The Profitable Property Management Podcast

Welcome Closers!

Jordan interviews Yoni Schmidt, VP of Sales at KeyRenter Property Management, about leading sales teams and driving growth across multiple property management markets. They discuss finding and developing successful salespeople, lead generation tactics, communicating effectively with prospective clients, Yoni's ramp from 0 to 600 doors in Oklahoma City, and more.

Key Moments

The importance of understanding ROI, systems and alignment of incentives to build trust with owners (6:52)

Tactics for adding value to referral partners like real estate agents (13:44)

Guidance on ramp up time and expectations for new BDMs (20:19)

Getting an 80% response rate increase to initial outreach texts by tweaking the messaging (29:32)

Currently at 2,600 doors spread across 4 markets, with 700 doors in OKC which launched just 3 years ago (32:18)

For additional content, subscribe or go to The Profitable Property Management Podcast website by visiting www.profitablepropertymanagement.com to access a growing library of videos related to scaling your property management company.

Welcome Closers,

In this episode of the Profitable Property Management Podcast, hosts Jordan Muela and Jeremy Pound discuss strategies for driving growth in the residential property management industry. They cover topics like lead generation, forecasting, goal-setting, and investing in company culture.

Topics

• Lead generation strategies: inbound, outbound, referral marketing
• Setting realistic yet ambitious growth goals
• The importance of forecasting and goal-setting
• Investing in company culture and employees
• Celebrating top operators in the industry
• Removing friction to enable creation and growth

Guest:
Jeremy Pound - Sales coach and co-founder of RentScale and This Week in Property Management
Rentscale.com
Salesmastery.live

Key Moments:

• The importance of enjoying the sales and marketing strategies you pursue based on your strengths and temperament (12:25)
• Leaning financially into growth goals and ambitions (20:04)
• Mastermind groups forming among roles like operations managers and maintenance coordinators (33:07)
• Setting growth goals based on how much "strain" you are willing to take on (39:18)
• Origins of Jeremy's idea for a property management magazine (43:15)
• How to subscribe to the Strategic Property Management magazine and podcast (49:54)

Be sure to subscribe to This Week in Property Management on YouTube for more great content and insights from Jordan and Jeremy!

Welcome Closers!

In this episode of Profitable Property Management, Jordan talks to Lior Abramovitch from Blanket Homes about their new technology to help property managers combat churn and retain properties in their portfolios.

Topics and Guests

Guest: Lior Abramovitch, founder of Blanket Homes

Topics discussed:

The problem of churn in property management and losing revenue from properties leaving the portfolio

Why property managers often don't capture sales even though they have broker licenses

How Blanket's platform enables internal sales within a property manager's portfolio to retain properties

Key features of Blanket's platform: marketplace, investor dashboard, data integrations

Benefits to property managers including increased revenue, visibility into portfolio performance, automated communications to owners

Operational details on how Blanket's brokerage services work with or without the property manager's involvement

Macroeconomic trends in real estate and opportunities for property managers

Lior's background in real estate investing and technology

Links and Resources:
Blanket Homes website - https://www.blankethomes.com
The Profitable Property Management Podcast - www.profitablepropertymanagement.com

Key Moments:

Many property managers experience churn rates of 30-35% annually, representing huge revenue loss (2:35)

Biggest driver of churn is owners selling properties, but most property managers don't capture those sales (3:17)

Blanket's platform enables internal sales so properties stay in the PM's portfolio (7:02)

Main benefit to PMs is retaining properties to grow their portfolio and revenue (14:21)

Blanket handles communications to owners like emails about sales opportunities (12:51)

PMs can choose their level of involvement: Blanket can represent transactions or PM can be the broker (15:15)

Now is a challenging but opportunistic time for real estate investors and property managers (27:23)

Welcome Closers!

In this episode of Profitable Property Management, Jordan interviews Todd Ortscheid, property management expert and consultant. They discuss Todd's journey in the industry, best practices for systematizing and automating property management processes, hiring and managing staff, industry trends, and more.

Key Topics Discussed:

• Todd's background and transition into consulting
• The benefits and challenges of consulting
• Qualifying good consulting clients
• The hours required to build efficient processes
• Property management software options
• Integrations for automation
• Getting team buy-in on using systems
• Creating effective processes and checklists
• Gathering staff feedback on processes
• Setting client expectations for automation
• Hiring slowly and firing quickly
• Personality testing for putting people in the right roles
• Handling difficult conversations and conflict
• Maintaining community and transparency as the industry grows

Relevant Links:

• PM Assist: https://www.pmassist.net/
• Revolution Rental Management: https://www.revolutionrentalmanagement.com
• Thinking Fast and Slow by Daniel Kahneman: https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555
• Profit Coach: https://profitcoach.com/
• RentScale: https://rentscale.com

Key Moments:

4:34 - Trying different systems before landing on LeadSimple

21:05 - Estimating hours required to build efficient processes

37:58 - The importance of personality testing in hiring

44:43 - Valuing honesty and authenticity in business

48:13 - The potential impact of creating industry standards

Subscribe on YouTube for Additional Content:

If you enjoyed this episode, be sure to subscribe to Profitable Property Management on YouTube. There you’ll find videos and further insights to help take your rental business to the next level.

Welcome Closers!

In this episode of Profitable Property Management, host Jordan talks with operations expert Kelli Segreto about her unique career journey and insights into multifamily vs single family management. They discuss best practices around creating standardized operating procedures, getting staff buy-in on new technology, building fee-capturing processes, and obtaining owner approvals. Kelli also provides perspective on useful versus overkill automation and the future of integrated property management software.

