Property Management Growth with DoorGrow DGS 85: Landlord Protection Insurance with David Holt of Surevestor
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 companies grow exponentially, or at their own pace, insurance can help them get there.
[07:06] Can't control what happens in people's lives; when bad things happen to good tenants, property managers experience frustration and stress.
[08:05] Who’s to blame? Things happen that create a financial burden; Scheer Landlord Protection covers income loss for landlords and property managers.
[09:32] Malicious Damage by Tenants: Insurance covers holes in walls, cabinets ripped off walls, sand poured down drains, etc.
[09:47] Blanket of Coverage: Indirect and direct benefits create safety for all parties.
[13:45] Property manager requirement helps insurance company mitigate risk.
[16:33] Competition: Focusing on criteria of quantity over quality. Most property managers don’t have an insurance license; be compliant and legal to protect industry.
[22:40] Tiered Pricing: Clients know the cost to be protected.
[24:58] FAQs: How do I market this to my owners? How can I implement it? Follow SureVestor’s steps to success.
TweetablesScheer Landlord Protection: Grow exponentially, or at your own pace.
When bad things happen to good tenants, property managers get stressed out.
For most landlords, rental property is their most expensive investment.
Scheer Landlord Protection: Covers malicious damage, eviction costs, and loss of rent.
ResourcesDave Holt’s Phone Number: 612-465-0421
National Association of Residential Property Managers (NARPM)
U.S. Department of Housing and Urban Development (HUD)
Transcript
Jason: Welcome, DoorGrow hackers 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 your business and life, and you are 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 businesses and their owners. 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.
I have a guest today named Dave Holt. Dave is here talking with me about landlord protection insurance from SureVestor. Dave, welcome to the show.
Dave: Thanks, Jason. I appreciate it.
Jason: I just got to see you at CALNARPM in your British soldier outfit that you had there. I want to connect with you a little bit here. Give us a little bit about background on how you got into this industry and into this space.
Dave: Yeah, you bet. I've been in property management, that's really my industry. I've been in the business for over 30 years. I started managing for HUD back in the mid-80s, got introduced to property management in single-family homes, and started my fee management company in the late ‘80s. That's where I ran into a fledgling organization that was just starting out called NARPM. I got involved with NARPM early on. I actually started in 1990. I've been a member ever since and gone through the whole chain of command there.
Property management is my passion. Throughout that whole process, I've met with thousands of property managers throughout the years. Like you, Jason, always looking to see how we can improve the industry and came across an opportunity. We're actually teaching over Australia. Both my partners, Kevin Knight and Todd Breen, had taught over there.
We came across a product that was over Australia and had been there for 25 years. We're wondering, "Why isn't that here in the US?" Actually, long story short, joint ventured with the creator of the product from Australia, Terri Scheer, it still sells under her name over there, Terri Scheer insurance. She has since sold her business over there. Now, has joined forces with us to bring the product here to the US.
Jason: Awesome. My understanding of that is that this product has significant impact on the growth of industry as a whole in Australia.
Dave: Yeah, that's very true, that's one of the reasons why we wanted to bring it here, it's not just something, "Hey, here's something that we can make money doing," that really wasn't the crux of what we bought it here for, and you hit it on the head.
What we look at in our industry here in the US, it's 15 times the size of Australia. When you look at the number of properties that are owned here by individual landlords, it's over 15 million single-family homes that are actually owned and rented out, a small fraction of those is handled professionally by us professional property managers. If we have an opportunity to bring a product here that can help drawing those self-managed landlords to us as professional property managers, that's what we're looking to do.
Over in Australia, that actually happened. About 15%, increased in the business for professional property managers because the beauty of this product is that it's only available for landlords that are professionally managed and we did that intentionally, we did that over in Australia as well. Those self-managed landlords have to come to us as professionals in order to get this product. Hence, we're looking to be increasing the number of properties that are managed by us, professionals.
Jason: Now, I have heard stats thrown around like the property management industry in Australia grew about 25% in a single decade. I don't know if that's accurate, but that sounds pretty incredible. I also have heard that they have about 80% of single-family residential is professionally managed.
Dave: That's right.
Jason: Here in the US, according to the [...] report, we're at about 30%. If the industry here could grow in a decade to maybe about 25%, that would mean that we would pretty much double in size. I don't think there are enough management companies in the US right now that can handle that level of growth. That would mean we either need to double the amount of companies that exist now—that's a lot—or each company would need to double in size. I think that would be incredibly painful for most business owners.
