Property Management Growth with DoorGrow

Are you a property manager? Is maintenance your biggest cost or time suck? Does it keep you from growing your business? You can't expect to grow a company when you're stuck in the operations piece of it every day. Today, I am talking with Ethan Lieber of Latchel, which helps property managers with maintenance and growth. You can get stuck where you have to hire and hurt your margin or you're growing and just can't keep up. You're behind on work orders and that's not good for anybody. It's not good for your business, tenants, and property owners. Latchel builds solutions and services to try and fix that problem. You'll Learn... [07:10] When thinking about the growth of your business, that comes from the way you acquire your customer scalable and how you get scalable lead generation. [08:00] Frontend/Backend Scalability: If you're only bringing in new customers and increasing units, there's going to be a problem if your operation can't handle that growth. [08:25] Latchel focuses on making maintenance scalable; grow without worrying about creating your margin or being able to fulfill any promise you're giving to customers. [08:45] Latchel realized that technology is support for a process, but it can't be the process; so it offers maintenance software backed by an actual human-based service. [14:00] 3-step process for a call: 1) Determine if it’s an emergency or not; 2) Send possible emergencies to in-house team member; 3) Send out a vendor/contractor. [15:35] Companies should create a preferred vendor list/network to send out vendors that they partner with when bandwidth is not available. [16:35] Human Side vs. Automation: Beautiful thing when you can combine expertise and the human mind with technology; use technology to reduce inaccuracies. [18:55] Types of transformations of early adopters that implemented Latchel to offload maintenance with phone calls and coordination. [22:35] Property managers are careful about giving something up; if they want to grow, they have to delegate, give up control, and use a vendor network. [26:10] When Latchel works with any customer on taking over maintenance, Latchel builds boundaries to work under and sets clear expectations. [41:00] Latchel makes life easier for maintenance coordinators by earning trust; transparency becomes important, especially through documentation. [44:50] Latchel works with property management software through an add-on service, but is looking into API connections to integrate with existing systems. Tweetables Latchel builds technology to make its human process more efficient Latchel frees you up to grow but keep your margins healthy It’s a beautiful thing to combine expertise and the human mind with technology Resources Latchel Homey Keep Property Meld SuperTenders EZ Repair AppFolio Propertyware Buildium Rent Manager Rentec DoorGrowClub Facebook Group DoorGrow Live

As an entrepreneur, how can you build a sizable, significant business? Is there a problem you can solve for customers? Save them time and money? If you can offer a good, quality product and there's good margin in it, then you may have a great idea for a new business! Today, I am talking with Thad Tarkington of FilterEasy. He describes how his company started due to personal experience with filter issues. He had no background in air filters, but saw an opportunity and jumped at it. After all, entrepreneurship is like skydiving without a parachute, and sometimes you have to make the parachute on the way down. You'll Learn... [05:08] How Thad went from being a solo-preneur to having a team; started his company in 2012 with one partner and now has almost 120 employees. [06:25] You don't know everything when you start a business, so find good mentors; the dollar amount you pay them is miniscule compared to your company’s ROI and growth. [07:06] As an entrepreneur, you start by doing everything; you slowly hand off responsibilities/tasks to allow your company to grow and flourish. [07:25] FilterEasy focuses on who it hires; must have an aptitude and skill for the role, fit in culturally, and be a self-starter. [11:38] Trust the process and that things are going to work out in the long term; be resilient and adaptive to keep moving forward, even if there’s roadblocks. [15:37] Trust other people when you hire them for a job; they may not do things the exact way you would, but they could come up with things that are better and unique. [17:15] Interruptions are costly; eliminating interruptions is critical for you, your team, and your company to progress. [19:38] Done is Better than Perfect: To accomplish something, you have to get it done; nothing's ever perfect in business, and businesses are not perfect. [24:08] Culture: When employees are excited, energized, and passionate because the company is growing fast, it's hitting sales numbers, and new projects are successful. [31:05] If you're complaining about your team not being motivated and you don't have the business that you want right now, you're not the person to lead it yet. [37:30] Lead-gen and getting a business going can be challenging; there needs to be constant innovation and improvement. Tweetables No background in air filters, just saw an opportunity and jumped at it. Entrepreneurship is like skydiving without a parachute. Slowly hand off responsibilities to allow your company to grow and flourish. Entrepreneurs see opportunities everywhere. Resources Thad Tarkington’s Email FilterEasy Provide Value to Your Clients with FilterEasy Gary Keller's One Thing Book Basecamp Slack DoorGrowClub Facebook Group DoorGrow Live  

