Property Management Growth with DoorGrow

In this episode, Darren shares a variety of owner & tenant fees & how to justify them. He also covers some additional insights into fees & mindset. Learn why having the cheapest fees is a losing tactic used by small property managers that usually fail.  You'll Learn... Various owner fees & some justifications 1:29  The two ingredients to getting better fees 9:21  Outside normal duty fees & what to say when asked to do anything outside of contract 9:46  Various Tenant fees & some justifications 10:47 How nominal fee increases can easily double your profit margin 14:53  How having the cheapest fees is just a recipe for disaster 17:40  Property Management is a tough job & you are worth it! 18:49  The Law of the Main Game - Owners generally only focus on your main fee 20:08  Should you share your tenant fees with the owners? 22:47  Ensure 12+ months of owner peace of mind & make it surgical process. 25:21  Tweetables: With fees, if you believe you're worth it and know how to justify it, you will get it. Raising property management fees is an owner-by-owner surgical process. Resources: The Eleven Profit Laws on Fees by Darren Hunter: http://www.darrenhunter.com/articles-and-knowledge-library/boosting-income-and-profitability-articles/the-eleven-profit-laws-on-fees-part-one http://DarrenHunter.com

Learn how to properly increase your rent-roll without adding new doors - by increasing or adding fees. You will learn from Darren Hunter his secret to justifying your additional fees by leveraging the law of alternative costs, & how little your clients really care about your competitors, & the power of peace of mind. You'll Learn How to use the Law of Alternative Cost to justify your fees 2:28  Property Managers don't charge enough for their hourly rate 5:46  Be careful of talking about specific fee amounts with other PMs 7:38  Darren has a large list of possible owner & tenant fees 8:04  Most money-tight owners tolerate fee increases & those that leave are often your worst! 9:23  Myth: Owners will go to the discount agency down the road if you increase your fees 12:47  You may be thinking about your competitors, but your clients are not 14:51  The power of "Peace of Mind" is incredibly strong 16:31  Charging less doesn't motivate owners to leave a property manager if they have peace of mind 17:27  Adding value is not necessary, just peace of mind 18:15  Basic fees differ wildly based on each property manager's self-belief. 18:49  Tweetables C-class owners are like a pack of cigarettes and they'll take years off your life. Crappy owners generally have crappy properties, which attract crappy tenants. Resources The Eleven Profit Laws on Fees by Darren Hunter: http://www.darrenhunter.com/articles-and-knowledge-library/boosting-income-and-profitability-articles/the-eleven-profit-laws-on-fees-part-one

Learn how to properly increase your rent-roll without adding new doors - by increasing or adding fees. About Darren Hunter Darren Hunter - of darrenhunter.com is an Australian & international property management trainer, speaker, consultant and authority on property management, specialising in fee maximisation and profitability as well as time and stress management and property management productivity. You'll Learn... Darren's Background 2:11  Mindset is the Real Problem with Adding Fees 4:19  Our fears are often not connected to reality 6:28  The key to increasing fees is "peace of mind" 9:00  The owners you should not approach about increasing fees 12:47  Why you should not give advance notice about fee increases 15:32 How to sort your owners into 3 categories in preparation for fee increases 17:39  How to structure the letter/notification of the fee increase 19:30  Tweetables: The excuses you give for why you can't charge more, often just reveal your own mindset problems. Belief is transferrable. You have to believe in your fees to get others to believe them. Resources: 7 Wrong Mindset Reasons that Stop You Getting Better Fees! by Darren Hunter: http://www.darrenhunter.com/articles-and-knowledge-library/boosting-income-and-profitability-articles/7-mindsets-that-stop-you-getting-better-fees-everytime http://DarrenHunter.com

