Show cover of The Profitable Property Management Podcast

The Profitable Property Management Podcast

Welcome closers! The Profitable Property Management Podcast is the show for property management entrepreneurs who don’t settle for average results. Your host Jordan Muela, Co-Founder of LeadSimple, interviews a new world-class property management entrepreneur or industry expert every week and gets them to share actionable insights to help you grow your property management empire. Whether you manage 100 units or 1000, this is the show that's going to help you see the big picture and give you the tools and tactics that you need to achieve your goals. So, if you're tired of hearing the same recycled strategies and content everybody else is talking about, this is going to be a fresh take to help you take your business to the next level.

Tracks

202: From No Money to 500 Properties: The Rosenbaum Realty Story
Welcome Closers! In this engaging episode of the Profitable Property Management Podcast. Jordan interviews Tiffany Rosenbaum, Co-Founder of Rosenbaum Realty Group. Dive into Tiffany's inspiring journey through the property management industry, from the inception of her company in the heart of Phoenix Metroplex to managing an impressive portfolio of 500 doors. Tiffany shares her passion for real estate, the critical role of property management, and the strategic expansion into short-term rentals. Explore the challenges, triumphs, and the significant impact of building a global team and fostering a culture of continuous improvement and empowerment.[00:00:26] - Introduction of Tiffany Rosenbaum[00:00:46] - Rosenbaum Realty Group's current business scope[00:01:37] - What drives Tiffany’s passion for property management[00:02:00] - The story of starting in real estate with no money[00:04:05] - The first major client and business growth[00:05:17] - Leadership lessons and the importance of hiring the right team[00:06:55] - Embracing a global workforce for greater efficiency[00:09:06] - Building a unified team culture remotely[00:11:12] - Critical role of process management in operations[00:14:13] - The significance of people operations in company growth[00:19:24] - Auditing processes and compliance for continual improvement[00:21:23] - Financial health and cash flow optimization strategies[00:23:19] - Evolution of quality of life through business growth[00:27:12] - Personal reflections on resilience and agency[00:32:09] - The value of relationships and personal growth in business📘 Newsletter https://muela.ck.page/profile🌐 Website [https://www.profitablepropertymanagement.com](https://www.profitablepropertymanagement.com/)🔵 https://www.facebook.com/PPMpodcast📺 https://www.youtube.com/@profitablepropertymanagement
44:35 3/20/24
201: Balancing Profitability & Passion: Sarah Hatch's Formula for Success
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 evictionsIf 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
51:41 3/13/24
200: Data Driven Process Design with Daniel Craig
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 managementReflections on the evolution of their working relationship since 2017Impact of ProfitCoach on the industry and individual growthDiscussions on industry benchmarks and profitability trendsLinks Referenced:ProfitCoach Pricing Survey http://pmprofitcoach.com/pricingreporthttps://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
76:54 3/8/24
199: 80 to 1400 Doors in 1000 days: How To Grow Fast with Mike Mefferd
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 Values00:01:40 - Growth and Current Size00:02:14 - Acquisition Strategies00:06:03 - Future Plans and Management Platforms00:11:08 - Expansion Challenges00:19:04 - Building Local Relationships00:32:43 - Staff Management and Culture00:37:33 - Financial Strategies📘 Newsletter https://muela.ck.page/profile 🌐 Website https://www.profitablepropertymanagement.com 🔵 https://www.facebook.com/PPMpodcast📺 https://www.youtube.com/@profitablepropertymanagement
44:41 2/28/24
198: Building A Powerhouse Brand with Gwenn Aspen
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
36:31 2/21/24
197: Building a Property Management Legacy: Taylor Haas's Journey
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 Haas00:00:25 Taylor's transition from receptionist to Director of Operations00:01:33 Overcoming nepotism and earning her role00:03:18 The secret behind the company's success00:05:06 Daily responsibilities and innovation in operations00:06:15 Communication and empathy as core policies00:09:03 Handling staff feedback and improving processes00:11:04 Performance reviews and maintaining high standards00:13:01 Addressing noncompliance and nonperformance00:15:34 Market dynamics and adjusting business strategies00:19:34 Future aspirations for the business and personal growthIf 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.comLinkedin https://www.linkedin.com/in/taylor-haas-3720b5138
55:42 2/14/24
196: The Allison DiSarro Approach: Why Banking With A Personal Touch Matters
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 selfIf 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
42:41 2/7/24
195: Learning to Love Marketing with Mike Lautensack
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!