Property management is like a Rubik’s Cube - you solve one side, which makes you feel great. Then, you go onto the next side. When you fix it, you mess up the first side. How do you get all sides to work together? Today, I am talking with David Kerner of TouchPoint Property Management. David sold real estate for about 15 years before investing in his own doors and handling rentals. He shares some tips on how he developed systems and processes to grow his number of doors. You'll Learn... [03:48] Difference between doing real estate and property management; going from cold calls to find new business to rental properties that offered residual income. [04:55] Vertical income streams: Managing properties could feed David’s sales business, and the sales business could feed his property management business. [05:20] Property managers fear realtors getting into and doing damage to the property management industry; David was successful because he had a mindset from both sides. [08:15] David successfully transitioned from being a realtor to a property manager by knowing that if he did them both, he would not be great at one of them. [10:10] Once you make a decision, be 100% in to ensure success and execute it. [11:21] David learned everything he could to know the right and wrong ways to do things, and made himself available to customers. [12:40] He systemized and automated processes; many software programs are available to help make property managers more efficient and accountable. [14:36] David used DoorGrow’s Seed Package to improve his Website and leads; landlords go on the Internet to find property managers. [18:20] People perceive property management as a commodity/service; the challenge is to shift that perception to being about relationships and taking care of clients. [19:49] David was able to break his first 100 doors in just a year; does it get easier after that milestone? Depends on you because there’s new challenges every day. [22:45] David is now at the point where the number of doors is not the main factor - profit and smoothness of his business are key. [23:25] David attributes much of his success to the Seed Package to help him develop a company name, brand, Website, and sales process; he started creating revenue quickly. [27:20] Getting help vs. doing it on your own; if you’re not paying for something/someone or have a plan to follow, it takes much longer to get things done. [32:40] David’s biggest challenge is the entrepreneurial side; he wants to improve collaboration and customer service for his business to be profitable and run well. [33:45] David recommends making your business more efficient and systemized; focus on entrepreneurial and sales tasks, rather than day-to-day tasks. [36:50] David started implementing automation, checklists, and other systems right away; be consistent and focus on getting things done. Tweetables Once you make a decision, be 100% in to ensure success and execute it. Shift the perception to being about relationships and taking care of clients. Does it get easier? Depends - there’s new challenges every day. Resources TouchPoint Property Management NARPM National Association of Realtors DoorGrow Seed Package DoorGrowClub Facebook Group

What are four pillars that successfully build and grow a business? Transparency, value propositions, stellar customer service, and aggressive pricing. Today, I am talking with Scott Brady. Despite being told by everyone to not become involved with the “Toilets, Tenants, and Troubles” of property management, Scott started Progressive Property Management in 2012. In a short period of time, he has grown his business phenomenally by rebuilding his website, marketing, and company to target self-managing investment property owners. You'll Learn... [05:38] Seekers are just starting out in property management; they get stuck by doing everything on their own instead of using marketing dollars effectively to hire others. [07:23] Scott built his company of the four pillars to make the floodgates open for generating leads; set up virtual offices and branches to help handle workload. [09:05] Real estate used to be a structured business, so the challenge was knowing how to get doors; SEO and ads are used to get doors for realtors to buy. [11:11] Scott is willing to pivot quickly when things are not working; focusing on resolving problems by adding doors, agents, and investors has helped him deal with changes. [14:35] Conducting product research and talking to clients is important to know what they want and need; serve as resource with connections to help them with pain points. [17:55] Embrace mutual affection marketing; clients need to know, like, and trust you before they will hire you - build and maintain those relationships. [19:20] Legislation is a constraint that drives innovation and need for property management; turns you into being more relevant to property owners and landlords. [20:37] Property management is a complicated business, position yourself as an expert. [21:56] Spend money on what works for you - whether it’s seminars, direct mail, etc. [25:13] To get your first 100 doors, test different marketing channels to find out which gives you the best return and connect with experts, such as Scott, for pearls of wisdom. [28:50] Property management offers multiple streams of revenue: Management, real estate, maintenance, etc. [29:25] Create market share to help people recognize problems and how to handle them. [36:08] Growth is not the problem - it’s covering marketing area geographically, and finding the right agents and training them properly. [36:45] In-and-Out Model: Hire the ding-and-dented to sell them on a path of opportunity - going from front desk to branch manager; no fear of losing employees. [40:30] Create marketing messages and lead magnets that pivot to: Do you.... [46:13] Constantly try to improve your marketing, sales, processes, and operations; embrace the suck by trying something new and different. Tweetables How hard is property management, right?! I’ve made every mistake in the book. My definition of Hell is 100 doors. Businesses only exist to solve a problem. We get paid to solve and fix problems. Resources Progressive Property Management Seminar in a Box Scott Brady Email NARPM Bluefishing: The Art of Making Things Happen DoorGrowClub Facebook Group

