to say. Right. So everybody rest assured this thing is not, living on its own and there's checks and balances. [00:14:51] But the onboarding on average takes 30 to 45 minutes. Okay. And one of the things that we did is number one is, when it comes to triaging and best practices, there's literally probably about 500,000 work orders of data points that it's considering. And it's an expert in that thing that's saying, "Hey, listen, this is how you should handle every work order that comes in because I've seen this, 20,000 times, and this is the best outcome." [00:15:18] Right. But then what it does is it allows the property manager to talk in natural language. Like you want to talk like a robot. We don't have to write weird code. Just say things. "Hey the owner of one, two, three main street really loves Tom." Tom works on his properties. Comes in 123 main street comes up. It understands what Tom's capabilities are. And it says, "please use Tom to use this." The owner prefers that Tom works on his properties. They have a great relationship. Cool. And so those little tidbits for example, if the heat goes out in unit number one, understand that access has to be in unit number two basement to the HVAC unit, right? [00:15:52] So that's good to know, but why is that important to know? Because most VAs would make a mistake. They say there's no heat. They don't check property notes. They send out the plumber. Plumber is knocking on the door at unit number one. Person says, I don't know where the HVAC unit is. Tenant next door is not home. [00:16:06] Now you just charge your owner for 250 emergency call to go out. The resident still doesn't have heat. They think that you're unorganized. It shows you're unorganized on your owner statement because there's two invoices. "Oh, no, wait, you want to cover that? You're unorganized." So you just ate 250 that you're already not marking up on maintenance and you do that 10 times a month. [00:16:25] Okay. And that's what's going on. [00:16:27] Jason: And this is where then the owner's like, "I might as well just do it myself because I know everything and it's in my head." So how did they get all of that out of their head? All the little things they know about each property, each multi unit property, what's in the basements, what's..? [00:16:40] David: We have a cool onboarding process. And again, most times about 30-45 minutes, they sit in, it's called building your AI co pilot. Actually, a lot of people dig it. It's cool. It's a cool process. And we will be first, we go into your system and we're able to pull out all your work order data and it organizes all your vendors, and we can tell who all your vendors are and what you're doing based upon the work order types. [00:16:59] We can tell if you're a preferred guy is here. Number one guy is, "Hey. This guy always seems to be working on these properties." So there's a lot of information that we gather. And then you just come in and you're like, "yeah, he's my primary. He's my secondary. Oh, here's this little information about this property." [00:17:13] So you really don't have to get like, like crazy. Like, like, the mailbox is located, like. You can add that stuff later, but in the beginning, it's just like, what are those important rules? I remember this one that really jumped out at me as impactful, a classic mistake, this owner had a lady living in the apartment for 35 years. [00:17:31] Okay, and she's getting old and one of the rules is that no matter what maintenance ticket comes in, "don't ask her to triage. Don't ask her. It's the tenant's responsibility. I love this person. Please send her out and just take care of her. Right?" What a great rule to put into your system that shows the owner that when that work order comes in, He's not getting a call from, and I forget what her name is. [00:17:51] And like, they're asking me to change my light bulbs again. And then he's like, I told you twice not to do this. And next thing he's looking for another property manager. And I always love that example of that rule. So that's what you're looking as far as the information you're giving us takes about 30 to 45 minutes. [00:18:03] For people who have anywhere between, 150 to 350 properties. If you start having, 500, 600, a thousand, I would definitely allocate up to two hours and onboarding for sure. [00:18:13] Jason: Okay. That's really fast when it comes to rolling out a new technology. Yeah. It's ridiculously fast. [00:18:19] David: Yeah. [00:18:19] Yeah. Yeah. Yeah. Extremely quick. So basically you have all this learning and understanding that's going into who your preferred vendors are. We know how to handle the maintenance work orders. There's no like integration that has to happen. And so as this triage is coming through, you're getting this expert level triage and you can add things down the road. [00:18:38] You can add it, but how to handle the work orders as we say, there's really nothing new in maintenance. What's new is: "what's the NT for the property? Are there any special conditions that we need to know? Right? What are your residents' responsibilities and what are you responsible for?" Once you have those four questions answered, how to handle the hot water tank, at what time to hit on the hot water tank, how to, how to repair this door, how to do that. [00:19:02] Those true principles of maintenance are true for everybody, if that makes sense, right? So, so that's a big part of the value that you get that You're hiring an expert maintenance coordinator. If you were to hire him, you wouldn't necessarily be telling him. "Hey, this is how you replace a doorknob." [00:19:18] He should already know that when you hired him. Right. So think of like it that way when you're considering us as a technology. [00:19:24] Jason: So, a human maintenance coordinator, the challenge would be, there's no way they can remember every detail about every property, right? [00:19:32] David: Yeah, [00:19:32] Jason: it's not. Which means they would have to keep notes. [00:19:35] Let's say they've already got a decent amount of notes somewhere. Might be in the property management software, maybe they've got their own, I don't know, database of something. Is there the ability to pull in all that information? [00:19:46] David: Yeah, a hundred percent. Yeah. To grab those notes out. A lot of people have the ability to export it. [00:19:51] They have a good note file or something like that. We get those, we take that information and it can just be pushed up into the system for sure. So yeah, the onboarding it, it can be, again, some people come in and say, "all I have is single family houses." Everything's pretty straightforward. [00:20:03] Other people send over an Excel list. "Here's my property notes at the property levels" and upload them. So that's the cool part where. You ingest into the system. There's not a lot of data, manual input. It's reading it and assigning it. And that's where we're using technology to help even improve the onboarding process that you talked about, right? [00:20:19] You think about people wear t shirts, like, I survived the Yardi onboarding process, right? Like, technology has come a long way to help improve that process, and that was a big part that we focused on. [00:20:28] Jason: Yeah, that's wild. So once you've got them onboarded and they're in your system, the AI knows pretty much everything about the property, but maybe it doesn't, maybe there's some things it doesn't know. [00:20:41] And so work order comes up. You're working on something and it's still just in the property manager's head or it's still in the business owner's head or maybe they don't even know yet, but it runs there. It runs into an issue. It's like it has a question maybe, or it doesn't. It needs to know some more stuff. [00:20:57] I don't know. What happens in those scenarios? [00:21:00] David: Yeah, this is a great one. So, all right, so let's talk about the life cycle of a work order. Right. And let's everybody just understand that there still is a human component involved in this, right? Every property manager has a dedicated, we call them a remote team member, who's now this expert maintenance coordinator at the cost of a remote team member. [00:21:16] Now they're able to execute at a very high level. But there are going to be things that they're faced that they don't understand. So they have the ability to communicate with you one on one, or we also have this process internally that they have this ability to go, "I need a request from the expert in the loop" and the expert in the loop is you know, invoice review, complication that they're saying that the AI is not clear on them and it's asking for additional support. And so they can bump that up to individuals, myself, and there's other members of the team members that are big part of this and they can get expert level triage inside of there, to say, "Hey, listen, I'm facing with this vendor issue. They need 25 percent upfront. The job is only 500. I'm not understanding what to do here. The building is located and they're saying access is weird. They need to bring something in." There are complications that still involve human understanding. And so that expert in the loop solves that piece in there. [00:22:07] And also speaking of humans, we believe that residents and vendors still need to speak to a human. Okay. Super important. Okay. So the value that we have is that we're able to create expert level triage, According to their specifications and the training model and all the great things and the automation and the text messages that are written for them and the codes that are written for them the emails, all those things. [00:22:31] So, if we can automate at a very high level and free up our people to be able to provide support on the phone to the vendor on the field, or to actually talk to a resident, everybody knows this and I talk to everybody, guys, residents don't want to talk to a computer. They want to feel that they have a connection to their property manager and that when they call in, a lot of people have not even adapted technology for anybody who has, residents have been with them with a while and they're used to talking to Janet, they're used to talking to tell him inside and next thing you can say to them, "Oh, we have a new maintenance system. And by the way, you have to talk to the system." They're like, "okay. This is lame," right? Like, so that personal connection and we have a saying inside of the office that we keep your residents and your vendors within arm's length of you, right? It's communicating. They're using your property management name. [00:23:20] They're speaking on your behalf. This is an extension of your office. This is your maintenance coordinator. Don't think of this as a vendor. Don't think this is an outsourced maintenance solution that you're setting all your maintenance to some company that's sourcing vendors or bringing them in and doing every, this is your in house maintenance team. [00:23:38] So always consider that when you're thinking about Tulu, real people. In house maintenance coordinator just powered by AI enabled execute at a crazy high level. [00:23:46] Jason: So, yeah. So how do tickets get into the maintenance system? Like how are they initiated? Do they still have to be answering their own phone calls? [00:23:56] Are they just putting it into their property manager software? And then Tulu is going to like start taking some action. What communication does Tulu facilitate or take over if we're going to be having still needing some humans to be in Tulu allows us to increase the amount of communication and care that we show. [00:24:13] Where do we draw the line? Like, where is Tulu stepping in and doing some communication and where do we need team members to be doing communication? [00:24:21] David: Yeah. Yeah. Great question. So let's just go through the life cycle of a work order for everybody. I think that's what everyone really understands when they're all thinking about this. [00:24:28] Okay, let's give me a work order from start to finish. Right? So no change to your residents. No change to anybody. They log into their portal, Buildium, Appfolio, RentVine, whatever they're using. They submit a maintenance work order, that maintenance work order through their system is dispatched to the Tulu maintenance coordinator, expert maintenance coordinator. [00:24:46] All the magic is happening, all the triage, everything is taking place, and inside of the property management software, they're going to see. Work order. [00:24:53] Jason: And is that dispatched through via email? API? Yep. [00:24:56] David: Oh, yeah. Yeah. Just through email? Yep. Set up as simple. You can set it up as a maintenance coordinator and as the maintenance coordinator is set up and the email comes in and it pings out and that creates the work order and starts to process through the, yeah. [00:25:08] Yep. Cool. And then the property manager will see that the work order has been it's in triage on the status of their system. Then it's assigned, then the vendor will be assigned there. And then from there, the updates, when it's scheduled that we call it the who, what, and the why, right? [00:25:25] What's going on, who's doing it and what's being done to progress this for. That's a note. You're constantly getting those notes. Now, the cool part about this, Jason. is behind the scenes. All of those text messages and phone calls and emails that we call the noise that are between the residents and the vendors and everybody are all being captured in a system behind the scenes. [00:25:45] Right. Super value there, right? If a resident is a little bit upset about something or you have some questions, "Hey guys, can you hand me the phone call this one to show me the text messages," right? Communications are big part. So we capture all those communications inside there at any time that the owner of the property manager wants to pull them. [00:26:00] That's great. Then the work order is completed. The completion, quick question. So [00:26:05] Jason: all this communication between tenants and vendors, unless they're using some sort of magical system That the vendors have to be in and that the tenants are logged into. And it's like seeing all this, how does Tulu capture that? [00:26:18] How does it know that the vendor is communicating with the tenant or the tenant? Okay. So it would be any point. [00:26:24] David: Yeah. Good point. Any point that the the tenant. Is communicating or the vendor or just communicate with two of those. So if the vendor happened to communicate directly with the tenant, it would not capture that part, right? [00:26:34] That's their phone to phone with that part, right? So it's when the resident or the tenant is communicating with the maintenance coordinator. And as we all know, tenants and vendors love to communicate by text message, right? That's their number one thing to do. So, it's really cool for vendors too, because as we know, a bunch of vendors, they hate. "I don't want to work in another app." Vendors can take pictures from their phone. They can upload estimates from their phone. The estimate comes in and it's actually turned into this really pretty estimate because we know vendors estimates are notorious for being on the back of a paper and hand scratched, right? [00:27:06] So it actually creates into a brand new Tulu estimate. And so your owners get transparency into pricing and labor. And it's standardized and everything looks clean. And so yeah, vendors love it because they're not lazy, but they're busy guys. And instead of going home and trying to do a whole bunch of paperwork, they can now just generate an estimate, take a picture and shoot it right through. [00:27:22] So, yeah. [00:27:23] Jason: Because the challenge that there's a lot of communication involved. And so usually to decrease the amount of communication, they're trying to figure out how do we get the vendors to just talk to the tenants directly to collapse time? But if you have AI, then my guess is that Tulu will still just act like that middle person because the vendor can communicate with them, they can immediately text you, then Tulu texts the tenant, then it's just doing it real time. [00:27:45] You don't have to wait on a human being in your office to like make this communication happen. So you're like, "well, we're so slow. Let's just get them to talk to each other." The AI is making this happen. Is that accurate? [00:27:56] David: Huge point right here is, and man you really hit off the nail on the head on this one point here. [00:28:01] The amount of people that we are seeing that they're using vendors to perform triage in this space is actually alarming. Okay. Alarming. All right. Vendors should not be performing our triage. They should not be the ones trying to figure out what is going on. They're not our client facing people. Maybe some guys are good. [00:28:20] your in-house guys, goods or whatever. The majority of people are using this, right? The beauty of the system is: Do we have enough information that is captured? From the resident, the property manager that considers the needs of the owner to formulate the correct direction to the vendor so that they can show up with the resources that they need to fix the job the right time or show up educated about what they're there to fix. [00:28:41] Jason: So let's talk about this real quick. Like vendors should not be doing triage and why not? Like, like what are the obvious ramifications here? Well, vendors, that's like asking a surgeon if you need surgery, right? That's how he makes his money. [00:28:55] "That's the solution is surgery. We should chop that out, like, let's cut that thing out and I get paid thousands and thousands of dollars." [00:29:02] David: Or how about this one, Jason, on an owner's report. I see a cost for so many times you see a cost for a maintenance guy, "unable to resolve expert needed." well, why? Because the maintenance vendor was sent out to do the triage. [00:29:15] That's not fiduciary duty to the owner. If we had the right information, we could have avoided that one trip. So we have some really cool case studies. I'd love to show people that out of like 260 work orders, we have one right here, a client that signed up with us. And so out of that thing here let's see. [00:29:31] They completed 194 work orders. 17 unnecessary trips were canceled. Wow. Okay. 17 unnecessary trips and 15 of those work orders had an immediate reduction in price because they said that the wrong resource was assigned to that. So think about that. 17 different numbers. [00:29:48] Jason: So if that, if they have an in-house maintenance team, you're decreasing your your cost deploying these texts, going out and doing stupid work, like significantly. If you are using third party vendors, then there's always an expense. If you're sending anybody out, unless you're like, go do a bid, or something like this, but that's costing the vendor, which they're going to be more frustrated with you. [00:30:09] So you're freeing that up or they're charging you for it. "Oh, well, if I go out, I charge, right?" Yeah. [00:30:15] David: I'll give you an example. We just saved owner of a pad split property who wanted to replace the refrigerator. The request came in and they asked for three estimates, okay, to replace the refrigerator. [00:30:28] Okay, the suggestion came back that basically said in a nutshell, summarize this, "why are you sending three different appliance vendors who are all going to charge a trip fee to go look at a refrigerator when a Home Depot program should be used and the cost of refrigerator should be 860? To factor all those costs in, it would have been about 1, 400. I don't understand why you're doing this. Please explain, right?" Talk about fiduciary duty to the owner. [00:30:51] Jason: This is why owners get frustrated and they're like, "I might as well just do it myself." [00:30:55] David: " Because I knew better. I would go to Home Depot. Everyone knows to order a refrigerator from Home Depot, right? Unless there's special circumstances." And now imagine this, and this is where we're going with this, Jason. At the end of each month, these owner reports go out to all these owners, and owners sit down and they call up the property manager, and we always hear people talking about this at every conference. [00:31:14] "Oh, I don't want to answer that phone call. I know what this is about, right?" And the property manager is scrambling at the end of the month to call the maintenance coordinator, dig into work order notes and justify why did this cost this much? "Explain this to me," right? So we have this really cool report that's coming out that basically, including in the property owner, It would let you know that, Hey, you had six jobs that were able to send a handyman this month. [00:31:38] Here's what's going on. You had two emergencies, two replacements, little asterisks that said, "Hey, this trip fee was 120. Why? Well, it required two people because there was a toilet that was being replaced on the third floor so they requested an extra hour of labor to be able to bring that toilet up because it was too like..." intimate details so that your owners are feeling like they're getting this like this whole transparency, unbelievable transparency, this report, the property manager doesn't have to waste at the end of the month, which I used to send away two to three days at the beginning of each month, just to answer phone calls and questions. [00:32:12] Jason: Right. Yeah. It's like "why did it cost us much? Why?" [00:32:14] Like they can just see it. [00:32:16] David: Yeah. "Why didn't you send Tom?" "Well, I did send Tom to snake the drain because it was clogged in the master bathroom. We set his limit at an hour. He used a 17, 25 foot power snake. And we said, if you can't get this done within an hour, then we need to send Roto Rooter." "Oh, I get that. You really did try to save me money in the beginning. Yeah. And Roto Rooter found that 35 feet down the thing was a clogged diaper or something like that." That's what owners need to understand. And to break that down in every work order is a tremendous strain on property managers and our system in V2 that's coming very quickly. [00:32:52] I was actually working on this morning. Those owner reports will be generated then if every month that explain intimate details about the thought process. and the costs and any decisions behind breaking it down into category for every maintenance work order type for their owners. Huge value. Imagine going to a client, a new client, and you're presenting against somebody else and they say, "Hey, how do you handle maintenance?" [00:33:14] And you pull that report out and you put it down on the table. [00:33:16] Jason: You're like, "like this is the level of detail. Nobody else is doing this." The maintenance coordinator get on the phone every time and saying, "let me walk you through all these charges and why they happened and what did." And like, how many people listen to this right now? [00:33:31] I'm like, I know you're listening to this going, "if I never had to do that