Property Management Growth with DoorGrow DGS 176: 9 Reasons You Might Not Need a Property Manager
Around 70% of single-family properties in the United States are self-managing. They don’t think they need a property manager. At DoorGrow, we wanted to create an enticing lead magnet for our clients by highlighting some of the things that property managers do (that most people do NOT want to do).
In today’s episode, property management growth expert, Jason Hull, provides 9 reasons why someone might not need a property manager and instead want to do everything themselves…
You’ll Learn…
[01:21] Why we Created this Idea for Leadgen
[02:26] The Reasons Why Someone Might Not Need a Property Manager
[05:04] Why Someone Would Want a Property Manager to Avoid Dangerous Situations
[06:14] How this Concept can Help You in Sales
Tweetables“A lot of people that are coming to a property management website might be thinking, ‘do I need a property manager?’ If they're self-managing.”
“You might not need a property manager if you would love a part-time job, managing rental properties. Your full-time job just isn't enough. You just don't have enough to do on a weekly basis.”
“You might not need a property manager. If you love getting maintenance calls during your work week, during weekends, and during holidays, especially at night.”
“You can very easily during your sales process when you're talking with an investor, just say, ‘Hey, do you love doing these things?’ and just list out all the things that you do as a property manager.”
Resources
Transcript[00:00:00] you might not need a property manager if you want to be on call anytime to deal with lockouts, move-ins, move-outs, deposit handling, et cetera. You like things that are suddenly urgent and immediate, interrupting your day. You can handle that. That's totally fun for you.
[00:00:20] All right. 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 are interested in growing in business and 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.
[00:00:58] 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.
[00:01:21] So today I wanna share with you an idea called "Reasons You Might Not Need a Property Manager." Okay, so give you a little backstory, add a client in Florida, and we wanted to make kind of a sexy lead magnet for his homepage to capture some leads. And so a lot of people that are coming to a property management website might be thinking, "do I need a property manager?" If they're self-managing, which is usually the biggest target audience, right? They're self-managers. So we wanted to directly attack or attach to that pain or that fear or that uncertainty that they have that, "maybe I don't need a property manager. I'm doing this myself," and they're unsure.
[00:02:03] So you could title this: Nine Reasons You Might Not Need a Property Manager. So let's go through these. You might find this a little fun. It's a little tongue in cheek. But you could do something like this as a lead magnet or in talking to your clients during your sales pitch or process, like let's figure out if you even need a property manager. You might not need one if these things are true.
[00:02:26] So #1: you might not need a property manager if you would love a part-time job, managing rental properties. Your full-time job just isn't enough. You just don't have enough to do on a weekly basis. You might not need a property manager, right? They would take that away from you.
[00:02:46] #2: you might not need a property manager. If you love getting maintenance calls during your work week, during weekends, and during holidays, especially at night.
[00:02:58] #3: you love finding vendors and coordinating times between them and the tenants. You enjoy the challenges of how difficult both parties can be to reach and creatively getting all three parties, you, the vendor, and the tenant in sync, right? That's fun. You might not need a property manager if you like negotiating all of that.
[00:03:17] #4: you might not need a property manager if you are totally comfortable with all the legal liabilities and risks of staying current on, navigating safely, and following all federal fair housing requirements, as well as local and state-level landlord and tenant laws. If that's the case, then you might not need a property manager.
[00:03:42] #5: you love showing property and are fantastic at screening tenants beyond just simple credit scores, and you know how to avoid common scams and can easily identify common, often overlooked red flags that will show in prospective tenants. So you might not need a property manager. They're really good at that, but if you're good at that, you don't need them.
[00:04:08] All right. #6: you might not need a property manager if you want to be on call anytime to deal with lockouts, move-ins, move-outs, deposit handling, et cetera. You like things that are suddenly urgent and immediate, interrupting your day. You can handle that. That's totally fun for you. You might not need a property manager.
[00:04:33] #7: you are comfortable visiting the property to do inspections, to ensure the property is being cared for, and you are comfortable dealing with the tenants complaining or potentially your safety being at risk because they're upset at you. You might not need a property manager, because you're just so awesome like you're just going to deal with these really difficult situations, tenants, and sometimes dangerous situations. You like little danger in your life. I just read a news article-- this is not funny-- an older article where a landlord was killed because they were doing things they probably shouldn't have been doing or dealing with a tenant in a way they probably shouldn't, and the tenant took matters into their own hands, right. So don't try to force yourself into a property if tenants could be armed. Right?
[00:05:24] So you might want a property manager in those situations, but you might not need a property manager if #8: You find it easy to be the bad guy. You love being the bad guy and performing rent collection when tenants aren't paying rent, and you are comfortable being the bad guy when people are making really sob story, heartfelt excuses. You like to be that bad guy. "You lost your job due to COVID? Cool. Well, I'm gonna be the bad guy and get you to pay rent." So if you love being the bad guy, then you might not need a property manager.
[00:06:01] #9: you might not need a property manager if you have no problem raising rent on your existing tenants each year to coincide with inflation to market growth... and we could go on and on and on. So this is a fun little idea for you property managers out there. You can very easily during your sales process when you're talking with an investor, just say, "Hey, do you love doing these things?" and just list out all the things that you do as a property manager. "Do you enjoy doing these pieces? Because if not, my guess is you really enjoy being an investor. You like having real estate investments, but you don't really enjoy being the property manager. So let us take that off your plate."
[00:06:43] And usually, if you ask these questions, they're gonna laugh. "Like do you love dealing with maintenance? Do you love dealing with tenants? Is that fun for you?" They're gonna say no. "No, that's not fun for me."
[00:06:53] "Cool. Let us take that off your plate."
[00:06:55] So I hope this sparked some ideas for you. I hope this is helpful. What ideas do you think I missed? Like, let me know. You can let us know in some of the comments or on our various channels where we post this video. Let us know: what else should we add to this list to expand this? Reasons somebody might not need a property manager, and that's it for today. So if you feel like you'd like to convince more people and get more clients that they do need a property manager, reach out to DoorGrow. We're really good at helping you do that. We'd love to help you grow and scale your business. And until next time, to our mutual growth, everybody. Bye.
[00:07:35] 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!
[00:08:02] 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.