The Property Management Mastermind Show

Before we start today, I want to tell you about our upcoming conference! Pulling Back the Curtain will take place in January 2019 in Atlanta, GA. I’m one of the four speakers at the event, and I’ll be talking about the sales tactics that have helped us grow by adding more than one door per day for the last two years.

Kellie Tollifson joins me today from Seattle, WA. She’s the incoming NARPM president in 2020, and is a great resource. Today, we’ll take a deep dive into the topic of security deposits, where things might slip through the cracks, and how to deal with everything throughout the life cycle of security deposits. If you’ve ever wondered about any part of the subject, this is the episode for you!

Kellie and her husband, Tom, own and operate T-Square Properties. They started in the industry by buying and selling their own rentals, then realized they could do that for other people too. They’ve been in the business for two decades, have fourteen employees, and manage about 450 doors. About ten years ago, they also developed a maintenance company.

In today’s conversation, Kellie will point out why it can be a problem to charge a security deposit that’s the same amount as one month’s rent: tenants can be confused and think that their deposit was actually their last month’s rent. She’ll also talk about cases in which she charges a higher security deposit, and what regulations are in place in Seattle to limit move-in costs. Tune in to hear more about all of this, as well as trust accounts, the end of the lease and the inspection process, and how to handle negative reviews.

Here’s where you can find Kellie:

Kellie Tollifson

Kellie Tollifson on LinkedIn

T-Square Properties

Show Notes

[03:21] - Kellie gives a quick introduction to herself and her company to provide listeners context for what she’ll be talking about today.

[05:32] - How much should you charge as a security deposit? She answers, then Brad shares some of his own methods for calculating a deposit.

[10:30] - We hear about some fees that can be charged instead of a deposit.

[11:26] - Brad brings up a technique that involves using a bond instead of a security deposit.

[15:01] - What form of security deposit does Kellie take?

[17:57] - Kellie talks about at what point in the process she takes the security deposit, and points out another quirk of the Seattle market.

[24:10] - Brad brings up another question: what do you do in terms of leasing-only security deposits?

[29:45] - We hear about trust account funds, audits, and reconciliations, specifically in a highly regulated state.

[32:10] - Is Kellie allowed to do anything with that trust fund, such as collecting interest or purchasing CDs?

[35:35] - We move onto talking about the end of the lease, and how Kellie’s inspection process work.

[38:27] - Kellie takes move-out pictures instead of doing videos, because pictures have still been working really well for her.

[40:47] - We learn about how Kellie breaks down invoices for former tenants.

[42:36] - Brad brings up the topic of prorated charges, and how the depreciation scale functions for this purpose.

[46:30] - What’s the review process that happens if a tenant wants to refute one of the security deposit itemizations?

[50:58] - Kellie talks about how she handles negative reviews when it comes to tenants’ security deposits.

[55:01] - We hear about NARPM’s leadership seminar and classes.

[56:58] - Kellie explains her current role at the national NARPM level.

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

Grace Property Management

Kellie Tollifson

Kellie Tollifson on LinkedIn

T-Square Properties

Pulling Back the Curtain Conference

NARPM

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Have you ever wondered about hiring a virtual assistant? Have you daydreamed about how much easier your life could be if someone else handled all the stuff you don’t like to do? If so, this is the episode for you. Today, I’m joined by Mark and Anne Lackey, who specialize in helping property managers find virtual assistants. Today, they’ll talk through just about everything you could possibly need to know about hiring virtual assistants.

Mark and Anne don’t match their clients up with just anyone. They screen potential VAs carefully, and then put every single VA through a 40-hour bootcamp to make sure they’re up to the task. At the end of the bootcamp, they have a final exam that they need to pass before being matched with a client. Tune into the episode to learn more about the certification process that VAs go through when they work with Anne and Mark.

