188: Regulating Resident Experience - Transparency and Choice with Thad Tarkington
Dec 13, 2023
auto_awesome
Thad Tarkington, CEO of Second Nature, discusses the changes in property management industry, the need for transparency and choice for residents, tailoring resident benefits and services, managing stress, and finding personal fulfillment.
Regulation in the rental market promotes transparency, accountability, and choice for both investors and renters.
The property management industry has become more professionalized over the years through standardization of practices and increased awareness.
The emergence of new vendors and increased collaboration in property accounting software is leading to more innovation, lower costs, and better offerings for property managers.
Deep dives
The importance of technological progress and innovation
Technological progress and innovation do not happen on their own. They require effort and perseverance. Entrepreneurs often face challenges and setbacks while building their companies, but the benefits are enjoyed by everyone in society.
The professionalization of the property management industry
The property management industry has become more professionalized over the years. Standardization of practices, such as accounting standards, has improved the industry. The influx of institutional investors has also brought more awareness and interest to the industry.
Regulation and the future of the rental market
Regulation in the rental market is expected and aims to promote transparency, accountability, and choice for both investors and renters. Clear definitions of responsibilities and transparent presentations of solutions can help property managers navigate and comply with regulations.
The power shifting in the property accounting software vendor landscape
The property accounting software vendor landscape is experiencing a shift in power. The emergence of new vendors and increased collaboration is challenging the traditional closed and controlled ecosystem. This shift is leading to more innovation, lower costs, and better offerings for property managers.
Navigating and managing stress
Stress is inevitable when running a business, but how it is processed and managed is crucial. Focusing on solutions, taking action, and maintaining perspective can help reduce stress. Building resilience and treating stress as an exercise to improve coping mechanisms is also important.
In this episode of the Profitable Property Management Podcast, host Jordan interviews guest Thad Tarkington, co-founder and CEO of Second Nature, about his experience in the property management industry over the past decade. They discuss changes Thad has observed, thoughts on regulation, the importance of transparency and choice for residents, adapting services based on property manager needs, navigating stress, and more.
Topics/Guest and Resources:
Guest: Thad Tarkington, Co-Founder & CEO of Second Nature
Industry changes over the past decade - increased professionalization, new solutions & awareness
Regulation - the need for transparency, accountability and resident choice
Tailoring resident benefits & services to solve problems for properties
2:20 - Thad provides background on himself and Second Nature
14:17 - How the industry has progressed over the past decade
29:04 - Solving highly emotional resident issues like pest control
31:24 - Designing a flexible system for residents to customize services
42:34 - Jordan's view that stress comes from wanting things to be different
47:51 - Thad on finding personal fulfillment and advancing the industry
Get access to the video version of this podcast episode and subscribe for additional content on property management strategies and insights by Jordan and guests by subscribing on our YouTube channel. Search Profitable Property Management Podcast on YouTube to find us and join!
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode