Episode 4 of the Owner Occupied podcast with Peter Lohmann and Russell Lowery. In this episode we discuss Peter's top 5 early mistakes when starting and growing the property management company in the early days:
1) Too slow to operationalize the sales process. Sales cures all - it should be handled just as rigorously and professionally as ops.
2) Asking how do I get paid instead of asking how do I add value?
3) Not enough focus on high-leverage, high-impact strategic moves.
4) Trade groups are a cheat code for getting up to speed with current best practices in your industry. Get in there and network.
5) Did not identify our ideal customer. Marketing to everyone limits growth.
(00:00) Intro
(02:03) Mistake 1: Not Systematizing Sales
(06:00) The value of documenting the sale process
(09:55) Mistake 2: Only Looking Out For Myself
(11:58) The optimal mode of thinking for results
(13:28) The balance of adding value & not giving it away
(18:40) Mistake 3: Not Focused On High-Leverage Items
(22:51) Scheduling everything does not work for me
(24:12) How to recognize the value of your time
(25:19) Mistake 4: Not leveraging trade groups
(27:00) Mistake 5: Not identifying ideal customer
(28:34) We used to take anyone for property management
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Russell Lowery is a political puzzle solver. He runs a California based public affairs company highviewstrat.com. You can also connect with him on Twitter: twitter.com/russelllowery10
Learn more about Peter & how to connect with him here: peterlohmann.com
RL Property Management manages Columbus area rental properties: rlpmg.com
Peter Lohmann's Podcast