34:50 1/31/24
194: 43 Years & Counting: How To Stay in The PM Game & Keep Winning with Chris Hermanski
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 Hermanski01:04 The Transition in Business Leadership02:32 Managing Growth and Change in Property Management04:22 The Challenges and Joys of the Business06:22 The Importance of Delegation and Team Management12:18 Navigating Low Points and Leveraging Technology14:45 Adapting to Regulatory Changes in Property Management18:44 Training and Onboarding New Property Managers26:36 The Impact of Technology and Remote Team Members28:53 Market Trends and Future PredictionsDon'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!
39:06 1/24/24
193: 10 to 1100 Doors - Leadership Secrets for Sustainable Growth
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.com00:02 Overview of Service Star Realty's business00:10 Leadership style and company culture00:19 Early days of growth00:23 Working with virtual assistants00:27 Future growth plans00:32 The power of focus and intention00:37 Finding the right path for your business00:43 Team member growth storiesIf 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
48:20 1/17/24
192: From Feeling Trapped to Mapping Your Tasks: Core Processes for 50-200 Doors with Kristen Lopez
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 Burnout01:26 - 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 Processes34:13 - Setting Operational Metrics and Benchmarks40:27 Outsourcing Maintenance Coordination 41:00 - Having Her Own Documented Processes 42:20 - Salespeople Wanting Structure and Processes 47:12 - Getting Out of Feeling TrappedPMPathBuilders: pmpathbuilders.com
52:02 1/10/24
191: The Future of Rental Applications With Grace Doering
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 - Introductions00:22 - Grace discusses her background and what inspired her to join Findigs02:00 - Grace talks about what she loves about startups03:28 - Discussion of early startup team members needing to be comfortable with uncertainty05:00 - Comparing companies as families vs. sports teams07:38 - Importance of trust between departments at startups09:55 - Grace explains problems she experienced with rental applications17:05 - Grace talks about the type of startups she is attracted to long-term18:15 - Discussion of problems with historical rental applications22:34 - Why solutions like Findigs are appearing now25:39 - Findigs analysis to prevent fraudulent documents31:36 - Direct integrations Findigs has with property management softwareWith 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.comThe Profitable Property Management Podcast - profitablepropertymanagement.comLeadSimple - LeadSimple.com
48:03 1/5/24
190: Transitioning Out After 40 Years in Property Management - Bob Machado's Exit Story
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 agent11:00 - Forming initial partnership company, Sigma Delta Property Management16:23 - Joining the NARPM board in 1992 and spearheading massive membership growth26:22 - Splitting partnership company in half to reform his own company, Home Point36:00 - Selling Home Point to HomeRiver in 2017, staying for transition before joining acquisitionsHRG Link: homeriver.comSubscribe on your favorite podcast platform or my YouTube channel for more property management content and interviews with industry leaders.
41:02 12/29/23
189: Building A Community for Growth-Minded Property Managers
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.comWolf Croskey: Co-founder of Crane community, also an active property manager, How's My Rental, https://howsmyrental.coResource Links🔗Crane Community: https://www.joincrane.coPeter's Newsletter https://peter.beehiiv.com/subscribe⏱️ Timestamps:00:02:06 - Origin story of Crane community 00:03:13 - Crane Community00:17:28 - Finding fulfillment vs chasing scale in property management00:27:43 - Leadership Styles with Staff00:35:11 - Observing LeadSimple's team as an insider 00:41:58 - Vendor Customer Relationships00:47:57 - Property management's core issue isn't a technology problemSubscribe 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.
52:06 12/20/23
188: Regulating Resident Experience - Transparency and Choice with Thad Tarkington
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 NatureIndustry changes over the past decade - increased professionalization, new solutions & awarenessRegulation - the need for transparency, accountability and resident choiceTailoring resident benefits & services to solve problems for propertiesIntegrations between property management softwareManaging stress and finding meaning in your workSecond Nature https://www.secondnature.comhttps://www.linkedin.com/in/ttarkingtonhttps://www.profitablepropertymanagement.comKey Moments:2:20 - Thad provides background on himself and Second Nature14:17 - How the industry has progressed over the past decade29:04 - Solving highly emotional resident issues like pest control31:24 - Designing a flexible system for residents to customize services42:34 - Jordan's view that stress comes from wanting things to be different47:51 - Thad on finding personal fulfillment and advancing the industryGet 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!