again, that would be the best thing ever. Ever. Like I've never had to have that uncomfortable conversation with the owner." Like it's all in there. It's all there. Like it makes sense. [00:33:43] David: "Here's why we are your property manager. And here's the value that I'm giving to you in the transparency to maintenance." [00:33:50] That's a huge burden. It's a significant pain point. And we know this Jason, the first offense creates a little crack between the relationship. The second one, you're losing trust with your owner and they're beginning Googling "other property managers around me." The third one. You're just waiting for them to look and to go somewhere else. [00:34:07] So the relationship is falling apart. Right. And we are trying to know that [00:34:11] Jason: You got a 600 door business in four years. [00:34:14] David: Yes. [00:34:15] Jason: Like, and so, and you have probably heard countless stories of people if they're switching companies, it's really rare that people switch companies. Usually things have to be pretty bad and maintenance that's in communication. [00:34:27] Those that's number one factors, communication and why people leave. And so this allows you to free up a massive amount of time so you can actually be on the phone with the people when you need to be on the phone and stop wasting time with all of these repeat calls, repeat requests, what's going on with this, and yeah, this would just save so much time. [00:34:44] David: Well, think about growth, Jason, right? So the three things that we're solving for, number one is we're protecting fiduciary duty to the owners, justifying maintenance costs and reducing the cost of expert in house maintenance coordination and making it scalable. Yeah. Okay. [00:34:58] So now if I can have an expert maintenance coordinator that I add to my office, there's a fixed cost to it. I can scale infinity and not have to worry about hiring and training and staffing and issues and all these problems in global, right? My fiduciary duty to my owners, I got reporting and transparency. [00:35:17] Maybe my property manager now, instead of being able to manage 250 doors, maybe they can manage 350 doors. Isn't that cool? Like that's where we're going with this stuff for sure. [00:35:25] Jason: Yeah, it definitely would make a business as maintenance coordination, maybe infinitely scalable. So, okay. I know somebody that's listening, that's very detail oriented and their brain doesn't think like a spider web, like mine is going, "Hey, you guys never finished the example scenario because Jason derailed it." [00:35:43] And so we've got the maintenance request. It's come in. [00:35:46] David: Yeah. [00:35:47] Jason: So take, let's go back to that. [00:35:49] David: Okay. Yeah. Maintenance request comes in the triage takes place. The information is gathered once the information is gathered, and it fills the requirements of what they believe is the right decision. [00:36:00] At that point, the scheduling takes place. Okay. [00:36:03] Jason: Okay. So which pieces of Tulu doing? [00:36:05] David: All of this. [00:36:05] Jason: Okay. Okay. [00:36:07] David: Okay. Okay. So then we're scheduling and then the work is completed. Quality pictures are received. If the resident is satisfaction, you have happiness received, vendors invoices received, and that's all uploaded into the system. [00:36:20] And then at that point, the property manager can pay the vendor directly if they have a great relationship and maybe they want to pay them in whatever way they do. A lot of people like paying their vendors, that's fine. Or they can reimburse the Tulu system. If they just want to pay one vendor for the rest of their life, and then Tulu will pay the vendor for them directly. [00:36:38] So it is from intake to vendor payment, all updates, all communications, all triaging, everything. [00:36:46] Jason: Tulu does all of it. Does it all. [00:36:48] David: It is your perfect maintenance coordinator. What we call the dream scenario. It has the ability to triage, troubleshoot, knowledgeable about vendor pricing, it's client facing and experience and client facing means that you can even set the parameter that said, "Hey, if anything is over my NTE, I would actually like you to generate your justification as to why think about this and send it out to my owner." Now imagine your owner getting this super email that's like, "Hey, listen, we have this problem. So the five to fancy, here's the steps that it took place to do." [00:37:15] Jason: So like the amount that's in the agreement that says like anything under 500 in a single month, like we have a right to just take care of it. Right. Or something like this property managers having their agreements. Okay. So, so where do they need humans then? Where do humans come in all of this? [00:37:31] David: Humans need to be there to provide expert level, the same expert level triage that the system is providing, we need humans in there to make sure, first of all, it's accurate. There is a component of that, right? We're reviewing this and training it, learning it, but as we talked about before, humans need to be there. [00:37:47] We love that they have a great relationship because they're an extension of the office with their RTM, right? With their property manager and that RTM, they get to know each other. Humans are needed to talk to the residents and humans are needed for vendor support. Okay. Vendors don't want to call into a robot when their hand is in a sewer line from the field asking about, "Hey, I need help and direction. What's going on?" [00:38:07] They don't want to hear "press two if you're unhappy with this service," like they don't want to hear that. That's where humans come in. [00:38:13] Jason: Got it. Okay. So what are some of the results that you're seeing when you're installing in this into businesses? Like what's shifting? Because I'm hearing some things like it's going to decrease the time you're spending on the phone with your owner. [00:38:25] So it's going to decrease the amount of time doing communication. You won't have to spend time doing triages. It sounds like a large piece of maintenance coordination is going to be taken care of. It sounds like staffing costs can be reduced. You tell me what are clients noticing once they get this installed over their previous systems of using a stack of tech tools to try and get their team to be able to handle this stuff? [00:38:47] David: I think in the beginning and I think that it's cool in our relationship is just to hear people come back after the first month and go, "I can't believe it. Like I went an entire month and like, I was not involved in maintenance the way that I feel that I needed to be to make sure that all these things were taken care of. And I'm finding myself with like 20 hours extra a month." And we're like "yes, go grow. Go add more doors. Go show greater value to your clients. Maybe call your client that you haven't been calling in a month because you've been so busy." Right. So, so those are really cool. I think from a cost perspective, they are appreciating. [00:39:24] And I'm believing that. Even people who had in house maintenance coordinators or VAs, good ones, always still feel that they needed to second check all the work. So even though you're giving to somebody, they never were able to detach themselves from me. [00:39:37] And now when they're seeing the justification and they're seeing the education behind it, they get this sense of like, I can let go. You know why? Because this system is doing maintenance exactly the way that I'm asking it to do maintenance. And they feel that now they're actually back in control. If that makes sense. Or they're giving it away, but they're actually feeling they're in more control, if I'm making sense there. That's one of the coolest things is that they feel now they have their pulse on every work order where versus before they have to dive into search. Now they know that their requirements are just laid over every work order. So those are some big ones that I'm seeing, especially for those people who really show their value to their owners in the fact that they say, "I'm involved in every work order, every job." That's a great value prop. It really is. Is it scalable? Is it burning you out? Is it pulling you away from other duties that you need to be? Are you spreading yourself too thin? [00:40:29] Great questions to ask if you have growth objectives, right? Scalable solution. And basically what we're doing is we're allowing the best in the business who are property managers who have created great relationships to duplicate themselves. And that's exciting for them to see. I think that they're like, "wow it's thinking like me." [00:40:45] Jason: This really sounds like a serious competitive advantage for a property manager that adopts this over any other competitors that don't [00:40:54] David: Jason, I'm going to a new client pitch and now I'm knowing that the guy next to me is sitting down showing him, "this is how I handle maintenance. This is how I'm keeping your cost down. This is the process. And that new report's coming in our V2. I was actually working some funnels that this morning. And if you're laying that down and then you're walking in behind them and the person says, "well, how do you handle maintenance?" [00:41:15] "Well, I personally call you on every maintenance ticket." We're witnessing the greatest generational movement of wealth and real estate properties from retiring baby boomers to the next generation to their kids who are all grown up in a technology world that are demanding transparency and reporting and it's just going to be the new standard, Jason, a hundred percent. [00:41:34] It's going to be the new standard for sure. [00:41:36] Jason: Okay. We probably got somebody listening. They're super skeptical. They're like, there's no way. And they're going to throw us some crazy scenario that came up recently. And I'm sure you've heard some of these. So how would you address that? Like some sort of like, "well, what if it's like this and this," and it sounds like worst case scenario. [00:41:54] The AI just says, expert in the loop. Like it's, it raises his hand in some way and says, "Hey, I could use a human over here." [00:42:00] David: Here's one that actually, as a guy who in my history, we had portfolios, like 30,000 properties. [00:42:06] So I've done probably over 500,000 work orders. In my career. Okay? [00:42:10] Jason: More than most of the people that are probably listening to this. Yes. [00:42:13] David: Yes. And as a result, just because of the size of the inventories that we used to manage the other day, a resident submitted a maintenance work order in and said, "my microwave is not working. And I assume it's because my gas stove is not turned on. And does my gas stove need to be turned on in order for the gas to flow up to my microwave?" Okay. True. True. Okay. All right. True maintenance work order. The the smart system picked that up and now imagine a VA facing that without any knowledge or an experience that's going to be an email to the property manager, a phone call to somebody, or maybe they make a mistake because they're 2000 miles away and they don't have any contacts and they sent out a plumber to go investigate. And the owner says, "why are you sending out a plumber for this?" Right? Right. Okay. The system picked up and it literally educated and trained. And it said that gas has no relevance whatsoever to a microwave solution. This is an incorrect thing, right? And that, when I saw that one, it makes mistakes. [00:43:04] Don't get me wrong. It's not perfect, but when I saw it pick up on that one, I said, man, I said, this is getting exciting that it picked up on that. So I would ask that person to come and just experience it and look at a little bit and understand guys, right? This is exciting. This is new. It's learning. [00:43:19] We're developing and it's improving daily. There's still a lot of human oversight. There's still a VAs that involved. We're getting expert maintenance coordination down to a price point that is affordable for everybody, scalable for everybody. And the biggest point at the end of the day, your owners are going to feel that every maintenance work order comes in, it's being handled by the best maintenance process in the industry. [00:43:39] And that's what you're going to be able to offer them as a property manager to compete against other competition you have in your market. And I think that's a good value prop. So. [00:43:46] Jason: Yeah, definitely. So is there anything else related to turning maintenance into a profit center that we should cover? [00:43:52] David: Yeah the first step going into a profit center is realizing that the average person is paying between 16 to 28 dollars per door to manage their maintenance, right? If we get that down to the correct number, and I'd love to have anybody come through and we'll run the analytics for them and we'll give them a pricing model for that just off the bat, the first profit center that we're creating is what if I'm able to reduce that by 50 percent your cost, that's an immediate profit center, right? [00:44:16] That's profit center number one. And then we can look at profit centers number two, that like, all right, now I can add on if I want to add on to my markup or we have some other ways that we can show them how to. But the first profit center needs to be is what do you know how much you are paying per door to manage maintenance? [00:44:34] Take all of your staff, all of your VAs, all of your systems, all your after hour services, take all those pieces, add them all up and divide them by the number of doors that you have. So every door that you bring on, it's costing me $27 to handle maintenance emergency services. Okay. Know that number, and let's have a talk. [00:44:54] Jason: You got to build that calculator on your website. [00:44:56] David: It's coming. [00:44:57] Jason: A lot of calculators like that to help people calculate their cold lead marketing costs or whatever. And as soon as they fill that out, they're like, "okay, I'll sign up. Like this is ridiculous. What I've been doing?" [00:45:06] David: We have that in product right now. [00:45:07] We have a couple of pieces. We did the finish on it, but that's coming out where people can just understand what they're paying per door. But give us a call up. We'll walk you through the exercise. We'll show you what you're costing. Think about that as your first profit center, Jason. And then we can talk about other ones and we help give some people some advice still. [00:45:22] Jason: So David, you have a lot of knowledge and experience. How much of your knowledge and experience has gone into bringing this AI up to understanding what you know? [00:45:32] David: I've been working on this for 12 years. Of putting the data and the learnings. And again, I've been fortunate guys where it was just my path. [00:45:39] It was my journey through this, where I've got to work for some huge outfits. I had my own consulting company for seven years. I was working with some of the biggest SFR groups in the nation, guys with 10,000-20,000 doors. And I'm just fortunate to understand the amount of data. So, I've put my blood, sweat and tears into this, but at the core of that Jason, my blood, sweat, and tears. [00:46:00] Is that, 15 years ago when I was brand new in this property management space, I had a broker tell me one time that after the sale of the property is done, the success of the owner is no longer your business or mine. And it's up to them. The sale is done. And they told me that when they walked away and that bothered me to this day, it bothered me that the fiduciary duty that individuals are giving to us to manage in some cases, millions of dollars of their money and assets and portfolios, right? And what type of products or services are we demanding of this industry? That we would demand of, let's say if I gave 50,000 to my broker to invest in the stock market for me, what type of services and technology and platforms am I demanding of that person, education, schooling, name brands, right? [00:46:45] But yet, are we demanding that same of us in our fiduciary duty to somebody that's giving over maybe their retirement to us their kids', future, college... you hear all these people, "why'd you get into real estate?" "I want to create a college fund for my kids." And after two years, the guy's like, "this is not what I signed up for. This is the worst mistake I ever made. And I'm backing out of, buying more properties because of challenges," right? That's what I'm driven by. And I've always been driven by that. It's my curse. And so I'd have to say there's a hundred percent of me in this Jason, for sure. [00:47:13] Jason: Awesome. And it, this will outlive you like AI doesn't die. [00:47:17] And this is this not to be grim, but this is the concern. Like anybody has when they're signing up for a business, they're like, all right, "how much is reliant on just this one person? How much is reliant on that key person I'm interacting with?" Right. And the AI is not a person. Right? [00:47:34] And so, yeah, so that's really fascinating to think about. Like you've built all that into it and it has immediate, instant expertise. It's not like, "Hey, well, let me go call Tom and let me go check with Fred or let me..." like all the data it has, it's there and it's instant. [00:47:54] David: What's the difference between an emergency of a hot water tank that's leaking in a basement with a permeable stone floor versus emergency hot water tank that's located in the utility closet on the first floor? [00:48:04] One doesn't have to necessarily require a person to go out because there's no damage to prevent with water leaking down there. But the other one is leaking onto the floor and damaging your drywall. So these conditions have to be taking place. Locations of hot water tanks, like there's, I can nerd out in this and I'd love to sit down with anybody and drink beers and talk about all the millions of different maintenance things that I ran through. [00:48:24] But at the end of the day, when you're able to show your owner, "we acted as an expert." That's the guy that's going to say to his buddy when they're just having a drink, "call these guys up to manage your property because they're an expert in the thing." And that's what we're trying to bring to the industry for sure. [00:48:37] Jason: So this brings a level of expertise that the business owner, the property manager, the maintenance coordinator, and certainly the VA's just would not possess. [00:48:48] David: You're talking 15 years, over 500,000 work orders worth of data points, learning and understanding from commercial, multifamily, single family across the board, best practices. [00:49:01] And it's for somebody who wants to imagine now a person can start a property management company tomorrow onboard Tulu. And they're immediately a veteran in the maintenance industry. Immediately. [00:49:12] Yeah. No learning curve. You're operating and executing as the best maintenance coordinator in the industry starting tomorrow. [00:49:19] That's amazing. Yeah. Yeah. Yeah. It's really cool. Really cool. [00:49:22] Jason: This is really, it's really wild. So now my brain's like, how can I get experts, how can I clone Tulu, but make an operator version of Tulu for running a property managed business. Or I can make it. [00:49:32] David: Yeah there's, there, there are offshoots on this. [00:49:34] I would have to say, and I do want to tell anybody that in this space that we always say that property managers are safe because you know what the property managers do a great job of doing. You guys do a really good job at building relationships and creating value in your local markets. [00:49:46] Right. Focus on that. Don't get pulled into maintenance, right? Maintenance and that stuff can be automated. There are best practices. Don't struggle to have to be an expert there. Show your value and the resources and tools that you have. Lower your overhead. Produce better results. Be at networking events. [00:50:03] Shake more hands. Talk to more people. Sell more homes. Add more doors. Shine where you shine. Brokers shine when they're out in front of people shaking hands and having expensive salads over a nice glass of chardonnay and closing deals, right? Let us flip the toilets and do it well for you. [00:50:18] That's what I say. [00:50:19] Jason: Awesome. Okay, cool. David, if they're interested in Getting started. How do they find out about Tulu? You can go right to our website [00:50:26] David: at trytulu. com. And if anybody wants to email me personally, david.norman.trytulu.Com. I'll connect you with our sales team and set you up on a personal demo. I'll walk you through it. I promise I won't bring so much energy. I'm an energy guy. It's just my calling this space to be in the maintenance and I love to doing what we're doing and seeing owners go "yes!" Seeing property managers go "yes!" And we're not trying to replace anybody. We're just trying to help people honor their fiduciary duty to their owners. And that's my mission. That's what I'm driven by. [00:50:56] Jason: Yeah. Fantastic. So try Tulu, T U L U. Dot com. [00:51:02] David: Yeah. [00:51:02] Jason: All right. Try it out. [00:51:04] David: All right. [00:51:04] Jason: David, thanks for coming on the DoorGrowShow podcast. Appreciate you. [00:51:08] David: Yeah. Yeah. Thank you, Jason. Always great. Looking forward to the show. Until next time. [00:51:11] Jason: All right. So if you are a property management entrepreneur and you are wanting to add doors, you get maintenance off loaded, off your plate, and you want to focus on growth and figuring out how to get more doors, you want to join the DoorGrow mastermind, our growth accelerator is all about that. [00:51:29] We are really good at optimizing businesses for growth using our rapid revamp class, where we clean up quickly, all of the front end stuff that is causing you to like kill trust and leaking trust and preventing deals. And then we give you the right strategies. We've got at least seven different growth engines that we can help build into your business that you can stack that will feed you unlimited leads without having to spend any money on advertising or marketing expense. [00:51:55] You just need people and it actually decreases the amount of time those people will spend If they're following working on the warm leads and the stuff that we would get you to do instead of cold leads, which take a lot more time. So we also have our super system level of our mastermind. This is where we're focused on ops, operations, helping your operator. That key person that's going to run the entire business for you, Mr. or Mrs. Visionary Entrepreneur, and they will help take your business to the next level. We can coach and support your operators, your BDMs, your salespeople, or you, the business owner to make this business infinitely scalable so that you can go to the next level and add a lot of doors. So reach out to us, let us assess your situation and see if we can help. [00:52