In our conversation, we’ll spend some time talking about the benefits of hiring virtual assistants instead of local employees. For example, if your VAs celebrate different holidays than you do, you can stand out by being one of the few property management companies with its phone lines open on major American holidays! Overseas VAs also tend to show up more consistently than a lot of people you might hire locally, in my experience.

If you’re thinking that VAs can only do the most basic of administrative tasks, think again. Anything that can be done with a computer and a phone can be done through an assistant in the Philippines, Anne explains. Of course, all of this comes with a price -- but you may be shocked by how affordable it is for the quality of service you’ll receive.

Tune in to hear more about the exact amount you’ll pay when you work with Anne and Mark (and the discount you’ll get for being a listener), how long it takes for a VA to be recruited, vetted, trained, and certified, the role of personality profiling in finding the right VA for you, and much more!

Here’s where you can find Anne and Mark:

Hire Smart VAs

[email protected]

Anne Lackey on Facebook

Anne Lackey on LinkedIn

@AnneLackey on Twitter

Mark Lackey on LinkedIn

Show Notes

[03:11] - Anne talks about their company, Hire Smart VAs, and describes their typical clients.

[05:00] - Brad talks about some of the challenges of working with virtual assistants, including the distance, and phone and internet connections. We then hear more about Mark and Anne’s screening and training process.

[10:40] - Anne talks more about their approach with VAs, and how they get information from clients on what they’re looking for.

[13:22] - Instead of having VAs waiting for work, Mark points out, they wait to have a client before they source a VA specifically for that job.

[14:57] - We hear about personality profiling, and what kind of profiling Mark and Anne use for their VAs.

[19:45] - How do VAs work given the time difference between the US and the Philippines, where Mark and Anne’s VAs are?

[22:22] - Anne talks about the role that cultural differences play when working with a VA, and Mark points out some benefits.

[24:49] - Overseas staff seem to show up consistently and get the job done quickly.

[26:47] - We hear about Anne and Mark’s latest book, which is about property management.

[27:40] - What kind of tasks can virtual assistants do in the context of a property management company?

[28:58] - Anne talks about the cost of having a virtual assistant, including the recruiting and certification process. Of course, there’s a discount for show listeners!

[34:06] - Does the rate go up if you want to hire someone to work in more advanced roles?

[34:42] - It typically takes Anne seven to 10 days to find and vet a candidate, and several weeks total to get a new VA started.

[36:39] - How can listeners find Mark and Anne to learn more about what they offer or to get started with a VA?

[38:54] - Mark points out that there are a lot of different types of VA services, and talks with Brad about the ebb and flow of outsourcing and insourcing.

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

Grace Property Management

Hire Smart VAs

[email protected]

Anne Lackey on Facebook

Anne Lackey on LinkedIn

@AnneLackey on Twitter

Mark Lackey on LinkedIn

DiSC

Culture Index

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Jason Hull from DoorGrow joins me today to talk about his upcoming products, some of his new products, and some of the new systems he’s getting ready to present at his conference. It’s a great conversation to hear about what’s going on in the industry and stay up to date.

In our chat today, Jason points out that he doesn’t have a property management business in the traditional sense. Instead, he started a web design agency in 2008. At the same time, his brother had bought into a property management franchise. (As a side note, his brother’s franchise now has 1,200 doors.) Jason noticed that most of the websites in the industry at the time had the wrong focus, and built his brother a marketing-oriented website instead. A lot of the top franchises in that company started working with Jason, and soon he was on Google’s first page for property management website design.

Before long, Jason had clients all over the US. This led to him getting intimately familiar with property management businesses. He put together a road map identifying the biggest leaks or constraints in sales pipelines, and found the keys that let a business grow past 100 doors. Using this information, he built a program called the Seed Program, which is the ultimate foundation for growth.

In our conversation, he’ll explain how his success with this forced his company to pivot, as their customers were outgrowing what they originally offered. He’ll dig into why it’s so important to invest in yourself before you ask anyone else to invest in you, why you sometimes need to get rid of some of your doors instead of keeping every single one possible. We’ll also take a deep dive into how to handle negative reviews, talk about the topics and guest speakers for Jason’s upcoming conference, and much more!