Is it possible to integrate real estate and property management? Today, I am talking with Jay Berube of the Encompass Group about property management being a great lead generation machine for realtors. You'll Learn... [02:45] Jay realized that asking questions and listening to answers is the most important part of sales. [03:10] Jay helps people figure out what’s the best situation for them; sell a property, rent it out, or get a reverse mortgage. [04:00] Sharing and giving value; give people value first to build trust and for them to know what you have to offer. [04:30] Difficult to have both real estate and property management and produce at a high level. [05:55] People usually don’t know what they need, but think they know what they want. [07:40] Being in alignment with your clients/lead is key to sales; create a win-win. [08:50] Velvet Hammer: Be transparent by delivering the brutal truth in a good way. [10:30] People’s initial reaction is to avoid realtors; many view them as annoying and pushy - just hungry people who want to get the next deal. [11:28] Property management could be the ultimate gateway drug because of its perception of being high trust, service, and relationship. [12:30] Only takes 60 hours to get a license to sell someone’s most valuable asset. [14:30] All realtors are the same; have a unique selling proposition. [15:35] Easy to get into real estate and property management; but the liabilities, risks, and challenges can be large. [16:27] Buyers start their home search online; use Zillow, Trulia, and other sites. [21:40] Know and have a good property management referral source and know how to sell its products; be prepared and nurture relationships. [29:00] Some people take hours to make a sale/close a deal; only takes Jay 20 minutes. [30:25] Sales can be taught (asking questions, tonality, and alignment). [36:55] Jay’s 90-day course results in more income and saving time. Tweetables Asking questions and listening to answers is the most important part of sales. Being in alignment with your clients/lead is key to sales. It only takes 60 hours to get a license to sell someone’s most valuable asset. Resources The Encompass Group DoorGrowClub Facebook Group

Are you into technology? Do people always ask you to help them set up their tech devices? Do you take on roles and jobs where technology helps industries? That’s how Sean Miller from PointCentral describes himself. He was able to take home automation and build it into an enterprise platform for residential property managers to run their businesses better and provide an amenity that residents want. You'll Learn... [02:48] PointCentral focuses on residential property management; its software is designed for short- and long-term single- and multi-family property managers. [03:21] Some vendors target both property management entrepreneurs and consumers, winding up undercutting and competing with the property managers. [04:47] Convenience and operational benefits to home automation technology. [05:05] PointCentral built an operational benefit with its system for property managers and owners; that’s the base of the ROI, and the rest just adds to cash flow. [05:15] Operational benefits and savings through locks and history of who is on the property; addresses vacant property risks. [06:45] Thermostats and energy settings for when tenants are home, property is vacant. [08:45] Keyless-entry offers greater security because floating keys risk is eliminated. [09:05] PointCentral home automation integrates with various systems and sites. [10:18] PointCentral uses cellular lines ( AT&T and Verizon) for 99% uptime reliability. [12:49] PointCentral is a wholly owned subsidiary of Alarm.com; gets access to robust architecture and policies. [14:08] Home automation is popular right now, but most startups fail; PointCentral will be in business down the road. [14:33] Leveraging and access to data; handling security and data privacy issues. [17:25] Data is analyzed to determine how property managers can do their job better and what information can be useful for problems. [19:56] PointCentral integrates with Property Meld to coordinate maintenance. [20:35] Onboarding process to get a property set up; cost is around $125-150. [23:12] Basic hardware package, which includes a cellular hub, thermostat, and lock, costs about $550. [24:08] Property manager could charge a fee to have a connected home (turn into profit center) and have language in the lease to prevent changes to the equipment. [24:22] Cost, operational, and other benefits of home automation with PointCentral. Tweetables Home automation offers convenience and operational benefits. The rest is just gravy and creates a positive cash flow. PointCentral connects and integrates its home automation. Resources PointCentral Alarm.com Property Meld Generac Belkin DoorGrow Live DoorGrowClub Facebook Group  