Meet Smitty – President and General Contractor for Resolve

Play Episode Listen Later May 17, 2024 22:05

Smitty is my partner in a self-storage company designed to take the small investor through the entitlement process for self-storage projects in an affordable way and then bid on the construction of the project in a competitive environment, ensuring clients get the best value possible. We feel this is a powerful way, in today's high-cost environment, to give smaller players a competitive edge and help bring projects online that may otherwise not happen. Yardi just released Q4 data on the self-storage industry, and development projects are being abandoned at a high rate today. Let Smitty explain the company's unique approach to assisting smaller self-store owners and investors with their self-storage development and/or construction projects. **Online Courses at The Quickstart Academy** https://TheQuickStartAcademy.com/ **Listen on Apple Podcasts** https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 ** 5 KPIs we measure** https://creatingwealththroughselfstorage.lpages.co/top-5-kpi-ebook/ **My blog** Creating Wealth Through Self Storage **Facebook** https://www.facebook.com/markhelmselfstorage/ **Twitter** Tweets by MarkHelmSelfSt **The Storage World Analyzer** http://storageworldanalyzer.com/ **The QuickStart Academy Store** https://quick-start-academy.myshopify.com

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Dyverse Reaches New Heights: Adding RealPage AppPartner Certification

UBC News World

Play Episode Listen Later Apr 23, 2024 3:20

Dyverse, a leader in digital marketing for the multifamily sector, has achieved a key milestone with its RealPage AppPartner certification. This enhancement connects Dyverse directly with five top Property Management Systems, including Yardi, RealPage, Entrata, Resman, and Rent Manager, strengthening its industry leadership. Dyverse City: Orlando Address: 300 S Orange Avenue Suite 1000 Website: https://dyverse.com Phone: +1 866 832 1507 Email: letsgo@dyverse.com

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

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Play Episode Listen Later Feb 28, 2024 31:04

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

Breaking Barriers in Epilepsy | Dr. Nandan Yardi | Partner and Owner, Vatsal (Yardi) Hospital

The Brand Called You

Play Episode Listen Later Feb 2, 2024 27:20

Join us in an insightful conversation with Dr. Nandan Yardi, an esteemed medical professional based in Pune, India, and the US. As a distinguished paediatric neurologist specialising in epilepsy, Dr. Yardi shares his journey, expertise, and the transformative impact of technology on epilepsy care. From dispelling myths to exploring cutting-edge research, delve into the intersection of epilepsy, mental health, and the promising future of treatments. [00:50] - About Dr. Nandan Yardi Dr. Yardi is the Partner and Owner of the Vatsal (Yardi) Hospital. He is a member of the Publications Council of the International League Against Epilepsy. He is an editor and chief of the ILAE Wikipedia Epilepsy Initiative. Dr. Yardi is a Senior consultant, Associate Professor of paediatrics , paediatric neurology and childhood and adult Epileptologist. He has been recognised and felicitated several times. --- Support this podcast: https://podcasters.spotify.com/pod/show/tbcy/support

The Easiest Way to Integrate Multifamily Property Management & Proptech, with Propify CEO & Co-founder Remen Okoruwa | Tangent @ Blueprint

On The House with Spartan

Play Episode Listen Later Oct 31, 2023 12:16

Remen Okoruwa is product-minded leader who's working to unlock data for the property management industry. Remen and his co-founders met while they were working at Hubspot, and are now bringing their deep expertise about integrations to streamline Multifamily property management operations for all stakeholders. Propify (YC W23) recently raised $3.3M from VC firm Prudence, with additional funding from Fifth Wall, RXR, PropTech Angel Group, and HubSpot co-founder Dharmesh Shah. This episode is part of the Tangent @ Blueprint series, the most global event of Proptech innovators leading the charge in changing the built world in Las Vegas every September.(0:20) - Propify's origin story(1:34) - Benefits for Multifamily Proptech companies(2:55) - Translating data into insights & action(3:58) - Multifamily use cases(6:01) - Propify's unique business model(7:56) - Hubspot lessons for Proptech(9:21) - Where will Propify be in the next 12-24 months(10:16) - Key growth metrics

Hot Take! Tenants Sue Yardi for Rent Software

Play Episode Listen Later Oct 9, 2023 12:46

On this episode we dive into the details of the lawsuit against Yardi and RealPage, two titans in the property management software sector, accused of artificially raising rents through their products. We unpack the arguments from both sides of the lawsuit and explore how data is used to accurately price rent. We also share our recent transition to the Appfolio platform, which boasts a similar rent matching feature. So, buckle up as we go behind the scenes to provide a unique perspective on the challenges and opportunities presented by this lawsuit.Read about the lawsuit here. --To learn more about our full-service turnkey operations, check us out online at www.spartaninvest.comConnect with Spartan!Facebook: @spartaninvestInstagram: @spartaninvestTwitter: @spartaninvestConnect with Lindsay!Facebook: @spartanlindsaydavisInstagram: @spartanlindsaydavis

business education investing real estate investors software construction rent hot takes spartan tenants realpage appfolio yardi

Another Class-Action Rent-Fixing Lawsuit!

