Property Management Growth with DoorGrow

Property managers want to get business and make money, but they often make the mistake of underpricing their services. In the long and short run, it would be much better to make more revenue with less clients. The challenge is finding a way to reach an audience that will pay for a quality service and allow you to actually make money. Today, I am speaking about price sensitivity to the franchisees at Keyrenters. I had done some past consulting work with them,and they invited me to speak to their regular audience. I talk about how marketing to different channels and having a solid reputation while being able to sell to the right audience can make all of the difference with pricing options. You'll Learn... [03:42] Shoring up branding and creating reputation profiles as a business. [04:53] Category expansion is building brands and creating market share by finding an audience. [10:33] Focusing on the blue water where everyone else isn't.[13:24] Reviews are one channel for warm leads, but you can multiple review channels. [14:11] Sales is the number one thing to know. [15:42] How to deal with pricing and people asking for discounts. [16:34] Discount type companies have a higher churn rate and lower retention rate. [17:11] Reaching out and touching people and letting them know you are a better option. [17:47] Taking on too many doors at low price points will make you overextend yourself and not be able to hire help. It's better to have a profile of half the size and make more revenue. [18:54] Keeping costs low while getting a fee that makes sense. [19:19] Decide what you want and what you can part with. [23:02] Learning how to sell through failure or getting coaching. [23:59] Investing in yourself is the best investment. Mindset shifts for valuing yourself. [30:55] Knowing and understanding your business leads to success and more of the same. [32:28] Multipliers of increasing your sales by a small percentage. [37:46] Understanding why you are in the business and why you do and how you do it. The art and science of figuring out your why. [42:32] The number one thing you can do to improve is invest in yourself every day. [46:40] Taking action on the four main areas of your life. Tweetables The majority of property management clients come through word of mouth. The close rate on reviews from tenants and owners could be 70% by going more personal and leveraging reciprocity. The difference between a cold lead and a warm lead is that they know you, trust you, and like you. Resources Keyrenter Franchise Cold Leads Calculator Grant Cardone Increasing Fees in Property Management with Darren Hunter Cold Calling FRBOs for Property Managers With Daniel Madison National Association of Realtors Broker Summit  

Today, I am hanging out with Jameson Brandon and talking about the subject of genius and speed learning. We talk about how to really tap in and connect with your genius and purpose, and how to remove stuff from your life that is preventing that from happening. This all affects growth and how your business is growing. We talk about energy management, time management, and building a team that is motivated and passionate. Every business, especially, property management businesses want to grow faster. Jameson and I talk about unlocking your inner genius to grow your business faster. Most business owners want to be moving faster, but they run into roadblocks. People commonly think the roadblocks are due to lack of tools or resources, but they are usually rooted in a much deeper belief. In this episode, we explore what it means to be a genius, and how to bring out the genius in all of us. You'll Learn... [04:00] What it takes to be a genius. We all have genius inside us. [07:11] How people need to find what drives them and gives them joy. [09:41] How identifying with something creates a dynamic that makes it stronger. [10:12] Producer is a dreamer and thinker. The performer is a doer. In school, we are forced to become performers. [12:44] How what gets measured is the thing where the focus is. [16:47] Shifting our thinking towards passion and what we desire through an increase in awareness and asking deeper questions. [19:12] Why we deserve to remove the little things that take away our power. [21:25] Asking the tough questions and removing what we don't want to do. [24:31] Inspiring others to find their true principles and getting clear on why. [26:06] How energy management and feeling good is even better than time management. [27:21] Finding out what your employees love doing and hire them for that. [29:06] Going through the refinement process of letting go and finding what you love. [30:04] Knowing your purpose and focus enables you to learn much quicker. Stand on the shoulders of giants and learn from others. [31:10] Tell your mind to serve up more of what you are focusing on. Thin down your focus. [32:17] Having each team member focus on one thing. [33:48] Finding a company or software that fills the challenges you are facing. [34:49] Focusing on a few core things that you should focus on. [38:29] The endless to-do list of stuff to learn. [39:31] Put people in place to manage things. Have a process for how things are done, and even how much you learn. [44:15] Speed learning hacks. Find in love with the topic. Break it down into micro pieces and study until they become a habit. Create micro goals or measurements, so you know that you are moving forward. [46:32] Laws of frequency and recently. And reviewing. [50:44] Getting very good at living in the future to become the future thing. Tweetables Everybody is a genius. We all have a magical ability to make things effortlessly happen. Genius state is taking the flow state and making it an everyday thing. Resources How great leaders inspire action Simon Sinek Ted Talk Optimizing Man @jbrandon0 Jameson on Twitter Jameson on Facebook Jameson YouTube Jameson LinkedIn  