Years ago, James Alderson of OnSight PROS witnessed challenges in property management. So, he decided to step in and step up to help property managers get better at what they do.  James wanted to develop a user-friendly and easier way for tenants to do walkthroughs. The missing piece is a new app called MyWalkThru. You'll Learn... [06:10] MyWalkThru app nags tenant to do walkthrough. [06:40] 3 options on MyWalkThru: Doors are 1) not applicable, 2) observed with no problems, or 3) picture and comment of problem. [08:15] App solves various problems by making sure tenant does what they need to do. [08:39] MyWalkThru is contribution focused and fills a need. [08:56] How does it compare to other software? MyWalkThru is tenant-driven. [09:50] Add a charge to cover cost of MyWalkThru for property managers. [10:16] When a tenant is set up in MyWalkThru, tenant info (as well as property info) stays in app account. [12:15] If you want to be a MyWalkThru member, you have to be given permission. [12:36] DoorGrow listeners, try MyWalkThru for free to test it and offer feedback. [13:28] MyWalkThru uses the OnSight PROS logo; separate but related. [15:00] MyWalkThru can be used for both move-ins and move-outs. [15:35] All reports are identical to assist objectivity and offer summary of issues. [19:20] MyWalkThru is for the tenant; that’s the difference between OnSight PROS. [19:40] MyWalkThru was just released; only are few are using it; there may be glitches. [21:35] Benefits of signing up for new software; shape it with your input. [23:30] Future Possibility: Ways to connect with tenant and automatically send them info. Tweetables We’re changing the property management industry and its reputation. Security deposits should just to go away because disputes are a real issue. Don’t have time or interest in doing inspections? Time is better spent elsewhere. Resources James Alderson Email OnSight PROS Offloading Property Management Inspections with OnSight PROS MyWalkThru MyWalkThru on Google Play Store NARPM DoorGrow Live DoorGrowClub Facebook Group

Do you feel misunderstood? Not like others? Crazy confused? Alex Charfen knows how you feel. He knows what you need to hear. Begin your journey of personal development. Get a business coach to help you out. They can help you increase your revenue, and make your life easier. Alex is my business coach, and in today’s episode, we talk about the entrepreneurial personality type (EPT). Successful people are stubborn and obsessive. They don’t give up. The most successful people in history are different and unique. You'll Learn... [10:20] Everyone around you are aliens; or are you the alien? [11:08] Garage sale game changer; act of generosity. [12:41] All an entrepreneur needs is someone to encourage them a little bit. [13:40] Use social media to encourage people; feel return of momentum. [15:10] If you feel broken as a business person, learn how to have relationships and build each other up. [17:50] EPTs are asynchronous learners and developers. [18:50] Most available coaching is disappointing and abusive. [19:58] 4 Types of Personalities. [20:30] Caretaker: A need to serve; do you enjoy changing bedpans? [22:10] Communicator: Carries on oral tradition; do you enjoy small talk? [24:05] Coordinator: Love organization, memorization, and rules; do you enjoy being on committees? [26:00] Entrepreneur: Evolutionary hunter who changes things and makes others uncomfortable; can you turn it off? [28:20] Go out, be who you are, and make the change in the world you’ve always known you could. [29:24] “All great truths begin as blasphemies.” - George Bernard Shaw. [30:05] Every great visionary was crazy until they sold something. [30:15] If the world is fully supporting you, telling you that you are right, and saying everything is going to be ok, then you are probably not doing anything very important. [30:40] Challenge beliefs in yourself; hook onto contribution and momentum. Tweetables The most successful people in history are different and unique. All an entrepreneur needs is someone to encourage them a little bit. Entrepreneurial personality types are asynchronous learners and developers. Resources Entrepreneurial Personality Type book Tony Robbins Dr. Wayne Dyer Momentum Podcast DoorGrowClub Facebook Group DoorGrow Live