Real Estate News: Real Estate Investing Podcast

Play Episode Listen Later Sep 13, 2023 2:45

More big landlords and property managers are getting hauled into court over alleged rent-fixing. I recently reported on a lawsuit against RealPage and institutional landlords who use the company's YieldStar rent-setting platform. Now there are similar allegations against Yardi Systems and 18 property management companies. Seattle-based law firm Hagens Berman filed the lawsuit accusing Yardi and the property management firms of a scheme to fix apartment rents nationwide. The attorneys say that the companies used Yardi's RENTmaximizer tool to automatically raise rents so they wouldn't compete with each other. That eliminated the need for discounts and other move-in deals to entice tenants... ...You can read more about the Yardi lawsuit by following a link in the show notes at newsforinvestors.com. And please remember to subscribe to this podcast, and leave a review! You can find out more about the business of single-family rentals at RealWealth.com. Sign up for free and enjoy a wealth of information about how to find and manage rentals, without breaking any laws! That's it for today! Thanks for listening. Kathy Fettke Links: https://www.bisnow.com/national/news/multifamily/yardi-18-real-estate-firms-accused-of-rent-fixing-in-class-action-lawsuit-120603

seattle rent fixing lawsuit class action realpage kathy fettke yardi yardi systems

Tangent Tank: Housing Crisis | Using Robots to Build Homes Faster & Cheaper, with BotBuilt CEO Brent Wadas

burnout quiz character arcs gauri yardi

Play Episode Listen Later Aug 23, 2023 40:23

Brent Wadas is the CEO at BotBuilt, a Y-Combinator Construction technology company based in Durham, NC that is revolutionizing building homes with robots to address the labor shortage and housing affordability crisis. Brent served in the US Army in Afghanistan after 9/11, where he fulfilled his patriotic calling. BotBuilt employs a methodology that makes homebuilding less capital intensive, creating less waste and enabling a much more sustainable building process. Brent served over 10 years in the US Army as Assistant (to the) Regional Manager. Brent is an experienced business entrepreneur with a flair for achieving goals through actions and a passion for bringing dreams into focus.(1:34) - Brent Wadas' entrepreneurial & military journey(8:57) - What makes BotBuilt special(13:52) - Feature: CREx - Makes it easy to get data out of Yardi, Salesforce, and more.(15:15) - BotBuilt's factories: Durham, NC(16:56) - Lessons from Katerra's $2 billion saga(22:29) - Delivering a venture-scale return in Contech(25:51) - BotBuilt's unit economics & business model(31:49) - Contech adoption among homebuilders(34:40) - Collaboration Superpower: William "Wild Bill" Donovan (Head of the OSS, precursor to CIA) - Wiki (35:54) - Brent's 'Grand Daddy's' influence: 1st Scientific sharing agreement between USA & USSR

27 - Burnout with Gauri Yardi

Story Magic

Play Episode Listen Later Aug 3, 2023 46:32

Today, Emily & Rachel talk about creative burnout with guest Gauri Yardi! What you'll learn from this episode: What burnout is + how to recognize it How our nervous systems are tied to our creativity How to recognize if you're in burnout Some ways to begin burnout recovery Gauri Yardi's links: Website: https://www.gauriyardi.com/ Quiz: https://www.gauriyardi.com/creative-burnout-quiz Ebook: https://downloads.gauriyardi.com/acgtbfreeebook?utm_campaign=website&utm_medium=link&utm_source=burnout-quiz ReCreation: https://www.gauriyardi.com/recreation-masterclass Instagram: https://www.instagram.com/gauri.yardi/ Ready to make readers so in love with your characters they can't stop biting their nails in anticipation? Grab The Magic of Character Arcs free email course: www.goldenmayediting.com/arcsmagic If you enjoyed Story Magic, please rate, review and follow on Apple Podcasts or wherever you listen to this podcast! Join Tenacious Writing! With the perfect combo of craft, mindset, and community resources, you will build a writing life that feels sustainable, fulfilling, and fun—without any prescriptions or rules. Learn more: https://www.tenaciouswriting.com/ Follow us on social media! Rachel: https://www.instagram.com/bookcoachrachel/ Emily: https://www.instagram.com/emilygoldenbooks/