Here’s where you can find Jason:

Jason Hull on LinkedIn

Jason Hull on Facebook

DoorGrow

DoorGrow on Facebook

DoorGrow Live

#DoorGrowClub Facebook group

The #DoorGrowShow podcast

Show Notes

[03:32] - Jason introduces himself, and shares his background and how he got started in property management.

[06:27] - We hear about what Jason does in more detail, and how he developed his Seed Package.

[11:55] - Jason loves entrepreneurism, and points out that you can’t segregate being an entrepreneur from your personal life or your physical body.

[14:07] - We learn about how Jason’s own coaching taps into his long-term goals for what he’s doing in the industry.

[15:30] - The “Cycle of Suck” is something that Jason identified. He explains what this is and how to get out of it.

[18:22] - How does Jason respond to negative reviews online?

[21:27] - Brad takes a turn to talk about how he deals with his own negative reviews, specifically when they’re unfairly negative.

[26:44] - Brad shares his thoughts on NARPM as an organization, and offers some ideas on things that could be better.

[29:27] - Jason takes a turn giving his thoughts on NARPM.

[32:34] - At DoorGrow, Jason’s vision and mission is to change the industry, he reveals.

[36:20] - We hear more about Jason’s upcoming conference, including its focus and the two major challenges that it will address.

[40:02] - Mike Michalowicz, author of Profit First, will be speaking at the conference, Jason reveals. He then talks about various other topics he’ll address at the conference.

[46:30] - We hear about the location, dates, and pricing of the conference.

[48:50] - At the conference, Jason will share his roadmap that he believes will create a high-growth company. He also mentions several other speakers who will be at the conference.

[49:56] - How can someone sign up for the conference? What discount do they get for using the code “BRAD”?

[50:44] - Jason talks about the Facebook group he has going.

[54:22] - How can people get in touch with Jason or learn more?

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

Grace Property Management

Jason Hull on LinkedIn

Jason Hull on Facebook

DoorGrow

DoorGrow on Facebook

DoorGrow Live

#DoorGrowClub Facebook group

The #DoorGrowShow podcast

NARPM

Clint Collins

Rent Like a Pro

DoorGrow Seed Program

The Property Management “Cycle of Suck” by Jason Hull on LinkedIn

13 Rockstar Tips to Get Reviews (That Don’t Suck) by Jason Hull

The Five Languages of Apology by Gary Chapman

Mike Michalowicz

Profit First by Mike Michalowicz

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Alex Osenenko from Fourandahalf joins me today to talk about his website solutions, their lead capture, their SEO, their KPIs, their quarterly reporting, and their mentorship and ability to help you grow your management company. We’ll also talk about the Business Development Toolkit and how you can use it with the CRM platform, and another special guest will chime in to talk about how various reports work. This is a great time to learn about what Fourandahalf does and who they are!

One thing Alex will dig into is the value of data to your company. In fact, he says, data is the new oil. He’ll offer suggestions on how to use data more effectively, such as collecting all KPIs and using them to position your budget to where it makes the most sense. (If this sounds overwhelming and like yet another task that you’d rather not put on your plate, this is something that Fourandahalf can handle for you!)

You’ll learn in our conversation that Alex does something that just isn’t done: offers a guarantee on performance and growth. If they don’t deliver, they work for free until they do. He’ll dig deeper into this guarantee in the episode, and explain how your website and data are so important in being able to offer this guarantee.

You probably know that we own a management company in San Antonio, but you may not realize that we’re expanding into Austin. We’re starting from scratch there, and have about five homes so far. We’re converting our Austin website to Fourandahalf, and letting them do whatever they want. As we talk about this, Michael from Fourandahalf will step in to talk about the value of tools like RentRange and RentFax.

