Property Management Growth with DoorGrow

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

Do you ever change your home's air filter? Do you know when or how often you need to change it? Do you just forget about it, or are you just lazy? Do you know what size filter you need? Thanks to FilterEasy, there's no excuse to not change it. Today, I am talking with Mark Brandt from FilterEasy, which was created to meet a simple need - help homeowners remember to change their home's air filter and what size of filter to use. Mark helps initiate and grow the property management side of the business. You'll Learn... [04:10] Property management side of FilterEasy is based on a simple concept in service: Starts with a need. [04:50] Tenants are even more less likely to change the air filters because they do not have a vested interest in the property; FilterEasy makes it easier for them. [05:33] This service helps property managers and their team during inspections and walkthroughs to hold the tenant accountable and provides a burden of proof. [06:28] FilterEasy listens to property managers about the need and awareness to motivate tenants. [07:55] Many companies do not understand the industry and create a product before conducting research. [09:30] After implementing FilterEasy, the property managers, owners, and tenants appreciate the convenience, saving money, and other benefits. [11:45] Not changing the air filter can cause serious and costly damage to repair. [13:30] Can you guarantee that 100% of tenants will change the air filter? No, but FilterEasy sets you up for success by increasing the number of tenants who will. [18:00] Such programs and companies are becoming necessary to provide more operating capital to grow and competitive advantages. [18:35] When owners compare companies, what is the differentiator? What sets you apart from others? Why should they choose your company? [19:15] Property managers can use reminders to let tenants know they are giving them a gift and taking care of them; generates a positive perception and produces results. [25:00] Grow with the times and culture to provide awesome service to people; compete on value. Tweetables Grow with the times and culture to provide awesome service to people. These programs provide operating capital and competitive advantages. What is the differentiator? Why should they choose your company? Resources Mark Brandt Mark Brandt's phone number: 864-770-3909 Mark Brandt's email FilterEasy Cutco NARPM DoorGrowClub Facebook Group

Make your own decisions rather than dealing with unnecessary pain and doing what the world dictates. Find a way to hit the inspiration point, rather than the desperation point by focusing on four cores! Today, I am talking with Preston Brown, who started in real estate as a home flipper. Now, he has seven divisions of property management: Roofing, real estate, brokerage, home flipping, hard money lending, title company, and home warranty insurance. He invests in business, but also in his body and mind. You'll Learn... [03:28] Preston found DoorGrow online when looking for franchise property management opportunities. [04:20] Cycles, models, and understanding the dynamics of various industries. [04:50] Impact of embezzlement on Preston's businesses. [06:00] Low cost of DoorGrow services that offered so much value and showed how to avoid the Cycle of Suck. [07:55] Preston did a study to show clients their options and costs with his companies vs. other companies; shows differences between price and value. [10:11] Preston increased pricing, got rid of bad doors, and lowered operational and staffing costs. [11:30] Launch a business at the right size; bigger is not better, profitable is better. [13:30] Psychology is linked to success; you don't buy a product, but you buy a feeling of certainty and comfort that you could achieve success with the product. [14:50] Four cores people think about to create a natural alignment: Spirituality, physical fitness, family and love, and money and wealth. [16:30] Happiness: Life condition equals blueprint; progress makes you happy. [19:55] Preston systematized all of his businesses using DoorGrow processes. [23:45] Don't focus on getting rich quick; to have the best business in the world, deliver more value than any competitor. [27:20] Your body is a direct reflection of your business. [30:00] What's your identity in each of the four cores? Notice, appreciate, and believe. [32:10] Try this tactic: Use one hour each morning to program your body and mind to attract everything you want. [34:45] Positive vs. negative emotions in business. [36:37] Secret to Success: You cannot revolutionize, you have to evolutionize. [38:35] Do 80% psychology and 20% strategy for all parts of your life and business. [40:05] Be proactive, rather than reacting and putting out fires. [42:45] Life hits everyone; you will face problems and challenges in life and business. [46:45] State value and build rapport; out pace strategy problems using psychology. [52:25] Focus on the four primary needs and two divine needs. Tweetables Launch a business at the right size; bigger is not better, profitable is better. Lose your ego to gain a profit. You buy a feeling of certainty and comfort that you could achieve success. Resources Preston Brown email Mike Michalowicz Tony Robbins DoorGrowClub Facebook Group