Commercial Real Estate and Multifamily Tech Solutions

How to Scale Commercial Real Estate

Play Episode Listen Later Jul 31, 2023 21:35

Today's Guest is Mike Branam. Mike is Director of Multifamily Sales at PointCentral and has nearly 20 years of experience in real estate technology, Mike has been a part of several successful prop-tech start ups serving the multifamily industry. Join Sam and Mike in today's episode. -------------------------------------------------------------- Intro [00:00:00] Mike Branum's Background and Experience [00:01:02] Evolution of Smart Home Technology [00:02:52] The benefits of smart property technology [00:09:24] Future-proofing smart property technology [00:10:19] User experience and customization of smart property technology [00:12:08] Saving on insurance with technology [00:18:52] Benefits of smart thermostats [00:19:51] Closing [00:20:39] -------------------------------------------------------------- Connect with Mike: Linkedin: https://www.linkedin.com/in/mikebranam/ Web: https://www.pointcentral.com/ 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 → sam@brickeninvestmentgroup.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: Speaker 1 (00:00:00) - I spent a little bit of time in Arizona. So, you know, if it's 115 degrees outside and the outgoing resident has their air conditioning, it's 62 degrees and they're not in that unit for another 90 days. The property is on the hook for, you know, pretty decent chunk of change utility wise. You extract that over a portfolio of 10,000 units. You're talking about significant costs. Yeah, smart property technology solves that, right? So when we start to integrate with property management softwares, so when a resident moves out and the thermostat automatically gets reset, the door automatically locks. Now, maintenance can better serve other aspects of the building to fix that dishwasher that broke yesterday. Right. And and increase service levels and customer or resident service satisfaction. 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. Mike Branum is the director of multifamily sales at Point Central, and he has nearly 20 years of experience in real estate technology. Speaker 1 (00:01:02) - He's also been a part of several successful prop tech startups serving the multifamily industry. Mike, welcome to the show. Hey, thanks for having me, Sam. Good to be on. Absolutely. Mike 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? Where did I start? I started about 20 years ago in real estate technology at the time, really working on startups and had partnered up with a couple folks that had been on the ground floor at Google and they served as mentors for me in understanding property marketing and the rental space and search technology and pioneered that into a company called Rent Pits, which grew into a company called Remotely, which from my perspective, I believe it was the first smart apartment solution to offer smart home technology to the multifamily space. So I've spent the better part of the last dozen years specifically in that space and now leading the central sales and strategy team that does smart property technology. Speaker 1 (00:01:59) - So still coming from where I came from and to what I'm doing now and have done so for the past five years. What what is different about what you're doing now than what you've previously done? You know, the technology has come a long way. You know, when I sort of look at Smart Home and put it in a similar bucket is like the flat screen television. 15 years ago, it was like only your wealthy friends down the street had a flat screen, right? Now everyone has one, right? So the cost came down, production ramped up. And of course, you know, it's just sort of like the standard models now. Now there's different types of models, but sort of everyone has one. Smart home is very similar. It's kind of been on that path where, you know, first the technology needed to prove itself. Once it did that, the cost to to sort of enter Smart Home, whether it was your house in my house, was getting the thermostat or getting a smart lock that's really grown into smart home is defined much differently now. Speaker 1 (00:02:52) - And in fact, I look at it as smart properties specifically for rentals, that it's not just the the end user is the benefactor of that. When I say end user, it's not just the person holding the phone controlling the thermostat. Now it's the it's the building that benefits from that. It's the it's the owner operator of the asset. It's the people who work in the building and live in the building. They all benefit from smart property technology because it's it's mitigating risk. It's making life more customized. It's it's automating certain tasks so staff can do different things, more impactful things. So it's come a long way and it's come a long way fast over the last several years. It really has. I'm thinking back, gosh, to like in the late 90s, early 2000, they started talking about the smart home, you know, and they would send these drawings, these graphics of like, you know, you see all these wires running everywhere and where we're going to take smart homes. And it was just like, okay, this is ridiculous. Speaker 1 (00:03:46) - Like, you know, they were they were designing whole neighborhoods that were going to be smart neighborhoods. Do you recall that? I do. I do. I go back to like The Jetsons. Right? Like we're all supposed to be flying to work at this point, aren't we? Right. So I think that was like the vision of like everything is sort of automated and everything is super high tech and future proofed. And I think the reality or the evolution of the technology has been, hey, how does it make my life better, easier, more comfortable, more secure? And I think that's where that adoption is coming. I remember years ago people would say, well, if I can't get up and turn off a light switch, then this isn't, you know, I'm not that lazy. It's not turning off light switches. You know, really what it is, is making sure my door's locked when I leave for a trip. It's making sure that if if there's a flood in my space, that that water is turned off automatically. Speaker 1 (00:04:32) - So don't come back to a $50,000 bill and clear out my basement. Right. So the technology is really just benefiting the real estate space in that way. Now, maybe we'll fly to work one of these days, but not yet. Right, Right. Yeah. I mean, hey, they're working on those vertical takeoff and landing quadcopters and all that stuff. You seen those. Those electric vtol things that. I don't know. I read a lot of flying magazines, and it's always the. It's. It's still in the future. I mean, they keep talking about it, but it's not here yet. But I think that's interesting how how that kind of has played out where you're right. It's not it's not that we're too lazy to get up and turn off a light switch. It's that we maybe want lights to come on at various times when we're out, when we're out of town or we're on vacation or things like that. But then also just the health of the building, even even just from technology. Speaker 1 (00:05:18) - One of those thought that came to me is my pickup truck. My truck notifies me if I leave it unlocked, Right? I walk to my office and all of a sudden just, you know, get a notification on my phone like, hey, hey, you left your truck unlocked like nobody's in it. You're like, Oh, right, I'm an idiot. I can lock it from my phone, which is kind of wild how some of those things. And oftentimes I live in Memphis, which I always want my truck locked. So those are helpful things. But let's talk then, how this really ties in, though, to multifamily. I mean, a lot of this adoption, a lot of this technology, there's there's a lot of different moving pieces in this space, like aggregating that into a central platform that is meaningful both to the tenant and the landlord is a task. How have you guys done that? You know, several ways. It's a really good question. There's a couple base components to it that that had had and have impact. Speaker 1 (00:06:10) - Every building has some form of access control solution. Every resident unit has a lock in a thermostat. So taking that and sort of leveling up to the to to the new modern world of, okay, the residents shouldn't have to have a separate access control solution versus a separate app for their smart lock for the door and then a separate app to control the thermostat. Nor should the building and the staff have to sort of figure out all these different technologies that are sort of weaving around the building, which now now what you have is it's harder for them, right? So technology, which is supposed to be easy, is would make life harder. So we've unified that into a single solution. And what that's doing is really interesting, right? So, you know, when a property turns over, you know, what maintenance typically has to do is go up and lock the door, make sure the thermostat is set to a set point that's more energy efficient. I spent a little bit of time in Arizona, so, you know, if it's 115 degrees outside and the outgoing resident has their air conditioning at 62 degrees and they're not in that unit for another 90 days, the property is on the hook for, you know, pretty decent chunk of change utility wise. Speaker 1 (00:07:21) - So you extract that over a portfolio of 10,000 units. You're talking about significant costs. Yeah, Smart property technology solves that, right? So when we start to integrate with property management softwares, so when a resident moves out and the thermostat automatically gets reset, the door automatically locks. Now maintenance can better serve other aspects of the building to fix that dishwasher that broke yesterday. Right. And and increase service levels and customer or resident service satisfaction. So that has impact on the entire building because it increases renewal rates, improves resident satisfaction and reduces costs. And what's happening right now is we're in this sort of uncertain time economically where the last seven, eight years in multifamily has been pretty good. So rent growth has been steady and even sort of outpaced forecast. That's really not the case right now. So operators of buildings are looking for ways to, hey, let's improve customer satisfaction with our residents and increase renewals. But how do we also improve our bottom line? And it's really becoming, you know, centralization, task automation and operational efficiencies. Speaker 1 (00:08:26) - And so technology enables all of those things. One more example, and it's probably sort of a tired one, but but Covid sort of forced a lot of different things on all of us. And one of the the early signals in multifamily was, hey, my staff may not be able to actually go to work, but we still have people that whose leases are up and they have to move somewhere. How do we show the model and self-guided tours is is really sort of kicked down the door, no pun intended, and forced a new way of showing properties upon the multifamily space that the single family space had figured out several years ago. And this was more by force. But now that everyone sort of back on site, they said, you know what, like this model kind of works, right? Like, let's let's expand the hours of operation of the model, let people go see it. You know, usually they want to see it at 7:30 a.m. before they go to work. At least the engine isn't there yet. Speaker 1 (00:09:24) - So it's getting more eyeballs inside the building and on the property, which improves the number of leases that actually come to the building while the staff goes to work on something else. Right. So those are been sort of great enablers for this type of technology. Yeah, absolutely. And it goes back to I mean, every everybody's goal, which is the highest and best use of my time, like what is the highest and best? And it gets a question we're always asking, you know, as business owners like what what's what's the best thing right now for the business for me to be doing? Not necessarily, you know, should I be doing that? Should I be doing at no, I should be working on growth strategy and other things that are really meaningful to what we're doing. So it's kind of the same idea just when it comes to staff on hand. And that, of course then improves. The bottom line is there would have been maybe some challenges in I know you mentioned integrating with property management software would have been some challenge maybe you guys have found in getting this deployed. Speaker 1 (00:10:19) - And then on top of that, is there any fear once you go through investing in all of this, of obsolescence in the near future? Good question. You know, we get a lot of those questions about future proofing. How do I know that this won't be obsolete tomorrow? The good news about the smart property technology is a lot of the updates are OTA updates. You know what we're not looking to to build a different lock. We're not looking to change the way thermostats actually work. At the end of the day, the thermostat is to, you know, control a set point at a certain time and a door is to lock and unlock. So from a future proofing standpoint, there might be some aesthetic changes to the way. From the stats look in locks, but the function is the same. How do you make those functions smarter, more customizable, more programmable, and to ensure that it's secure. So. So those are things that help with future proof. All the software updates are done at two in the morning when everyone's asleep. Speaker 1 (00:11:15) - Right? So, so that's the way we get we get through the future proofing component to this. What's good is that everyone sort of recognizes, okay, I've got to get rid of my, for lack of a better term, dumb lock and dumb thermostat. It's now picking the provider. And because there's been so much movement in tech over the last several years, what we've seen is groups are looking to find providers that are future proofed and that will be around tomorrow because there's been a lot of of capital that's gone into startups that may not have had success in profitability. So now they're looking for more stability in their partners right now that that makes a lot of sense. Let's let's rewind here for one one quick second. You mentioned an OTA update. I don't know the acronym. What is that over-the-air? So it's all done over the air. Got it. Got it. Okay, cool. Learned something new here today. Let's talk then about the difference between what you what the landlord sees and maybe then what the tenants see. Speaker 1 (00:12:08) - How easy is that? I'm going to call it digital keys Assigning. Okay. Mike, you moved into unit ten. Like, here's your access to your thermostat. Here's your access to your I mean, I'm assuming you guys are even doing door locks on the units where it's like, hey, this is, you know, you can open the door with your smartphone. I'm guessing that's that's the capabilities you're working with now. But tell me if I'm wrong. How are you guys managing that between the tenants, between the landlord software, all those integrations? Like, what does that look like from a user perspective? Yeah, a great question, Sam. So when a resident moves in because you know the technology is tied in with property management software, think, think Yardi, think RealPage and Trotta, you know, those types of sort of primary, the foundational property management software solutions when that resident moves in property staff is is very well trained to just enter that capture that resident data moving them in on the appropriate date. Speaker 1 (00:13:01) - When that happens, they automatically receive email and or text that just says welcome to your smart home and it drops them off to the application. And once the app is downloaded in 30s, they have a smart apartment. So all of those controls are on their phone. Of course, they can still use them physically at the door, at the device should they so choose. But now they have that customization option of I think I forgot to lock the door, I'm at the airport. Let me make sure that happened or I'm in Colorado now. So we have very drastic weather changes. It's not uncommon for it to go from 85 to 25, right? So thermostat controls are really important when you're away so you don't have a catastrophic, catastrophic event. So all that can be done for the resident within 30 to 60s and it's done automatically once the property staff moves them into the property management software. So that's great. The on site staff for them. It's really interesting, right? Because, you know, depending on where where they're working, what building they're working in, there might be a lot of technology or a little technology. Speaker 1 (00:14:01) - So sometimes there's sort of this fear component. There could be this wall that says, okay, well, what are you putting in my building here? You know, what is this going to do? And it's just going to take my job away. No, it's not. It's actually going to be a job aid for you. So, you know, I went back to that maintenance reference before. You know, maintenance used to be a very reactive role where something breaks and we go fix it. Right now, it's it's not only proactive, it's even preventative. We can provide notifications when an Hvac system starts to operate inefficiently. So it's a nice it's a nice heads up, right when maintenance starts to learn about those types of things that come to their building, we almost see their shoulders go down like, Wait a minute, so I'm not going to get like somebody calling and yelling because the thermostat broke. Like I can actually get a heads up and say, Hey, let me just take a preventative measure here. Speaker 1 (00:14:48) - Something's not operating efficiently and this could save you a few dollars on your energy bill. Otherwise what happens? It breaks down and they run that bill down to the front office and say, hey, I'm not paying this because your thing broke. Right. So the adoption, I think, is where you might have been going with that. Like the adoption for residents and staff is phenomenal just because it's it's a low barrier technology and it's customized technology, but it's very convenient for the operator or or the staff member or the resident. Absolutely. Absolutely. I'm thinking about some commercial spaces we have, and it's intriguing just to get those notifications again, going back to my truck, that tells me I'm a truck's unlocked, I get notifications. It's like, Hey, your AC, I got one. The other day it said, Hey, your AC's, you know, it's such and such locations have been running for, you know, four hours and the temperature has risen by three degrees. And you're like, Well, that is something wrong? Like, why? Why is that happening? And so I think that's that's really, really cool just to see how how that works. Speaker 1 (00:15:44) - Well, let me ask you this, Mike. Just from a cost benefit analysis standpoint, what can you can you give us some, you know, just high level case studies on how this works out? And then maybe on the back side of that, tell us the types of properties inside a multi. Like what the ideal candidate is. Candidate is for what you guys do. Sure. So from from a return standpoint, you know. There's a lot of different sort of pockets to this where the the the operator sees return. One is rent growth and retention. There's that element to it. Vacant unit savings, there's that benefit to it, unifying technology. So they're not paying different providers for 3 or 4 different services when it can all be bundled into one, so to speak. You know, a big one that's kind of obvious is water. You know, I haven't met a property manager yet that doesn't have sort of this nightmarish story about water. You know, it leaks from the 15th floor and then everything from the 14th on down, you know, tends to get ruined. Speaker 1 (00:16:44) - And one that was near and dear to me that was crushing, you know, having been an old baseball card collector as a $3 million baseball card collection was destroyed in a water event in a multifamily property. And you can't get those back, right? So that becomes the I think the average water event was 50, $60,000. Well, this was this was $1 million plus, you know, a water event. And they're absolutely preventable. So, you know, when you look at the return on things like that, every property manager will say, if I can solve water, you know, then, yeah, it'll save us money. But it also really impact our resident experience because the person whose card collection was ruined isn't renewing, right? So, you know, those are the types of things that we'll see on the renewal standpoint. We've got a wonderful ROI calculator that we put in front of our prospects just to point to all the different return points that exist with this type of technology. Um, second part of that question is what types of buildings does this make the most sense in? What's kind of funny is, you know, the initial thought is, oh, this makes a lot of sense for maybe a class or luxury class only. Speaker 1 (00:17:50) - But we've had incredible adoption on class, you know, you know, not trying to go from a B to an A, but saying, look, we're going to be the best B on the block, and that will help our rent and that'll help attract more residents. And that, you know, that capital investment for technology is significantly less than some of the cosmetic improvements that might have to come with ripping out flooring and countertops and appliances and things of that nature. You'd be even surprised. You'd be surprised, like even workforce housing that operates on really thin margins, you know, some might say, well, that's a candidate they probably wouldn't want to adopt. And they're coming to us saying, actually, we do because we operate on thinner margins. For us, 15% savings on vacant units is much more meaningful, right, than it might be for an A-class property. Um, so those are a couple examples. They're built to rent, which is emerging vertical right now is all over this. Just because the single family home environment has adopted this technology very quickly and build to rent is still a single family home. Speaker 1 (00:18:52) - But we look at it as like a multifamily that's just not horizontal, right? Um, so there really isn't a property type that's totally off the table because there's different types of benefit for every asset class. Got it. That's really, really cool. Are there? Are there ways of saving on insurance when you employ this technology? I mean, our underwriters giving discounts because, hey, look, you know, we've got an entire point central system set up at our property. You see anything like that? You know, we're hearing about that. We don't have the relationships with the providers. And ultimately it's the operator that's paying the premiums. But we're starting to hear that, hey, I can I can save X percent if I have this system in place. We're even hearing that, hey, my local utility will actually give us a credit or a rebate on the thermostats by by purchasing the hardware because they know that that that can help on the utility, you know, in saving with the grid and sort of dialing certain set points at certain hours. Speaker 1 (00:19:51) - So there are incentives out there on hardware. There's certainly the insurance market is emerging with this type of technology, right? No, that's really, really cool. Yeah. I'm even thinking about the thermostats in our own in our own house that I mean, it's just amazing how far this has come where they will program based upon peak usage timing in the rest of the city and say okay, well if peak usage is at 7 a.m., we're going to set yours to start at 530 and get the house cool by 630. And then, you know, we're off peak usage. So, I mean, it's just it's amazing all the different ways. And I think it'll be fun just to see how this industry continues to to evolve in what what comes out next. This has been absolutely fantastic. Mike, thank you for taking the time to come on the show today and really tell us about Central, what you guys bring to the market and how it benefits both not just the tenants, but also the landlords and property owners. Speaker 1 (00:20:39) - There's certainly been fascinating if our listeners want to get in touch with you and learn more about you, what is the best way to do that in Central? So yeah, feel free to contact me. Mike Branham at Point Central, go to our website that can that can point us point you toward me as well. But thank you for the time and and for the platform just to have a good conversation. Sam I appreciate it. Absolutely. Thank you, Mike. And we'll make sure we include that there in the show notes Point Central. Mike, thank you again. Have a great rest of your day. My pleasure. You, too. 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. Speaker 1 (00:21:29) - So appreciate you listening. Thanks so much and hope to catch you on the next episode.

DGS 212: Revolutionizing Property Management: The Power of Innovative Software Solutions