Tune in to learn more about all of these topics, as well as what a correction or recession means for property management companies, how you need to provide your free rental reports on your website, what value a KPI dashboard can offer, and much more!

Here’s where you can find Alex:

Alex Osenenko on LinkedIn

Alex Osenenko at PM Grow Summit

Fourandahalf

Property Management Podcast

PM Grow Summit

Grow Your Property Management Business by Alex Osenenko

Show Notes

[03:30] - Alex introduces himself and gives a short description of how Fourandahalf started.

[05:54] - We’re beginning to see a correction in California, Brad points out, and talks about what this means for the property management industry.

[07:55] - Alex talks about the extinction and potential resurgence of the reluctant landlord, and some of what Alex does.

[10:26] - We hear more about the products and services that Alex offers.

[13:41] - Brad talks about a conversation he had and explains why he reached out to Alex to have this conversation on the podcast.

[14:13] - Alex talks about his guarantee for performance and growth.

[16:33] - Brad circles back to talking about his Austin office, and gives an explanation of what he’s talking about.

[17:35] - We hear about the value of having a free market estimate provider on your website, with Michael from Fourandahalf stepping in to explain.

[20:42] - Alex steps back in to make an important point for listeners: you have to present the report on your website in a way that the value is easy to see.

[23:22] - We learn more about the KPI dashboard that Alex has been talking about.

[26:12] - Alex takes some time to talk about the value he can add, and his company’s strengths and point of difference. He also talks about the pricing for the services he offers.

[29:52] - You can get a $500 discount on any of Fourandahalf’s website products by using the discount code “Brad.”

[31:21] - We hear more about the next PM Grow Summit, tickets for which have already begun to sell quickly.

[34:46] - Alex shares a parting word of wisdom with audience members.

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

Grace Property Management

Alex Osenenko on LinkedIn

Alex Osenenko at PM Grow Summit

Fourandahalf

Property Management Podcast

PM Grow Summit

Grow Your Property Management Business by Alex Osenenko

RentWerx

RentRange

RentFax

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Gwenn Aspen joins me today to talk about sourcing Mexican talent to help you. Some people like to call them virtual assistants, but we prefer to think of them as virtual team members! Gwenn will help you understand more about the benefits and process of working with people in Mexico to help you run your property management business. At our company, we have nine team members in Mexico, so this is something I definitely personally endorse!

Gwenn and her husband have their own property management company, Wistar Group, in Omaha, Nebraska. Their company manages about 1300 units. About two years ago, they started another company, Anequim, which sources remote assistance from Mexico for property management companies. Tune into the episode to learn how Anequim has grown from there!

Lots of people operate under the assumption that virtual team members are limited in what they can do. What we do, and what Gwenn emphasizes, is that a virtual team member can be just as skilled and multi-talented as an on-site employee. We’ll also talk about the questions of accents in Spanish-speaking team members. We’ve had zero complaints about accents in two and a half years, and hiring bilingual team members can be a huge benefit!

Listen in to this episode to hear much more about hiring, training, keeping, and working with virtual team members from Mexico! This answers a lot of the hot questions that have been going around lately, and I look forward to sharing this powerful information with you. You’ll also learn how to work with Gwenn, and how to get a discount on her services!

Here’s where you can find Gwenn:

Gwenn Aspen on LinkedIn

Gwenn Aspen on Facebook

Anequim

Anequim on LinkedIn

Wistar Group

Show Notes

[03:18] - Gwenn introduces herself and explains what she does, and how she and her husband started their company.

[05:35] - Brad talks about where and how he and Gwenn met, then Gwenn talks more about how her husband formed his connections in Mexico.

[08:54] - We hear about some of the cultural differences between the US and other countries, as well as Brad’s experiences with some of his virtual team members.

[11:05] - How much does it cost?

[13:35] - The average American company treats these team members better than the average Mexican company, Gwenn explains.

