Property Management Growth with DoorGrow DGS 265: The Recent Economic Shifts and Property Management
There was a recent event where the stock market plunged. Some are speculating about an impending recession. We’re seeing the real estate market downturn in real time…
In today’s episode of the #DoorGrowShow, property management growth experts Jason and Sarah Hull talk about the impact the current real estate market and economic downturn will have on property management businesses.
You’ll Learn[02:10] The current state of the economy
[10:00] The real estate market and leasing challenges
[21:07] Having empathy in property management
[25:03] Real estate investing in a recession
Tweetables“In every single recession, new millionaires are made and this is an opportunity for that to happen.”
“Those that have built that ark so to speak, like Noah did, are prepared for the storm. They're ready. They're just going to float through it instead of drown.”
“We always have to remember that property management is a relationship business.”
“One of the most magical, impactful ingredients that you wouldn't think has an impact in getting people to move or do things or to take action is empathy.”
Resources Transcript[00:00:00] Sarah: If you want to be in doom and gloom and "the sky's falling and I'm never going to make any money" then you're absolutely right. But if you want to look at the opportunity that is staring you in the face and say, "what can I do with this and how can I capitalize on this?" that is where millions are made.
[00:00:16] Jason: Welcome DoorGrow property managers 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 in business and life. And you're open to doing things a bit differently, then you are a DoorGrow property manager. DoorGrow property managers 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 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. We're your hosts, property management growth experts, Jason and Sarah Hull, the owners of DoorGrow.
[00:01:22] Now let's get into the show. All right.
[00:01:27] Sarah: That was good multitasking there.
[00:01:29] Jason: You saw that? See.
[00:01:30] Sarah: I saw that. That was one time of you multitasking. So you are capable of it.
[00:01:35] Jason: That was hard, but I had that part of the intro memorized. I was putting my phone on do not disturb as I was reading and she decided to call it out. It's hard, right guys? It's hard for us to multitask. Women have us beat in this area.
[00:01:49] Sarah: Oh, yeah. Yeah, we dominate you here.
[00:01:52] Jason: Yeah, your brains are just wired differently, but we have that singular focus advantage. We can just cut everything else out and focus on one thing at a time.
[00:02:01] Sarah: Well, speaking of focusing on one thing at a time, let's get into the show.
[00:02:07] Jason: Yeah.
[00:02:07] Sarah: So we were going to talk about some doom and gloom today.
[00:02:10] Jason: Yeah. So we just saw the stock market tank, like a thousand points, right. Pretty wild. And friend of mine who runs a company, Jeremy Pound, he had mentioned, I saw his post online.
[00:02:23] Shout out to Jeremy. He said, "now's the time to reach out to your real estate investor clients and say, 'Hey, look, your property didn't go down by a thousand points and never will,'" you know, something like that. So I thought that was clever. But yeah, real estate, probably a better investment right now than long term but a lot of investors are still in general freaking out. There's a recession that seems to be looming and coming or is already here depending on who you listen to. And so yeah, the sky is falling and chicken little's been shouting which is the news media and like everything bad is coming and so is this going to be how's this going to impact property management?
[00:02:59] Might be a good question to start with.
[00:03:01] Sarah: Yeah, I think one of the things that we're already seeing is we have been seeing in many markets at least a decline in prices if you are trying to purchase a property right now. And we are no longer, no matter what market you're in, because some markets have still held pretty steady, no matter what market you're in, we're no longer in the days in which you list the property on a Monday, you get multiple offers and it's accepted for well over the list price the same day.
[00:03:40] We're not in that situation any longer. So how does that affect property management? Well, on the real estate side, investors right now should be, if they're not, but they should be looking. Because things are on sale right now.
[00:04:00] Jason: Steals.
[00:04:01] Sarah: So as you think about what is your favorite store of all time?
[00:04:06] Let's ask you, what's your favorite store ever?
[00:04:10] Jason: Amazon. Amazon. Okay, cool. I spend a lot of money there.
[00:04:12] Sarah: That's great. That's actually, you know, I wouldn't have thought of that. Because I don't, for my brain doesn't equate it to a store, but I guess it is.
[00:04:18] Jason: Okay.
[00:04:19] Sarah: I love it. I love Amazon. Okay, cool. Amazon. So if Amazon had a sale where everything was 30 percent off, would you probably buy some stuff?
[00:04:29] Jason: Oh yeah, I'd buy a ton of stuff.
[00:04:31] Sarah: What if it was 55 percent off? 60. Oh. 70.
