Five Minute Friday #65: Talking Trash! California SB 1383 and Composting Requirements

In this episode, host Bob Preston and guest Dylan McGrath discuss how to prepare a property management company for acquisition, what is involved in the process, and various valuation models. If you have ever wondered what it would be like to sell your business and what steps would be involved, this episode is a must-listen!

Takeaways:

• Costs to engage a business broker
• Models for valuing a property management business
• Structuring of a property management business sale
• Due diligence and information exchanged

Chapters:
00:00 Introduction and Dylan’s background
04:54 Getting started in selling a property management company?
08:42 Fees paid to a business broker
12:14 Due diligence process and information exchanged
16:23 Valuation models for property management companies
21:11 Structuring the purchase arrangement: asset sale vs. stock sale
25:58 The current state of company valuations
32:05 Steps involved in closing the sale
46:49 Clawback provisions in an agreement
49:20 Closing comments and how to connect with Dylan

Connect Dylan McGrath:   https://www.linkedin.com/in/dylanmcgrath

Episode 82 Featured Sponsor: RentScale
RentScale is the largest sales consulting and coaching company in the residential property management industry. Over 400 residential property management companies in North America have trusted RentScale to craft their custom sales playbook, install a repeatable selling system, and train their team to attract new property owners at profitable rates. (https://rentscale.com/)

Our Industry Icon Sponsors supporting the show:
SureVestor (https://surevestor.com/)
Blanket (https://blankethomes.com/)
VPM Solutions (https://www.vpmsolutions.com)
RentScale (https://rentscale.com/)
APM Help (https://www.apmhelp.com/)
Upkeep Media (https://www.upkeepmedia.com/)
Second Nature (https://www.secondnature.com/)
zInspector (https://www.zinspector.com/)
Showdigs (https://www.showdigs.com)
LeadSimple (https://https://www.leadsimple.com/)

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

On this episode, host Bob Preston and guest Jeremy Pound discuss various aspects of business development and new client acquisition in the property management industry. The conversation also delves into the building blocks for creating a successful business development program and the characteristics of a good business development manager.

Takeaways:

• Understanding the local market and competition
• Finding the right business development manager
• Motivating business development managers
• CRM Software
• Significant opportunities for growth

Chapters:
00:00 Introduction and Background
05:20 Challenges in Acquiring New Doors
10:20 Understanding the Local Market and Competition
13:45 Building Blocks for Business Development
18:00 Reluctance to Delegate Business Development
30:00 Motivating and Compensating Business Development Managers
37:20 Importance of Customer Relationship Management Software
52:40 Closing Thoughts

Connect with Jeremy Pound:  https://rentscale.com/

Episode 81 Featured Sponsor: zInspector
zInspector is the most powerful and affordable property inspection solution in the market. A great in-app camera experience, fully customizable templates, tenant-led inspections, 360-camera integration & virtual tours, and two-way PM software integrations make it the most collaborative field-to-office property inspection solution available. Embrace the future of property inspections with zInspector. (https://www.zinspector.com/)

Our Industry Icon Sponsors supporting the show:

SureVestor (https://surevestor.com/)
Blanket (https://blankethomes.com/)
VPM Solutions (https://www.vpmsolutions.com)
RentScale (https://rentscale.com/)
APM Help (https://www.apmhelp.com/)
Upkeep Media (https://www.upkeepmedia.com/)
Second Nature (https://www.secondnature.com/)
zInspector (https://www.zinspector.com/)
Showdigs (https://www.showdigs.com)
Latchel (https://www.latchel.com)
LeadSimple (https://https://www.leadsimple.com/)

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

In this episode, Bob Preston shares his top five ways to kickoff 2024 for property management businesses. He emphasizes the importance of strategic planning, organizational checkups, accountability and goals, kickoff meetings, and budget trimming. These steps are crucial for setting the direction, aligning the team, and optimizing resources for a successful year ahead.

Takeaways

• Create a strategic plan with a forecast and budget for the new year.
• Conduct an organizational checkup to assess the company's culture and alignment.
• Establish accountability and goals for every team member.
• Host a kickoff meeting to communicate expectations and review past performance.
• Trim 15% of the budget to optimize resources and achieve new profitability goals.