50:54 12/13/23
187:Getting to Stable at 700 doors: How Luke Street Transformed His Business
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 crisisPurchasing a property management company during the BP oil spill payoutsGrowing to 700 doors then transitioning to focus on quality over quantityShifting to long-term rentals and away from short-term due to burnoutUtilizing technology like Rent Manager to increase efficiencyAchieving work-life balance with a 40 hour work weekAiming to get the business to 1,000 doors then step backDefining success based on profitability and purpose rather than rapid growthResources Mentioned:Main Street Property Management Group - https://www.forrentpensacola.comRent Manager - https://www.rentmanager.comProfit Coach business consulting - https://www.pmprofitcoach.comLeadSimple - https://www.leadsimple.comKey Moments:15:42 - On shifting focus from door count to profitability per door23:49 - On achieving work-life balance through efficiency31:10 - On Rent Manager's integrations capabilities38:09 - On wish he had focused on client quality from the very beginning41:00 - On business goals of getting to 1,000 doors then pulling back43:04 - On not projecting one's own goals and definition of success onto othersIf 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.
48:52 11/29/23
186: 600 Doors in a Year - The Inside Story with Yoni Schmidt
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 MomentsThe 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.
37:29 11/22/23
185: How to Think About Growth Strategies in PM
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.TopicsLead generation strategies: inbound, outbound, referral marketingSetting realistic yet ambitious growth goalsThe importance of forecasting and goal-settingInvesting in company culture and employeesCelebrating top operators in the industryRemoving friction to enable creation and growthGuest:Jeremy Pound - Sales coach and co-founder of RentScale and This Week in Property ManagementRentscale.comSalesmastery.liveKey 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!
53:47 11/15/23
184: Stop Unit Churn By Selling To Other Owners - Meet Blanket
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 GuestsGuest: Lior Abramovitch, founder of Blanket HomesTopics discussed:The problem of churn in property management and losing revenue from properties leaving the portfolioWhy property managers often don't capture sales even though they have broker licensesHow Blanket's platform enables internal sales within a property manager's portfolio to retain propertiesKey features of Blanket's platform: marketplace, investor dashboard, data integrationsBenefits to property managers including increased revenue, visibility into portfolio performance, automated communications to ownersOperational details on how Blanket's brokerage services work with or without the property manager's involvementMacroeconomic trends in real estate and opportunities for property managersLior's background in real estate investing and technologyLinks and Resources:Blanket Homes website - https://www.blankethomes.comThe Profitable Property Management Podcast - www.profitablepropertymanagement.comKey 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)
55:10 11/8/23
183: Process Automation For the Masses w/ Todd Ortscheid
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 consultingThe benefits and challenges of consultingQualifying good consulting clientsThe hours required to build efficient processesProperty management software optionsIntegrations for automationGetting team buy-in on using systemsCreating effective processes and checklistsGathering staff feedback on processesSetting client expectations for automationHiring slowly and firing quicklyPersonality testing for putting people in the right rolesHandling difficult conversations and conflictMaintaining community and transparency as the industry growsRelevant Links:PM Assist: https://www.pmassist.net/Revolution Rental Management: https://www.revolutionrentalmanagement.comThinking Fast and Slow by Daniel Kahneman: https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555Profit Coach: https://profitcoach.com/RentScale: https://rentscale.comKey Moments:4:34 - Trying different systems before landing on LeadSimple21:05 - Estimating hours required to build efficient processes37:58 - The importance of personality testing in hiring44:43 - Valuing honesty and authenticity in business48:13 - The potential impact of creating industry standardsSubscribe 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.
53:45 11/1/23
182: Creating Standard Operating Procedures that Actually Work with Kelli Segretto
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 softwareKelli Segreto's website: https://ksegretto.comWe hope you enjoyed this episode! Be sure to subscribe on your favorite podcast platform to get new episodes as soon as they release.
58:22 10/25/23
181: Benchmarking Maintenance Stats to Drive Investor Retention with Ray Hespen
In this episode of the Profitable Property Management Podcast, host Jordan Petty interviews returning guest Ray Hespen, CEO of PropertyMeld, about his journey as an entrepreneur in the property management software industry. They discuss data, benchmarks, and best practices around property maintenance and investor retention. Ray also shares his insights on motivations, hiring for resilience, and the importance of understanding customer pain points.