From Chronic Pain to Passion

Play Episode Listen Later Jul 21, 2023 40:05

The property management industry has been moving more and more towards automating tasks and processes in the last decade. Property management tools and software have improved drastically and continue to improve every year. In this episode, property management growth expert, Jason Hull sits down with Mo Hussein from Balanced Asset Solutions to talk about property management tools and systems. You'll Learn... [06:23] Why You DON'T Want Software that Does it All [10:27] Implementing a New Tool or System [20:40] The Cost of Hiring vs Implementing a New Software [28:04] The Most Effective Accountability System for Your Team Tweetables “Try to evaluate software from a very objective type of lens. At the end of the day, it is just a tool.” “You don't see an amazing handyman or you know, vendor or somebody that's going to do some work, show up with a, just a multi-tool. Like where's your toolbox?” “There's no such thing as one product that's going to do everything extremely well.” “The humbling experience every business owner needs to have is when they start to hire people that are better at the things they used to do that they've let go of.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Jason: Initially when I was playing around with stuff in my own business, I was like, I need to find that multi-tool, and I think this is a mistake a lot of people make. I need to find this multi-tool that can do everything. That sounds like that would be the best thing, but it does it really badly, right? You don't see an amazing handyman or somebody that's going to do some work, show up with a, just a multi-tool. Like where's your toolbox? [00:00:23] Welcome DoorGrow hackers to the #DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you're interested in growing in business and in life, and you're open to doing things a bit differently, then you are a DoorGrow hacker. DoorGrow hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management, business owners and their businesses. We want to transform the industry, eliminate the bs, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder, and CEO of DoorGrow. Now let's get into the show. [00:01:24] So my guest today, I'm hanging out with Mo Hussein. Welcome Mo and what's the name of your business? [00:01:30] Mohammed: Hey Jason. Pleasure to be here. It's called Balanced Asset Solutions. [00:01:34] Jason: Balanced Asset Solutions. Awesome. So the topic Mo and I are going to be chatting about today is the Power of Innovative Software Solutions. But before we get into that, Mo, why don't you give everybody a little bit of background on yourself and how you've sort of connected yourself to property management? [00:01:50] Mohammed: Yeah, great, great question. So we are a CPA accounting and technology advisory firm that specifically just focuses on real estate. So we work with property managers, asset managers, fund managers. In implementing software leveraging software to be able to streamline their business and enabling them to be able to scale. Prior to starting this practice about six years ago I've actually worked for AppFolio and well before they were public as well as Yardi Systems. And what I saw in the market was you know, the software is a tool at the end of the day, and there's a lot of complexity that comes with these programs. The accounting nuances, how to properly implement it, get your accounting to work right, your numbers to show up correctly. And a lot of customers would call in asking for accounting and operational kind of advice. And being a software vendor, we're there to make sure that the product is technically working right, versus giving advice in the accounting and operations world. And so we started this practice about six years ago and we offer, you know, CPA and accounting services around the accounting that bookkeeping using these products and also kind of maximizing the ability to kind of streamline your business and wrapping your business processes around these programs. [00:02:59] Jason: Cool. Awesome. So you worked for AppFolio, you worked for Yardi as well, correct? Correct. Okay. And in a tech capacity? [00:03:09] Mohammed: In a tech capacity, yeah. In sales and account management? Correct. [00:03:13] Jason: Okay. I come from a tech background as well, so. Great. I worked at HP and I worked at Verizon, and so we're both nerds. Talk nerdy to me, Mo! Let's go. So what are you noticing in the industry when it comes to software? And, you know, this is a challenge a lot of people are trying to figure out which one to pick when they're in the startup stage. And then what I also notice-- Some try to do it without it-- but what I also notice is that nobody ever seems totally happy with their software and they're always looking over the fence at their neighbor to try and figure out, what are you using? Is this better? And I get people switch more often than they probably should. And then they realize they're missing something else. So what do you work on with clients and what are you seeing? [00:04:00] Mohammed: Yeah. You know, great question and you know about like what, 15, 20 years ago, when we think about property management software and the industry as a whole, there weren't that many players. You had Yardi, this is before AppFolio time, 15, 20 years ago. Yeah. You had some very legacy players that worked with larger commercial operators like an MRI or Skyline. A lot of these on-premise pieces of software have now been kind of gobbled up by larger players or have transformed to be, you know, software as a service or web-based programs. And now, you know, over time now the ability to be able to build new software, the barrier to entry is much lower. You know, modern technology frameworks like using like single page apps and stuff like that are very ubiquitous. And you're seeing a lot of new entrants and players that are coming into the market. You know, players like Red Vine. That you're hearing of now. And then also there's this whole you know, offshoot or like a entire vertical that's been created now called PropTech. And now you have technology that's specific for screening and, you know, maintenance management, facilities management, investment management, and you have all these little products that are coming out. And so, you know, one thing that we always you know, implore on our customers is, you know, try to evaluate software from a very objective type of lens. At the end of the day, it is just a tool. And the effectiveness of that tool is in how you use it. Right? If you're using a hammer, you know, not in a conducive way, then it's not going to be an effective tool, right? And so there's a lot of buzz in the market that you hear now, especially with AI and generative ai. There's a lot of different tools that are in the market, but you know, the fundamentals of what you're looking to make the software do or hopefully achieve with the software, being able to streamline your rent collections and tenant communication, your vendor communication, you know, we always tell our customers, Hey, put together a checklist of what exactly the objectives are that you're looking to accomplish with this piece of software. Try to tie that to some business outcome. And that's kind of the driver of why you're looking at or evaluating the software and then put together a grading rubric and then, you know, find the software that is effective for your business needs. Don't give too much credence and how it looks or the aesthetics or what you're hearing from other folks. Definitely what you're hearing in the market will help kind of guide the software programs they to take a look at, but you know, we tend to see this as well, a lot of clients are kind of jumping around between different products and are not happy with one product or another. And usually it's an issue associated with kind of the implementation and kind of the adoption and enablement that they're giving to their employees with the product. [00:06:22] Jason: So, going back to your tool analogy, I think my philosophy with software. Initially when I was playing around with stuff in my own business, I was like, I need to find that multi-tool, and I think this is a mistake a lot of people make. I need to find this multi-tool that can do everything. It's got the hammer, the screwdriver, the pliers, tweezers, knife, like everything in it. That sounds like that would be the best thing. I'll just find something, does everything, but it does it really badly, right? You don't see an amazing handyman or you know, vendor or somebody that's going to do some work, show up with a, just a multi-tool. Like where's your toolbox? "Oh, I've got this guy. This can do everything." Right? So my philosophy on software over time is definitely shifted to, I want my team members to have the best tools, and if those best tools can do some things really well, then I will find other tools to strap onto that or add into my toolbox. That also do their job really well, and I find I get a better result having the best tools, even if I'm spending more money, than having that multi-tool that can do a whole bunch of things. So what's your take on this? Are we in alignment or...? [00:07:34] Mohammed: Yeah. Yeah. Great question. And I completely agree. There's no such thing as one product that's going to do everything extremely well, right? There's going to be some pitfalls in one area that you have to sacrifice for another area. And so, you know, usually when clients are going through these evaluation kind of cycles of looking at software, what we suggest is, "Hey, you know, use this as an opportunity to also do some introspection. Understand what your standard operating procedures are, how you run your business, what is your accounting cycle look like? Who's involved? How does that process propagate throughout the organization? Same thing with you know, the leasing, the accounting operations when it comes to maintenance and document what that process kind of looks like, and then use that as kind of a guiding post of the functionality you're looking from the program," you know, versus going into the evaluation and looking at a bunch of different pieces of software. And usually when, you know, when clients realize like, "Hey, you know, we didn't realize that this program had a limitation in this aspect," they didn't approach it from a manner of understanding kind of what their processes are and then kind of demoing the software or looking at the programs from that lens, if that makes sense. [00:08:40] Jason: Got it. So what size of companies and what companies typically are coming to you for help, and what do they need help with? [00:08:49] Mohammed: Great question. So we have a pretty broad range of clients. We have small mom and pop and customers with, you know, 10 or 15 doors on the residential side. And then we have clients, large asset fund managers that are, you know, grappling with 80,000 plus doors across the world. And so, we don't only focus on residential, commercial, office, industrial, manufactured housing, self storage. The only vertical we don't touch is senior housing, mainly because of hipaa, kind of healthcare requirements there. Ok, cool. Some of the problems that they do have, one is change management. [00:09:21] Most of the clients we work with have, you know, CPAs in house, you know, they have staff implementing and properly adopting software is a herculean effort, especially as the organization grows larger and larger. You have your day-to-day responsibilities, challenges, organization, and cleanliness, you know, understanding kind of accounting and software. At the same time, you know, change management and project management and the orchestration of that is probably the biggest challenge that a lot of our clients have. And in general, we're all creatures of habit, right? So there's a significant opportunity that cost that comes with kind of managing and implementing a new solution and ushering a change, versus kind of focusing on growth and your portfolio and servicing your owners and your tenants. [00:10:04] Jason: Now a lot of business owners will get excited about some new tech or some new software, some new thing they're going to throw into the business, and they go and throw this at their team, and then they get friction and resistance and adoption. Anyone that's ever been around tech or software knows that trying to get a team to use tech adoption is the number one challenge. [00:10:25] You've already mentioned it twice, right? Adoption's a big challenge. So, What is the secret to adoption? And I find for me, there's a couple of factors, but I want to hear what you found really helps with the adoption happening and getting team buy-in and getting team members to actually use this stuff. [00:10:46] Mohammed: Yeah. Great question. I did a radio show a couple months ago and kind of the three things that we see that are needed in order to have kind of. Effective adoption and enablement with software and just in general, just changes. One is executive sponsorship and so we see a lot of owners of property management, asset management firms, you know, they understand that there is a need for some of your product or, you know, they're doing a lot of pen and paper using a lot of Excel spreadsheets. They want to use some piece of software. However, they'll relegate or delegate that to the team that would also be using it. And so, And this team not only has to go through and do their kind of day-to-day activities, but now they also have to go through the process of evaluating different pieces of software or different software products. And they're giving kind of an artificial budget and the executive or the sponsor is not as involved. Kind of the evaluation process and not giving much weight to, you know, how significant of a change this will be at the end of the day. You know, implementing a new piece of software is very business disruptive. And so, you know, your employees are the folks that are kind of doing this evaluation, feel like they're on, kind of on their own little island and kind of going through this entire change and evaluation on their own. That's one is the kind of executive sponsorship. And usually when that executive sponsorship exists and the, you know, the owner and the executives in the business are actually involved during the evaluation cycle this also gives confidence to, you know, the the employees and the folks in your organization that you are serious about this. [00:12:14] want to make sure that it is successful. I want to see it through. And it incentivizes, you know, extreme ownership. You know, folks want to do less manual work. We want to do less administrivia work, right? And so, and these software programs have that promise. So executive owner sponsorship extreme ownership. And then lastly, and probably most importantly is change management. And this is something that most organizations just struggle with in general. They're too focused and kind of, siloed into what they're trying to accomplish, that they're not looking at kind of the bigger picture and the impact that this change is impacting across the organization. And so that's why organizations and consultants like us kind of exist. And so executive sponsorship, extreme ownership and change management. [00:12:58] Jason: Yeah, entrepreneurs like to walk into a room, pull the pin on a grenade that they picked up at a conference. Throw it into the middle of their team and say, "here's our new thing we're doing! or "go do this thing!" and the team are like, what the hell? Like, we've got plenty of work already to be working on. We're not excited about this. This does not look fun to us. This is terrifying. You know, how am I going to manage my current work? And and they don't want to really own it. They, and they don't want to mess up because they know if they go out there, start researching software and they're usually not given the right criteria. Right. Like, they're like, how do we weight the criteria? because they probably are going to be conservative and think just in terms of budget. Whereas the business owner's probably like, I want the best. And, you know, there isn't really a good decision making guide related to this and which weighted factors and how they should consider it. Right. And so, You know, if anyone's ever seen a decision making matrix where you list out all the criteria, right? Like what's the speed of implementation, how disruptive will this be? How intuitive is the UI or the user interface for the software you know, can we pick it up pretty easily? So, How much training is going to be required? What's the cost, right? How long is it going to take to implement, right? And then you can weight all the software and figure out, all right, what's going to look like, what looks like the best one, but which of these criteria is the most important? Which one's the second most important? So there's a cool app I like to, I've used in the past called Best Decision on the iPhone. [00:14:29] Okay. And you can put in all your criteria, you can put in your question, you can put in all your options, and it'll, you can put the weight on these and then it, you can go through and take it like a quiz and put in all your different options and each criteria. And then at the end it'll say, here's your best decision. So it's kind of cool. I don't know if it exists on Android, but I've used that in the past, but a lot of times people just don't have anything like that and nobody wants to manage the process of implementation. Right. Leaving that on the team shoulder generally doesn't work because they're going to just blame everyone else. There isn't extreme ownership. Right. Which is a great book by the way, right? And then the business owner. Is already delegated, so they're not really taking ownership. Yeah. I could see how that would be a huge mess. Yeah. [00:15:14] Mohammed: Yeah. It's also you know, implementing a software is it has its own nuances and complexities that come with it, right? There's companies that just focus on that. And quite honestly, if you're a business owner, property manager, you know, implementing software is not a distinctive differentiator to you from your competition, and so you should be taking on responsibilities and delegating internally for the things that actually make material impact and differentiate your business versus, you know, the accounting or implementing some piece of software, which is something that you and your competition peers have to do anyway. [00:15:43] Jason: Yeah, I find that we have the best success. So DoorGrow has a suite of software as well in that PropTech category, I guess, and we find that the operator is the person that should be moving this forward and learning it and getting the team doing it. Not the business owner typically. Because the business owner likes the concept. They like the idea of the software, they like the vision of where we could get to and the results, but they don't want to do the work to implement it. They don't want to usually learn it fully. And the operator is usually more the personality type that geeks out on that stuff anyway, and would be happy to dig into it, learn it, get it dialed in. Get all the detail in the minutiae en entered into it. Especially when it comes to like process software. It's like we have this Visio like, or Lucidchart like flowchart software for building out workflows for process that you can build in forms and other stuff. But it's very visual and that makes it really intuitive and easy for teams to map out their processes and to know where they're at currently in a workflow if they're running a process. [00:16:51] We find that's a whole level beyond what we used to experience before we had DoorGrow flow in like Process Street. Or some people use Lead Simple, or they use some of these more checklist based tools. You know, and my operator actually is unique. She's my wife, but she's a little unique that she doesn't like technology, like she thinks it's trying to get her. She's fighting with her computer all the time. She's like, what is this? And she asked me to come in. I'm the nerd in the company. And I'm like, oh, it's like this. She's like, okay. But she's like, "see!" Like technology's out to get me, you know? And so, but she likes using DoorGrow flow. Because it's visual and she can map. I'm like, what are you doing? It was the weekend. This weekend. I'm like, what are you doing? She's like, oh, I'm mapping out a process. I'm like, really? [00:17:36] Mohammed: Yeah, and this is a great example, Jason, that was already a process. You guys had documents, right? You're using the software to kind of map, you know, digitally the process that you've already kind of built. And so that's, and that's huge crux also with a lot of folks that are implementing these new products is that, you know, they don't have that process. They don't have SOPs, you know, they don't have controls within the organization and checks, especially when it comes to the accounting. And so they jump into this product and you know, They're, you know, they fail to have a process and that also tends to make the product just the enablement around it. Very finicky and, you know, there's a lack of adoption. And then, oh they find another shiny tool and product and that gets 'em excited. [00:18:15] Jason: Right. I think one thing that also really affects adoption is the timeline in a lot of people's minds is a lot shorter than reality. And I think my general rule for implementing something new in a business, whether it's building out one of DoorGrow's, growth engines, and adding this into your business is it's going to take minimum 90 days. And usually it's the first 30 days to just start to install or build this engine or to like get the software just set up. Maybe it's going to take a second month to now start to do the major changes and tweaks in it, and then the third month, usually it's just the little tweaks that give you 90% of the results. Like it's that last 10% of getting something dialed in that gives you 90% of the results. And sometimes the mistake our clients will make, like if they're just implementing a growth strategy, for example, is they will do some of the work during the