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. Tweetables Some 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. Resources HomeRiver Group Integra Realty Resources Tapestry Site To Do Business NeighborhoodScout The Art of Buying and Selling Property Management Companies DoorGrowClub Facebook Group

Property management business owners sometimes have to deal with hoarding problems. They may have tenants who pack the property full of stuff and then have to deal with the costly cleanup afterward. Today, I am talking to Marnie Matthews, a licensed clinical social worker specializing in hoarding and clutter. She is intrigued by the mental health piece of hoarding, which has many factors tied into it. To Marnie, success is when everybody wanting help has easy access to affordable and professional help. You'll Learn... [04:36] Types of Hoarding: Hoarding disorder, hoarding behavior, and excessive clutter. [05:10] Hoarding Disorder: Somebody who has extreme difficulty/inability to let things go. [05:33] Hoarding Behavior: People who can address their hoarding after handling mental health issues, such as depression. [06:01] Excessive Clutter: Depending of the level of clutter, someone may have hoarding disorder or just be chronically disorganized. [06:28] Clutter you can clean up quickly and easily; does not impact daily living. [06:48] Those with hoarding disorder believe they can clean up their home, but they are actually unable to do so. [07:05] Brains of people with hoarding disorder work differently; making decisions is difficult, and then frustration and anxiety builds - nothing is accomplished. [07:57] During crisis case management with property managers, Marnie focuses on safety issues. [08:16] Uniform inspection checklist is a tool used to help people pass inspections. [09:28] Remember: Hoarding is a mental health issue; be compassionate, but continue to handle liabilities and responsibilities. [10:04] Harm Reduction Approach: Have a conversation about safety and reducing risk rather than the clutter. [11:26] Anyone with hoarding issues needs to get mental health treatment and support, but resources are limited. [11:56] Typical Response: Property managers don’t know what to say because hoarding situations are overwhelming, but don’t threat tenants or tell them to get rid of everything. [14:30] Tenant may not achieve 100% of what’s required, ask them what happened to identify their habits - don’t try to control them, but inspire them. [15:38] The Clutter Movement provides consultations and trainings for property managers, as well as services and support for tenants and their family members. [18:30] Hoarder’s Mindset: What does it feel like when someone goes through your personal belongings to determine what is and isn’t important? [21:00] Things people are holding onto are about their identity; it may look like trash to the rest of us, but those things mean something to the hoarder. [23:45] Marnie asks two questions: If you woke up tomorrow and your home was as you wanted it to be, what would your life be like? What is something you want to do that you are not doing or can’t do now because of the clutter? [26:09] People are reward-motivated; don’t focus on the problem, but something that will move them forward. [27:58] Addiction aspect of hoarding could be due to a lack of connection; hoarding is not an addiction, but associated thoughts/behaviors need to be treated like an addiction. [31:00] Difference between hoarding and squalor; hoarding regards possessions, while squalor focuses on unsanitary environmental conditions. Tweetables Hoarding is a chronic, progressive disorder. It only gets worse when triggered. During crisis case management with property managers, focus on safety issues. Property managers don’t know what to do; hoarding situations are overwhelming. Resources The Clutter Movement Marnie Matthews’ Email The Clutter Movement Individual Support Facebook Group The Clutter Movement Family Support Facebook Group Hoarding Task Force Network Uniform Inspection Checklist Minimalism on Netflix TED Talk: Everything You Think You Know About Addiction is Wrong DoorGrowClub Facebook Group