Episode 6 of the Owner Occupied podcast with Peter Lohmann and Russell Lowery.  In this episode we discuss:

(00:00) Intro. KPI = Key Performance Indicator

(02:34) KPIs & how we use them in our business

(04:54) How to improve growth using KPIs

(08:03) Property management top 5 KPIs / L10 scorecard

(12:12) Creating a culture of accountability to the KPIs

(14:40) How to benchmark your KPIs & select targets

(20:37) Departmental KPIs

(25:13) Closing ratio & hiring a salesperson (BDM)

(28:57) Property management has no accounts receivable

(30:22) Net Promoter Score (NPS)

(32:39) EOS Implementers & cost

Russell Lowery is a political puzzle solver. He runs a California based public affairs company highviewstrat.com. You can also connect with him on Twitter: twitter.com/russelllowery10

Learn more about Peter & how to connect with him here: peterlohmann.com

RL Property Management manages Columbus area rental properties: rlpmg.com

Episode 5 of the Owner Occupied podcast with Peter Lohmann and Russell Lowery.  In this episode we discuss:

-A property management acquisition deal that fell through for Peter

-Russell has 2 potential deals, he talks about the risk with each one

-What multiple should you pay for a small business? What are the various considerations that go into a multiple

-Why did Peter lose his property management acquisition deal? What happened, why, could the outcome have been different?

-The risks of buying a small business 

(02:17) Background of the property management acquisition deal

(04:10) Why I think we lost the deal

(06:18) Discussion of multiples to pay for SMB

(09:52) What would it mean for my business to manage 1000 doors

(14:12) If I had paid top dollar, would I have made money?

(16:30) Tips for buying a bolt-on business

(18:25) The psychology of doing a deal is intoxicating

(20:24) Clawback provisions in purchase agreements

(21:51) The seller must be motivated for a deal to work

(26:27) How banks evaluate distressed businesses

(27:52) What do I look at during due diligence

(32:43) What about the seller's employees

(35:55) The value of documenting key processes

(37:40) Buying a small engineering company

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Russell Lowery is a political puzzle solver. He runs a California based public affairs company highviewstrat.com. You can also connect with him on Twitter: twitter.com/russelllowery10

Learn more about Peter & how to connect with him here: peterlohmann.com

RL Property Management manages Columbus area rental properties: rlpmg.com

Episode 4 of the Owner Occupied podcast with Peter Lohmann and Russell Lowery.  In this episode we discuss Peter's top 5 early mistakes when starting and growing the property management company in the early days: 

1) Too slow to operationalize the sales process. Sales cures all - it should be handled just as rigorously and professionally as ops.

2) Asking how do I get paid instead of asking how do I add value?

3) Not enough focus on high-leverage, high-impact strategic moves.

4) Trade groups are a cheat code for getting up to speed with current best practices in your industry. Get in there and network.

5) Did not identify our ideal customer. Marketing to everyone limits growth.  

(02:03) Mistake 1: Not Systematizing Sales

(06:00) The value of documenting the sale process

(09:55) Mistake 2: Only Looking Out For Myself

(11:58) The optimal mode of thinking for results

(13:28) The balance of adding value & not giving it away

(18:40) Mistake 3: Not Focused On High-Leverage Items

(22:51) Scheduling everything does not work for me

(24:12) How to recognize the value of your time

(25:19) Mistake 4: Not leveraging trade groups

(27:00) Mistake 5: Not identifying ideal customer

(28:34) We used to take anyone for property management

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Russell Lowery is a political puzzle solver. He runs a California based public affairs company highviewstrat.com. You can also connect with him on Twitter: twitter.com/russelllowery10 

Learn more about Peter & how to connect with him here: peterlohmann.com

RL Property Management manages Columbus area rental properties: rlpmg.com

Episode 3 of the Owner Occupied podcast with Peter Lohmann and Russell Lowery.

Show Notes:

(00:00) Welcome & intro

(00:52) History of zillow & rental listings

(03:46) Zillow's rental manager platform

(05:50) Is Zillow competing with property managers?

(07:20) How airbnb could enter the rental market

(13:01) 3 revenue streams for property managers

(16:05) How PM companies can defend

(20:11) How landlords can defend against airbnb & zillow

(22:29) Zillow's rent zestimate

Russell Lowery is a political puzzle solver. He runs a California based public affairs company highviewstrat.com. You can also connect with him on Twitter: twitter.com/russelllowery10

Learn more about Peter & how to connect with him here: peterlohmann.com

RL Property Management manages Columbus area rental properties: rlpmg.com

Episode 2 of the Owner Occupied podcast with Peter Lohmann and Russell Lowery.

In this episode, we discuss:

(01:44) Self-managing rental properties and how to build up the right systems and processes.

(02:53) Finding and working with property managers.

(04:04) Starting a property management business and the challenges faced during the early stages.

(07:10) Strategies for finding new properties to manage, including attending realtor meetings, developing a website, and advertising on Google.

(10:05) Switching from an engineering career to property management and finding the motivation to run the business successfully.

(16:30) The process of acquiring property management businesses.

(18:29) Different financing options, for example drawing on a credit line and getting an SBA loan.

(19:59) What bankers look for before disbursing a loan and the importance of proper accounting and book-keeping.

(22:11) Learning to do a cash-flow analysis and writing business plans.

(23:28) The value of consulting a fractional CFO to grow your business.

(25:02) Two book recommendations that give a basic understanding of accounting and why it is recommended to have a fractional CFO.

(30:25) The lessons learned through property management.

(31:27) The value of constant learning and consulting experts in business.

(33:26) Why real estate is the best place to build your net worth but not the ideal place to begin your career.

-The two books about accounting that Peter recommends for every business owner: https://www.amazon.com/Accounting-Dummies-Business-Personal-Finance/dp/1119245486/ and https://www.amazon.com/Simple-Numbers-Straight-Talk-Profits/dp/1608320561/

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-Russell Lowery is a political puzzle solver. He runs a California based public affairs company highviewstrat.com. You can also connect with him on Twitter: twitter.com/russelllowery10

-Learn more about Peter & how to connect with him here: peterlohmann.com

-RL Property Management manages Columbus area rental properties: rlpmg.com

Episode 1 of the Owner Occupied podcast with Peter Lohmann and Russell Lowery. We introduce ourselves and discuss starting businesses, property management, and buying a small business. Peter explains how he started RL Property Management and how he found customers in the beginning. He also explains how to buy another property management company. Russell talks about using SBA loans to buy businesses, and his background.

Russell Lowery is a political puzzle solver. He runs a California based public affairs company highviewstrat.com. You can also connect with him on Twitter: twitter.com/russelllowery10

Learn more about Peter & how to connect with him here: peterlohmann.com

RL Property Management manages Columbus area rental properties: rlpmg.com