Providing proof of funds is a problem that most property management companies face with tenants. Every property manager and landlord can benefit from better data faster. Technology can change the game of verifying tenants. Today, I am talking with Robert Hsu, of FinRET, about how you can use the latest technology to digitally verify your applicants' income, account balances, and cash flow. He is someone who has combined his two passions and areas of expertise, real estate and technology, into an entrepreneurial business. You'll Learn... [06:20] Issues property managers deal with regularly. [06:45] How FinRET works with banks to prevent fraud. [07:10] FinRET instantly provides better and more data. [07:35] How FinRET gathers financial data from smaller or international banks. [09:04] FinRET is able to get expense and cash flow data that was previously inaccessible or difficult to obtain. [10:07] It allows you to make informed decisions about whether to accept an applicant. [10:14] FinRET will eventually let you score applicants to make decision-making quick. [10:58] Benefits for renters: A seamless process. [11:35] FinRET saves property managers time because financial verification was the slowest part of the process; went from being a 5-day process to only 15 minutes. [12:33] FinRET plans to create integration partnerships in the future. [13:34] Property management software leaders in the residential space. [14:34] How to contact FinRET. [15:00] FinRET's pricing structure is per use/application basis. Tweetables Every property manager and landlord can benefit from better data faster. Technology can change the game of verifying tenants. FinRET instantly provides better and more data. Resources FinRET Robert Hsu's email Zillow Yardi AppFolio Propertyware Buildium Rent Manager DoorGrowClub Facebook Group DoorGrowClub Mastermind Group

Do you come from humble beginnings? Only have a high school diploma? Want to own and operate your own apartment buildings and real estate firm? Anything is possible. Just ask Bryan Chavis! Today, I am talking to Bryan, who is a best-selling author and founder of The Landlord Property Management Academy. He is the author and creator of one of the top online property management designation certifications. Also, Bryan has a blog for real estate professionals and is a property management coach for Keller Williams. He coaches real estate professionals and consults for large housing authorities. You'll Learn... [02:35] Bryan's background in multifamily real estate leading to a school and speaking. [05:40] From being a poor student to transitioning to be an entrepreneur. [07:37] Writing a manual while working on a job to figure out how things work in property management. [09:53] Building a brand, partnerships, and relationships to manage and own properties. [10:34] Absorbing, learning, and teaching property management. [12:08] Turning the manual into a book and more books. [16:13] Fundamentals was the focus of the first book: Buy It, Rent It, Profit! [17:04] Second Book: The Landlord Entrepreneur is a follow-up with additional details. [17:38] What Bryan is working on these days; buying, renting, profiting - practicing what he preaches. [18:18] 5 phases to become an owner and make money: acquisition, implementation, stabilization, growth, and exit strategy. [22:42] Acquisition: Understanding how to evaluate a property from an income approach, cash basis, and how to evaluate from an income approach. [22:57] Implementation: Hard and soft systems needed to operate properties; What systems am I using? How am I going to operate? [23:38] Stabilization: Maximizing income and minimizing expenses. [24:00] Growth: Growing the asset's value. [24:06] Exit Strategy: Determine what you will do with a property. [24:47] Be an owner, not a steward. [25:94] Where to start to learn more - DoorGrow. [26:54] Advice for struggling entrepreneurs: restart and reboot. [27:19] How Bryan restarted and rebooted after medical issues; opportunities that help you grow as an entrepreneur. [28:58] Being passionate and making a difference. [32:50] Resilience, spirituality, and faith. [34:34] Is your business blessed to go where it needs to go? [35:55] Spending too much time on your business and becoming ineffective. [37:00] Client-centric vs. self-centric business; a life of purpose and meaning. Tweetables When you're an entrepreneur...it's something that's in your DNA. I always wanted to own the apartment building, what did it take? The key to any business is the franchise mindset. Resources The Landlord Property Management Academy The Landlord Property Management Academy on YouTube The Landlord Property Management Academy on Facebook Landlord Academy Blog Buy It, Rent It, Profit! Make Money as a Landlord in ANY Real Estate Market The Landlord Entrepreneur: Double Your Profits with Real Estate Property Management Keller Williams Realty National Apartment Association Mark Willis Inside Power by Gary Sheffield