first 30 days. Not fully build that engine, and then they try and dump a little fuel into it and they're like, this thing is leaky as hell and it's not getting any results and it's not working, and they didn't do the work to get it dialed in. And this happens in your sales process. This happens in just about anything. It's that last 10% of dialing in the little tweaks and the little changes that finally gets you to getting 90% of the benefit and the results. [00:19:40] Mohammed: Right. No, of course. And then there's also that notion of implementation fatigue, right? It's like the longer that kind of this implementation cycle kind of drags out kind of diminishing returns. [00:19:51] Jason: Oh, totally true. They just burnt out on it. And the business owners getting fed up and it's just because they didn't probably have a decent plan, but they're like, they're giving up. And then you hear, like I hear a ton of clients say, Hey, we really like property meld like this cool tool that really has helped us dial in our maintenance and speed things up. And then I hear some say we tried it for like the first month and it was a nightmare and we quit. And I'm like, really? Because I hear amazing feedback most of the time. They're like, oh yeah, it was awful. I'm like, okay, so. [00:20:25] Mohammed: Fail the plan or plan to fail. Right? [00:20:27] Jason: Yeah. So interesting. So, well, what else would you like to chat about the power of innovative software solutions that we haven't covered yet? [00:20:38] Mohammed: Yeah, so, you know, a lot of times when we're talking to clients or prospects that are implementing a new piece. One thing that I did want to kind of double click on is the the point that you mentioned about kind of the timeframe it takes to implement a new piece of software. It's also the toll and the investment, right? The time investment. You know, there's an opportunity cost between hiring experts to do something versus, you know, DIY or doing it yourself. And so I feel like there's also a chasm and kind of a gap between kind of ownership's understanding of just like, Hey, this new product is just data entry. I can use my VA or folks that I have in the Philippines, or you know, some of my other employees that just enter this data and then all of a sudden this product is going to be working well. Yeah. I'm curious when you're talking to clients and they're saying, Hey, you know, this piece of product didn't work well for us, do you usually kind of dig a little bit deeper? I'm usually try to ask a lot of follow up questions, quantify like where exactly things did not go right. [00:21:34] And and I tend to get a lot of answers of, you know what, I don't know. That's a good question. [00:21:37] Jason: So when things don't go well, it's usually excuses. They're like, well, we couldn't get vendors to use it, like if they're talking about Property Meld. But really like, did you tell them if they want to work with you, they have to use it? And did you sell them on the benefits of how it's going to collapse time for them? And they'll be able to just use their phone to do this and it'll make everything easier. Right. So I think one of the challenges is if you go into implementing a software, switching to a software, but you don't yet believe in it, then you're going to sabotage your results with it. And that means they're not fully sold on it. And I think when it comes to technology, First, the person that's the decision maker has to be sold on the technology. They have to believe in it if they're really going to move forward. Otherwise, they should not move forward with it. And then once they believe in it, they have to transfer that belief to their team. They have to convince the team to believe in it, because if they can't sell the team on doing it, but they're going to expect the team to implement it, it's going to be met with disastrous results. And I think that's our role as an entrepreneur. We have to continually be selling our team. On what we're doing, and then we can sell to potential clients on what our business is doing. But we have to always be selling our team. And the way that we do that internally, one of our software or one of our tech tools is a planning software called DoorGrow OS for Operations. One of the flaws or fundamental flaws I see in planning like with EOS or Traction or these sort of things is it's very top down. It's like I'm in charge and it over inflates the importance of the visionary in the accountability org chart. Like the visionary is like this amazing God who the only person who has all the ideas in the business. Which is really flawed thinking. If you have even a decent team, really flawed thinking, that means you're the emperor with no clothes. Everybody's like, yeah, you have the best ideas. Sure boss, you know, and you're missing out on a lot of good stuff. And then they, the below that person, they put the integrator and then below the integrator in the org chart, they put everyone else on the team, right? The rest of the executive team. This is so fundamentally flawed. I think it's ridiculous, but. It really inflates the importance of it inflates the ego of the visionary looking at this, well, yeah, I am pretty important. And then it over inflates the importance of the integrator, which really probably should be called an operator, but the integrator. And that's what the EOS company sells. [00:24:09] They sell integrators. These are their coaches that help with the implementation of this flawed system. And it over inflates the importance of this integrator so they can sell integrators, right? I believe that's a very top-down system, and I think it's super important to have a bottom up planning system with your team to where the team you're getting their ideas first on each of the major areas of dysfunction or constraint in the business, and then the visionary is the last to speak. [00:24:37] An operator is probably second to last to speak so that they don't mess everything up and temper it and become the emperor/empress with no clothes, where everybody's like, yeah what he said, I just want to keep my job and please this person. So what he or she said, right? So, so I think with I think it starts with having how you plan as a business and the planning and cadence is the communication system in the business. For effective communication and rolling out software or implementing new things, there needs to be a really solid plan, but the team need to be coming to these conclusions. The team needs to be saying, Hey, we could use a better software. And you can inject those ideas as a visionary, like, Hey, I did see this. There is a problem here. Let's brainstorm and the team come up with ideas. [00:25:23] The visionary might say, Hey, you're missing another idea. There's this that could do this. And the team might be like, oh, okay. Right. We should get that Property Meld software or whatever, right? So you got to get the team's buy-in. And I think that happens through really good planning, right? And a lot of teams, that's one of the most fundamental systems I think a business should have, is a really good planning system where they have annual goals broken down into 90 day, you know, quarterly goals, broken down into their 30 day or monthly goals, broken down into weekly commitments. And this is strategic stuff to move the business forward. So they have a strategic plan, not just their daily tactical work. And the challenge, most businesses, everything's tactical, and then the boss comes and throws some strategic grenade into the middle of the room and says, Hey, start doing this thing. And the team didn't plan this together. They didn't buy in into this, they didn't see the problem together, and they didn't brainstorm together. And so there's no buy-in and it's very top-down. I think that's where the mistakes really start to happen, so. [00:26:22] Mohammed: You hit the nail on the head there, Jason. It's it's funny you know, that even the way that software today is evaluated has changed also. Right? You know, traditionally, you know, a couple decades ago when you had a lot of on-premise type of software like Cap X, software investments versus, you know, SAAS subscriptions where you're actually paying a monthly maintenance fee, right? [00:26:41] Jason: You had to have a server and then you had to have a tech guy maintaining the server and there was some nerd that understood it and they had, like, you were like, you had to pay them whatever you had to pay them because this was, your whole business was running off this. [00:26:52] Mohammed: Yeah. Right. Now you can just get something off the shelf and get it implemented very quickly. But one key thing that I do want to highlight of what you said is that, you know, you need to elevate the voices of the folks that are closest to the problem. So it has to be kind of that bottom up type of grassroots type of investment and type of focus. Because those are the folks that have the most to gain from being able to solve for those problems. And they'll feel, you know, when there are a lot of initiatives or objectives that kind of come from top down. Similar to what you were saying kind of about the eos, is that folks see it as kind of a task that are being delegated to do this work versus, you know, being incentivized and taking ownership of like, Hey, you know what, this is my domain. This is going to make my life easier in x, y, and Z way. And you know, and then I think the goals are very important. [00:27:37] I'm sure you've heard of kind of smart goals specific, measurable, achievable, relevant, and time based. And putting that into, you know, weekly, 30 days, 90 days, and kind of, and going through that type of approach and kind of any type of endeavor or change or kind of trying to turn things around. Most of the clients that we speak with are just folks that we see that fail with when it comes to implementations. It's usually, you know, a lack of ownership and a lot of kind of top-down initiatives that are kind of broad, the organization and then, you know, kind of a lack of a, you know, sponsorship. [00:28:04] Jason: Also, you know, there's some entrepreneurs listening to this right now. I guarantee it. It might be you, whoever's listening that are thinking, this is total bs this can't work because the, you know, doing something that's bottom up. Because fundamentally, even before having a really good planning system for the team and communication system, if you could do this and have it be bottom up, they're like, it has to be top down because my team are idiots. Like, they don't believe in their team. And that's because there's a lot of bosses that have built the wrong team, and it's because they're showing up as the wrong person already in the business, which means they're wearing hats right now. If you're listening and you're wearing hats right now that you do not enjoy, several hats you don't enjoy, maybe you don't enjoy sales or maybe you don't enjoy accounting or whatever it is, or the team members that do are doing these things, you are all always talking with them about how to do it, which means your org chart really just has you in parentheses, next to every person in the org chart, right? So that means that you are the wrong person. You're showing up doing the wrong things in the business, and you've built a team around the wrong person. It's like having a fake puzzle piece. Instead of the right puzzle piece. It's you, and then you build puzzle pieces all around that. And so now you have the wrong team. And so you have the wrong team if you are constantly frustrated in your mind saying, why won't my team just think for themselves? The problem is you. It's because you as a business owner, Are holding onto too many things and not letting go. [00:29:37] And it's because you have built a team of people that you don't trust or you built a team of people that the business needed, but you didn't build the team that you needed in order to have more peace and more certainty and more freedom and fulfillment in your business. And so you built this monstrous business around the business and it's taken over like this armchair tyrant, this highchair tyrant. This highchair tyrant that's thrown food and saying, I want more. And you just keep giving it to the business and you should be in charge of this business. And that means that you should be setting really good culture. And that means you should be attracting team members and only hiring team members that believe what you believe in, share your views so that you can actually trust them. And so a lot of the reason why top-down systems are so necessary, even though they're bad ideas because they don't have a team they trust. So even going back before, like before technology, before planning, they need a team they actually trust, which means they need to be super clear on what their values are, their culture, and only hire based on that so that they can actually trust their team members. And if you hire good team members that you like culture-wise and they're the right personality fits for those roles when you weren't? They will be better at those things than you. [00:30:53] That's the humbling thing I want every entrepreneur to eventually experience, because it's pretty powerful because we think we're pretty hot stuff in the beginning. We start to build a team, they come to us with all their questions. We're like, man, I know everything. It's so good to be king. And then the humbling experience every business owner needs to have is when they start to hire people that are better at the things they used to do that they've let go of. And they know like they're exceeding your ability to perform in those areas. Like I used to design logos. My logo designers are better at designing logos than me. Right. As an example, and then you can really start to trust that team and you can trust them. Like my operator's a better operator than me. [00:31:32] I was terrible at running the planning meetings. I just wanted to get them over with, I didn't want to do it right. And now she tells me," you're last to speak. Like don't talk." And I'm like, "okay." because she runs it, she's in charge and she makes it way better. And it's a lot faster than I would and more efficient than how I would do it. [00:31:50] Mohammed: Yeah, think that creating that crux of dependency is definitely going to stifle growth and scalability, right? And so, it's interesting that you mentioned, a lot of listeners or folks that are probably listening to this, and we hear this as well, is that they don't trust their teams. There's some introspection and it needs to be done there. If you've hired the right people for the right roles. You know, there's there's this notion, you know, Google's considered one of the most like, you know, effective organizations in the world and when, and they do a lot of research on on team dynamics and they have this notion of of psychological safety, which is basically how folks under understand like the own you know, ramifications of being able to take risk within an organization. And so you need to enable your folks and have the right folks in the right roles and be okay with people that have failed, but you want them to be bold. This is what helps kind of move the organization forward and helps you evolve as a business and scale and grow and you know, creating that dependency crux or creating yourself and creating that friction where you are a bottleneck and how things move and change within the organization. It creates not only a challenging environment to be able to like actually grow and evolve, but then it also erodes morality within your staff as well. And eventually you'll push out the high performers. [00:33:01] Jason: Yeah, I think you know, A players love to be recognized and they love to be seen and B players love to hide and to not be noticed. Their secret goal is to make as much money as possible and do as little as possible. And A players, they don't just give you their time, they give you their discretionary time. Like they're thinking about you in the shower, they're thinking about your business and how to improve in their role when they're like on their walk, you know, on the weekend, right? Because they're believers and they want to win. And so I think a lot of entrepreneurs out there listening to this, they might be thinking, I need more KPIs. I need more micromanaging. I need more metrics. I need more profits, so I need to squeeze more blood from these team members. They're not giving enough, and that probably just means you have the wrong team. [00:33:51] It's surprising how little KPIs and metrics and accountability is needed when you have A players on your team and you just build in a simple accountability system like DoorGrow os, or some sort of planning system in which they are working towards objectives instead of just being given transactional leadership where it's a transaction. "Do this task and I'll pay you, right?" Transformational leadership is where you give them an outcome and a timeline, like a deadline and say, by the end of the month we want to achieve this goal towards our quarterly goal, which is in two months, you know, or whatever. You can have these things defined and what happens is these team members start to function like intrapreneurs. [00:34:31] They start to innovate, think, move things forward, and then implementing things like technology and software is just going to help them get towards these goals that they're working towards. It's not something preventing them from their day-to-day work. Instead, because if you don't, if they don't have strategic goals, they're just going to focus on the tactical work they have. And strategic growth in the business should be at priority over the daily tactical tasks. And if team members can see that and they have strategic goals, they're responsible for by the end of the month, they will focus on that and get their tactical work done. And the business then innovates and moves forward. And it's a really amazing, like beautiful thing to see happen. Well, this is a fun conversation. It sounds like there's a lot of people out there, I'm sure you've worked with quite a few that really could use some help understanding how to get their technology stuff dialed in, knowing what tools exist out there that can solve this you know, what can you help them with and how do people get in touch with you? [00:35:35] Mohammed: Yeah, good question. So we offer a pretty wide range of services, whether it's, you know, tax help, bookkeeping, accounting, implementing software, custom reporting, creating SOPs, and even just auditing business processes. And then if you ever do get audited by the boogeyman, they call Department of Real Estate. We also do Dre representations as well. You can reach us at www.balancedassetsolutions.com. You're welcome to also email me directly at mo@balancedassetsolutions.com. [00:36:05] Jason: Balanced asset solutions-- plural-- solutions.com. Yes. Okay, got it. All right. Cool. Mo, thanks for coming on the show. [00:36:14] Appreciate you being with us. [00:36:15] Mohammed: Pleasure to be here. Thank you so much, Jason. Take care. [00:36:18] Jason: All right, so check out Mo and his business if you need some support. Coming to this conversation, I didn't even know what he did, so this was really interesting for me. My team sets up these interviews and sounds like a really cool thing to get that support and technology implementation. If any of you've gone through it, you know, this is a painful process, so make sure you get some help. So, for those of you watching the show, if any of these things resonated that you're struggling with your team, you're struggling with getting, you know, more profitability in your business, make sure to reach out to DoorGrow. We can help you do those things in addition to helping you add doors, but more importantly we can help you make your business scalable. A lot of you aren't adding doors right now because you know how, but because. You know, if you add more doors, your life personally will get worse as a business owner. [00:37:10] And if that's the case, you do not yet have a scalable business. So you need a really good process system. You need a really good people system, and you need a really good planning system. And if you have those three things, you can, you're infinitely scalable. You can scale quickly, you can add any number of doors, and that freedom and that safety and that ability to just add doors and know that your business can handle the growth means you can now go even eat other companies, start to acquire businesses in the property management space, you can start buying up your neighbors. We want to help you do all of this stuff and scale. There's no reason why you can't be probably in the next two to five years, a thousand door business, crushing it and we can help you get there. We've got the roadmap, we've got the tools, we have some tech. [00:38:00] We can help you move forward on this. So reach out to DoorGrow. Check us out at doorgrow.com. And if you're wanting to get into an awesome free community, you waste a little bit of time on Facebook, you might as well be wasting that time in a way that's not wasting time. Like go to DoorGrowClub.com and you can get access to our free Facebook group. It's for property management, business owners, entrepreneurs. Get access to our free Facebook group by going to DoorGrowClub.com. We have some cool tools and free gifts that you get. As you join the group, make sure to answer the questions and if you plug in your email address in your phone, we will reach out to you and give you some free stuff that's going to help you grow and improve your business. And you will have a resource in which you can ask questions to other property management entrepreneurs get some really good ideas and it's an awesome community. And it's growing rapidly, right? It's growing rapidly. So make sure you get into the DoorGrow Club. Go to DoorGrowClub.com and that's it for today. Until next time, to our mutual growth. Bye everyone. [00:39:01] Jason Hull: You just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay-per-lead content, social direct mail, and they still struggle to grow! [00:39:28] 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.

