The Profitable Property Management Podcast

180: Why Ben Sold to Rhome

20 snips

Oct 12, 2023

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.

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Introduction

00:00 • 2min

Reflecting on a Planned Journey with Growth and Challenges

02:02 • 2min

Finding the Right Partner for the Sale of Our Business

03:53 • 26min

Accelerated Growth and Focus on Operations

30:21 • 4min

The Evolution of People Management and Milestones in Property Management

34:42 • 4min

Reflections on Running on EOS for Three and a Half Years

38:18 • 4min

Building a Call Center for Property Management

42:05 • 9min

Maintaining Profitability and Controlling Expenses

51:24 • 15min

Building a Business Over 10 Years

01:06:20 • 17min

Maintaining Work-Life Balance

01:23:03 • 24min

Overview

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
Selling a property management company
Change management and leading teams
Achieving work/life balance as an entrepreneur
Finding the right buyer for an acquisition

Relevant Links and Resources

Realty Medics - https://realtymedics.com/
Profitable Property Management Podcast YouTube Channel - https://www.youtube.com/@profitablepropertymanagement/
LeadSimple Software - https://leadsimple.com/
Danny Craig, Profit Coach - https://profitcoach.com/
Jeremy Pound, RentScale - https://www.RentScale.com/

Key Moments

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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