[00:04:36] Jason: No brainer. I would stock up on so much stuff.
[00:04:39] Sarah: You'd be like, "I don't even need this, but what if I do?"
[00:04:41] Jason: A million supplements. I would like.
[00:04:43] Sarah: Right.
[00:04:44] Jason: I'd be healthy set for the next year.
[00:04:46] Sarah: You'd be buying everything. So investors, this is your call.
[00:04:48] Hello, real estate is on sale right now. So the savvy investors, they already know this. They're super excited right now. The savvy investors are not freaking out. The savvy investors. They know. This is where millions of dollars can be made and in fact in every single recession new millionaires are made and this is an opportunity for that to happen.
[00:05:18] So people who are like the accidental investors and they've got that property they've been hanging on to and they're just waiting until the market gets hot enough and then they'll probably sell it. But in the meantime, I guess I'll hang on to it and rent it out. They're going to freak out right now.
[00:05:36] They're going, "Oh my God, what if rents dip even more? What if vacancy rates are longer? So I can't fill a property or my property manager can't fill a property in a week like they used to be able to?" It was just churn them out and hurry up, get another one in there, find a warm body, put them in. They're like coming in droves.
[00:05:54] That's not the situation anymore. And they will freak out. But the investors that understand the situation that we're in and the market at where it stands. Oh man, they are excited. Yeah, I'm excited right now. I'm like great tank, baby. Let's go .
[00:06:12] Jason: So the big news out there like right now is Warren Buffett decided to sell off a ton of stock like half of his stake in Apple like some major things and he doesn't make very many moves, right?
[00:06:24] He's like this minimalist in making Purchases or selling he's like he's the he's got the diamond hands, right? And He's now sitting on a cash stock pile 277 billion
[00:06:39] Sarah: billion with a b
[00:06:40] Jason: he's just hanging out with cash He's waiting for the bottom to hit because he knows he must know that things are going to get worse.
[00:06:47] Sarah: Because he's gonna go shopping.
[00:06:50] Jason: Yeah, he's gonna he's definitely waiting to go shopping is my guess And so there's going to be some deals to be had And that may mean the real estate market could be getting worse. Could be getting a lot worse, perhaps. So, and if that's the case, then savvy investors right now should be stacking cash, right?
[00:07:09] Property managers, you should be stacking cash because you should be a savvy investor. And looking for these deals. Now we've been through a recession before here at DoorGrow. Historically, what I've seen happen whenever there's a recession, the real estate market kind of dries up. Things get tough for real estate agents.
[00:07:26] So a lot of real estate agents get squeezed out. So they find other jobs. And there's quite a few of them that think, "well, why don't I do property management?" And a lot of you listening, maybe during the last recession, that's what you did. You started a property management business. Maybe that's why you're now listening to this podcast and you have a property management business that you've probably, hopefully grown by since the last recession to at least 200 units or something, but maybe you haven't put enough focus on it.
[00:07:53] Who knows. Those that have built that ark so to speak like Noah did are prepared for the storm. They're ready. They're just gonna float through it instead of drown. And you're going to see a lot of people scrambling to start property management businesses. That being said if you are a real estate agent, you're struggling you're like, "you know what? I don't really like the hunt and the chase of real estate buying and selling I would be really interested in property management," check out our foundations program. It's pretty great And it's super affordable. Hit us up, learn about DoorGrow Foundations. It's going to help you avoid thousands of dollars in costly mistakes and stupidity in getting started.
[00:08:33] Sarah: Since we're talking about avoiding costly mistakes, it would be a great time to talk about our sponsor.
[00:08:39] Jason: Cool. So, let's talk about Vendoroo. All right. Awesome new tech. Are you tired of the constant stress and hassle of maintenance coordination? Meet Vendoroo, your AI driven, in house maintenance expert that handles work orders from start to finish, triaging, troubleshooting, vendor selection and coordination. Built by property managers for property managers to provide cost effective and accountable maintenance operations where every dollar is accounted for and every task is handled with unmatched reliability. Vendoroo takes care of the details. So you can focus on growth schedule demo today at Vendoroo that's a vendor, V E N D O R O O like a kangaroo, get it? Dot AI. vendoroo.ai/doorgrow and experience maintenance done right. We've got some clients getting great results with that.
[00:09:33] Yeah. So check that out. We're in an AI revolution right now.
[00:09:37] Sarah: Get in.
