The Profitable Property Management Podcast

Welcome Closers!
In this episode, Jordan interviews Sarah Hatch, the Founder and Owner of Hatch Property Management and Sales. Sarah shares her journey into property management, from construction & hands-on work to owning & operating her own business. She discusses her experience in commercial property management and her transition to residential property management after having her first child. Sarah also talks about the unique challenges of managing properties for military and state department clients in the Washington D.C. area.

Key Moments

[00:00:46] Sarah's background and how she got into property management

[00:07:59] Why Sarah chose to manage residential properties despite her commercial background

[00:10:37] Sarah's business size: 200 doors and 15 employees

[00:17:18] Sarah's goals for 2024, including creating a video library for maintenance troubleshooting

[00:22:31] An example of effective troubleshooting that saved an owner money

[00:31:28] How Sarah prioritizes resident experience and builds a sense of community

[00:40:57] An example of Sarah's team supporting one another during a difficult time

[00:45:06] Sarah's approach to dealing with difficult tenants and evictions

If you enjoyed this episode and want to hear more insightful conversations about property management, be sure to subscribe to the Profitable Property Management Podcast on your favorite podcast platform or YouTube. You won't want to miss our upcoming episodes featuring industry experts and successful entrepreneurs sharing their knowledge and experiences.

🔗 https://www.hatchpropertymanagement.com https://www.facebook.com/sarah.pamula

Welcome Closers! In the 200th episode, Jordan and special guest Daniel Craig, Chief Strategy Officer at ProfitCoach, dive into the evolution of the property management industry & discuss their journey together from inception of ProfitCoach to today.

They run it back to 2017, sharing the challenges of data standardization in property management and the development of the national benchmarking study, known as the NARPM Accounting Standards today, as well as “Season 2” of ProfitCoach. The episode gets into the concepts of profit and operational performance, the significance of data-driven process design, and value creation in property management.

• Insight generation and best practices in property management
• Reflections on the evolution of their working relationship since 2017
• Impact of ProfitCoach on the industry and individual growth
• Discussions on industry benchmarks and profitability trends

Links Referenced:

ProfitCoach Pricing Survey http://pmprofitcoach.com/pricingreport

https://www.pmprofitcoach.com/profitcoach-national-pricing-survey/

📘 Newsletter https://muela.ck.page/profile 🌐 Website https://www.profitablepropertymanagement.com 🔵 https://www.facebook.com/PPMpodcast

📺 https://www.youtube.com/@profitablepropertymanagement

Welcome Closers! This episode dives into the strategic advantages that deep local ties and expertise can provide in the property management business. Hear how Mike Mefferd, CEO of Bridgestream Property Management, and his team leverage relationships to better serve owners during difficult times like COVID. Explore their purposeful approach focused on enhancing lives and raising industry standards.

00:00:27 - Company Mission and Values

00:01:40 - Growth and Current Size

00:02:14 - Acquisition Strategies

00:06:03 - Future Plans and Management Platforms

00:11:08 - Expansion Challenges

00:19:04 - Building Local Relationships

00:32:43 - Staff Management and Culture

00:37:33 - Financial Strategies

📘 Newsletter https://muela.ck.page/profile
🌐 Website https://www.profitablepropertymanagement.com
🔵 https://www.facebook.com/PPMpodcast

📺 https://www.youtube.com/@profitablepropertymanagement

Welcome Closers!

In this insightful episode of the Profitable Property Management Podcast, host Jordan Muela sits down with property management entrepreneur Gwenn Aspen, CEO Of Anequim, to discuss her journey from creating a property management company to pioneering remote professional services.

Gwenn shares her experiences, the challenges she faced transitioning from corporate America to entrepreneurship, and her innovative approach to leveraging virtual assistants for property management needs.

[00:00:00] Introduction: Welcome and introduction of Gwenn Aspen, her background in property management, and the inception of Anequim.

[00:05:22] Gwenn's Journey: Transition from corporate America to entrepreneurship.

[00:10:45] Building Anequim: Challenges and milestones in creating a remote labor solution for property management.

[00:15:30] Leveraging Virtual Assistants: How Anequim utilizes virtual assistants from Mexico to revolutionize property management tasks.

[00:20:55] Personal Growth: Gwenn shares her personal growth journey and managing emotions in leadership.

[00:25:40] Industry Impact: The impact of Anequim on the property management industry and future trends.

[00:30:15] Advice for Entrepreneurs: Gwenn's advice for aspiring entrepreneurs in the property management sector.