Many elements of the leasing process are very painful for property managers. Today, I am talking to James Barrett and Calvin Davis of Tenant Turner, a property management tool and resource that helps property managers manage their tenant leads, schedule showings, and put the leasing process on auto-pilot. Tenant Turner removes burdens for property managers in a way that's elegant and simple. This allows them to focus on higher value-added activities, such as growing their business and adding doors. You'll Learn... [02:44] Tenant Turner was created out of necessity to put properties on the market. [03:12] Simplify and improve leasing process to get feedback, reliable tenants. [04:43] Tenant Turner focuses on people and simplicity backed up by support. [06:02] Client-centric vision puts you in alignment with what customers want and need. [06:53] Success was difficult initially, but became easier - it was a big, but good challenge. [07:55] Look to experts and customers in the industry for advice and guidance. [08:29] Determining if someone is a fit with Tenant Turner. [11:00] There are no shortcuts to success, including bringing on the right clients. [12:21] Biggest questions and concerns regarding Tenant Turner. [12:43] Property managers are hesitant to give up control of tenant leads. [13:35] Software, such as Tenant Turner, is becoming a necessity; it's not if, but when to plug it in to focus on growing doors and giving owners the attention they need. [14:00] Tenant Turner size is based on a company's growth goals. [15:42] Building technology into processes for improvement. [16:25] Old school vs. new thinking and possible solutions; change is challenging. [18:47] Time, savings, and other benefits of being onboard with Tenant Turner. [20:00] Unaccompanied showings trend in various markets. [23:05] Future of Tenant Turner: New technology and integration partnerships. Tweetables Many elements of the leasing process are very painful for property managers. Tenant Turner focuses on people and simplicity backed up by support. There are no shortcuts to success, including bringing on the right clients. Resources Tenant Turner Calvin's Email Brad Larsen Rentwerx DoorGrowClub Facebook Group

There's a lot of stress that comes with moving. Push tenants toward the finish line by getting utilities turned on quickly. Today, I am talking to Wes Owens of Citizen Home Solutions, a free concierge service that facilitates utility services for new residents moving into a property. Property management companies experience pain points and challenges with tenants setting up utilities. They struggle with getting utilities quickly set up in a tenant's name and placing necessary equipment. So, Citizen Home Solutions engages directly with tenants and takes the stress out of the process. You'll Learn... [03:48] Before and after results of using Wes' company to save time and money. [04:52] Tenants' appreciate the company's facilitation help and process. [06:22] Growth Goals: Reach nationwide - outreach everybody. [06:49] Citizen works with major cable, satellite, Internet, phone, and security providers. [07:10] Property managers' biggest questions and concerns about Citizen's services. [08:15] Onboarding process for property managers. [09:00] Citizen only needs W-9 and logo to create a portal for property managers. [09:20] Property management company provides Citizen with tenant information. [09:35] Citizen contacts tenant about setting up utilities. [09:45] Working with Citizen is a value-add piece that sets companies apart. [10:07] Citizen pays a percentage of what it earns to property management company. [10:30] How Citizen makes money from the utility companies. [11:30] No agreements or contracts, only outstanding work required. [12:13] Percentage of payout for clients. [12:44] Citizen's focus on growth. [13:00] Property management mentors. [13:24] Citizen doesn't offer some services, but offers tools and does what it can to help. [15:15] Citizen follows up with and educates clients on services. [15:55] Updates and check-ups provided by Citizen. Tweetables Moving and making sure everything is set up is stressful. Growth Goals: Reach nationwide - outreach everybody. Zero cost to implement, zero cost to the tenant. Resources Wes Owens phone is 214-493-2010 or wowens@citizenhomesolutions.com Citizen Home Solutions Citizen Home Solutions' Dashboard and Onboarding (password:letmein) Brad Larsen Podcast with Wes Owens Tenant Liability Insurance for Property Management with Brad Larsen Steve Rozenberg and Pete Neubig of Empire IndustriesKevin Knight of Liberty Management DoorGrowClub Facebook Group