Chapters
00:00  Introduction and Overview of Bob's Five Ways to Kickoff 2024
03:08  Chapter 1: Forecast and Strategic Planning for the New Year
06:02  Chapter 2: Organizational Checkup
07:30  Chapter 3: Accountability and Goals
09:38  Chapter 4: Kickoff Meeting
10:35  Chapter 5: Budget Trim Challenge
13:01  Summary of the "Five Ways" and conclusion

Episode 80 Featured Sponsor: Second Nature
At Second Nature, we heart property managers. Because we know you’ve got the toughest job around. So we create new solutions and technology to make your life easier, while keeping residents and investors happy. It’s a triple win for everyone and it’s only from Second Nature.. Second Nature (https://www.secondnature.com/)

Shout-out to all of our fabulous Industry Icon Sponsors for supporting our show:

SureVestor (https://surevestor.com/)
Blanket (https://blankethomes.com/)
VPM Solutions (https://www.vpmsolutions.com)
RentScale (https://rentscale.com/)
APM Help (https://www.apmhelp.com/)
Upkeep Media (https://www.upkeepmedia.com/)
Second Nature (https://www.secondnature.com/)
zInspector (https://www.zinspector.com/)
Showdigs (https://www.showdigs.com)
Latchel (https://www.latchel.com)

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

Bob Hansen, Principal at Second Nature, joins host Bob Preston to discuss the mid-market multifamily rental sector and its challenges and opportunities. He highlights the importance of attracting renters through amenities and value-added services. Bob also discusses the impact of economic factors on rental rates and the challenges tenants face in affording rent. He emphasizes the need for property managers to focus on the resident experience and leverage technology to meet the younger generation’s expectations. Listen in as  Bob Preston and Bob Hansen unpack the mid-market multifamily sector and the opportunities for property managers to grow their portfolios.

Topics Covered
01:45 Introduction and Background
03:45 Overview of the Mid-Market Segment
06:25 Factors Shaping Demand for Mid-Market Rental Units
10:45 Affordability and Tenant Challenges
12:45 Keeping Properties Performing at Optimal Level
17:15 APM Help Midroll Comnmercial
18:30 Importance of Occupancy Rates
19:25 Amenities and Features in the Mid-Market Sector
21:45 Resident Benefit Package and Second Nature's Offerings
31:00 Outlook for the Mid-Market Multifamily Sector

Connect with Bob Hansen: https://www.secondnature.com/

Episode 79 Featured Sponsor: APM Help
APM Help specializes in offering property management services, including trust account bookkeeping, daily bank reconciliations, audit and compliance support, maintenance coordination, and more. (https://www.apmhelp.com/)

Shout-out to all of our fabulous Industry Icon Sponsors for supporting our show:

SureVestor (https://surevestor.com/)
Blanket (https://blankethomes.com/)
VPM Solutions (https://www.vpmsolutions.com)
RentScale (https://rentscale.com/)
APM Help (https://www.apmhelp.com/)
Upkeep Media (https://www.upkeepmedia.com/)
Second Nature (https://www.secondnature.com/)
zInspector (https://www.zinspector.com/)
Showdigs (https://www.showdigs.com)
Latchel (https://www.latchel.com)

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

Pete Neubig is the co-founder and CEO of VPM Solutions – the first and only staffing solution platform targeted specifically toward property managers and real estate professionals. In addition to his professional accomplishments, he is also an Ironman triathlete.

Tune in as Pete shares his experiences and insights with host Bob Preston, discussing the types of tasks suitable for virtual assistants, the benefits of hiring remote talent, and the role of technology in streamlining operations. He also touches on different team structures, the monetization of maintenance, and effective marketing strategies.