[00:35:00] Q&A with Listeners: Live Q&A session with listeners asking Gwenn about her experiences and strategies.

[00:40:25] Conclusion: Closing remarks and how to connect with Gwenn Aspen for further insights.

📘 Newsletter https://muela.ck.page/profile 🌐 Website https://www.profitablepropertymanagement.com 🔵 https://www.facebook.com/PPMpodcast 📺 https://www.youtube.com/@profitablepropertymanagement

Welcome Closers!

In this insightful episode of the Profitable Property Management Podcast, Jordan interviews Taylor Haas, the current Director of Operations at leading property management company Colorado Realty & Property Management. Taylor shares her journey from starting as a receptionist to climbing the ranks to a top leadership position, overcoming challenges, and driving innovation and growth within the company.

00:00:06 Introduction of Taylor Haas

00:00:25 Taylor's transition from receptionist to Director of Operations

00:01:33 Overcoming nepotism and earning her role

00:03:18 The secret behind the company's success

00:05:06 Daily responsibilities and innovation in operations

00:06:15 Communication and empathy as core policies

00:09:03 Handling staff feedback and improving processes

00:11:04 Performance reviews and maintaining high standards

00:13:01 Addressing noncompliance and nonperformance

00:15:34 Market dynamics and adjusting business strategies

00:19:34 Future aspirations for the business and personal growth

If you found value in today’s episode, don’t forget to subscribe to our podcast on Apple Podcasts, Spotify, or YouTube. Stay updated with the latest in property management and banking insights. For more resources and episodes, visit our Facebook Group. Share your thoughts and join the community!

🔗 https://www.coloradorpm.com

Linkedin https://www.linkedin.com/in/taylor-haas-3720b5138

Welcome Closers!
Join us in this insightful episode of the Profitable Property Management Podcast as host Jordan Muela speaks with Allison DiSarro from Enterprise Bank & Trust. Dive deep into the significance of building connections in banking, how Allison's unique approach to property management banking sets her apart, and the impact of empathy on client relationships in business.

00:00:00 - Introduction to Allison DiSarro and the theme of relational banking.

00:01:03 - The uncommon nature of personal relationships in banking.

00:10:14 - Evolution of banking services for property management.

00:15:17 - The critical role of compliance and trust account management.

00:24:21 - Navigating the challenges and opportunities of the PPP loans.

00:34:32 - The importance of specializing and knowing your niche.

00:43:10 - Final thoughts and advice for the younger self

If you found value in today’s episode, don’t forget to subscribe to our podcast on Apple Podcasts, Spotify, or YouTube. Stay updated with the latest in property management and banking insights. For more resources and episodes, visit our Facebook Group. Share your thoughts and join the community!

📘 Newsletter https://muela.ck.page/profile
🌐 Website https://www.profitablepropertymanagement.com
🔵 https://www.facebook.com/PPMpodcast
📺 https://www.youtube.com/@profitablepropertymanagement

Welcome Closers!

In this insightful episode, host Jordan Muela talks with Mike Lautensack, the brains behind Del Val Realty and Property Management. Mike shares his journey from the early days of his business to its current success, discussing challenges, strategies, and insights into the property management industry.

[00:00:00] Intro
[00:00:43] Mike's Business Evolution and Growth

[00:02:00] Best and Worst Parts of Property Management

[00:03:05] Mike's Start in the Business and Early Challenges

[00:06:03] Business Expansion and Strategic Decisions

[00:10:22] Mike's Approach to Marketing and Growth

[00:15:59] Importance of Customer Testimonials

[00:19:14] Website Strategy and Conversion Tactics

[00:26:21] Content Strategy and Organic Traffic

[00:30:29] Advice to Younger Self and Business Outlook

[00:32:51] Mentorship and Influences in Business

📘 Book https://www.landlordsecretsbook.com
🌐 Website https://www.delvalproperty.com
🔗 Linkedin https://www.linkedin.com/in/michellautensack
🔵 https://www.facebook.com/delvalproperty/
📷 https://www.instagram.com/delvalproperty/

Don't forget to subscribe to the "Profitable Property Management Podcast" on Apple Podcasts, Spotify, and YouTube for more episodes like this. Stay updated with the latest in property management and gain valuable insights from industry experts. Subscribe now for additional content and insights!

Welcome Closers!

Join host Jordan Muela in episode 194 of the Profitable Property Management Podcast, as we delve into the dynamic world of property management with industry veteran Chris Hermanski. From the early beginnings of his career to the present transition of his business, Chris shares invaluable insights on the challenges and triumphs of managing a successful property management firm.