[00:09:38] Jason: We're hearing great things from our clients about this so far. I mean, it's been programmed for the last 12 years and has over half a million work orders already in it and never forgets any detail you tell it about the property and is intelligent.
[00:09:53] And they put a human layer between that. So it's really cool. All right. Yeah. Back to the topic at hand.
[00:10:00] Sarah: Let's also talk about how things look right now in the property management world because you're like, "yeah, Sarah, things are on sale right now. Cool. But, man, it's just tough being a property manager right now. It's harder than it normally is." And a lot of times what we're seeing is again in certain markets right now is well rents are lower and that means property managers typically make less especially on that percentage part that you're charging so if the rent is 5, 000 versus if the rent is 1, 000, simple math will tell you, yes, you'll make less when the rents dip.
[00:10:40] The other part of that is occupancy. So just like we used to be, what, two years ago, three years ago, we used to be able to list a property for sale and we would have multiple offers very quickly and it was no problem getting it sold. And the rental market has shifted a little bit as well. So we used to go, "Oh, we have a vacant property. Well, let's market it. And then we're going to have multiple applications and we'll get it filled really quick. It could be in a day. It could be in a week, but we know it's going to happen and we're not really worried." And now we're seeing that cycle take a little bit longer. So the rents are lower and the renting cycle of getting the applications and finding someone who's qualified, that is taking a little longer, so now it might take a few weeks. And if things are really bad, that might take a few months.
[00:11:38] Jason: So in some markets, vacancies are up right now, rents are lower, the rent cycle's taking longer, so leasing in general can be a bit more of a challenge.
[00:11:47] And to be fair, a lot of property managers in the longterm rental management game, I've had it pretty easy, right? When you look at like multifamily stuff like this, 2020,
[00:11:58] Sarah: 2021, like none of y'all were complaining then, right? Super easy then.
[00:12:03] Jason: When you look at the multifamily industry, like getting tenants in place has always been a challenge in a lot of these multi family places And so they focus on this.
[00:12:12] They're more aggressive. They put a lot more attention on this and so It may mean that you're going to need to put some greater attention on the leasing side of things to be a bit more competitive and a bit more aggressive to get these properties seen to get these properties like showed, to get these properties rented out.
[00:12:33] So what are some things that they can do to kind of deal with this challenge with leasing right now?
[00:12:37] Sarah: Well, number one, I think the most important thing that you can do here is you may need to look at changing your processes depending on what they are in the leasing process, specifically regarding showings, right?
[00:12:52] So if you're like, "well, we do two showings a week." This is how I used to do things. "I do two showings a week and one is at this day, this time. The other one is at this day, this time. This is when you can come and look at the property." Well, if we consistently aren't having anyone show up and then now all of a sudden we have someone who's interested and they can't make any of those showings, you may need to change your processes, right? So now we might need to look at "how can I offer more flexibility for someone who is qualified and interested? How can I offer more flexibility?" And that doesn't mean, "oh, I'm just going to be on call 24 hours a day as a leasing agent, and I'm just going to jump when somebody says, 'hey, I want to look at this property.'"
[00:13:34] That is not what you're going to do. So, can we do self showings? Can we use electronic lock boxes? Can we have a team member just go to the property, unlock the door, stand and wait, and then lock it up? Because that's what I used to do, right? "Well, they have to be licensed." No one has to be licensed to unlock a door.
[00:13:56] Unlock the door, stand there and wait, and lock up when they're gone. That does not require a license, right? So how can we offer more flexibility so that people who are interested are now able to go see the property when it's convenient for them? Because they might work 9 to 5. So 5:30 might be impossible because at 5:30 I'm stuck in traffic. Right. So I might need a 7 o'clock showing or a 7:30 showing, or I might need to do something on the weekend. But on the weekend, you know, I have all my kids stuff and soccer camp and all this stuff. So like finding those little spots that do work for them. "Well, great. What day and time would be good for you because I can see if I can fit you in" and, or if you have the electronic lock boxes that opens a whole host of availability. I think they shut off at a certain time. So you can't go at like midnight. Right? But, then you have a whole bunch of available slots. And they get to choose what's convenient.
[00:14:57] Jason: So, maybe even a step earlier, which I love the idea, like, you can start to be more flexible.