Dave: Maybe, maybe not. Obviously, your DoorGrow hackers are looking to be growing that's why they're part of your endeavor. It's not that they have to grow exponentially, but they can grow at their own pace. Certainly, it's something that, if they can use the insurance to help them get there, that's what we're all about, and looking to help them do. Yes, we saw it happen over Australia, we don't see why we can't replicate that here.
Jason: Let's break this down, and help people understand. Maybe we start from the point of, how do you sell this product, but let's first talk clearly of what is it. What is SureVestor? What is this insurance product? Then I would love to get into basically talking about what's in it for the homeowner? How do you sell this to them? We get into those two things, and then I think the light bulbs will start to go on, and they can start to see how this can be a facilitator of growth here in the US.
Dave: You bet. It's probably better to start from my experience as a property manager. Obviously, we're all property managers. Really, the frustrations that we've experienced, as property managers over the years, is when bad things happen to our good tenants is really the situation. It's very stressful. We know that we do a professional job of screening our tenants and getting the best quality tenants for our landlords, but we can't control what happens in people's lives, whether it's a job loss, a divorce, a death in the family—things that can happen in someone's lives that create a situation of financial burden. Now, all of a sudden, if they're renting a property, they may be more inclined to skip or stay there, and not pay the rent, and now, we have to evict them as professionals. It's very painful.
For a lot of us in the single-family space, those owners owned one property. If something bad happens to their tenants, and now all of a sudden they're out of three months of rent because of it, that's a lot of their income. A lot of them say, "You know what, this isn't for me." They decide to sell or worst, they blame us as the property manager because we're the ones who screen the tenants, and they say, "It's your fault that this happened. I'm going to somebody else." In either case, we've lost the business.
If we had a product, which we do now, through SureVestor and sure landlord protection insurance, that covers the loss of rent for those type of things; a tenant skips, they have to be evicted, they are victims of violence—we've had that happen as well—or there's a death of a sole tenant, or murder, or suicide. I've experienced all of those over the 30 plus years of business. That rent then is not paid, and our landlord is out of money. Us, as property managers, most of us are charging our management fee based on the rents collected, and if that rent isn't collected, we're not getting paid either. This insurance covers all that. It covers it for the landlord. It covers it for the property managers as well.
Then, there are some additional benefits. Malicious damage caused by the tenants, that's something that we've experienced as well. They punched holes in the walls, ripped cabinets off the walls, they pour sand on the drains, things that are malicious, there's coverage for that. There's coverage for theft and damage due to theft. There's the eviction fees and legal offense if the tenant brings it to trial. There's the covering of the sheriff cost if you have to get a writ and go through that whole process. We even have lockbox coverage for a digital lockbox. For property managers who are now doing self-showings, many times, they get some pushback from their landlord clients about doing that because of, "Well, what happens if." Now, there's some coverage for that as well and then, rekeying of the locks after those covered events happen.
It's a way where we can, with the insurance, make that landlord whole and also make us whole as property managers. One other thing too, a lot of us as property managers are guaranteeing our tenants for some period of time. If something does happen to that tenant and they breach the lease, we will re-lease the property for nothing, for no charge, for our landlord. Now, when you have insurance that covers the loss of rent, the malicious damage, the eviction cost, and those types of things, you now have the security deposit available to cover your re-leasing fees among other things.
Jason: There could be divorce, job loss, death of a family, violence, malicious damage, malicious damage theft. Then things like, eviction fees, legal fees, writ fees, lockbox coverage, rekeying after theft. It really creates this safety for all parties involved.
Dave: Absolutely. When you think about it, for most of our landlord clients, their rental property is the most expensive investment they have. They get dwelling coverage because that's all they know. They get dwelling coverage to cover the catastrophe-type of damage, the fires, and things that can happen to the property. The things that happen more frequently are the things that we're covering—the loss of rent because a tenant skips, they maliciously damage the property and the other things that we went through. Why wouldn’t they get coverage to give them that peace of mind, so when those things happen to their tenant, now, they're protected as well?
It gives them an overall blanket of coverage, that gives them that peace of mind so now, they can rent their property with confidence, and hopefully, stay with us as property managers longer because they don't have to have that fear of, "What if?" Because now they're going to have coverage for that. Hopefully, draw in more landlord clients that might have that fear. Some of them decide, they just want to sell to begin with because they go, "You know what? I can't afford a loss. I can't afford one of those situations that happen, and now I'm out of rent, and I've got a mortgage to pay." It's a way where we can keep new owners and a way where we can attract new owners as well to us.
