The Multifamily Wealth Podcast #46: A Deep Dive into Property Management.. Interviewing Them, Managing Them, and Growing a PM Company with Peter Lohmann
This is a great show for those who want to better understand a property management company’s role in the investing process. In this episode, I speak with Peter Lohmann of RL Property Management – we discuss how to interview and select a quality property manager, the difference between asset management and property management, and how to actually grow and scale a property management company (or any service business)! We also talk about building your brand on social media and how that will help to grow your business and whether or not you should grow a company page or a personal page.
Peter is the CEO & principal broker of RL Property Management, a residential property management company designed for investors, located in Columbus Ohio. We help real estate investors unlock free time and peace of mind by correctly managing their property, and transforming their investment into real passive income.
Struggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.
Are you looking to invest in real estate but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners partners with passive investors looking for the returns, stability, and tax benefits investing in real estate offers, but not the work - join our investor club to be notified of future investment opportunities.
Show Notes:
4:05 Peter shares his background in engineering and how he got into real estate and property management.
6:20 Peter discusses which systems he uses to grow his property management business and how property management is fast-paced and reactive.
16:45 We discuss how hiring a property management company allows an investor to buy back their time.
17:55 Peter shares how to find property managers that will effectively and attentively manage your properties.
30:05 Peter discusses the difference between asset and property management and the different roles each position plays in your business.
39:33 We discuss how telling a good story and being authentic is crucial at any stage to scale in your business.
45:07 Peter discusses the process he uses to find employees that will be quick thinkers and work diligently for your business. We further expand on hiring maintenance and how it can be challenging to find long-term employees.
53:28 We talk about Airbnb and how it is shaping the real estate market. Peter further explains his theory and how Airbnb could shift to long-term leases and take over.
58:53 Peter explains what he would tell himself if he was starting his business again.
1:01:02 We discuss Peter’s biggest business-related failure
1:03:33 Peter shares his short-term goals and what he plans on accomplishing within the next six months.
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