[00:15:04] And maybe that could be helpful is just to get more eyeballs on properties maybe optimizing the listings and so there's several ways to optimize listings and a lot of property managers probably been a little bit lazy about this. Some companies put a lot of detail on this but this is a competitive advantage if you have better photos. We've had companies on like box brownie and others where they will improve or edit the photos there's so many ai tools now as well for photos and so if you can get your photos optimized and improved without lying without like, "Hey, look, the carpet and the walls are all perfect." And AI made it that way. And it looks like garbage, right? That is not going to like bode well for you. But yeah, if you are getting better photography, Improving and optimizing the listings, making sure the descriptions are really clear, adding video tours to these. One of the big things I would look at I loved seeing on any listings when we were looking to buy a rental property to rent out or anything. I love seeing the floor plans
[00:16:05] Sarah: That's so easy.
[00:16:06] Jason: Just I love seeing the floor plans like then I could go "oh, this is how it all fits together. This is how it works," you know and all these photos that are taken from the corner with a wide angle lens and make everything look giant. That stuff's probably not serving you. It's not showcasing reality And so I think there's going to be a greater push with ai and fake humans and all this stuff, there's going to be a greater desire for humans to get reality. Everything's been fake news, fake everything, fake voting, fake food, right? Everybody's waking up to this So we need to stop trying to make everything look better than it is. We need to start showcasing reality. And so it might mean photos instead of wide angle from the corner, maybe more like we've done with our airbnb taking photos straight on.
[00:16:52] Sarah: I think with Airbnb, that works really well. The types of photos I've put on our Airbnb, I would not.
[00:16:58] Jason: You wouldn't do on real estate?
[00:17:00] Sarah: What I would do though is I don't want to use the wide angle lens. That's going to make a little tiny closet look triple its size.
[00:17:08] Jason: Sure.
[00:17:08] Sarah: So that I think is something.
[00:17:10] But still maybe from the corners. Yeah. And I would because when you're trying to either sell or rent a home, you are looking like, "Hey, imagine your family in here. Look how big the space is. Look how great it is. It's beautiful. Lots of light." But don't advertise there's lots of light if there's not lots of light, right?
[00:17:27] So be realistic in it, but still do things to make it look attractive. That being said, a step even before the listing is really do some research in the market. What's available? "So, okay, this property, I can rent it out. I know what it looks like because I'm familiar with it, but this property is competing against other properties. What do the other properties in my market look like?" If all of the other properties have a swimming pool and you're the one without a swimming pool, you may have a problem, right? So if all of the other properties, they have certain amenities. You may need to look to see, "Hey, is it possible for us to also get these amenities?"
[00:18:10] Right? So you might need to look at doing some updates to flooring, kitchens, bathrooms, and it may or may not be something that investors are able to invest in right now. But the important thing is, "Hey, this is in fact, an investment."
[00:18:29] Jason: Sure.
[00:18:29] Sarah: So right now, what we might need to do in order to be more attractive and in order to get those higher rents and in order to find a qualified tenant sooner, we might need to put some work into the property to make it look more attractive.
[00:18:42] Now, right now that might seem really painful. However, it is an investment, which will give you an ROI on the property because even though rents are low right now, everything moves in cycles in real estate and the stock market. So we're at a low right now, but we're not going to stay there because if you recall, just two short years ago, it was booming.
[00:19:08] So see how quickly things can change? So that means that in even two years from now, this can very easily be something that "Hey, rents have bounced back." And now this calls for a higher rent.
[00:19:24] Jason: So price is also going to be a factor right? And being able to get and convince your owners that "hey, we're going to need to drop the price. It's not just about cashflow in having a rental property." We've talked about our ROI calculator on previous episodes that have been helping clients close deals But being able to showcase the life the investment long term of the property, even if it's not cash flowing right now, it's still a good investment to keep can be effective and just getting the price low enough sometimes is what it takes to get at least out like that's always going to be a significant factor.
[00:20:01] Sarah: Absolutely.
[00:20:01] Jason: Related to that, our next sponsor is True Submeter. So with True Submeter, what's interesting about this is you have multi family properties and you're trying to fold the utilities into the rent and your rent looks higher on listings than other places where they're not including the utilities, then you are putting yourself at a disadvantage.
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[00:20:57] Another way, maybe to get the rent down, at least on the surface and the utility separate. All right. So, I think another factor in solving the leasing challenge... I've been studying sales a lot lately and one of the most magical, impactful ingredients that you wouldn't think has an impact in getting people to move or do things or to take action is empathy.
[00:21:25] And so there are a lot of tenants that they will pick you, or pick getting a property from your business because you showed care, you showed empathy. You weren't an asshole. You weren't rude to them. You didn't make them feel unimportant or like a number and so just showing a little bit of care and showing a little bit of empathy is often the determining factor why somebody picks something over anything else. "Well, I got along better with them," or "they were nicer to me," or "they seemed like they actually cared and I could imagine them as a landlord" or "they answered their phone."
