Property Management Growth with DoorGrow

In this episode, we revisit Property Meld with Ray Hespen after he reached out to let me know about some updates.

Now you can hand off all of your property management maintenance coordination, calls, data entry, etc. to Property Meld!

Take Our Property Meld Maintenance Quiz (and get 15% Off): https://doorgrow.com/maintenance

02:15 Background on Property Meld 03:33 Exciting new announcement from Property Meld 04:47 How much can they actually take off a property manager's shoulders? 05:58 What impact does Property Meld have once implemented? 07:04 The importance of leveraging technology to keep staffing costs low. 07:56 Focusing only on maintenance makes them more efficient at it 08:29 Common questions PM's ask Property Meld 10:04 Their typical 3-stage onboarding process 11:50 How they can help you improve your maintenance strategy and keep you informed 13:10 How they represent your business to your owner/clients 14:03 Is their call center is based in the US? 14:34 How to find out more about Property Meld 15:09 Can Property Meld actually save a property manager money? 16:21 Their competition, including Night Tenders (now SuperTenders) & Appfolio's maintenance. 17:32 Why you should ask yourself if you would rather do maintenance coordination or spend that time growing your business? 19:42 Why you should focus on technology & systems before incurring the expense of hiring. 21:45 Be sure to get a competitive advantage of getting more done with less.

Some property managers try to save money, but really just prevent themselves from making money.

Being cheap to save hundreds of dollars on software costs, doesn't make sense if it translates into spending thousands on staffing costs.

Get 15% off: http://doorgrow.com/maintenance/ Property Meld: http://www.propertymeld.com

Learn from Salvatore Friscia about Snapchat and the benefits of branding yourself an expert & creating a personal image that is real and approachable.

02:09 Being innovative helped him get mentioned in a Zillow article

03:02 Marketing power and attention brought by being one of the first in his niche

03:17 Snapchat = Sexting? How social platforms evolve for business use

04:39 Gary V pushes it

04:55 What Snapchat is (in a way that actually makes sense).

06:24 You're own personal reality show

06:37 Have the intention to make it enticing and fun

07:27 Salvatore's "winning recipe" for social media

09:00 Why the 24hrs shelf-life is a benefit and is attractive

09:44 Importance of transparency in showing continuity throughout your actual day.

11:13 Stop trying to just be "professional" be real & relatable.

12:09 How Snapchat trumps other platforms - less followers, but higher engagement.

12:38 How Salvatore makes Snapchat and other social media fit into his day.

13:58 The concern of "will people find your life interesting"

15:09 Salvatore has others help him snap even during the interview

15:51 Just showcase your actual day, your real life.

16:39 How to get Snapchat followers.

18:23 Who follows Salvatore on Snapchat & does he get business from it?

19:14 How did he get featured on Zillow?

20:18 Be real - Snapchat is about reality - how it compares with Instagram

21:52 Have an intention, a purpose of benefitting your brand

23:57 Want to get good at video? Snapchat is a safe place to start.

26:01 Why we started our own Social Platform #DoorGrowClub for Property Management Entrepreneurs to connect.

27:16 Repurpose your content! Download the Story then push it elsewhere.

"In property management, we're typically slower to catch on to trends than some of the other industries"

"The winning recipe is to have multiple social channels that all push people towards your favorite channel that leverages video."

"Snapchat is an opportunity for you to bring reality to the property management industry and create trust"

"You can fake things on Instagram, but Snapchat is real."

Salvatore's Company: http://SDPmanagement.com

Snapchat: http://www.snapchat.com/

#DoorGrowClub http://doorgrowclub.com

Learn from Steve Murray of REAL Trends about what research says about the future of property management and where it is heading.