Today, I am speaking with John Ray, of Inspect & Cloud, a digital property inspection software product. If you haven’t heard of this software, I think you will love it. It is just really cool, and John is also a really cool guy. John began in real estate when he was 18 years old. He soon discovered that selling houses was harder than he thought, but he was good with technology. He started developing websites for realtors and working on marketing and lead generation. While working on the tech side of real estate, John was offered an opportunity to teach at Google. He ended up traveling with a group of brand ambassadors and teaching SEO, lead generation, and email marketing. John wanted to implement some of the things he was teaching and he was also fascinated by SaaS product. After talking to many realtors, he realized that there was a pain point when it came to managing paper property inspections. Here is John’s story of the creation of Inspect & Cloud. You'll Learn... [04:47] How managing paper property inspections was an issue which created an opportunity for searchable cloud based reports. [05:44] In three and half years they have grown from zero users to over a thousand. [06:22] Inspect & Cloud digitizes inspection reports. [07:51] How Inspect & Cloud makes it really easy to compile and organize property information in a few minutes. [09:53] Saving time using software as opposed to hiring more people. Scalable businesses use technology. [11:34] How Inspect & Cloud offers the most features and most streamlined inspection report organization. [14:10] How using one software that does everything doesn't give you the features and efficiency of specialized software that does the best job. [18:30] The goal of managing systems and processes and let those manage the team. [20:55] How Gamification and accountability are incorporated into the software. [24:21] Leveraging software and communication the right way. [28:56] Challenges with property managers not communicating the actions they are taking. [37:37] How it's backward thinking to skimp on software that touches with the property owners. [40:00] Perceived value is everything. Your competitive advantage allows you to collect prospects. Tweetables It was fascinating that I could offer service and build products from a backpack anywhere in the world. We offer a solution that hits 30 or 40 extra valuable data points. This new software is helping to bridge the property management gap and utilize the best tools. Resources Inspect & Cloud 14 Day Free Trial for DoorGrow Listeners

If you are frustrated by the support or lack of support from your property management software, you will be interested in this show. Today, I am talking with Nathan Miller, from Rentec Direct. The one thing I keep hearing about Rentec Direct is that they have fantastic customer service. This is really unique because we don’t often hear that property management software has amazing support. If you want to know what makes great support or are in the market for new property management software, you might want to give this episode a listen. You'll Learn... [02:35] Nathan formed Rentec, in 2007, because he wanted to make landlords lives simpler [03:19] Nathan has a background in software development and he was also a property manager [04:59] In 2009, the free version of Rentec turned into a real company with additional functionality [06:11] Why someone should choose Rentec Direct they know the software and the rental business [10:08] Why Rentec is profitable and how they treat clients and employees [11:23] Number one challenge with software is getting people to use it [13:09] Fine tuning features to save time for property managers which creates huge cost savings [14:25] Many SaaS companies have a lot of inefficient clicks. Rentec was designed more like an application so that everything can be done with one click [18:24] How Rentec has the best support team and live chat [21:25] How they offer free migrations to help with the difficulty of switching property management software [23:55] Integrations and APIs to work with other software [26:20] Rentec Direct is cloud-based and can be accessed from a web browser Tweetables I couldn’t find software to help me, I assumed there were other landlords with the same problems. We help property managers with the software and with the rental business. It’s our goal at Rentec to earn our customer’s business every month. Resources Rentec Direct  