[00:01:00] Kelli shares her background starting in property management as a contractor

[00:02:30] Kelli compares single family versus multifamily management

[00:08:00] They discuss incentives and optimizing for resident experience

[00:16:15] Kelli talks about policies to drive owner-PM alignment

[00:21:15] Approaches for handling owner maintenance requests

[00:33:10] Kelli discusses the value of standardized, digitized processes

[00:44:00] Perspective on useful versus overkill automation

[00:55:30] Kelli shares her vision for integrated property management software

Kelli Segreto's website: https://ksegretto.com
We hope you enjoyed this episode! Be sure to subscribe on your favorite podcast platform to get new episodes as soon as they release.

In this episode of the Profitable Property Management Podcast, host Jordan Petty interviews returning guest Ray Hespen, CEO of PropertyMeld, about his journey as an entrepreneur in the property management software industry. They discuss data, benchmarks, and best practices around property maintenance and investor retention. Ray also shares his insights on motivations, hiring for resilience, and the importance of understanding customer pain points.

Overview

In this episode of The Profitable Property Management Podcast, host Jordan Muela has an in-depth discussion with Ben Sencenbaugh, founder of Realty Medics, about growing his property management company over the past 10 years before a recent acquisition. They cover Ben's journey from starting with just 200 doors to now managing over 1600, implementing systems and processes, lessons learned along the way, work/life balance as an entrepreneur, and finding the right buyer to acquire his business.

Topics and Guests

• Ben Sencenbaugh, Founder of Realty Medics
• Growing a property management business over 10 years
• Implementing systems and processes
• Using marketing tactics like radio and direct mail
• Maintaining profitability while scaling a business
• Selling a property management company
• Change management and leading teams
• Achieving work/life balance as an entrepreneur
• Finding the right buyer for an acquisition

Relevant Links and Resources

• Realty Medics - https://realtymedics.com/
• Profitable Property Management Podcast YouTube Channel - https://www.youtube.com/@profitablepropertymanagement/
• LeadSimple Software - https://leadsimple.com/
• Danny Craig, Profit Coach - https://profitcoach.com/
• Jeremy Pound, RentScale - https://www.RentScale.com/

Key Moments

00:02:32 Ben shares the story of growing from 200 to 1650 doors in 10 years

00:07:36 Implementing Podio in 2016 to organize processes

00:12:18 Focusing on foreclosures and rehabs in the early years

00:17:28 Starting radio ads and direct mail campaigns

00:26:26 Bringing on Pam Kawasaki to refine branding and messaging

00:31:08 Ben talks about his ability to build customized processes and software

00:34:46 Starting with automating the renewal process first

00:39:54 Sitting with employees to solve issues with new systems

00:45:44 Implementing a customer service call center for incoming calls

01:06:41 Not having a defined "end game" but being open to acquisition

01:12:24 Learning about planning the "way down" after a sale

01:16:33 Seeking an acquirer that would be the right fit to take care of staff

For more content like this, be sure to subscribe to the Profitable Property Management Podcast YouTube channel. You'll find videos of full podcast episodes with Jordan Muela and other great guests from the industry.

Welcome Closers!

In this episode of the Profitable Property Management Podcast, host Jordan Muela is joined by entrepreneur Sarah Durbin to discuss her journey from door-to-door sales to building a property management empire starting at just 18 years old.

Topics and Guests:

• Sarah Durbin - Property management entrepreneur
• Transitioning from door-to-door sales to property management
• Scaling a property management business from a small town
• Centralizing back office systems for multi-market expansion
• Training, empowering, and getting the most from your staff
• Dangers of DIY landlords making emotional decisions
• Rebuilding after selling a business amidst personal tragedy

Key Moments:

• Started door-to-door sales offices at 18
• Learning curve from small to big market
• Centralizing ops with multi-market expansion
• Sold businesses after family tragedy
• Wants property managers seen as professionals

Relevant Links:

• Sarah's website: www.sarahdurbin.com
• Profitable Property Management Podcast: https://www.profitablepropertymanagement.com

If you enjoyed this episode, make sure to subscribe to the Profitable Property Management Podcast YouTube channel. You'll get access to video versions of each episode plus exclusive content only available on YouTube!

Welcome Closers!

In this episode of Profitable Property Management, host Jordan Muela is joined by Chuck Hattemer, Co-Founder of Poplar Homes, to discuss the journey of building and scaling their proptech company over 9 years.

Topics Discussed:

• Origin story of Poplar Homes and early challenges with product-market fit
• Pivoting to focus more on operations and building out scalable processes
• Taking a measured approach to M&A vs raising lots of capital
• The importance of preserving local expertise through acquisitions
• Their vision for creating branded digital experiences for owners and renters
• How Poplar thinks about expanding into new markets
• Navigating differing regulatory environments across states
• Perspective on role of proptech in the future of real estate

If you want to hear the inside scoop from a successful proptech founder, don't miss this episode!

Make sure to like 👍 this video and subscribe 🔔 to the channel for more insightful conversations!

Welcome Closers!
In this episode, Jordan talks with Marco Nelson, founder of proptech startup RentCheck, about his journey from the military to entrepreneurship. They discuss solving friction points between property managers and tenants, approaches to building value-driven software, navigating startup fundraising, and more.

Topics and Guests:
• Marco Nelson, Founder & CEO of RentCheck
Topics Discussed:
• Background on Marco & RentCheck
• Bridging communication gaps between property managers & tenants
• Enabling resident self-inspections
• Building product-market fit
• Culture, leadership principles, and staying curious as you scale
• Changes in capital markets and startup fundraising
• Dangers of overvalued startup valuations
• Marco’s motivations as an entrepreneur
• Balancing intensity of startup life

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