Property Management Growth with DoorGrow

A solid team is needed for any property management business to grow and be sustainable. One of the largest challenges of having, building, and retaining a team is creating an environment that enables team members to thrive. Having a culture and vision is foundational for attracting and keeping the right people on that team.

In this episode, I interview Tim Wehner from Dodson Property Management. Dodson is a large company with a large team, which is perfect for today's topic of having a culture and vision within a property management business. Tim shares how they create a culture at Dodson and how a shared vision helps motivate team members.

[03:43] Writing out a mission statement, company values, and vision. Then taking small steps to accomplish those. [05:43] Dodson has about 1475 properties under 10 units and 4000 in the multifamily department. [07:43] How important it is to make sure everyone shares the same vision and values. [09:44] Dodson promotes long lasting relationships by dividing groups into pods. [10:23] Dodson and their purpose or mission statement. Creating a positive relationship with tenants and owners. Trust, comfort, and pride. [11:57] Values are to be empathetic, honorable, driven, and courageous. [12:39] Vision to positively impact over 500,000 lives by 2025 is where they want to go at Dodson. [13:24] The importance of community within their vision and the impact they make on the community. [14:27] Inspire others to love true principles at Door Grow. Energy management and what is in line with purpose. Learning and sharing for fun. [19:28] Trust and relying on each other and being able to share while talking with people like they are human beings. [23:20] Being open to employees with new ideas. [24:46] Challenges dealing with things like gossip and office politics. Trust and open dialogue go a long way. [32:07] Making sure a job is a good fit and the team member will be motivated in their role. [40:21] Celebrating wins and asking how to give support as a leader. This allows feedback and creates momentum. [46:04] How memories don't even exist unless there is emotion attached to that. Create positive emotions and wins. [52:02] Finding what is working and continue doing that. [52:22] Get clear on your purpose and values. Have a vision of where you want to be.

It's not important to copy another business's culture. It's important to discover your business's culture.

Our goal is to deliver a living experience unlike any other.

We are a people business that not only focuses on clients but also tenants and customers.

Dodson Property Management

Tim Wehner LinkedIn

Tim Wehner Twitter @wehner1tim

NARPM

Traction

[email protected]

804-426-1660

Wehner1Tim on Snapchat

KingJasonHull on Snapchat

When starting and building a business growth is an important factor. Emulating successful people can also be a shortcut to success, but keep in mind that doing the same thing as someone else that is in a different growth stage doesn't make sense. Different tactics need to be used in different growth stages.

In this episode, I am talking with Steve Rozenberg from Empire Industries. Steve grew his business from zero to 700 doors in four years. Steve has a really interesting story that he is able to go out and share because he is supported by a really great team. We talk about Steve's story, stages of growth, and more.

[03:24] Steve's background as an airline pilot and how 911 was a pivotal point in his career and life. [06:37] He was attracted to real estate because he liked the fact of leveraging time and money. [07:11] He was doing well with houses and apartments, then he bought 20 low-income properties and got in over his head. [08:32] While trying to solve his low-income housing problem he and his partner ended up creating a business model for property management. [09:22] Their first hire was a business coach, then their first full-time employee. [09:46] They are a sales and marketing company that trains employees to close. [11:33] If you run a property management business you should be focusing on things other than the actual management. [13:20] Having a strategic 30,000-foot view of your business. [17:41] Helping your team in order for them to support you. [20:12] Doing a time study to understand where time is spent. Time needs to be on strategic business. [28:06] The importance of mindset and positive self-talk. We can talk our brains into and out of things. [30:47] The transition of handing the reigns over to your time after being the person who did everything themselves. [33:39] Growing a company to your level of incompetence, then you need to grow your level. [38:23] The importance of looking at the numbers and the cost of marketing. [43:40] The importance of branding yourself as an expert and building an awesome reputation. [01:01:33] How your number 1 prospect is your existing customer. Asking for referrals is also a good idea.

As a leader, your job is to grow the team and encourage them not to say "get out of the way I'll do this better than you".

I've learned that the way to grow a company is to surround yourself with much smarter people.

It's not doing one massive action, it's taking action continually that has been the key to our success.

Empire Industries

Cold Leads Calculator

Steven Rozenberg on Facebook

Empire Industries on Facebook

Call Steve (888)866-6727

Empire Industries Radio Show

Being a property manager is a great career and a great way to earn an income. Getting in on a growing opportunity and building a solid business is fun and profitable. Yet, many property managers can get stuck on depending on only transactional income through adding clients. In this episode, we learn about a way to break this cycle.

In this episode my guest is Jim Ingersoll from Big Money Investor. Jim shares creative ways to fund deals. He is a real estate investor with a lot of great ideas. My goal for this show is to make things very relevant for property managers. We discuss how property managers can break through the transactional cycle and purchase their own investment properties to manage and grow revenues for themselves along with their clients.