In this episode, I am talking to Todd Breen of Virtually Incredible about how to spend less time leasing to make more money and grow your business. Todd manages a property management company and opened an outsourcing solution called Virtually Incredible. It was designed to help property managers spend less time leasing and spend money on a good marketing campaign, business development manager (BDM), and call center to begin the customer journey on the right foot. You'll Learn... [02:27] Business owners devote too much time and resources to leasing properties. [02:47] Putting less effort into leasing and more into listing can free up energy to grow your company. [03:54] Analyze and monetize your leasing process. [04:33] What would a customer's experience be with your company and what do you need to do to improve? [05:00] Using the traditional model, business owners tend to charge an owner a tenant placement fee and share some of that with a commissioned leasing agent. [05:51] The traditional model is inefficient and expensive. [06:41] If answering a call isn't your top priority, and booking/showing isn't something you enjoy doing, then learn how to efficiently monetize leasing calls or inquiries. [07:17] Utilize mystery shopping to gain data about your customer's journey. [09:05] Companies do not grow because they're not answering their phones, or they're preoccupied when they do. [09:19] Specialize your outsourcings and upgrade your technology for your showing process to devote more energy to answering new owner calls. [10:33] Employees who answer your leasing lines should be Fair Housing trained and certified to properly respond to questions. [11:45] The most significant benefits to offloading leasing calls include a quiet office. [13:26] Be good at hiring, training, supervising, managing, and motivating staff. [14:33] Look at how much it costs you to lease a house. Add up commissions, staff hours to answer phones, mileage expenses, and hours spent showing houses. [15:05] Do the same analysis on your customer acquisition cost in getting a new customer to manage their house. [15:38] Are you doing your best job leasing? Can you improve that to free up time and resources to grow your business? [17:42] Cut the number of days to market to rent faster, do a great job renting, and have higher client retention. [18:35] Staff that complies with Fair Housing lowers legal liability and provides a greater peace of mind as a business owner. [19:23] Don't be afraid to outsource tasks to an outside team. [20:32] Answer after-hours calls to increase your efficiency and reduce days on the market. [22:10] Whatever you're spending in money on leasing, spent that on marketing for new owners and hiring a BDM. Reallocate funds toward growing your business. [22:52] You should have software to facilitate calls and showings, such as Tenant Turner, Rently, ShowMojo, or Mock Rentals. [23:55] Make sure the call center you select is as good as you hoped. Get a dedicated leasing hotline. [25:22] Publish your rental standards in each rental listing. Describe what is needed to rent from you. [27:24] Have leasing agents who have the listings, but also a leasing director that serves as the leader. [29:00] People who are 35 and younger don't call. They book their showing online. If you don't have an online showing option, get one. [29:45] There's got to be a way to reach out to the people who want customer service and a way to reach out to people who want technology. [30:21] Shift your focus, time, energy, resources, and staff toward growing your business. [30:58] Utilize videos to accelerate your marketing process, reduce your days on market, reduce phone calls, and reduce your showings. Tweetables Don't be afraid to outsource tasks to an outside team. That's the real benefit, spend less time leasing and more time listing. Reach out to people who want customer service and who want technology. Resources Virtually Incredible Website Virtually Incredible email Virtually Incredible phone number: (561) 693-2648 Tenant Turner Rently ShowMojo Buildium DoorGrow Club