[15:51] - Brad illustrates the point that Gwenn has been making, and then she further emphasizes the links between Mexican and American cultures and workers.

[17:24] - What is the range of things that these virtual team members can do?

[20:37] - Gwenn talks about the training process that she goes through with her virtual team members.

[23:39] - We hear more about Gwen’s thoughts on accents and bilingualism. Brad then points out that they’ve had zero complaints about accents.

[25:31] - Brad takes a moment to talk about the power of voicemail.

[28:58] - Gwenn talks more about other roles that virtual team members can take on.

[29:54] - How can listeners get in touch with Gwenn?

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

Gwenn Aspen on LinkedIn

Gwenn Aspen on Facebook

Anequim

Anequim on LinkedIn

Wistar Group

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Dave Borden joins me today to talk about SEO, making leads, working with websites, what’s going on in the property management world, and more. Dave is an entertaining guest who knows a lot, so we dig down in depth into these topics. I think you’ll learn a lot from this conversation. I know I did!

Dave works with PMW, or Property Manager Websites, which builds, manages, hosts, and maintains websites for about 1,200 property management companies nationwide. Even though Dave’s company provides these sorts of services, this conversation is packed full of advice that you can use independently even if you don’t choose to work with him.

We’ll talk about owning the Google 3-Pack. If you aren’t familiar with it, this is the set of three local business results that appears below the map when you do a Google search. About 25% of people click through on the mapping results, which show the businesses with the best quality score and the highest budget, so it’s important to rank well in this section of Google’s results page!

Listen in to learn how to optimize your website for today’s important factors. You’ll learn why mobile is more important than desktop these days, why loading speed matters so much, how to make the most of links to your site, and much more.

Here’s where you can find Dave:

PMW

[email protected]

[email protected]

Kohva

Show Notes

[02:06] - Brad introduces this episode’s guest, Dave Borden.

[03:18] - Dave gives a quick explanation of who he is and what he does, and Brad gives a brief intro of his background in using Dave’s products.

[05:51] - Dave digs into the Google 3-Pack, explaining exactly what it is and why it’s so important to own it.

[10:44] - We hear about the eight local pack factors that really matter, which you can see on this page.

[14:50] - Do you break out the sales side and the property management side of your business into a separate company/website?

[19:00] - We learn another reason to go after property management instead of real estate when it comes to Google SEO rankings.

[23:57] - Dave talks about how to get links, and how important it is.

[28:36] - Brad mentions a small event that he and Dave, among others, will be speaking at in Denver.

[31:53] - We transition into learning about some of the new things that are coming up with Dave’s company, PMW.

[36:01] - Brad brings up the Matterport 3D tour, and Dave offers more SEO advice.

[42:31] - We learn about why mobile is more important than desktop these days, which may come as a surprise.

[49:10] - How can listeners reach Dave’s team to learn more?

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

PMW

[email protected]

[email protected]

Kohva

Google 3-Pack

Moz

Moz 2017 Local Search Ranking Factors

Yellow Pages

Better Business Bureau

Yelp

Thumbtack

Matterport

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Today, I’m joined by two guests: Krista Peterson with Culture Index, and Mark Thompson, a property management company owner out of Cincinnati, Ohio. The reason I have both on together is that Krista will talk to us about how to analyze employees using the Culture Index, and Mark has implemented that into his business and can give us real-world feedback on how it works.

Getting the right people in the right seats is one of the most important factors in growing your business, as well as one of the most difficult. This is why having a personality assessment for your employees, such as Culture Index, can be a key component in shaping the team that can take your property management business to the next level.

As Krista points out in this conversation, when you come from this perspective, the traditional hiring process is backwards. When you start by looking at things like work experience or school history, you’re missing out on the most important fact: the personality component. When you filter applicants for a job by personality first, and then go through the other items on their resume, you can find someone who’s a perfect fit for your team while spending less time on the hiring process.

