#doorgrowshow - Property Management Growth

Are you tired of dorm food and want to avoid the mad rush of finding a place to live off campus before next semester? There’s got to be an easier way for students to rent houses and apartments. It’s a problem that many entrepreneurs have tried to solve.  Today, I am talking to Dave Spooner of Innago. There are few incentives for landlords to digitize their rentals. Landlord demand for a listing platform is low, but there definitely is high demand for better tools to effectively manage and communicate with tenants.  You’ll Learn... [02:50] Tenant Management Software: Making landlords lives easier with online rental payments, tracking payments, basic accounting, lease signing, and tenant screening.  [04:14] Understanding Innago: Flexible, effective, simple, and intuitive software for landlords and property managers.  [06:05] Learning Curve: Competitors’ software requires expertise and certification. [07:32] Who wants to waste time adopting ugly software?  [08:58 #1 Priority: Intuitiveness in software; speed is

If you enjoy unique challenges, daily variety, learning new things, finding opportunities, and experiencing freedom, then you would probably be successful in property management. Entrepreneurs would rather work 80 hours a week for themselves, than for someone else. You don’t have to do it all on your own. Be willing to take some risks, and connect with like-minded people. Let your entrepreneurial spirit fly! Today, I am talking to Bryan Jenkins and Jonathan Cook of AHI Properties. They share strategies that consistently grow their business and add doors in multiple markets.  You’ll Learn... [02:00] Keep on Growing: Corporate housing to single-family homes to property management. [05:25] Real Estate Market Crash: Created shift in income and dealing with investors, despite technology. [07:20] Love it, or Hate it: Learn something new every day in property management. [08:05] When’s the right time to grow and expand? Adding doors in multiple markets. [09:42] Sand Traps: Think outside the box to grow property mana

Today, I am talking to Gwenn Aspen of Anequim, which offers remote assistant, Rent Manager call center, and Rent Manager software consulting services. Also, Gwenn and her husband, Jeremy, own the Wistar Group, a property management company. You’ll Learn... [04:40] How helping a friend, helped property management companies hire employees. [05:20] Currently, 150 employees in Mexico work remotely for property management companies in the United States and Canada. [06:25] Connections and Relationships: Life is all about taking care of and looking out for those you know and love. [06:50] Internal References and Cultural Differences: Holding each other accountable results in low turnover/high retention. [08:20] Managers Managing Remotely: If you manage someone who works remotely, get to know them as a human being. [10:51] Webcam: Teams founded on trust and transparency should be seen and heard. [14:50] For better or worse, Anequim and Wistar Group are unique and original company names that could be patented to preve

In the United States, millions of residential properties are owned and rented out by individual landlords, not professional property managers. Why not protect yourself from painful experiences with tenants, have peace of mind, and leave it to the professionals? Today, I am talking to Dave Holt of SureVestor, which provides Scheer Landlord Protection. This insurance plan financially protects landlords and property managers from tenant-related risks. SureVestor is at the forefront of leading a trend that can significantly help grow the industry. You’ll Learn... [01:45] Passion for Property Management: Dave joined NARPM nearly 30 years ago and has gone through its entire chain of command. [02:51] Reasons why Scheer Landlord Protection was brought to America: Significant growth impact on property management industry in Australia Way to make, but not lose money Opportunity to turn self-managed landlords into professional property managers [05:22] Is the United States ready for similar level of growth? Whether co

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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