55:46 10/18/23
180: Why Ben Sold to Rhome
OverviewIn this episode of The Profitable Property Management Podcast, host Jordan Muela has an in-depth discussion with Ben Sencenbaugh, founder of Realty Medics, about growing his property management company over the past 10 years before a recent acquisition. They cover Ben's journey from starting with just 200 doors to now managing over 1600, implementing systems and processes, lessons learned along the way, work/life balance as an entrepreneur, and finding the right buyer to acquire his business.Topics and GuestsBen Sencenbaugh, Founder of Realty MedicsGrowing a property management business over 10 yearsImplementing systems and processesUsing marketing tactics like radio and direct mailMaintaining profitability while scaling a businessSelling a property management companyChange management and leading teamsAchieving work/life balance as an entrepreneurFinding the right buyer for an acquisitionRelevant Links and ResourcesRealty Medics - https://realtymedics.com/Profitable Property Management Podcast YouTube Channel - https://www.youtube.com/@profitablepropertymanagement/LeadSimple Software - https://leadsimple.com/Danny Craig, Profit Coach - https://profitcoach.com/Jeremy Pound, RentScale - https://www.RentScale.com/Key Moments00:02:32 Ben shares the story of growing from 200 to 1650 doors in 10 years00:07:36 Implementing Podio in 2016 to organize processes00:12:18 Focusing on foreclosures and rehabs in the early years00:17:28 Starting radio ads and direct mail campaigns00:26:26 Bringing on Pam Kawasaki to refine branding and messaging00:31:08 Ben talks about his ability to build customized processes and software00:34:46 Starting with automating the renewal process first00:39:54 Sitting with employees to solve issues with new systems00:45:44 Implementing a customer service call center for incoming calls01:06:41 Not having a defined "end game" but being open to acquisition01:12:24 Learning about planning the "way down" after a sale01:16:33 Seeking an acquirer that would be the right fit to take care of staffFor more content like this, be sure to subscribe to the Profitable Property Management Podcast YouTube channel. You'll find videos of full podcast episodes with Jordan Muela and other great guests from the industry.
106:50 10/12/23
179: Systemize and Scale a Property Management Business with Sarah Durbin
Welcome Closers!In this episode of the Profitable Property Management Podcast, host Jordan Muela is joined by entrepreneur Sarah Durbin to discuss her journey from door-to-door sales to building a property management empire starting at just 18 years old.Topics and Guests:Sarah Durbin - Property management entrepreneurTransitioning from door-to-door sales to property managementScaling a property management business from a small townCentralizing back office systems for multi-market expansionTraining, empowering, and getting the most from your staffDangers of DIY landlords making emotional decisionsRebuilding after selling a business amidst personal tragedyKey Moments:Started door-to-door sales offices at 18Learning curve from small to big marketCentralizing ops with multi-market expansionSold businesses after family tragedyWants property managers seen as professionalsRelevant Links:Sarah's website: www.sarahdurbin.comProfitable Property Management Podcast: https://www.profitablepropertymanagement.comIf you enjoyed this episode, make sure to subscribe to the Profitable Property Management Podcast YouTube channel. You'll get access to video versions of each episode plus exclusive content only available on YouTube!
49:13 10/4/23
178: Building Technology That Aligns With Your Business Model with Chuck Hattemer
Welcome Closers!In this episode of Profitable Property Management, host Jordan Muela is joined by Chuck Hattemer, Co-Founder of Poplar Homes, to discuss the journey of building and scaling their proptech company over 9 years.Topics Discussed:Origin story of Poplar Homes and early challenges with product-market fitPivoting to focus more on operations and building out scalable processesTaking a measured approach to M&A vs raising lots of capitalThe importance of preserving local expertise through acquisitionsTheir vision for creating branded digital experiences for owners and rentersHow Poplar thinks about expanding into new marketsNavigating differing regulatory environments across statesPerspective on role of proptech in the future of real estateIf you want to hear the inside scoop from a successful proptech founder, don't miss this episode!Make sure to like 👍 this video and subscribe 🔔 to the channel for more insightful conversations!