• REAL Trends is a research firm worth following 1:51
• The demographic shift toward renting 3:45
• Causes for lower home ownership driving the rental increases 5:14
• Insights from the informal poll at NARPM Broker owner conference of 600 managers 6:51
• Factors driving a healthy long-term rental market for single-family residential. 7:29
• Property Management industry compared to Real Estate Brokerage industry. 9:10
• The ideal client - When property management becomes necessary for investors 9:58
• Vacation rentals and alternatives to long-term rentals 10:54
• There will be a lot of renters, but what about property inventory? 13:03
• Consolidation through acquisition is a trend 13:48
• The barrier to entry into property management low, but... 15:23
• Staffing costs are increasing 16:51
• Flipping vs buy and hold 19:18
• Inventory for renters vs. the demand for rental homes 20:07
• Property management is tough - what is the good news for the future? 20:52
• An idea for targeting brokers 22:55
• Property Management is an industry in its infancy that presents an opportunity 24:08
• A novel idea for targeting developers and new homes 26:44
• The surprising fastest growing group of renters - accounting for half of all growth in renters! 27:39

"The larger you get, the better the margins."

"The barrier to entry is low for property management, but legislation, liability, and staffing costs, are increasing."

http://REALTrends.com

Learn from mental-performance life-hacker, Jameson Brandon how you can get a mental edge and dramatically increase your productivity with Smart Drugs. Tired of burning out in the early afternoon? Or going home a tapped out zombie with nothing left in your mental tank to give to your family? Want to feel "Limitless" like the movie or TV show? Listen. My personal productivity has skyrocketed.

3:10 What are Smart Drugs? 3:34 The movie "Limitless" - is it possible? 7:49 Various names for smart drugs and various types. 8:41 How some nutraceuticals have been studied and used for thousands of years 8:58 Racetams created in the 60s 9:13 Entrepreneurs challenge - Shiny object syndrome 11:09 Our brain normally can only make so many decisions per day and then we get brain fatigue. 12:56 What would be the best place to start? 13:25 How to kill coffee caffeine jitters and crash with an amino acid 14:36 A natural drink combo for energy and focus 15:46 Plant-based natural nutraceuticals 17:55 Stress reduction and choline 20:16 Are these addictive? 21:36 Testing to validate what actually works 22:44 Powerful short-term and long-term memory recall 25:11 The stronger stuff you can add in next - Racetams 31:03 The best Racetam to start with and where to get it 31:46 Feeling Superhuman and how confidence is created through evidence 36:11 Increasing the effects with some lifestyle changes like meditation and a schedule 43:56 My experimentation since the original interview

Your brain only has enough fuel to get through part of the day. Smart drug supplements feed your brain.

Ciltep - https://doorgrow.com/go/natural-stacks/ Brain Labs Pro - http://www.mindlabpro.com/ Jameson's Free Book: http://optimizingman.com/pptsd

Learn about Property Meld, a new technology solution to save you time and money by automating your maintenance coordination between tenants and vendors, from CEO Ray Hespen.

• What is Property Meld? 1:29
• Is this relevant if I already have a tenant portal to submit maintenance requests? 2:08
• The problem with your property management software only taking requests instead of handling them 3:09
• How much work and time is this saving property managers? 4:25
• How it benefits small property managers 5:04
• Will vendors use it? 5:55
• Tenants & vendors don't like being on the phone 7:15
• Simplicity is the key to getting tenants and vendors to use it 7:57
• Vendors are pairing up with Property Meld 8:31
• How does it work? 9:33
• Their web app works on any device, without downloading 10:50
• What if a vendor works for many property managers using Property Meld - how many logins do they have? 13:16
• How easy their software platform is for tenants, vendors, & property managers 15:05
• Does this compete with or work with NightTenders or Appfolio's maintenance call center? 15:59
• What about emergency/after-hour maintenance? 17:51
• The first thing you should get rid of 19:18
• How systems trump staff/people 21:15
• The hidden cost of not having systems 25:17
• Pairing this with GatherKudos could be a game changer 27:50

The first thing a property management business owner should get off their plate is emergency maintenance.

Business owners should manage systems and their systems should manage their people.

Systems & technology usually make fewer mistakes and cost far less, than staff.

Take Our Property Meld Maintenance Quiz (and get 15% Off): http://doorgrow.com/maintenance

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.

• 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

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.

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.

• 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

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.

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.

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.

• 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

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.

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

• 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

"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."

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

• 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

"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"

http://rentlucky.com/

http://www.kassrose.com/

https://rentmyway.com/