[00:21:58] Sarah: "They answered the phone when I called them, that was helpful."
[00:22:01] Jason: And so adding in empathy or making sure that the people that are having, like working on the leasing and you know, showing the property and communicating with the tenants are team members that are feelers and are empathetic and show care would probably be a little bit more effective in getting placement would be my guess.
[00:22:22] Sarah: One of our clients, I think he's outside of the Chicago area, Ed Kirch. He was saying in his area, there's like two, 300. New apartment buildings like being built and they're like large multifamily like apartment complex buildings. And then of course, they're not going to work with like a small mom and pop.
[00:22:40] They're like, they're corporate owned. It's a big corporation that manages it.
[00:22:45] Jason: Yeah, they'll be brand new.
[00:22:47] Sarah: They're nice. They're pretty. And he said, "and sometimes the rents are either the same or even less than the units that we're managing." And he's like, "man, it's really hard to compete with that." And I said, "well, is it though?"
[00:23:04] Because yes, there are always going to be the people who just want the bargain. They're like, "well, if this thing is $100 and this thing is $110, I'm going to go with this cheaper thing. Even if the $110 thing gets me better service, I don't care. I'm just all about the money." So if you're attracting those cheapo tenants, good luck managing those.
[00:23:27] Have fun. Have fun with that. But if you're looking to attract great tenants, price is one factor, but it's not the only factor. So again, it's the relationship. And we always have to remember that property management is a relationship business because we have a relationship with the client and we have a relationship with the tenant.
[00:23:51] So if one or both of those fails, it's going to be really hard for us then. So just by building that relationship and you do not need to be friends with them. You don't need to take them out for pizza and beer but just by being available to communicate with. Now again, don't go too far with this.
[00:24:13] This does not mean you're at someone's beck and call 24 hours a day. "Oh, i'm going to be glued to my phone and as soon as somebody calls i'm going to answer right away." No, but it does mean that you are available. You are responsive. It's not a hundred percent of the time. Sometimes you might need to call someone back, but it's can they get in touch with you? And do they feel like 'I'm talking to a person who actually cares about me and my situation, or do I feel like I'm talking...' we've all had these conversations where you can just tell they're like, "hurry up. Come on, just sign the stupid application so I can be done with you and move on to the next thing that I'm doing. I don't really care at all, but I just want to make the money. So like, would you hurry it up here, sweetheart?" Right? So there's a big difference on how you're communicating with people as well.
[00:25:03] Jason: Got it. So is there anything that you think will be shifting related to recession related to the owners? Like maybe money gets tighter for them. Inflation is going up. They're having a more difficult time paying for some of the repairs on the properties. Maybe it would make sense for some of the property managers now to be communicating with the owners, like, "Hey, set aside cash. Things are getting more expensive. Make sure you have the funds in order to take care of things related to this rental property, to weather this, you know. What do you think?
[00:25:31] Sarah: Yeah. I think that's fair for sure. I also think that, I mean, for me, that's always something that I do because I've been in situations where we needed a cash call and we had no cash available, so now we're really in hot water. So I do that anyway, but I think right now, especially just having those conversations like, "Hey, and just so you know, like this too shall pass. So you might not be in the best situation right now. Maybe cash flow is not happening. Maybe we're cash flow negative. But this too shall pass, right?"
[00:26:06] So it, again, it comes in waves. It comes in cycles. And I think that's even more important at this point to discuss why investing on cash flow alone is just not a great strategy because if you buy a cash flowing property right now that can change in a year or two years or five years, right?
[00:26:31] And vice versa. So right now you might buy it and it's not going to cash flow at all, but in two years or five years or eight years, then all of a sudden, "wow, we have a lot of cash flow happening." So everything comes in cycles, but it's important to understand cashflow is just one piece of the pie. It's not the entire pie.
[00:26:48] Jason: Right. Like even great stocks will lose money in the short term.
[00:26:52] Sarah: Yeah, absolutely. And real estate is a long term game. It's not, "I'm going to buy it today and sell it tomorrow and bank a million dollars."
[00:27:00] Jason: Yeah.
[00:27:01] Sarah: Can you do that in certain situations? Absolutely. But is that going to be the normal experience that people have? No.
[00:27:09] Jason: Okay.
