Property Management Growth with DoorGrow DGS 51: Growth Strategies with Andy Propst
Today, I am talking to Andy Propst, who runs a national single and multi-family property management company called HomeRiver Group. The company is on a mission to become the first nationally branded property management firm in the country.
For Andy, he can’t grow his company fast enough and big enough. Learn more about what Andy did to grow so many doors, so quickly.
You'll Learn...[10:00] HomeRiver Group shifted to multi-family properties for rent investor products. [11:20] Biggest opportunity for property managers is to build their own products. [11:55] Rental demand is high, but supply is shrinking, which is bad for property managers, investors, and renters. [12:30] HomeRiver Group is a matchmaker; it bring investors and builders together for build-to-rent projects. [14:38] Builders want to build, so it is not difficult to get a builder to pay attention to you; find stats and information that tell a story and generate interest. [16:50] If you want to grow your business and be successful, you can’t be passive. [18:15] HomeRiver Group follows a specific workflow to make things happen; then people come to them. [19:45] Property managers control the revenue, top line, expenses, and net operating income; you’re there to make a sale and be there after the sale. [21:25] If you are never failing, that’s because you are never trying new things; don’t be afraid to fail. [22:30] As a property manager, you know what tenants want and what should be done to produce the most revenue and income. [24:00] Marketing is identifying a need and then supplying whatever it is to fit that need. [24:40] Timing and difficulty of expanding to new markets; need the right people to execute tasks. [27:40] Don’t consider expanding unless you are looking for a lot more work to do and get a lot less more money up front; eventually it will pay back, if you do it right. [32:00] Identify companies to merge with; those with a similar culture, and forward thinkers who are adaptive and open-minded. [37:20] Big companies vs. mom-and-pop shops: There’s room for both. [39:25] Big differences exist between franchises and HomeRiver Group; franchises struggle with growth. [53:20] Stop running your property management company as a paycheck model business; figure out how to build your business to sell it.
TweetablesSome days I hate it; most days I love it!
Biggest opportunity for property managers is to build their products.
HomeRiver Group is a matchmaker; it bring investors and builders together.
ResourcesThe Art of Buying and Selling Property Management Companies
DoorGrowClub Facebook Group