Ep 15 Nervous System Recovery for Creative Burnout with Gauri Yardi

Play Episode Listen Later Jul 7, 2023 54:48

Before we start today's episode, I wanna ask a quick favor! If you've been listening to the podcast and finding it helpful, would you be willing to hit pause for a moment and give the podcast a quick rating and review on whatever podcast platform you're listening on? It would mean so much to me, because your ratings and reviews help other people who are struggling with chronic symptoms to find the podcast. So, thank you in advance for the rating and review! And now for today's episode! I was delighted to have a chat with Gauri Yardi, someone I've been following through social media for a while now. Gauri is a writer and multi-passionate creative, a naturopath and a creative wellbeing coach. Her mission is to help tired and burned out creatives regain the energy they need for their creative dreams using holistic nervous system care.⁠ ⁠ Gauri's approach to burnout involves a model she calls "the four pillars of nervous system care" and it's a beautiful complement to the kinds of tools that I teach for chronic pain recovery — after all, as Gauri and I discussed during the interview, chronic pain and creative burnout are both symptoms of nervous system stress!⁠ Gauri's way of describing her work is so clear, simple and grounding that you might just consider listening to this interview as a part of your nervous system care. You can find Gauri at: Website: ⁠www.gauriyardi.com Instagram: @gauri.yardi And you can find me at: Instagram: ⁠@anna_holtzman⁠ Website: ⁠www.annaholtzman.com

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80: Understanding Headline Inflation and Media Sensationalism in Real Estate

Passive Income Brothers Podcast

Play Episode Listen Later Jun 14, 2023 26:56

Today, we take a deep dive into the intricacies of the latest Consumer Price Index report, its impact on the housing market, and the surge of information from the mainstream media. Join us as we unravel these interconnected topics and shed light on the complexities of the real estate landscape.WHAT TO LISTEN FORThe basic concept of CPI and its impact on the economySignificant obstacles faced by first-time homebuyers in today's housing market Adverse effects of the increasing rental property supply How the mainstream media influences the real estate industry RESOURCES/LINKS MENTIONED Jay Parsons | LinkedIn and Twitter Black Knight: https://www.blackknightinc.com/ CNBC: https://www.cnbc.com/ Sunbelt Construction Boom Threatens Top Apartment-Building OwnersTreasury Department: https://home.treasury.gov/ CoStar: https://www.costar.com/ Yardi: https://www.yardi.com/ RealPage: https://www.realpage.com/ CONNECT WITH USTo learn more about investment opportunities, join the Cityside Capital Investor Club.Follow us on Facebook: Cityside CapitalFollow us on Instagram: @citysidecapital_tim_lyonsConnect with us on LinkedIn: Tim LyonsConnect with us via Email: greg@citysidecap.com | tim@citysidecap.com

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AI Opportunities for Real Estate, Regional Banks' Impact on CRE & Creating Value with Software, with Dealpath CEO Mike Sroka

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Play Episode Listen Later Apr 20, 2023 45:53

Mike Sroka, CEO and Co-founder of Dealpath, a leading cloud-based software platform for commercial real estate investment and development teams, including Blackstone, Nuveen, Oxford Properties and L+M. Mike currently also contributes to Forbes' Real Estate Council, and previously worked as a PM at Zynga. Edward & Jeff are joined by friend of Tangent Zach Aarons (GP & Co-founder at MetaProp).(1:35) - Future of Cities: San Francisco(5:07) - Signature Bank's and regional banks' impact on commercial real estate(12:34) - Tangent Glossary: NY's Local Law 97's site(13:52) - Bright side of CRE: Industrial, Logistics & Manufacturing in Latin America & emerging markets(16:46) - Dealpath's and Mike's origin entrepreneurial story(20:09) - Feature - KODA: Minimalist luxury living in a spaciously sustainable house(21:07) - Dealpath's value propositions(26:16) - Dealpath's 'killer' product(28:21) - Proptech adoption & displacing legacy real estate systems(33:27) - The Impact & Opportunities of Generative AI in Real Estate (MetaProp's White Paper)(40:27) - Discomfort Zone: Stanley Druckenmiller's inflation predictionLearn more:

Episode 180: Shane Carter - Constant Relationship Cultivation is Key in Multifamily RE

Apartment Gurus

Play Episode Listen Later Mar 16, 2023 44:42

Put yourself in the most advantageous position to snowball your business and scale your portfolio with Shane Carter as he details how he made a comeback in the industry, found excellent deals, and made a social impact. So if you're curious how you can do these too, dial in!WHAT YOU'LL LEARN FROM THIS EPISODE Factors to consider in creating a brilliant investment thesisThe secrets to sourcing top-of-the-line dealsWhy and how to develop lasting business relationships in multifamily Importance of establishing a good workplace culture2 things to focus on to thrive during economic downturnsRESOURCES/LINKS MENTIONEDCarlton Sheets: https://www.carletonsheets.com/ CoStar: https://www.costar.com/ Yardi: https://www.yardi.com/ Traction by Gino Wickman | Paperback: https://amzn.to/40ER3ji, Kindle: https://amzn.to/3HKepve, Hardcover: https://amzn.to/3SSftSIABOUT SHANE CARTERShane is a developer and multifamily operator with over 25 years of active real estate experience. He is the president and CEO of Hampshire Capital, LLC, based in New Hampshire. Since 1996, Shane has more than $305M in multifamily and commercial assets acquired, managed, and renovated. He has also built over $110M in real estate through his construction and development firm. Hampshire Capital, LLC buys, develops, renovates, repositions, and holds apartments, commercial assets, and land in New England and the states in the South. CONNECT WITH SHANEWebsite: Hampshire CapitalLinkedIn: Shane CarterFacebook: Shane CarterInstagram: @shanecarternhCONNECT WITH USWant a list of top-rated real estate conferences, virtual meetups, and mastermind groups? Send Tate an email at tate@glequitygroup.com to learn more about real estate using a relational approach.Looking for ways to make passive income? Greenlight Equity Group can help you invest in multifamily properties and create consistent cash flow without being a landlord. Book a consultation call and download Tate's free ebook, "F.I.R.E.-Financial Independence Retire Early via Apartment Investing," at www.investwithgreenlight.com to start your wealth-building journey today!

State of Self Storage in 2023

Real Estate Espresso

Play Episode Listen Later Feb 7, 2023 6:21

National Property Management software firm Yardi is one of the premier software systems used by the majority of the large scale property management companies. The data is hosted by Yardi on their own servers. As a result, they have access to a lot of data on their servers. Yardi Matrix is their brand name for their data products. Yardi published their National Self Storage report at the end of January. This report focuses on the top 31 metro areas in the US. It mirrors what we have known for some time. Storage in the primary markets is saturated with supply. Supply has exceeded demand. Nationally, Yardi Matrix tracks a total of 4,627 self storage properties in various stages of development, including 812 under construction, 1,789 planned and 669 prospective properties. The share of projects under construction was equivalent to 3.6% of existing stock in December, unchanged from the previous month. Yardi Matrix also maintains operational profiles for 29,032 completed self storage facilities across the U.S., bringing the total data set to 33,659. The average national street rate for all unit sizes dropped again on a year-over-year basis, down 2.8% in December. However, average rates remain above pre-pandemic levels. Rates for standard-size 10x10 units decreased 2.3% for non-climate-controlled (NON CC) units and 3.4% for climate-controlled (CC) units. Meanwhile, rates for larger units outperformed those for smaller units on an annual basis, with rates for 10x30 units down 2.4% over the year and rates for 5x5 units down 3.4% over the same period. So how do you invest in self storage? You pursue secondary markets that are under-supplied. ------------ Host: Victor Menasce email: podcast@victorjm.com

59. Master the Art of Multifamily Real Estate Underwriting - Rob Beardsley

Passive Income Brothers Podcast

Play Episode Listen Later Jan 18, 2023 39:15

Tap into the mind of expert investor Rob Beardsley and how he utilizes the wonders of the underwriting process to navigate the shifts in multifamily real estate. Learn more about the value of understanding market dynamics and how to mitigate risks in your following deals by tuning in!WHAT TO LISTEN FORA walkthrough on the imperfect science of underwriting dealsTools to help you put better deals togetherChanges you might see in the multifamily space during a market crash2 frequently mentioned topics in conversations with investorsWhy you should start being smart with debt RESOURCES/LINKS MENTIONEDVanguard https://investor.vanguard.com/corporate-portal/Yardi https://www.yardi.com/CoStar https://www.costar.com/Do you want to invest in multifamily deals confidently? Get Rob's books at underwritingmultifamily.com and structuringandraising.com to take control of your financial future today.ABOUT ROB BEARDSLEYRob founded, oversees acquisitions and capital markets for Lone Star Capital, and has acquired over $350 million of multifamily properties. He has evaluated thousands of opportunities using proprietary underwriting models and published the number one book on multifamily underwriting, The Definitive Guide to Underwriting Multifamily Acquisitions.CONNECT WITH ROBWebsite: Lone Star Capital https://lscre.com/LinkedIn: Rob Beardsley https://www.linkedin.com/in/rob-beardsley/CONNECT WITH USTo learn more about investment opportunities, join the Cityside Capital Investor Club.Follow us on Facebook: Cityside CapitalFollow us on Instagram: @citysidecapital_tim_lyonsConnect with us on LinkedIn: Tim LyonsConnect with us via Email: greg@citysidecap.com | tim@citysidecap.com

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DGS 195: Using Technology To Increase The Operating Margin In Your Property Management Business With Lindsay Liu