Tune into this episode for a fascinating conversation into a tool that has the potential to transform your property management business. You’ll learn about some of the features and benefits of Culture Index, what happens once you become a client, why using your gut might not be the best way to be successful, and best of all, how you can get a 30-day free trial of Culture Index!

Here’s where you can find Krista and Mark:

Culture Index

Krista Peterson on LinkedIn

EquityTeam

Mark Thompson on LinkedIn

Show Notes

[02:06] - Brad introduces this episode’s guests, Krista Peterson and Mark Thompson.

[04:07] - Krista tells us more about herself and what Culture Index does. Mark then talks about whether he has seen any improvements so far.

[06:05] - What else is out there that’s similar to (or competition for) Krista’s product?

[10:00] - Krista points out a key difference between Culture Index and other companies: they’re in the solutions business, not just a testing company.

[13:45] - Mark talks about what he’s learned about writing a good ad.

[16:14] - How long does it take Brad to onboard a property manager?

[17:47] - Mark gives an example using his main maintenance vendor, with whom he’s been talking about the power of this process.

[19:43] - Is Mark cringing at all or concerned over the results for some of his team members?

[21:30] - We hear more about the amount of time it takes to onboard somebody, and how Krista’s team can help.

[24:37] - Brad takes a moment to address the haters out there and their potential objections, and Krista explains how what she does is data-backed.

[26:27] - What are the next steps for a property management company owner who’s interested in finding out more? Krista answers, then talks about their fee schedule.

[30:01] - Mark points out one of the benefits that got him interested in talking with Krista: that she was referred to him by another property manager, and clearly understands the business.

[32:42] - A forced-choice test increases your error rate, Krista points out, and explains why this is the case.

[34:10] - Mark shares a quick story about hiring a virtual assistant.

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

Culture Index

Krista Peterson on LinkedIn

EquityTeam

Mark Thompson on LinkedIn

DiSC Profile

StrengthsFinder

Insights Discovery

The Predictive Index

SurveyMonkey

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Chrysztyna Rowek is a regional vice president for NARPM, in addition to what she’s doing in a management company in western Washington. Chrysztyna studied to become a Spanish teacher, but instead, started a cleaning company. Her company was hired to do the cleaning for a property management company, and after several years, the property management company’s owner offered Chrysztyna a job there. She got her real estate license, then bought the property management company.

In the 12 years since then, Chrysztyna has bought several other property management companies. In hindsight, she would have made these acquisitions differently, and offers words of wisdom to listeners who are interested in acquiring a company. Regardless of these difficulties, Chrysztyna is still torn on whether she prefers organic growth or acquisitions. In addition to property management, Chrysztyna has also started an in-house maintenance company, Athena Property Services. She’s passionate about finding affordable housing for people who are living on fixed incomes, and keeping people in their houses whenever she can.

If you have any questions about how to do tenant screenings, this is a fantastic episode for you as well. Chrysztyna and I will take a deep dive into how to do tenant screening successfully and productively by relying on the criteria you’ve set instead of basing your decision on factors that may be unreliable. Factors that shouldn’t make your decision for you include things like your intuition, car cleanliness, and sometimes even lack of rental history or criminal history. If this surprises you, listen in to learn why!

Tune in to this episode to learn how Chrysztyna found the property management companies that she acquired, the top few things you need to know and do when you’re buying a property management company, her thoughts on tenant screening, best practices and some challenges for dealing with insurance, and much more.

Here’s where you can find Chrysztyna:

Chrysztyna Rowek on LinkedIn

Athena Property Services

Lighthouse Cove

Show Notes

[02:06] - Brad introduces today’s guest and the topics of conversation.

[03:19] - This morning, Chrysztyna offered a communication class for the San Antonio chapter, she explains.

[05:05] - Chrysztyna talks about her background and her management company in Washington.

[07:44] - How did Chrysztyna find the various property management companies that she acquired?

[10:04] - We hear more about how the process of buying a company takes, and what to expect from the experience.