Do you know your credit score? What about your pet? Does it have a score? Today, I am talking to John Bradford, the "Pet Guy." John came up with the idea for PetScreening.com by combining his skillsets of being a property manager and pet lover. There's two "Ps" that cause property damage - people and pets. Property managers need to know how to handle pet diligence and the increasing population of "assistance" animals - sometimes involving pet owners who try to circumvent policies of property management firms. You'll Learn... [05:00] Service animals is a topic that sparks property managers' interest. [07:00] Experience Share: Tell your experiences and don't hold back any punches. It makes for authentic and real conversations. [07:16] John started PetScreening to develop a service that reduced the liability for property managers and clients. [08:12] John did not want the service to cost any money. [08:21] John loves money, so he wanted a product that generated substantial revenue around pets. [09:05] John worked with software developers, lawyers, veterinarian consultants, lawmakers, and others to develop the PetScreening product. [10:09] Hundreds of firms have registered with PetScreening. [10:55] PetScreening generates revenue through an application fee paid by the pet owner. The cost is $20 for the first pet, and $15 for each additional pet. However, there is no application fee for service animals. [11:40] PetScreening does a revenue share with the property management firm. The tool is free, and they get a rebate besides. [12:17] The property management firm is given a unique link to share with customers who have a pet or service animal for PetScreening to track applications. [13:09] The customer is taken to PetScreening to complete the application, which includes questions about the pet: Name, breed, type, photos, vaccination records,etc. [13:47] The application includes an Affidavit section, which features questions that protect the property manager and owners. Applicants attest and certify their answers are accurate. [15:12] PetScreening developed an algorithm that takes data points from the application to create a "Pet Score" that goes to the housing provider. [15:33] The score can indicate risk factors for that pet. Use that score to create a pricing matrix that correlates to the score and identify how much revenue you will generate. [16:17] Applicants basically know their answers will impact whether a property manager will allow their pet, but they don't know the pet is being scored. [17:00] Property managers are building better relationships with pet owners because they tell them what they need for the pet owner to pay less. [17:52] The best rating - a 5-paw score - is difficult to achieve. Only about 11% of applicants reach this status. [18:09] It's up to the property manager how they treat the scoring. If you have an animal with a 1-paw score, you may not allow them or charge more. [18:59] About 10% of PetScreening's applications are for assistance animals, either as a service or companion animal. [19:53] PetScreening collects data and asks HUD questions, then its legal team reviews each assistance animal application, but no score is given. They are either recommended or not. [20:39] About 32% of applicants who say they have an assistance animal have a status of "waiting for animal owner." When asked for clarifying information, they disappear. [21:40] PetScreening is disrupting the industry because it is weeding out people who do not truly have an assistance animal. [21:57] Test of Reasonableness: Is the documentation reasonable? When was the document issued? Who is the provider? [22:38] If applicants lie, there is no real legal recourse. There are not a lot of statues on fair housing, so people are taking advantage of this problem. [23:55] PetScreening is a timesaver - and time costs money. John's firm has saved time and minimized liability risks. [25:09] Every question asked in PetScreening's application is designed to protect property manager and owners. [25:20] PetScreening developed the first nationwide database where property managers can report incident reports of pet damage and pet biting that follow that animal forever. [26:58] For one, specific pet, the owner only has to submit an application and pay once. Then they can share that information with other businesses. [28:37] However, pet owners need to renew the application every year, which costs $10. [29:29] Property managers should re-evaluate data because a lot can change with pets. [30:10] HIPAA protects sensitive medical documentation. Property managers can ask for such documentation about assistance animals. [30:42] PetScreening has HIPAA-compliant servers to protect the documentation. Tweetables PetScreening - a win for property managers, pet owners, and property owners. PetScreening's database offers incident reports of pet damage and pet biting. It's up to the property manager how they treat the pet scoring. Resources PetScreening PetScreening Email PetScreening Discount for DoorGrowShow Users ADA NARPA Bryan Greene of HUD HIPAA DoorGrow Club