[02:05] How Jim helps people get into owning properties of their own and not just managing them for everyone else. [02:33] How property managers often get stuck in a transactional income stream. They would like to break out of this cycle but don't always know how. [03:00] Why some property managers don't have properties of their own. [03:47] Getting rid of the 20% down bank-funded myth. [04:35] Assuming loans, letting an owner be the bank, joint ventures - funding through someone else, real estate can be a retirement account. [07:16] Buying a property "subject to" an existing loan staying in place. [09:53] Structuring financing through free and clear owners who want to sell without any management responsibilities. [12:52] Joint venture with someone who has money on the sideline, where you do the work and they provide the capital and you share cash flow and equity when you sell. [16:34] How joint ventures would be a great method for property managers to get properties. [21:34] Investing retirement accounts in real estate. You are not limited to stocks and bonds. [22:33] Using self-directed retirement accounts to invest in real estate. 25:03] Using leverage in real estate is a huge benefit. 26:01] Creative options with short-term rentals Airbnb to traveling nurses.

Taking over a loan is a great strategy for truly motivated sellers.

An incentive for owner financing is earning 5-6 times more interest than from the bank.

A problem landlords can run into with 20% down loans is cash flow shortages.

Big Money Investor

Free Gift from Jim

Quest IRA

Equity Trust

Airbnb

If you have ever thought that managing properties would be so much easier if there was just a mobile or iPhone app that connected to your property management software and linked to your website, your time has come. Today's episode is all about a mobile app that does just that along with insights and more from the apps creator.

In this episode, I am talking with Evan Savar from MyResisentLiNC a software app that helps manage all aspects of property management from communication tools for residents to custom setup for property managers. They are currently focused on multifamily properties and connecting entire portfolios, but they are also starting to address specific residential needs. Evan shares all of this with us and more on today's show.

[02:11] About Evan and his background. He is from Las Vegas and has always been an entrepreneur. [02:48] He created Evinar a live streaming tool for Facebook. [03:23] He has always been interested in communities and community creation through technology. And he created a tool to connect communities in an apartment setting. [04:43] MyResidentLiNC is an app that connects property management for all properties within a portfolio. Each community is run separately without having to create a custom app for each one. A flexible mobile app for customizing based on your area. [06:51] Needs and technology are all over the board, but the app helps organize and aggregate all of the tools and needs. [08:54] Meeting diverse needs and making it flexible and scalable. [10:51] Some cool things they have done is integrate with Calendly and reduce print costs. [15:24] How tools like this make sense once the 100 door barrier is broken. [21:25] How time is a big challenge for property managers. Advantages of scaling without throwing people at it.

It's not the place that makes the person, but it's the person who makes the place.

We want to make sure we understand the needs specifically for each type of business.

MyResidentLiNC enables one to one and one for all communication with residents.

MyResidentLiNC

Sales are the backbone of any business, yet it is something that most people struggle with. One thing that can help all of us is understanding the psychology behind what makes influences a persons decision to buy.

Mike Michalowicz the best selling author of Profit First, The Pumpkin Plan, The Toilet Paper Entrepreneur, and Surge is back on the show. This week we are talking about behavior influences regarding sales. It's all about what affects sales and what helps you sell your property management services. Mike shares his research and insights on this important topic.

Be sure to listen to our popular, previous episode with Mike: DGS 25: Why Every Property Manager Should Implement Profit First

[03:00] How entrepreneurs struggle with momentum mode and overwhelm mode. [06:11] How we are wired to pay attention to things that are different. [11:18] How we feel compelled to share our knowledge and power of secrets. [14:45] Identifying what the customer truly needs and delivering it. [21:11] The Phoenix Effect and how there is automatic envy of someone in a superior position. [27:30] Having a compelling story with a high point and a low point and inviting the audience to climb with you. [31:36] How to have a perfect vision. [34:35] Focusing on the end benefit and sharing a story of the benefit. [42:20] Always look and see what the mass is doing and then do the opposite thing. [43:09] Being different and showing that you are unique and simple. [43:54] The more options the more paralyzed we become. [46:08] Catering to specific niches and benefits of frequency, intimacy, and trust. [55:36] How little guys can move faster than the big guy and always be different in business. [01:01:07] The way that Mike's website is radically different. [01:02:12] To make your business stand out, take a step.

Having the courage to be different guarantees attention.

Envy or pity both result in avoidance.

Once you get someone's attention, you need to sell what they consume.

Mike Michalowicz's Books on Amazon

Previous Podcast with Mike: Why Every Property Manager Should Implement Profit First

Contagious: Why Things Catch On (Book on Amazon)

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.

[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.

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.

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.

[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.

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.

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.

[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.

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.

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.

[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

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.

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.

[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

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.

Buy Profit First on Amazon

Mike's Books on Amazon

MikeMotorBike.com