Learn from Kass Rose about the benefits of foreclosure auction prospecting for providing a competitive advantage in growing your property management business, without doing costly marketing. Part 2 of 2 Show Notes: Kass paints a picture of what auctions look like in her market 01:40 Flipping vs. Buy & Hold 03:56 Importance of Foreclosure Specialists 05:42 Where to hang out with investor groups before the auctions 06:54 On becoming a "Rental Rain Man" expert 07:49 Turning Flippers into Buy & Hold Investors 09:12 Be careful who you associate your business with 11:16 Closed over 3000 homes as lease-ups before starting her property management company 12:46 Let's play this what if game 13:24 What she would do now if just starting 13:44 How word-of-mouth takes hold once you are a trusted expert 14:13 Rundown of the major players in the auction scene & how you benefit them 15:06 Possibilities for growth 16:45 Don't be afraid of lease-only 17:06 Teasing listeners about our full Foreclosure Auction Prospecting Event 17:48 "I have never marketed!" - The challenges of marketing vs foreclosure prospecting 19:28 Foreclosure investors are easy property management clients 22:14 Foreclosure Auction Prospecting helped her fund her dreams 23:08 Tweetables: "People who buy & sell get rich, people who buy & hold get wealthy" "I love foreclosure investors, they look at cents and dollars, it's not emotional." Resources: http://rentlucky.com/ http://www.kassrose.com/ https://rentmyway.com/ The Foreclosure Auction Prospecting Event - This is the event Kass & I discuss doing in the interview - it is some great content.

Kass has a fun story about how she got her start in property management. Learn from Kass Rose about how she used her knowledge as an auto-sales-industry veteran to grow her business from 0 to 300 doors in about 3 years leveraging the foreclosure auction scene. Part 1 of 2 Show Notes: Lightning unicorn? 02:36 Marketing is not the best way to start 05:20 Prospecting as an Expert collapses the sales cycle 06:21 Where are the investors? 07:24 How Kass was "discovered" 08:02 Real Estate looks weird to a car salesperson 10:54 Kass "get's the glue" & doesn't wait for the "be-back bus" 13:01 How an auto industry veteran had the opportunity to create something new in property management 16:50 The beautiful thing about property management 19:49 Her unique advantage in attracting & screening renters 20:45 Tweetables: "Here's the beautiful thing about property management: It does not matter if it is a hot market or a tanking market - you will always have renters" Resources: http://rentlucky.com/ http://www.kassrose.com/ https://rentmyway.com/

Learn how Tony LeBlanc has built his process for increasing rent every year with his tenants - without the uncomfortable battles, struggle, or painful negotiations - and has turned it into an opportunity to facilitate great customer service. Tony shares some fantastic mindset & philosophy that would make any owner trust him with their property - you are sure to get some valuable insights. Show Notes: Tony had large property management growth in mind from the beginning 03:01 The Biggest Challenges with Rent Increases 03:59 The fear of raising rent, the problems it causes 05:00 There's a direct correlation between rent increases & how well a property is maintained 08:13 A good property becomes a bad property if it has a bad owner 09:04 Jason's "Cycle of Suck" 09:30 Look at each property as a business 10:58 Avoiding dealing with uncomfortable rent increases is a reason to hire a property manager 11:59 Set clear expectations about future, annual rent increases with tenants at the lease signing 12:13 Contracts don't matter until it is too late, so be sure to say it to them verbally. 14:26 The lease signing process is the biggest part of onboarding a new tenant 15:06 Tenants forget. How Tony prepares tenants in advance, with phone calls. 16:20 The power of regular phone calls to every tenant 17:29 Ground Floor's process for these tenant phone calls 19:02 Good idea to shortcut this with email? 19:40 The advantage of being small & the barrier to feedback created by having a team 20:35 What about dealing with owners when tenants push back? Aim for 80/20 on increases. 21:37 The owners rely on you to be the expert - communicate income challenges & forecast for investors 23:18 Display confidence that you are the expert. 25:20 "No news is good news" is a bad strategy: The importance of positive touch-points with owners. 25:44 When clients/owners reach out for updates - that's an indicator that you aren't communicating often enough. 28:08 Tony's winning philosophy regarding treating owners as business owners 29:19 If you haven't been doing effective rent increases, how to start 30:46 Rent increases are a necessity to keeping your property management business running well. 32:01 Tweetables: There's a direct correlation between rent increases & how well a property is maintained A good property becomes a bad property if it has a bad owner 'No news is good news' is a bad strategy for client retention because it means all news will be bad news. Make your property owners feel like a business owner with a team behind them. Resources: GatherKudos Ground Floor Property Management

