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Join me, Nik (https://x.com/CoFoundersNik), as I speak with Peter Lohman (https://x.com/pslohmann), the owner of a residential property management company in Columbus, Ohio. Peter discusses his 11 years of experience managing rental homes and apartments, detailing how he grew his business to nearly 700 units and almost $3 million in annual revenue. He explains the importance of revenue per door as a key metric, the challenges of having both property owners and tenants as customers, and the three main functions of a property manager: rent collection, maintenance, and leasing. Peter shares his journey from being an engineer to a property management business owner and offers insights into how to start and grow a property management company.
Questions this Episode Answers:
- What is Peter’s property management business and how did he get started?
- What are the key metrics Peter uses to measure his business's performance?
- Who are Peter’s two main customer groups and what challenges arise from this?
- What are the main responsibilities of a property manager?
- What are the key steps to starting a property management company?
Enjoy the conversation!
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This week we covered:
00:00 Highlights
00:27 Introduction to Property Management
00:54 Revenue and Profit Margins
02:29 Understanding Clients and Tenants
03:06 Key Responsibilities of Property Managers
03:37 Profiles of Property Owners
04:29 Why Hire a Property Management Company?
05:41 Payment Structures and Fees
06:34 Company History and Growth
10:50 Remote and Local Operations
16:16 Starting a Property Management Business
19:02 Finding Your First Clients
19:29 Early Challenges and Strategies
20:47 Benchmarks in Property Management
21:50 The Importance of Community
23:27 Scaling Your Business
30:57 Operational Complexities
32:21 Opportunities in Property Management
35:38 Conclusion and Final Thoughts
Nikonomics - The Economics of Small Business