If you feel that you are an entrepreneur or think that maybe you are an entrepreneur, you should know about Mike Michalowicz and his books. If you are operating through standard accounting, GAAP accounting, or what Mike calls Frankenstein accounting, you are going to want to listen to this episode and how you can increase profitability. In this episode we are talking with Mike Michalowicz about his most popular book Profit First and how and why you should implement it in your business. I have implemented Profit First into my business and several listeners have reached out and said that Profit First is the secret to the growth of their property management companies. You'll Learn... [03:57] The pain that created Profit First [06:41] When Mike had to tell his family how he lost all his money being an angel investor [10:57] How Jason found out about Profit First [13:03] Why every business owner should apply the Profit First accounting method [14:15] How Mike is driven by the Profit First system to eradicate entrepreneurial poverty [15:48] 80% of entrepreneurs are struggling check to check [18:52] Pay yourself first isn't a new concept, but Mike applies it to business [21:37] The principles of Profit First and why GAAP is crap [23:10] Get started by setting up multiple bank accounts and paying yourself first [25:39] Parkinson's Law - we get the same results with less money [34:00] How business owners need to take care of themselves financially [43:53] Mike's other books The Toilet Paper Entrepreneur, The Pumpkin Plan, and Surge Tweetables The rich guy next door with the nice house & nice car is just one bad month away from losing it all. Entrepreneurial poverty is the dirty secret in most businesses (80%) and needs to be eradicated. No matter how much you make, without putting Profit First, your expenses will eat everything. The secret to innovation is limitation. Resources Buy Profit First on Amazon Mike’s Books on Amazon MikeMotorBike.com  

We’re living in a Prime nation, more and more of us receive packages delivered to our doorsteps every single day. But with great convenience comes greater opportunity for crime: Statistics show that mail theft is on the rise. In this episode, we’re joined by August Cement, tech guru at video doorbell company Ring. You’ll learn how Ring is the future of doorbells, and how creating peace of mind is the most important part of protecting your properties. You'll Learn... [2:20] What is Ring and what are the features and benefits? [5:00] How Ring protects against package theft [8:15] Why peace of mind is more important than security [10:30] Integrating with home automation systems [13:00] The story of Ring’s conception and why it’s not a gimmicky product [14:55] Taking neighborhood watch to a higher level [19:05] How Ring helps property managers and tenants [26:40] Do you need to be tech savvy to use Ring? [28:00] Using Ring in extreme circumstances [29:35] What happens if a thief steals your video doorbell: Ring and customer service [33:50] Community interaction [36:00] Responding to a knock on the door from anywhere in the world Tweetables Ring is about maintaining a connection to your home, neighborhood, and family regardless of where you are in the world. Our product has brought to light how common crimes of opportunity occur. Samsung and Apple couldn’t see that, but Ring did. It’s simplicity that makes things genius. Resources Buy Ring on Amazon If This Then That Want to talk more about how Ring works and if it’s right for you? Email neighborhoods@ring.com to get connected to August and his team.  

Picture this: One of your tenants is making dinner and accidentally starts a small grease fire in the kitchen. No one gets hurt, but wading through the homeowner’s insurance claim, the tenant’s security deposit, and all the paperwork and red tape is completely overwhelming. IS there an easier way to deal with tenant mishaps? Brad Larson, CEO of Larson Property Management and a key player at the National Property Management Network has a solution. Learn how tenant liability insurance protects the homeowner, the tenant, and the property management team and how to begin implementing it in your business! You'll Learn... [3:00] What is tenant liability insurance? [4:45] How tenant liability insurance protects the homeowner, the tenant, and the property management team [6:45] Making a revenue by mandating insurance [7:50] The legality of tenant liability insurance [12:15] Opt-in rates and conversion rates for renewals [15:10] How tenant liability insurance saves property managers time [17:35] Frequently asked questions [19:10] Admin fees [20:25] Is there any reason why a property manager wouldn’t want to implement this insurance? [22:40] Implementing peace of mind and using insurance as a marketing tool [25:30] The difference between renter’s insurance and tenant liability insurance Tweetables The Single-family-home property managers are way behind the times. We’re playing catch up. Prioritize what you want to implement. Do what’s easy and what will make you money first. Resources National Property Management

