Property Management Growth with DoorGrow DGS 65: The NARPM Standard of Accounting with Brad Larsen
Want to make your life easier when it comes to property management? Once it’s adopted, try the National Association of Residential Property Managers (NARPM) Standard of Accounting. It’s going to positively change the industry!
Today, I am talking with Brad Larsen, who played a major role in the development of the Standard of Accounting. Also, he’s the founder of RentWerx (formerly Larsen Properties) and host of the Property Management Mastermind podcast.
You'll Learn...[04:28] Why: Standardize language and charter accounts for industry. [05:15] How: NARPM participation and vendor selection of ProfitCoach. [08:33] Going from General to NARPM Accepted Accounting Practices (GAAP to NAAP). [09:31] System/process to get it adopted; won’t be a perfect solution immediately. [10:38] NARPM’s value add and thank you to industry; training provided at conferences. [12:45] Embezzlement: It’s going to happen to you as your business grows and scales. [14:05] Examples of how to use NARPM Standard of Accounting. [17:56] Goals: Create common language, adopt industry standards,compare metrics. [18:02] Acquisitions: To acquire or be acquired, NARPM standard makes you look better. [18:17] Comparing numbers, data, and metrics; and knowing what to do with them. [20:20] Transition to follow Standard of Accounting is simple. [22:16] 87% of statistics are made up - people believe almost anything; businesses need to be comfortable with numbers. [23:41] Need designation/certification for stamp of approval on Standard of Accounting. [26:51] Concerns about who controls what and how much of standard. [29:10] NARPM standard helps improve property management industry’s reputation. [31:12] Audits are available to build a level of confidence, safety, and certainty. [32:13] Examples of metrics that help your business make the right decisions and compare against competitors.
TweetablesGoing from General to NARPM Accepted Accounting Practices (GAAP to NAAP)
Goals: Create common language, adopt industry standards, compare metrics
To acquire or be acquired, NARPM standard makes you look better.
ResourcesProperty Management Mastermind Show
Property Management Mastermind on Facebook
DoorGrowClub Facebook Group