[13:16] - Does Chrysztyna prefer organic growth or acquisitions as a growth model?

[16:34] - Chrysztyna shares her thoughts on how different (and better) her acquisitions would have been if they had been on a NARPM standard of accounting.

[19:30] - We go back to the topic of Chrysztyna’s presentations, with her talking more about the tenant screening process.

[22:45] - Chrysztyna has heard property managers say that if they see someone has a dirty car, they know that that person won’t be a good tenant. She and Brad then discuss how they screen and approve tenants.

[27:28] - Brad emphasizes a key point from this episode: you set the screening criteria, and then you live by it.

[28:18] - What software platform does Chrysztyna use to get tenant screening done?

[31:21] - Chrysztyna shares her best practices when it comes to notifying applicants that they were declined.

[36:24] - Let’s talk about move-outs! Chrysztyna is doing particularly bad move-outs on Facebook Live, she explains.

[40:13] - We hear Chrysztyna’s thoughts on the option of publicly shaming bad tenants on Facebook.

[42:28] - How have things changed in Washington since the legalization of marijuana?

[47:04] - Brad recommends the podcast Built to Sell, hosted by John Warrillow.

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

Chrysztyna Rowek on LinkedIn

Athena Property Services

Lighthouse Cove

NARPM

LandlordSolutions

Facebook Live

Built to Sell

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

Sean Morrissey from Chicago joins me today to talk about using the property management platform to invest in your own properties. He has a lot of insight into this familiar concept; he owns about 10% of the properties that he manages, and he built the two portfolios hand-in-hand. He became a landlord in 2003, got his real estate license in 2006, and opened his brokerage in 2011. Now, he considers himself a real estate investor who uses his property management systems to help others as well as his own portfolio.

As of last year, Sean had managed around 200 properties for other people, and has 22 properties that he owns and manages for himself, all with a staff of 5 people. His current plan is to live off his own real estate portfolio. Since he uses his management system for his own homes, he can use that as a selling point when he’s talking to owners about managing their properties for them.

Sean explains that finding properties to buy typically depends on having a good eye for deals, and/or waiting for a downturn after the market hits a bubble. Something he started about a year ago was a postcard campaign that basically expresses interest in buying multi-family buildings, and credits this campaign with the acquisition of a 16-unit building.

Tune into this episode to learn about and hear Sean’s thoughts on why you shouldn’t actively market to your clients that you want to buy their properties, the current state of the market in Chicago and how it’s changing, why having a property manager is so important (and why it can be so frustrating), and many other topics.

Here’s where you can find Sean:

Chicago Realty Group

Landlording for Life

Sean Morrissey on Realtor.com

Show Notes

[03:28] - Sean introduces himself and gives some background on how he got into real estate and investment properties.

[06:26] - Brad draws out and elaborates on a couple of things that Sean has mentioned in his self-introduction.

[07:31] - We hear a story from Sean about a camp he went to several years ago.

[10:38] - Sean points out that it carries some weight that he’s able to tell owners that he uses his management system for his own properties too.

[11:39] - We hear about the acquisition side of Sean’s investments, and whether he did anything creative in the process.

[15:41] - Brad points out that for management company owners, the easiest thing you can find are listings in your management inventory.

[19:09] - Sean brings up two points that Brad’s advice has brought up for him.

[20:55] - We hear more about Sean’s advice on the line of credit that he has been talking about, and when you should refinance and pull that money out.

[25:00] - Sean talks about the city of Chicago and the state of the market there, as well as how the market has been changing.

[29:01] - We hear about Sean’s thoughts on rent control and where things fall in terms of being landlord- or tenant-friendly.

[32:13] - How has short-term rental management been affecting the Chicago market?

[34:01] - Sean talks about his podcast, Landlording for Life.

