The Profitable Property Management Podcast

184: Stop Unit Churn By Selling To Other Owners - Meet Blanket

Nov 8, 2023

Lior Abramovitch from Blanket Homes discusses the problem of churn in property management and how their platform enables internal sales within a property manager's portfolio. Benefits include increased revenue, visibility into portfolio performance, and automated communications to owners. They also talk about macroeconomic trends in real estate and opportunities for property managers.

55:10

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Episode guests

Lior Abramovitch

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Episode notes

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Quick takeaways

Property managers often lose revenue due to owner churn, especially from owners selling properties.

Traditional methods of double ending deals or acting as a broker within the property management shop are less effective in combating churn.

Blanket Homes' platform enables property managers to retain more properties, increase revenue, and improve customer experience by providing a seamless experience, automating communications, and offering a marketplace for off-market property deals.

Deep dives

Solving the Problem of Owner Churn

Leor Abramovich from Blanket Homes discusses the challenge of owner churn in the property management industry. He shares his personal experience in the SFR space, where property managers are losing significant revenue due to owners selling their properties. He highlights the need for property managers to retain owners and offers a solution to keep properties in their portfolio while maintaining future profits.

Introduction

5min

Solving Owner Churn in Property Management

16min

Selling Off-Market Properties

12min

Building a Real Estate Company and Creating an Online Ecosystem

8min

The Importance of Sales and Relationships for Success

2min

Challenges and Risks in the Property Technology Space

4min

The Impact of Love and Inspiration

8min

Welcome Closers!

In this episode of Profitable Property Management, Jordan talks to Lior Abramovitch from Blanket Homes about their new technology to help property managers combat churn and retain properties in their portfolios.

Topics and Guests

Guest: Lior Abramovitch, founder of Blanket Homes

Topics discussed:

The problem of churn in property management and losing revenue from properties leaving the portfolio

Why property managers often don't capture sales even though they have broker licenses

How Blanket's platform enables internal sales within a property manager's portfolio to retain properties

Key features of Blanket's platform: marketplace, investor dashboard, data integrations

Benefits to property managers including increased revenue, visibility into portfolio performance, automated communications to owners

Operational details on how Blanket's brokerage services work with or without the property manager's involvement

Macroeconomic trends in real estate and opportunities for property managers

Lior's background in real estate investing and technology

Links and Resources:
Blanket Homes website - https://www.blankethomes.com
The Profitable Property Management Podcast - www.profitablepropertymanagement.com

Key Moments:

Many property managers experience churn rates of 30-35% annually, representing huge revenue loss (2:35)

Biggest driver of churn is owners selling properties, but most property managers don't capture those sales (3:17)

Blanket's platform enables internal sales so properties stay in the PM's portfolio (7:02)

Main benefit to PMs is retaining properties to grow their portfolio and revenue (14:21)

Blanket handles communications to owners like emails about sales opportunities (12:51)

PMs can choose their level of involvement: Blanket can represent transactions or PM can be the broker (15:15)

Now is a challenging but opportunistic time for real estate investors and property managers (27:23)

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