Key Moments:

• 00:26 Introduction to Chris Hermanski
• 01:04 The Transition in Business Leadership
• 02:32 Managing Growth and Change in Property Management
• 04:22 The Challenges and Joys of the Business
• 06:22 The Importance of Delegation and Team Management
• 12:18 Navigating Low Points and Leveraging Technology
• 14:45 Adapting to Regulatory Changes in Property Management
• 18:44 Training and Onboarding New Property Managers
• 26:36 The Impact of Technology and Remote Team Members
• 28:53 Market Trends and Future Predictions

Don't forget to subscribe to the Profitable Property Management Podcast on Apple Podcast, Spotify, or YouTube for more insights and stories from leaders in the property management industry!

Welcome Closers! In this episode, Jordan interviews Dora Pinter from Service Star Realty about running a stable and growing property management business.

Service Star Realty: LeaseAZ.com

00:02 Overview of Service Star Realty's business
00:10 Leadership style and company culture
00:19 Early days of growth
00:23 Working with virtual assistants
00:27 Future growth plans
00:32 The power of focus and intention
00:37 Finding the right path for your business
00:43 Team member growth stories

If you enjoyed this episode, please subscribe on your favorite podcast platform or YouTube to get notified about new episodes with other industry experts. Leaving a review also helps spread the word so more property management professionals can benefit from this content.
https://www.youtube.com/@profitablepropertymanagement

Welcome Closers!

In this episode, Kristen Lopez recounts her journey from wholesaling upstart to Business Development Manager and coaching in the PM Industry into a process pro. She discusses her property management path through RentWerx, RentScale, Rescover software, and finally launching her own company, PM PathBuilders. Kristen shares wisdom on optimizing processes, change management, metrics, working with salespeople, and how she turned her own process passion into a business.

00:00 - Kristen's Background and Entry into Property Management 00:42 - Kristen's Wholesaling Experience and Burnout

01:26 - Kristen's Pivot to Sales at RentWerx 02:59 - Kristen's Move to RentScale and Coaching Role 04:11 - Kristen's Stint at Discover Software 05:38 - Kristen Launching PM PathBuilders 10:52 - Process Documentation Decay Rates 12:34 - Typical State of Processes Before Working with Clients 13:04 - Benefits of Process Documentation 14:28 - Ideal Process Documentation Specificity 21:13 - Project Implementation and Change Management 23:33 - Order of Documenting Processes

34:13 - Setting Operational Metrics and Benchmarks

40:27 Outsourcing Maintenance Coordination 41:00 - Having Her Own Documented Processes 42:20 - Salespeople Wanting Structure and Processes 47:12 - Getting Out of Feeling Trapped

PMPathBuilders: pmpathbuilders.com

Welcome Closers,

Grace from Findigs joins host Jordan to discuss improving the rental application experience. They cover Grace's background, what attracted her to startups and proptech, problems with historical rental applications, and how Findigs is addressing those issues.

00:00 - Introductions

00:22 - Grace discusses her background and what inspired her to join Findigs

02:00 - Grace talks about what she loves about startups

03:28 - Discussion of early startup team members needing to be comfortable with uncertainty

05:00 - Comparing companies as families vs. sports teams

07:38 - Importance of trust between departments at startups

09:55 - Grace explains problems she experienced with rental applications

17:05 - Grace talks about the type of startups she is attracted to long-term

18:15 - Discussion of problems with historical rental applications

22:34 - Why solutions like Findigs are appearing now

25:39 - Findigs analysis to prevent fraudulent documents

31:36 - Direct integrations Findigs has with property management software

With rental applications being a renter's first impression of a property company, Findigs aims to make the process easy, transparent and secure for applicants. Tune in to hear Grace's insights on the future of rental apps!

Findigs - findigs.com

The Profitable Property Management Podcast - profitablepropertymanagement.com

LeadSimple - LeadSimple.com

Welcome Closers!
In this episode of The Profitable Property Management Podcast, host Jordan Muela has an insightful discussion with veteran property manager Bob Machado. Bob shares his 40+ year journey in the property management industry, starting in the late 1970s when he stumbled into the business.

00:48 - Getting into property management via 8 houses in 1979 as a new real estate agent

11:00 - Forming initial partnership company, Sigma Delta Property Management

16:23 - Joining the NARPM board in 1992 and spearheading massive membership growth

26:22 - Splitting partnership company in half to reform his own company, Home Point

36:00 - Selling Home Point to HomeRiver in 2017, staying for transition before joining acquisitions

HRG Link: homeriver.com

Subscribe on your favorite podcast platform or my YouTube channel for more property management content and interviews with industry leaders.