[00:27:10] Sarah: So I think yes, talking with your owners about the other pieces of the pie or pieces of the equation. "Well, let's look at the tax benefits that you get," right? Because a lot of times people don't even understand really what it means to be able to take your losses, losses on paper, from real estate to apply them to your active W 2 income.
[00:27:38] So you can pay less in taxes just by owning a real estate, a piece of real estate. That's amazing, right? You're getting the depreciation. You're getting appreciation because even if it's not appreciating currently, it will over time appreciate. Every property over time appreciates.
[00:27:55] It's just a general rule of thumb. So it might take a couple years to get the appreciation, but you will get it. And now you're building up equity in an asset that you can tap into later. And if your tenants are paying some or all of your mortgage for you, that's amazing. Where else can you get something where you're going to take out a loan on something, but somebody else is going to pay that loan for you?
[00:28:21] Even if it's not all of it. Even if your mortgage is 2, 400 a month and you're like, well, the 1022, but then I have some other expenses on top of it. That's great. They're still paying a large chunk of your mortgage for you. And again, things change. So right now that might be your situation and you might not cashflow and that can change very quickly in the future.
[00:28:43] Because again, back in 2020, 2021, people were cashflow and really great, especially if they had bought. If you buy in a dip and then things spike, you're sitting pretty.
[00:28:55] Jason: So maybe to sum it up with your existing owners, now is the time to help them build their ark right before the storm hits. With the intention for yourself to protect your portfolio, to protect your rent roll and to make sure that you keep that up and as healthy as possible. And You know, and look into, you know, there may be investors you have in your portfolio clients that you have that they're sitting on a bunch of cash. They're waiting for the deals to happen. And then you have investors that they're like kind of struggling. They're already like kind of the straw that breaks the camel's back might like float down and land on their back like any moment now. And so there may be opportunities to keep the properties in your portfolio, but move them over.
[00:29:39] I've been hanging out a bit with the the founder of a blanket, which is a cool platform. Maybe we'll have them on the podcast here shortly, but there's different methods to keep your portfolio, even if the owners are changing. So you keep the properties. And so that's some things to be strategically thinking about as well.
[00:29:58] So, well, I think we've covered several things. Is there anything else to prepare people listening for the doom and gloom, get them maybe focused on the positive.
[00:30:08] Sarah: Just in the height of the market, one of the strategies I used was tapping into my current investors. Is, "are you looking to pick up more properties?" Can I partner, you know, two or three investors together so that they're able to get more properties? And anyone who's looking to get out, can I shift that to someone else in my portfolio? And to get referrals. Like, "Hey, this is going well for you. Do you know anybody else that might be interested in doing this or might want to purchase a investment property or have already an investment property?"
[00:30:42] So, and that, in the height of the market, that worked really well for me. So right now they would work even better. It would work even better. So even if you're like, "well, I only have like 20 clients and that's it." Plenty. That is plenty. You have an untapped gold mine. So if you want to be in doom and gloom and the sky's falling and "I'm never going to make any money and rent rolls are down and vacancies are longer and my investors aren't interested and people are losing money and I'm going to make less and oh, this sucks..."
[00:31:18] Then you're absolutely right. That is the situation that you're going to create for yourself. But if you want to look at the opportunity that is staring you in the face and say, "what can I do with this and how can I capitalize on this?" that is where millions are made. So you can choose what you do with this weird time that we're in right now.
[00:31:38] I know what I'm going to do.
[00:31:40] Jason: You know, during the Great Depression, some of the greatest companies were made. It was the companies that decided to double down on their marketing efforts doubled down on their growth experts and not put their head in the sand and freak out that the world and the sky is falling and so choose your frame I think sums up what Sarah's saying.
[00:31:59] I think it's great mindset. Choose your frame. Either you're going to believe in the opportunity and see all the positives. Why is this positive? Figure that out or you're going to view this as a threat, be scared, kind of tighten up, And you're going to watch some people make a lot of money and pass you by and stack a lot of doors.
[00:32:19] There's going to be a lot of opportunity for growing a property management business. I think a lot. So, and if you want to capitalize on that, reach out to us at DoorGrow. And I think that's that's it for today. So until next time to our mutual growth, everyone. And if you are interested in connecting with us, you can reach us at DoorGrow. com or check out our free online facebook group community at DoorGrow club. com. And we'll give you some free gifts for joining. And hopefully you'll get on a call and chat with us and we can figure out if we can help you grow and scale your business significantly. So until next time, to our mutual growth. Bye everyone.