Topics covered:
(03:23) Pete Neubig’s background
(06:32) The resistance to office return, but it's happening
(11:40) Centralized staffing based on office size
(14:02) Use virtual assistants and automation for efficiency and profitability.
(19:09) Average VA hourly rates
(21:59) Maintenance coordinator training takes 90 days
(26:39) Pre-interviews, final interviews, and quick decision-making
(29:50) The VPM Academy
(34:24) Why remote team members are worth the shot

Connect with Pete Neubig: https://vmpsolutions.com/

Episode 78 Featured Sponsor: Showdigs
Showdigs is the only all-in-one leasing software with a suite of tools designed to streamline each step of the leasing process. Showdigs’ network of licensed real estate agents is specially trained to handle fieldwork like showings and condition reports so you can focus on scaling your business.
Showdigs (https://www.showdigs.com)

We're also giving a huge shout-out to all of our fabulous Industry Icon Sponsors for supporting our show and the property management industry:

SureVestor (https://surevestor.com/)
Blanket (https://blankethomes.com/)
VPM Solutions (https://www.vpmsolutions.com)
RentScale (https://rentscale.com/)
APM Help (https://www.apmhelp.com/)
Upkeep Media (https://www.upkeepmedia.com/)
Second Nature (https://www.secondnature.com/)
zInspector (https://www.zinspector.com/)
Showdigs (https://www.showdigs.com)

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

Bob Preston is the founder and creator of Property Management Brainstorm. He goes solo in this episode to unpack the question of what makes Property Management Brainstorm different and explains his experience in "Hitting for the Cycle."

Topics covered:
(02:00) Bob explains why he is communicating his purpose in property management consulting
(02:30) Why all the noise and FUD about consulting services?
(03:30) Never disparage the competition
(04:12) Why do we offer services that no one else can replicate
(04:46) Featured Sponsor, Upkeep Media
(05:30) "Hitting for the Cycle" in Property Management
(06:00) How Bob has hit for the cycle, touching all the bases
(07:45) Property Management Brainstorm can help through all the stages of your PM company

Episode 77 Featured Sponsor: Upkeep Media
Upkeep Media specializes in property management marketing. With custom-tailored marketing plans, their approach is as unique as each company they work with. Upkeep Media effectively grows property management companies using a variety of Internet marketing tools.
https://www.upkeepmedia.com

We're also giving a huge shout-out to all of our fabulous Industry Icon Sponsors for supporting our show and the property management industry:

SureVestor (https://surevestor.com/)
Blanket (https://blankethomes.com/)
VPM Solutions (https://www.vpmsolutions.com)
RentScale (https://rentscale.com/)
APM Help (https://www.apmhelp.com/)
Upkeep Media (https://www.upkeepmedia.com/)
Second Nature (https://www.secondnature.com/)
zInspector (https://www.zinspector.com/)
Showdigs (https://www.showdigs.com)

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

Stephen Fox is the co-founder and Vice President of Operations at Upkeep Media, the company that helps property management companies grow by implementing effective marketing strategies. He joins the show to unpack the importance of having a strong online presence in the competitive property management industry.

From the initial interaction with potential clients to attracting property owners, Stephen and host Bob Preston will discuss valuable insights and strategies for building an effective online presence. 

Topics covered:
(03:23) Stephen Fox’s background
(04:46) Why the property management industry is Stephen’s focus
(08:55) How critical is an online presence in our industry?
(13:19) The lemonade stand principle
(15:36) Having a marketing mix
(21:45) Developing websites and leveraging SEO
(23:36) Featured Sponsor, VPM Solutions
(24:32) Upkeep Media’s growth marketing sessions with new clients
(27:49) Identifying goals for your website
(33:08) What has produced the best results for Upkeep Media’s clients?
(36:30) How to capture leads through your website
(41:00) Stephen’s closing thoughts

Connect with Stephen Fox: https://www.upkeepmedia.com/

Episode 76 Featured Sponsor: VPM Solutions
Find your perfect Real Estate or Property Management Virtual Assistant.
Stop looking for remote talent the old way. Choose from 1,000s of candidates from over 100 countries specific to the housing industry. Source, Train, Onboard and Pay all in one place all for Free. VPM Solutions is the only online platform built specifically for the property management industry.
VPMSolutions.com

We're also giving a huge shout-out to all of our fabulous Industry Icon Sponsors for supporting our show:

SureVestor
Blanket
VPM Solutions
RentScale
APM Help
Upkeep Media
Second Nature
zInspector

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

A handful of entrepreneurs in the property management industry have helped bootstrap and grow a property management company, sold the company, remained in a senior capacity with the acquisition company, and ultimately moved on to start yet another property management venture. One of those individuals is Travis Bohling of Phoenix, Arizona.