Why do we at DoorGrow do what we do? In this episode you’ll hear an interview with Sterling Davis, a property manager who saw his 60 door business grow to 300 doors in just six months after investing in our Seed Package. You'll Learn... [3:00] How Sterling Davis first got into contact with DoorGrow and why [5:40] “If you’re serious, you’ll pay it”: Why investing in his business motivated Sterling [9:30] Creating a brand to sell with the right tools [12:45] The results Sterling achieved in his first 6 months [13:25] Portfolio and monthly revenue breakdown [16:30] Life after the Seed Package: Marriage, business, and finances [18:15] What would business be like without the Seed package? [19:15] Sterling’s thoughts on the value of following the Seed Package and getting used to being uncomfortable [23:50] Breaking down what’s included in the Seed Package and what benefits you can expect from following it Tweetables I’m not here to be a property manager. I’m here to get my doors up and make money. Successful Coachable Mindset: You’re the coach, I’m the player, let’s do this. How can you expect anyone to value your business and invest in it, if you’re not willing to? Our goal isn’t just to make money from people. We’re in the business of making a difference. Resources Are you serious about growing your property management business? Check out our Seed Package, the ultimate foundation for property management growth.

Most property managers are DIY landlords– they have a whole other career besides renting out properties. For the DIY landlord, there can be an overwhelming amount of things to keep track of: Tenants, maintenance services, billing and accounting, and sales. How can we end the disconnect? Enter TenantCloud, a free property management software revolutionizing the way DIY landlords do business. In this episode we’re talking with co-founder Joe Edgard about TenantCloud is going to completely disrupt the property management software world. Learn how TenantCloud works, the philosophy behind the services they offer, and why the company is one to watch in the next year! You'll Learn... [2:25] Why every property manager needs TenantCloud [4:30] How free software can be just as profitable as paid software [6:05] Identifying (and solving) the pain points of DIY Landlords [9:10] Syncing TenantCloud accounting with Quickbooks [10:32] How TenantCloud plans to surpass the other property management softwares on the market [16:30] Pricing and launching for enterprise and consumer customers [19:38] What à la carte services TenantCloud offers [24:15] How TenantCloud is an end-to-end solution for DIY landlords [26:50] Does TenantClould make professional property managers obsolete? [29:10] Talking about the competition: Cozy [33:40] Beta testing and focus groups for TenantCloud Tweetables TenantCloud allow you to show a property to a prospect virtually from your desk. We’re thinking big when we talk about disrupting the property management software world. Everybody wants customization. If you think you’ve got one solution for everyone, you’re wrong. Resources TenantCloud

Rekeying locks on your properties, after the tenant leaves, can get tedious and expensive, inspiring too many property managers to skip the rekeying process entirely, opening themselves up to an uncomfortable amount of liability. Enter Prempoint: A comprehensive messaging, access control, and automation software that allows property managers to manage and grant access to their properties remotely. In this episode we're chatting with Matt Hartley co-founder and CEO of Prempoint about the newest technology in property management-keyless access. You'll learn what the Prempoint technology is, how it works, and why you absolutely can't run your business without it! You'll Learn... [2:20] All about Matt Hartley’s background and his work with Prempoint [4:40] The evolution of Prempoint as a company and their mission [7:35] What Prempoint is and why you absolutely need it for your properties [11:05] The interaction between tenants and Prempoint [13:25] How affordable is Prempoint? [16:00] Subscribing to Prempoint "points" [18:15] Discussing security concerns with Prempoint [22:25] How keyless access can build (or destroy) trust with your tenant [26:35] Being software agnostic: Why Prempoint outdoes the Rently competition [30:10] Software integrations [31:45] Why Matt Hartley doesn't worry about copycats [34:20] Are you in danger of being automated out of your job? [37:00] Understanding the devices and technology that Prempoint requires [40:20] Does Prempoint replace Sentrilock for relators that double as property managers? [44:35] Prempoint's launch date for managers with 1000s of doors [49:55] Benefits of keyless access for tenants [57:10] More from Matt Hartley [58:30] Connecting with the Home app on iPhone Tweetables If you’ve ever used Facebook, then you can definitely use Prempoint Prempoint is a software company. We are hardware agnostic Resources Want to talk to Matt personally? Send him an email: matthew.hartley@prempoint.com