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

Chicago Realty Group

Landlording for Life

Sean Morrissey on Realtor.com

Mike Watson

The BRRRR Strategy

Airbnb

VRBO

Landlording for Life

I love offering listeners fantastic benefits, such as some great discounts for products, with new offers coming all the time! You can see a complete list at propertymanagementmastermind.com. For all of these offers, use the discount code “Brad” to secure your discount.

One more announcement before we get started! Our newest product at Property Management Mastermind is the Business Development Toolkit. In 2017, RentWerx organically grew by over 360 homes. In 2018, we’re on pace to grow another 500 homes. And best of all, we’ve done all of this without going out to meet the people and earn the business one door at a time. Tune in to learn more, or check out the toolkit online! If you aren’t completely satisfied with the product, we’ll give you a 100% refund.

In this episode, Greg Watson and I take a deep dive into the topic of business development and growth. Greg, who hails from a New Zealand town of 90,000 people, is a business development manager in a family business that deals with both realty and property management. He took on sole charge of the company’s property management department and has taken the opportunity to grow it to 750 doors.

Greg is a highly awarded guy (listen in to the episode to learn what the playful working theory is for why he received a lifetime award!). He’s an operator in the business right know who knows how to do it and teach it. He gets excited about helping people on their journey to success, and using innovation and interesting new ways of doing things.

In our conversation, you’ll come to understand why Greg’s company has every staff member working to their strengths. This means that Greg actually hired his own boss, because he’s aware of what he is (and isn’t) good at doing, and doesn’t try to be in charge of the aspects that he’s not good at. He explores the value and challenges of this kind of self-awareness in the episode.

Tune into this episode to learn about some of the differences and similarities between the US and New Zealand property management markets, how Greg sets and works toward growth goals, lead sources and conversion rates, and much more!

Here’s where you can find Greg:

Greg Watson on LinkedIn

Greg Watson on Facebook

Watson Integrity

Watson Integrity on Facebook

Show Notes

[02:53] - Greg introduces himself briefly, and Brad talks about why he wanted to have Greg on the show.

[03:58] - We learn about how Greg got to where he is now.

[07:35] - Greg talks more about his company, its size, how many doors it handles, its structure, and so on.

[11:26] - There are some things that Greg simply isn’t great at, he points out, and he excels more at ideas and sales.

[14:46] - We shift into the tactical level of business development, with Greg talking about some of the best practices he’s come up with and coolest things he’s seen in the last year or two.

[16:37] - Brad talks about some of his own practices, offering Greg the opportunity to comment on them.

[22:03] - We hear Brad’s points about what Greg just did, including features and benefits and his justification of his services with the price.

[23:53] - Greg and Brad talk about some differences between the US and New Zealand in terms of the property management industry, specifically the penetration rate.

[27:51] - We learn about thing that Greg has found really successful recently in terms of business development.

[32:02] - Greg shares his thoughts on the business strategy that Brad has just been describing.

[33:47] - Brad shifts into talking about keys to growth, and invites Greg to share his own growth goal-setting process and cycle.

[36:32] - Let’s talk about lead sources! What has been working for Greg for lead sources?

[42:56] - Brad draws out what Greg has been saying about offering free market estimates for realtors.

[44:21] - We hear about tracking conversion rates, which Brad tries to do within the first 30 days.

[46:39] - What is Greg’s conversion rate?

[50:41] - Greg offers listeners a valuable resource that has been read over 5,000 times: Earn Thousands More From Your Rented Property.

Links and Resources:

[email protected]

(619) 988-6708 (Allison DiSarro from Seacoast Commerce Bank)

Seacoast Commerce Bank

RentWerx

Greg Watson on LinkedIn

Greg Watson on Facebook

Watson Integrity

Watson Integrity on Facebook

Todd Breen

VirtuallyinCredible

Ben White on the Property Management Mastermind Show

Bob Walters on the Property Management Mastermind Show

Jamie Oliver

All Property Management

LeadSimple

Earn Thousands More From Your Rented Property