Jason: Yeah. Creating this blanket of coverage sounds really significant and important. If it's not there, then even having a rental property investment can be a risk. Maybe it's a risk that a lot of property owners are either ignoring or aren't aware of if they're actually involved in real estate investing. There's a lot of self-managing homeowners that are like, "Oh, it's easy. I just need a tenant." Famous last words. Then they start running into problems, but even for property management business owners, you don't want to be the fall guy or gal for those problems when they happen, you want your business to be healthy.
Since this is so important, to have this blanket of coverage, as you call it, and it has such an impact in Australia, is this something that only property managers have access to, why don't people just go and get these policies directly and self-manage, how's this driving people towards property managers?
Dave: We have purposely set it up where individual landlords have to go through a professional property manager to get this coverage. If a landlord goes on to our page and looks at the, "For landlords," it actually, guides them through the process and says, "Do you have a professional property manager?" If they don't, we actually find one for them. One of our property managers at SureVestor and we refer them to them and get them new business that way, as well.
Jason: The requirement of them to have a property manager probably also helps the insurance company mitigate their own risk.
Dave: You got it. Absolutely. Over in Australia, it's been around for 25 plus years. Now, it's open to individual landlords over there now because it's a more mature product. Starting out, our underwriters wanted to kind of mimic the initial process that Australia took, which was making it available only for landlords that were professionally managed, that's something that really resonated with us, not just because of the underwriting of it, but more so, to help bring in the self-managed landlords to us, as professionals, and help us grow our businesses.
Jason: Alright. I'm going to give you an opportunity to throw stones at the competition a little bit. The competition is anything that people might perceive as something similar or reason not to use something like SureVestor. Are there competitors that just go direct or don't have that sort of stipulation that you have to use a property manager, and have some sort of insurance-like product?
Dave: Yeah. I'm not aware of it. There are some startups that are happening now. Obviously, when something’s out in the cosmos, we're not the only ones thinking about it, there are certainly other companies out there that are starting, I know a couple of them. I'm not necessarily sure that they're going direct to the landlord or not, one might be, but that's just because my thinking would be, "They don't see the risk."
But we know our business, and we’re property managers-first, and so we want to be helping our colleagues grow. One of the ways to do it is to make it only available for landlords that are professionally managed. We know that we do things professionally. A lot of self-managed landlords, they don't follow the same criteria. Some of them do, but a lot of them just do the, "You look good," the feel test. Say, "Oh, yeah. He seemed like a really nice person. Go ahead and rent my property." Then they find out it's not so safe after all. We decided not to do that. We wanted to have it available just for the landlords that are professionally managed.
I can't comment on any competition that's doing it, why they do that, other than, they just want to try to get as many as they can, they're focused on the numbers. That's not our intent. Our intent first is to provide a great product to our property management colleagues that can help them retain landlord clients, and help them bring out new ones.
Jason: Right. I would imagine that since you've got these different parties involved, you've got property manager, you've got renter, you've got homeowner, and then anybody else could get into the mix in any of the drama that ensues with all of these—this really reduces the risk for all parties. I imagine there's products out there that look similar on the surface, but somebody's getting the short end of the stick, I think that would be dangerous. Regardless of who that is, it's going to end up as a problem for everybody. It makes sense that you guys are doing it right, focusing on making sure that this, really is, the best option for everybody involved and that a professional manager is involved in this process.
That's exactly right. We have vetted this thing over three-and-a-half years. It started from the foundation and make sure that we had everything in place to make sure that our industry is covered, and we're providing the best quality to our landlord clients. That takes a lot of work getting that together that's why we have the world-renowned, Terri Scheer, started this. This whole thing. I mean, every single company has mimicked what she's doing, if there are any copycats around because she was the first. We have Lloyd's of London as our underwriters. The first and the largest insuring entity syndicates in the world covering this type of thing. It gives us more security and backing for our landlord clients and our property managers.
The thing that property managers, when they're looking out what other competition there is out there, they've got to be really careful when people are saying, "Hey, you can monetize this, you can make money as a new revenue stream," and so forth. Most property managers are not licensed in insurance. In insurance, similar to our property management industry, is very heavily regulated. If you're doing things that look and sound like insurance, for example, you have certain programs whether it's guarantees or other types of protection programs that you're making money off of, that can be construed as selling insurance. If you don't have a license that can be an issue.
Everything that we're putting together is legal. The ways that we're making this available for landlord clients, and for property managers, and even starting to create processes where they can benefit better from it, that's what we're all about—to make sure we're protecting our industry.
Jason: Yeah. This is a common thing. A lot of property managers, especially the more entrepreneurial ones, get really creative, and they're thinking, "Man, I got this great idea for this new gimmick or this new thing. I can sell this guarantee, this warranty, this protection." It's almost like insurance. It works almost like insurance. There are some significant red flags that they could be putting themselves into some serious legal liability.