Welcome Closers!

In this episode of The Profitable Property Management Podcast, host Jordan Muela has an informal discussion with Peter Lohmann and Wolf Croskey. They talk about Peter and Wolf's new venture called Crane, a community for growth-oriented property managers looking to take their businesses to the next level.

Peter Lohmann: Co-founder of Crane community, runs a sizable property management company RL Property Managment https://rlpmg.com

Wolf Croskey: Co-founder of Crane community, also an active property manager, How's My Rental, https://howsmyrental.co

Resource Links🔗

Crane Community: https://www.joincrane.co
Peter's Newsletter https://peter.beehiiv.com/subscribe

⏱️ Timestamps:

00:02:06 - Origin story of Crane community 

00:03:13 - Crane Community

00:17:28 - Finding fulfillment vs chasing scale in property management

00:27:43 - Leadership Styles with Staff

00:35:11 - Observing LeadSimple's team as an insider 

00:41:58 - Vendor Customer Relationships

00:47:57 - Property management's core issue isn't a technology problem

Subscribe to the podcast or Jordan Muela's YouTube channel for more content and conversations. You can connect with Jordan and the community on social media or visit https://www.profitablepropertymanagement.com for more information and resources.

📣

If you found value in the conversation, please consider subscribing and following the show on your favorite podcast app. Leaving a rating and review also helps spread the word to other property managers who may benefit from the discussion.

In this episode of the Profitable Property Management Podcast, host Jordan interviews guest Thad Tarkington, co-founder and CEO of Second Nature, about his experience in the property management industry over the past decade. They discuss changes Thad has observed, thoughts on regulation, the importance of transparency and choice for residents, adapting services based on property manager needs, navigating stress, and more.

Topics/Guest and Resources:

• Guest: Thad Tarkington, Co-Founder & CEO of Second Nature
• Industry changes over the past decade - increased professionalization, new solutions & awareness
• Regulation - the need for transparency, accountability and resident choice
• Tailoring resident benefits & services to solve problems for properties
• Integrations between property management software
• Managing stress and finding meaning in your work

Second Nature https://www.secondnature.com

https://www.linkedin.com/in/ttarkington

https://www.profitablepropertymanagement.com

Key Moments:

2:20 - Thad provides background on himself and Second Nature

14:17 - How the industry has progressed over the past decade

29:04 - Solving highly emotional resident issues like pest control

31:24 - Designing a flexible system for residents to customize services

42:34 - Jordan's view that stress comes from wanting things to be different

47:51 - Thad on finding personal fulfillment and advancing the industry

Get access to the video version of this podcast episode and subscribe for additional content on property management strategies and insights by Jordan and guests by subscribing on our YouTube channel. Search Profitable Property Management Podcast on YouTube to find us and join!

Welcome Closers!

In this episode of the Profitable Property Management Podcast, host Jordan sits down with Luke Street to discuss his background and experiences in the property management industry. They talk about Luke's journey into property management, his decision to transition away from short-term rentals to focus on long-term rentals, optimizing his business for profitability and quality of life, the role of technology and integrations, and his vision for the future of his business.

Topics Discussed:

• Getting into property management after college during the 2008 financial crisis
• Purchasing a property management company during the BP oil spill payouts
• Growing to 700 doors then transitioning to focus on quality over quantity
• Shifting to long-term rentals and away from short-term due to burnout
• Utilizing technology like Rent Manager to increase efficiency
• Achieving work-life balance with a 40 hour work week
• Aiming to get the business to 1,000 doors then step back
• Defining success based on profitability and purpose rather than rapid growth

Resources Mentioned:

Main Street Property Management Group - https://www.forrentpensacola.com

Rent Manager - https://www.rentmanager.com

Profit Coach business consulting - https://www.pmprofitcoach.com

LeadSimple - https://www.leadsimple.com

Key Moments:

15:42 - On shifting focus from door count to profitability per door

23:49 - On achieving work-life balance through efficiency

31:10 - On Rent Manager's integrations capabilities

38:09 - On wish he had focused on client quality from the very beginning

41:00 - On business goals of getting to 1,000 doors then pulling back

43:04 - On not projecting one's own goals and definition of success onto others

If you enjoyed this episode, be sure to subscribe to the Profitable Property Management Podcast on YouTube for more content and insights from Jordan and guests of the show.

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.