The second half of the interview with Michael Monteiro of Buildium. Hear some great book recommendations, discussion about customer service, hiring, and more. Show Notes: Accuracy & Availability in Property Management 01:22 Partnership & Advice in Property Management 04:00 The Top Lead Sources for Property Managers 05:51 Word of Mouth & Referrals are not enough - Diversify to Grow 06:45 The Blindspot of Selling Property Management 08:24 The Importance of Having Multiple Channels to Hit Growth Goals 09:18 Get Clear on What The Owners Want 11:25 To be Competitive - Leverage the Right Technology 11:46 The Biggest Property Management Challenges 12:16 GreatSchools - per Capita income as a Tool to Select Areas to Manage 12:56 Technology is Critical to Success 15:19 Hiring Is a Common Barrier to Growth & Helps You Focus on the Business 15:40 The Painful Transition from Solopreneur to Having a Team 16:54 Whenever you fail to inspire, you always control. 17:46 Organizational Health: Cohesion, Clarity, Over Communicate, Continue to Over Communicate it 18:46 The Importance of Having Clarity of Vision or a "Why" 20:32 Incentivizing Good Behavior or Performance With Money vs. Inspiration 21:24 When you share your purpose & values clients won't worry about the specifics once they trust you. 22:53 Even if some marketing channels aren't performing as well they have different audiences 26:16 Tweetables: "If you're perfectly available and perfectly accurate, you're just NOT screwing up. That's expected and demanded." "It's not enough to rely on just word of mouth & referrals. Property managers are having to diversify." "Whenever you fail to inspire your team, you always waste energy trying to control them." Resources: FCC Disclaimer: Wherever possible we make our links to 3rd-party sites affiliate links, which may compensate us. This does not imply that we endorse them, we are just being helpful & smart. Book: First Break All the Rules State of Property Management Report GreatSchools Book: E-Myth Revisited Book: The Advantage Book: Start With Why Buildium

The first half of the interview with Michael Monteiro of Buildium. Learn about Michael commuting by boat, AllPropertyManagement, and more. Show Notes 12,500 Customers! 01:52 Michael Commutes by Boat 02:05 Buildium's Backstory 02:47 How Buildium Stands Out Among Property Management Software 05:25 The Importance of Ease of Use in the User Experience 07:37 About The State of the Property Management Industry Report 09:23 Understand the Competition to Remain Competitive 11:29 Various Services Property Managers Can Add 13:31 You May Need to Fire Some Clients 15:42 Flat Fee Vs Percentage-Based Firms 16:28 Avoiding Being Just a Commodity 18:25 "Other" Pricing Variations 19:33 The Advantage & Challenge of Low-Flat-Fee Property Management Firms 20:44 Avoiding The Cycle of Suck 21:03 Your Ideal Customer Profile (It's not anyone or everyone) 22:40 Importance of Focus - "Managing an association is very different than managing a rental. It's hard to get really good at what you do if you don't have focus. It's also hard to differentiate." 23:39 Start Firing Worst Clients 24:22 Knowing Property Owners' Pain Provides Opportunity - Focus on Rental Marketing & Tenant Placement 25:07 Importance of Prompt Communication with Owners (Not Just Tenants) 27:16  Tweetables Know your ideal customer profile so that you can direct all of your sales, marketing, & efforts to attract more. If you're targeting everybody in marketing, you're targeting nobody "Managing an association is very different than managing a rental. It's hard to get really good at what you do if you don't have focus. Resources State of the Property Management Report Buildium (Affiliate Link)

Jon went from closing 3 doors a month to closing 30 in just 2 months as a result of getting coaching. Hear Jon discuss how he got results by working with Jason on everything other than business, first. Show Notes "You made my husband a better man" 01:16 Zero Years of Property Management Experience? 02:26 How He Discovered Jason for Coaching & Learned About the 02:57 Why Jon Started Coaching 04:14 What is coaching? 05:01 Jon's Mindblowing Realization - It's Not All About Business 05:56 The Frustrating First Month of Coaching - Health & Marriage? 06:09 Body Being Balance Business - But What About Business 07:52 Big Scary Goal of Adding 20 New Doors in 90 Days 08:11 Hit 19 Doors in First 30 Days! 09:10 The Game Changer of Mindset, Confidence, & Sales Trainings 09:43 Jon's New Problem: Too Much Growth 10:32 Now Firing Doors & Focusing on Revenue 10:53 Would Coaching Make Sense For Others? Who's a Fit? 11:20 Not Just Property Management: Meditating, Green Drinks, & Marriage? 12:17 Try Coaching for 30 Days - "My thing is...What if it works?" 14:42 "I realized if I get one deal out of this, it's paid for itself - I just can't believe the value." 12:04 "I found out really what was holding me back - had nothing to do with business - it had really nothing to do with property management." - Jon Westrom 05:56 Resources Westrom Group Property Management