Dave: That's exactly right.
Jason: They're basically, doing insurance without a license. You need to be careful. You guys help them do it the right way. Now, you had mentioned, they're doing it to generate revenue. Now with your service, property managers can make some money too, right, they're not just lowering risk?
Dave: When we're saying making money, the benefits are more indirect than direct. For example, as I mentioned, when the rent isn't paid, the management isn't getting their management fee. When the insurance is covering the rent, now the rent is paid because of the insurance, the property manager collects their management fee. Yes, that's a direct benefit, that's income to them.
Most of the property managers have some sort of guarantee for the tenants, as I mentioned. When something bad happens, and they have to re-lease the property, that's a lot of out of pocket for them. Now, when the insurance is covering that loss of rent, that deposit doesn't have to go those things which it typically, does. Now, you have that deposit available to pay the re-leasing fee that the tenant would otherwise owe you as a property manager. You're making money indirectly through that.
Here's another idea, Jason, that a lot of property managers, including myself, we'd gone to tiered pricing. What tiered pricing is that you have different levels of pricing for your landlord clients. Usually, your first tier is leasing-only, your middle tier is your traditional management, so it's an a la carte, you're paying for whatever service you get, your management fees, your lease fees, your inspection, your evictions—all that stuff is an additional cost. Then you have your top tier and the top tier is an all-inclusive or mostly inclusive, type of tier. You can charge more for that tier.
What property managers are doing is they're paying for the insurance in their top tier, and so it makes that top tier more valuable in the eyes of, obviously, of the landlord client. That landlord goes, "Well, I mean, I can pay this amount and know what all of my costs are. I can get the insurance to cover in the event of a bad thing happening to my tenant." That's a more predictable result for an investor. They know that cost, they know that they have the protection, and that gives them that peace of mind. That's a process that a lot of property managers are going to. In the top tier, even though you can't upcharge the insurance, you can charge higher to be including all of your charges, all of your fees, into one.
Jason: Got it. They fold it into that. Makes sense. In that situation then it becomes an additional value add that allows them to sell their services at a higher price point.
Dave: You bet. The insurance help do that and they make more money, you bet.
Jason: There you go. Alright, awesome.
Dave: Lastly, we are in the process of creating a way where we can legally compensate the property managers. It's something that they're not prepared at this point, to go through in detail, but I would welcome property managers to contact me. I'm more than happy to go through that process with them.
Jason: Cool. Okay, great. What are some of the most common questions that you're getting from people that are maybe skeptical or concerned? What are some of the initial questions that property managers might ask about this?
Dave: The first is, “How do I market this to my owners? What do I do?” Obviously, we got two parts of that: we have our current owners, and then we have new owners. What we have done is put together the steps to help them with their current owners, for one, and help them bring in new owners. As property managers ourselves, we know we're very busy. We have a hard time implementing things because we are very busy. We get sucked into the day-to-day grind of property management. It's probably what's happening right now. It's the last day of the month. Most property managers are out there doing their move out inspections, move-ins, and doing all that kind of stuff, they're busy.
Trying to implement a new thing is always a challenge. We know that because we're property managers too. We've created those steps to help them do it. We've done it for them. We have all the email templates that they send to their current clients, for example. We have the schedule all laid out so that they can just send them out. We have what's called an opt-in, opt-out form. The beauty of that is it gives them a tool—a risk management tool—to use where they can send that out in the email. Just like here, "I'm opting in," and this is for the owner, their landlord client. "I'm opting into this coverage, and this is what I want." It's directing to the property manager, or it's saying, "No. I'm not interested at this time."
Now, the property manager has a form. Six months later, when their tenant has to be evicted, and they've opted out with that coverage, if that landlord is coming to the property manager complaining about it, they can say, "We did our duty of care. We told you about this insurance. You opted out of it, don't blame me." We have that.
We also have the disclosures and opt-ins that they use in their management agreement. Personally, even if my BDM, my Business Development Manager, who's talking to brand-new owners hasn't mentioned anything about the insurance, they see it in my management agreement. It's already laid out, and we have that addendum of it available for them and their management agreements. That's part of it.
The next part is the whole part of bringing on and using it as a point of difference for their new clients. We have scripts that they can use to help in that initial conversation. Again, we have the information that they can use in their property management agreement both—if they're just doing regular pricing, and if they're doing tiered pricing—so we have both. Then we have the marketing information that they can embed, and put on their website with video clips and so forth. We've done all of that for them, so they don't have to recreate it.
Our last step is on all implementation. We walk them through the steps of implementing it all. It's really quite simple. A lot of the marketing too, we have what we call a WDIFY, we-do-it-for-you process, and we can even help them do a lot of that marketing as well.