48:07 9/27/23
Marco Nelson On Solving The Trust Gap Between Property Managers And Tenants
Welcome Closers!In this episode, Jordan talks with Marco Nelson, founder of proptech startup RentCheck, about his journey from the military to entrepreneurship. They discuss solving friction points between property managers and tenants, approaches to building value-driven software, navigating startup fundraising, and more.Topics and Guests: • Marco Nelson, Founder & CEO of RentCheckTopics Discussed: • Background on Marco & RentCheck • Bridging communication gaps between property managers & tenants • Enabling resident self-inspections • Building product-market fit • Culture, leadership principles, and staying curious as you scale • Changes in capital markets and startup fundraising • Dangers of overvalued startup valuations • Marco’s motivations as an entrepreneur • Balancing intensity of startup lifeSubscribe on your favorite Podcast Platform for More Content:Don't forget to subscribe on YouTube for more insightful founder interviews and property management content!
47:51 9/21/23
176: From 100 to 4000 Doors in 5 Years - Scaling a Property Management Empire
Welcome Closers!Serial entrepreneur Benton Cotter joins us to share his journey scaling multiple property management companies from 100 to 4000+ units. Gain unique perspectives on centralization, integration, company culture, competing with large platforms, and more.Key Moments:Getting started in property managementRapid growth through digital marketingThe portfolio manager modelLessons on centralizationManaging regulations across marketsIntegrating after a tech company acquisitionCurrent M&A trends in property managementExiting a company after 1 yearNew partnership focused on serviceDon't miss future episodes with Benton and other industry experts! For more thought-provoking discussions and insights, subscribe to our YouTube channel. We'd love to hear your thoughts on the episode, so please leave a comment or review!https://www.youtube.com/@profitablepropertymanagement
43:12 9/13/23
175: The State of Venture Capital In Property Management
Welcome Closers!In this episode, Jordan provides an in-depth analysis of mergers, acquisitions, and venture capital in the property management industry. He discusses the recent cycle of rollups and outside capital entering the space, explaining why standardizing complex property management operations has proven difficult. Jordan contrasts the venture capital versus value investing mindsets, arguing that cashflow-focused deals often fare better than those emphasizing big revenue promises. He also highlights the knowledge asymmetry that exists between experienced property managers and outside capital pursing deals in the space.Key Moments:The recent cycle of capital and rollups in property management The challenges of standardizing complex operations across different property typesWhy venture capital has struggled to generate standout returns in residential property management The difference between cashflow valuation versus revenue multiples The knowledge asymmetry between seasoned property managers and outside capital If you enjoyed this episode, don't forget to subscribe to the Profitable Property Management Podcast on your favorite podcasting platform. For more thought-provoking discussions and insights, subscribe to our YouTube channel. We'd love to hear your thoughts on the episode, so please leave a comment or review!More episodes of The Profitable Property Management Podcast:https://www.youtube.com/@profitablepropertymanagement
38:39 8/30/23
174: Transforming Complaints into Possibilities with Jordan Muela
Welcome Closers,In this episode, we dive deep into the world of customer complaints with Jordan Muela, a seasoned entrepreneur and expert in handling customer feedback. Jordan shares his unique approach to transforming complaints into opportunities for growth and improvement.Episode Overview:Jordan joins us to discuss the power of handling customer complaints effectively. He introduces us to the concept of CCR (Complaint, Contribution, Request), a method that transforms complaints into possibilities. Jordan shares his insights on how to use complaints as a tool to improve services and build stronger relationships with customers.Key Moments:Understanding the concept of CCR (Complaint, Contribution, Request)How to effectively handle customer complaints Real-life examples of transforming complaints into opportunities The impact of CCR on business growth and customer relationships If you enjoyed this episode, don't forget to subscribe to our YouTube channel for additional content. https://www.youtube.com/@profitablepropertymanagement
07:19 8/23/23
173: Infinite Games in the Workplace
Welcome Closers!In this episode of the Profitable Property Management Podcast Jordan shares his unique perspective on the concept of "Infinite Games" and how it applies to the workplace and our personal lives.Key Moments: • The concept of "Infinite Games" and how it applies to the workplace and our personal lives. • Insights on how the journey towards a goal can lead to personal and professional growth. • Importance of commitment in achieving goals and how it can lead to personal transformation. • The importance of quality relationships at work and how they contribute to a fulfilling career.If you enjoyed this episode, don't forget to subscribe to the Profitable Property Management Podcast on your favorite podcasting platform. For more thought-provoking discussions and insights, subscribe to our YouTube channel. We'd love to hear your thoughts on the episode, so please leave a comment or review!More episodes of The Profitable Property Management Podcast:https://www.youtube.com/@profitablepropertymanagement
07:23 8/16/23