Ben Sencenbaugh, founder of Realty Medics, discusses growing his property management company from 200 to 1600 doors in 10 years. Topics include implementing systems, using marketing tactics, maintaining profitability while scaling, selling a property management company, achieving work/life balance as an entrepreneur, and finding the right buyer for an acquisition.
Staying focused on the core business of property management and excelling in it leads to profitability.
Strategic investments in marketing and technology, such as radio advertising and programmatic marketing, drive growth and improve customer service.
Maintaining profitability requires controlling expenses and increasing revenue per door, while understanding the return on investment.
Building and empowering a strong team, through hiring the right mindset and work ethic, fostering collaboration, and investing in training, is crucial for success.
Deep dives
Focus on core business: Property management is the main engine of profitability
Throughout the podcast episode, the importance of staying focused on the core business of property management is emphasized. The speaker emphasizes that despite tempting distractions, such as expanding into new markets, offering additional services like maintenance or selling software, and exploring other business opportunities, the main goal should always be to excel in property management. The focus on providing high-quality property management services and acquiring market share in the central Florida market is seen as the key to profitability.
Investing strategically in marketing and technology
The podcast episode discusses the strategic investments made in marketing and technology to drive growth. The speaker talks about the decision to invest heavily in radio advertising, using case studies from other successful companies as inspiration. Additionally, the implementation of programmatic marketing to target specific customer segments and the adoption of a call center to handle non-process-oriented communications are highlighted as key strategies to improve customer service and streamline operations. The importance of measuring return on investment and having a strong understanding of the numbers is emphasized throughout the episode.
Maintaining profitability while making strategic investments
The episode emphasizes the speaker's commitment to maintaining profitability while making strategic investments. The speaker discusses the importance of controlling expenses and being thoughtful about every dollar spent. By focusing on controlling expenses and increasing revenue per door, the speaker was able to invest in marketing, technology, and other strategic initiatives without compromising profitability. The speaker also highlights the balance between profitability and the need for growth, ensuring that investments were made with a clear understanding of the return on investment.
Empowering a strong and engaged team
The episode underscores the significance of building and empowering a strong team. The speaker highlights the importance of hiring people with the right mindset and work ethic, even if they lack experience in the industry. The speaker believes in giving employees the autonomy to make decisions and provide solutions, fostering a collaborative environment. The implementation of the Entrepreneurial Operating System (EOS) is mentioned as a method to empower the leadership team and ensure clear goals and accountability. The speaker also discusses the importance of investing in training and continuous learning to support team growth and development.
Importance of building a strong brokerage
A key point discussed in the podcast episode is the importance of building a strong brokerage as a crucial element of the business. By focusing on selling homes and growing the portfolio, the speaker highlights the need to retain the money within the business instead of paying commissions to external agents. This approach allows for better management of the properties and financial flow within the company.
The significance of vendor management
Vendor management is emphasized as a crucial aspect of the business, ensuring the smooth operation and success of the company. The speaker explains that vendor management involves the process of offering feedback, properly onboarding vendors, and monitoring their performance. This ensures that vendors adhere to the company's systems and expectations, leading to a successful partnership and streamlined operations.
The balance between work and personal life
The importance of achieving a balance between work and personal life is discussed, highlighting the speaker's experience in maintaining a healthy home life while building the business. The speaker emphasizes the need for balance, allocating time for family, friends, and personal experiences. Additionally, the speaker acknowledges the significance of continuous learning and staying refreshed, as well as the importance of not being consumed by work to maintain overall happiness and fulfillment.
In this episode of The Profitable Property Management Podcast, host Jordan Muela has an in-depth discussion with Ben Sencenbaugh, founder of Realty Medics, about growing his property management company over the past 10 years before a recent acquisition. They cover Ben's journey from starting with just 200 doors to now managing over 1600, implementing systems and processes, lessons learned along the way, work/life balance as an entrepreneur, and finding the right buyer to acquire his business.
Topics and Guests
Ben Sencenbaugh, Founder of Realty Medics
Growing a property management business over 10 years
Implementing systems and processes
Using marketing tactics like radio and direct mail
Maintaining profitability while scaling a business
00:02:32 Ben shares the story of growing from 200 to 1650 doors in 10 years
00:07:36 Implementing Podio in 2016 to organize processes
00:12:18 Focusing on foreclosures and rehabs in the early years
00:17:28 Starting radio ads and direct mail campaigns
00:26:26 Bringing on Pam Kawasaki to refine branding and messaging
00:31:08 Ben talks about his ability to build customized processes and software
00:34:46 Starting with automating the renewal process first
00:39:54 Sitting with employees to solve issues with new systems
00:45:44 Implementing a customer service call center for incoming calls
01:06:41 Not having a defined "end game" but being open to acquisition
01:12:24 Learning about planning the "way down" after a sale
01:16:33 Seeking an acquirer that would be the right fit to take care of staff
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