Many of your DoorGrow hackers may recall Darren Hunter and Deniz Yusuf because they were at your event just last year. They have put together, since they know this insurance intimately, both of them being from Australia, they have helped put together a whole orientation for BDMs on how to be better at utilizing, not just the insurance, but utilizing tools to help draw new accounts to them. We have that on our site, on our blog site. It's a whole 45 minutes of them going through with their best practices and how to utilize the insurance as that point of difference to draw in new business for them.
Jason: Cool.
Dave: There are just a lot of tools that we have to make it simple for the property managers because again, we know it's challenging for them to get things implemented.
Jason: The number one challenge in any new software, or any new system, or any new tool, is adoption. It sounds like you guys really helped lubricate that process, make it smooth, and make it easy. That's one of the biggest challenges, or complaints when people get into some new system or some new tool or service is, they just don't have the level of support that they need. That's one of the biggest challenges.
It sounds like you guys really put a lot of energy and effort into making sure that they have what they need in order to succeed. I mean, the first challenge, making sure they've got the right vehicle, it sounds like—with the backing of Lloyd’s as an underwriter and everything—this is like the premier vehicle for this. Then the next question that a business owner would have is, "Well, can I do it? Is this possible?" It sounds like you've got the support, the tools, and the resources that they need.
The last concern that people might have is what about external factors? What about the market? Could this go away? Could the government impact us? These sort of things. Are there any potential challenges there? It sounds like you guys have dealt with this stuff to make sure everything's compliant and legal.
Dave: There's really no concern there. We just expect that to become more commonplace like it has been over in Australia. For those in your group that aren't familiar with Australia, we consider it almost advanced in property management. I say that because they are even more heavily regulated than we are, it just draws to making them more professional, and so they've got to do things to protect themselves and protect their owners. They're always thinking of new ways. Hence, why this insurance started 25 years ago or so.
In a government, in a country that is very highly regulated, it's done nothing but expand. Over here, I don't see it going away. I see it expanding. I see it becoming more commonplace, especially as we're seeing after the global financial crisis, more and more, not just individual investors, but huge hedge funds coming in and buying real estate. Rental property, compared to homeownership, is increasing. As that continues to be the trend, more and more investors and landlords, in general, are going to want to protect themselves, and protect their investment because as I mentioned, it's the most expensive investment that a lot of them have, they want that peace of mind, they want more consistency, and predictability.
When you have an insurance product like this, that they can get for as little as $1 a day, I mean, come on, it's a no brainer. We really think that this will become more commonplace. It's already in the insurance industry that's very highly regulated. The things that we go through as far as auditing and making sure that everything's done right is a continual process. We have vetted this to make sure that it is done right and protecting our landlords and protecting our property management colleagues.
Jason: Love it. Most of the vendors that we handed out awards to for our DoorGrow Awards for 2018 were because they were the best in class, they were the leaders in a competitive space, that they'd gotten the most attention inside of our DoorGrow Club Facebook Group, they consistently were seen as a leader. We gave SureVestor an award, and it was for this reason because I do see this could be a game changer for the industry. We gave SureVestor, for 2018, the Game Changer Award, was what we called that award.
I think, really, SureVestor's at the forefront leading a trend and a movement that I think is going to be happening here in the US, that I think can significantly help the industry, and help grow it, and help lower the risk of investors, and help bring people to the property management space. Property managers lower risk and SureVestor helps lower risk, I think combined, it really can give the property management a much better name here in the US, where people, having managed their biggest asset or investment ever—or whatever you want to call it—that they might ever be dealing with, and keep that risk low.
Dave, great to have you on the show. I appreciate you coming on and sharing this. How can people get in touch with SureVestor? What's the next step for people that are listening or watching this later that are interested in finding it out more?
Dave: You bet. Thank you. They can go to our website, real simple, surevestor.com. They can contact me as well, daveholt@surevestor.com or they can call me 612-465-0421. Happy to walk them through, happy to guide them through the process, and answer any questions they have. We're just looking to provide a great product to our industry. We really appreciate what you're doing as well, Jason. We think DoorGrow is really on the number. We're happy to support it anyway we can.
Jason: Awesome. I appreciate it. Always fun for me to connect with other vendors and other people in the space that have a similar vision and mission for the industry, of helping it grow. Let's change it together. I appreciate you coming on, Dave. Thank you so much. I will let you go.
Dave: Alright. Thanks again.
Jason: That was surevestor.com. They don't pay me anything. I just think it's exciting. People probably wonder sometimes. Anyway, check them out.
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