He is the co-founder of the property management company Home Ladder. Tune in as host Bob Preston and Travis delve into the importance of saying no and choosing a specific direction to the challenges of working in a large company where decision-making is hindered.

Topics covered:
(02:45) Travis Bohling’s background and his new venture, Home Ladder
(03:29) When Travis first decided to get into property management
(04:57) His work with RentVest
(07:23) The early stages of Travis’ property management company
(11:33) Expanding to other markets
(14:25) SureVestor Midroll Commercial (60-seconds)
(15:35) The decision to sell RentVest
(19:09) The acquisition process and working for Mynd
(23:28) The integration process of merging with a property management company
(28:33) About Home Ladder and its plans
(29:28) What is an ‘investor agent’?
(37:03) Closing thoughts

Connect with Travis Bohling
https://www.linkedin.com/in/travis-bohling

Episode 75 Sponsor: SureVestor
Insurance. Innovation. Inspiration.
At SureVestor, we’re Property Managers, too. That puts us in a unique position to offer innovative insurance solutions you’ve never seen before. Our Protection Plus bundle covers you and your owners when the unexpected happens. For instance, malicious damage, loss of rent and eviction fees, lawsuits, and certain accidental tenant damage.
https://surevestor.com/

We're also giving a huge shout-out to all of our fabulous Industry Icon Sponsors for supporting our show:

SureVestor
Blanket
VPM Solutions
RentScale
APM Help
Upkeep Media
Second Nature
zInspector

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

Churn rate – or also known as attrition rate – is something we all try to avoid but it is a big problem for most property managers. Our guest today unpacks what he is doing to address this challenge. 

Lior Abramovich is Co-Founder and CEO at Blanket, a company helping property managers keep their doors open by building thriving relationships with their clients. Tune in as he and host Bob Preston unpack the many definitions of churn, understanding each client, why we need to invest more in relationships, and much more. 

Topics covered:

(02:03) Lior Abramovich’s background and what Blanket does

(13:28) Understanding more about churn rate

(20:09) What is positive churn?

(23:12) How Blanket reduces churn

(26:45) How the Blanket dashboard works

(32:01) The data and technology behind Blanket – in layman’s terms

(33:31) The goals of a property owner versus the property manager

(38:55) Getting commission on deals

(43:08) Blanket’s business model

(49:20) Comparing to other marketplace platforms

(53:48) The customer reactions to Blanket so far

(57:00) The art of building relationships with clients

Connect with Lior Abramovich
https://www.linkedin.com/in/liorabramovich/

We're giving a huge shout-out to our amazing Industry Icon Sponsors for supporting our show:

Surevestor
Blanket
VPM Solutions
RentScale
APM Help
Upkeep Media

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.

A high-performing team is more than just a group of talented individuals. It's a cohesive unit that collaborates, focuses on continual improvement, and works toward common objectives to achieve outstanding results. Building high-performing teams has never been more imperative in today's dynamic property management industry. Yet, it has also never been more challenging.

On this episode of Property Management Brainstorm, host Bob Preston is joined by Gwenn Aspen, co-founder and president of Anequim, an organization focused on the property management industry to help companies be more efficient and successful. Tune in as Gwen and Bob will delve into the principles, strategies, and practices that enable organizations to harness the full potential of their property management workforce.

Topics covered:
(02:41) Gwenn Aspen’s background and what Anequim does
(04:48) How achievable is building a high-performing team?
(07:38) Where do you start with building a high-performing team?
(09:51) Entrepreneurial Operating System: the core principles
(13:20) Why you need a vision
(16:36) Where does company culture come from?
(28:47) The power of accountability
(32:03) Establishing clarity
(35:20) EOS rocks… and what are they?
(37:35) Performance reviews and celebrating wins
(42:37) Gwen’s closing thoughts
(44:25) Get in touch with Gwen

Connect with Gwen Aspen, Anequim
https://anequim.net/

We're giving a huge shout-out to our amazing Industry Icon Sponsors for supporting our show:

Surevestor
Blanket
VPM Solutions
RentScale
APM Help
Upkeep Media

Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/

This episode is always available for listening, sharing, or download at Property Management Brainstorm. Subscribe to Property Management Brainstorm on Apple Podcasts, Google Podcasts, Stitcher, Spotify, TuneIn, iHeart Radio and YouTube.