The Importance of Niching Down in Property Management

In this chapter, the hosts discuss the importance of niching down in order to scale up a property management business. They share their own experiences of narrowing their niche and finding more success in targeting a specific market. They emphasize the benefits of focusing on a specialized service and speaking to the specific needs of a target audience.

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Patrick Donley (@JPatrickDonley) sits down with Peter Lohmann to talk about how he got his start in real estate and property management. They also dive into key principles for running a successful business including lessons from the E-Myth and Traction. You’ll learn how Peter has niched down to scale up his business, how he allocates his time for maximum ROI, and how to smash limiting beliefs and start thinking bigger in terms of what’s possible for your life and business.

Peter is the CEO & principal broker of RL Property Management, a residential property management company located in Columbus Ohio. RL manages over 600 units. Peter also owns a small engineering company also located in Columbus, run by his business partner.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

02:01 - Peter’s early start in real estate and property management.

04:42 - How he built his company to manage over 600 units with 20 people.

04:55 - What it was like leaving his W-2 job.

10:12 - What his first real estate investments were like and how they went.

15:42 - How he decided on property management as a business venture.

18:32 - Why Peter chose a flat fee pricing model.

28:45 - How he went about finding clients.

29:47 - What he means by niching down to scale up.

35:28 - What is the principal/agent problem in real estate and property management.

36:52 - Why that transition can be so difficult and what helped Peter make the journey.

41:26 - Why the experience you get in your first real estate deals is most important.

44:18 - What Peter’s limiting beliefs were and how he overcame them.

60:43 - What some of his key takeaways have been from doing his podcast.

62:04 - The importance of thinking big.

65:30 - How Peter allocates his time for maximum ROI.

01:09:57 - Why writing is a superpower.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
The Everything Guide to House Hacking by Robert Leonard.
Rich Dad Poor Dad by Robert Kiyosaki.
E-Myth by Michael Gerber.
Vivid Vision by Cameron Herold.
Traction by Gino Wickman.
Millionaire Next Door by Thomas Stanley.
10X is Easier than 2X by Dan Sullivan.
Extreme Ownership by Jocko Willink.
Related episode: Listen to REI192: Building an Empire w/ Nick Huber or watch the video.

SPONSORS

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⁠CFI Education⁠
⁠Airbnb⁠

Connect with Patrick: Twitter

Connect with Peter: Website | Twitter

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