#DoorGrowShow - Property Management Growth

Jason Hull - Property Management Expert, Marketing Nerd, Entrepreneur Coach
#DoorGrowShow - Property Management Growth

The #DoorGrowShow is the premier podcast for residential property management entrepreneurs that want to grow their business and life. Jason Hull brings you the best ideas in property management, without the B.S. Hear from the latest vendors, rockstar PMs, and business experts. Join our free community of #DoorGrowHackers at http://DoorGrowClub.com. Learn more about the DoorGrow, the best in property management websites and marketing, at http://DoorGrow.com

  1. 6 天前

    Unlocking Team Potential: The Keys to Engagement, Resilience, and High Performance

    When moving from being a solopreneur to having a team, a lot of entrepreneurs struggle with hiring high-quality team members, creating accountability, and streamlining processes. In this episode of the #DoorGrowShow, property management growth expert Jason Hull sits down with award-winning coach and author Kon Apostolopoulos to talk all about unlocking your team’s potential. You’ll Learn [04:16] Hiring for Competance  [12:48] Leadership and Building a Team [29:19] Developing Team Members [49:42] Tough Love as a Business Owner Tweetables  ”They say the two most important days in your life are the day you come into this world and the day you figure out why.” “They all have their strategies, their business plans, but one thing for sure is that if they don't have the right people in place to execute those plans, they're not even worth the paper they're written on.” “If they're hiring for competence, it's probably a step up, because in most cases, people are hiring for a pulse.” “You can teach people the technical skills. You can't teach attitude. You can't teach certain behaviors. You can't teach integrity.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Kon: When we are appreciated, we always give more than what is expected of us. So when you are looking at it, build your team around that principle. Show people that you value them. Don't just say, you know what, you get a paycheck, don't you? This is why I brought you on. Do your damn job.  [00:00:16] Jason: Welcome DoorGrow property managers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently then you are a DoorGrow property manager DoorGrow property managers, love the opportunities, daily variety, unique challenges and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. [00:01:18] Now let's get into the show.  [00:01:21] All right. I, my guest today is coach Kon. So Kon, how do you say your last name? I want to make sure I don't mess it up.  [00:01:29] Kon: Wow. Well, first of all, thanks for having me, Jason. Last name is Apostolopoulos. It's as simple as it looks.  [00:01:37] Jason: Man, that is fun to say. Apostolopoulos.  [00:01:39] Kon: It rolls off the tongue. [00:01:40] Jason: Yeah. The closest thing that might be as fun was the Snuffleupagus.  [00:01:45] Kon: It's inspired from that.  [00:01:47] Jason: Okay. All right. We'll go, you know, all great ideas have an origin. All right. So Kon, we're going to be chatting a little bit today about the keys to engagement, resilience, high performance, unlocking team potential. [00:02:02] So before we get into that, I'd love to get a little bit of background on you. How did you get into doing coaching and you know, kind of share your origin story.  [00:02:12] Kon: Wow. Okay. So let's kind of take a look at this. First of all, I'll start with one of my favorite sayings. Because I do feel blessed. [00:02:19] It is the season for that kind of a feeling. You know, they say the two most important days in your life are the day you come into this world and the day you figure out why. And so to me, I have always gravitated towards being a coach, being a teacher, being a leader, stepping up and taking responsibility. [00:02:38] And so that's kind of shaped my life. Being the firstborn in a Greek household and the firstborn male at that. It's one of those situations where, Inevitably, you're thrust into that role, but I gravitated towards it, and I found myself, regardless of which industry I've been working in, everything from the military to cruise ships, from restaurants to call centers, from construction to coaching little kids' soccer, I've always been in a situation where I found myself in the role of coach, teacher, leader. You know, I've worked for large corporations. I've had my share of corporate where I've cut my teeth and I've learned a lot of the business secrets and the things that I needed to get. And in the last 12 years, I've hung my own single shingle and been in a situation where I've been able to help clients and transfer three decades of knowledge of managing talent, of being able to build engaged and resilient teams and helping them now achieve their goals. [00:03:34] And the way I do that is I explained to people that most of the companies that I work with have their business plans very much like the audience that we have here. They all have their strategies their business plans. But one thing for sure is that if they don't have the right people in place to execute those plans, they're not even worth the paper they're written on. And so to me, that's where I come in and sometimes that involves providing workshops to build competence. Sometimes that involves individual or group coaching to build commitment. Sometimes that's speaking at events for them to be able to get everybody on the same page. And ultimately that may involve helping them build the systems that they need so every dollar that they spend on their people is a dollar well spent.  [00:04:14] Jason: Got it. Okay. Now I think a lot of times that the challenge I see in a lot of companies is they're bringing in, it's often people are hiring just based on skill. That's the thing they're looking at is like, are they willing to do this job for this pay? Instead of looking for people that fit their values, fit the culture, have the right personality fit to actually be able to succeed in the role. [00:04:38] And so I call those things, the three fits. What have you seen related to this?  [00:04:42] Kon: When people go out and start hiring Jason, they typically do it out of need, and a lot of times they've let it go for so long that it becomes a desperation. If they're hiring for competence, it's probably a step up, because in most cases, people are hiring for a pulse. [00:04:56] They're trying to throw a body at a spot, and that's a desperate place to be in, unfortunately. Hiring process, the selection process, should be an ongoing thing. When you're looking at making sure that you have the right people on your team. That's an ongoing process to me. That's tending to your garden year round, to making sure that you have the right people in place year round. [00:05:17] The mantra that I teach my people is a three part piece, just like you were mentioning earlier. It's hire hard, train smart, manage easy. And to me that means basically being very picky about who I bring on my team. It's easy for people or it's easier for people to look at, do they have the skills? Because that's an yes or no answer most of the time, especially if you do it right. But what they don't realize is that you can teach people the technical skills. You can't teach attitude. You can't teach certain behaviors. You can't teach integrity. You're bringing somebody in your team in their thirties. [00:05:50] If you have to teach them how to be honest, that's too late in the game.  [00:05:54] Jason: Yes.  [00:05:55] Kon: So hire for the attitude, like you were talking about the things that are harder to teach, and then you can teach them smartly about the business that you want. If you have a right person in the right spot, they can do wonders. [00:06:09] Jason: Yeah, I've noticed this. I've noticed this as well. One of the things I've noticed is I call it the process myth. I see a lot of businesses, you know, a lot of entrepreneurs go through this journey of graduating from solopreneur to having a team, right? And that's usually one of the most painful transitions they go through. [00:06:25] It's because they have no clue how to do the hiring correctly. And they're hiring the way a solopreneur sort of thinks. And they're usually hiring based on what they think the business needs. Like you said, out of need, maybe they graduate to desperation. Maybe they graduate to competence, as you said, but at that stage, they usually believe the process myth. [00:06:43] I've run into this a lot where they think they just need better processes. If they just had better processes, their team would actually perform well. Like, I just need to micromanage them more. I need more KPIs. I need more metrics. And what I've noticed is, this weird dichotomy, I've noticed that in companies that have great culture and they have a great team, they have great people, but they even have s****y processes, they still perform well, even without great process documentation, but I've seen companies that have like process documentation, like crazy, and they focus on this heavily, but they don't have the right people. And they're never able to perform well. There's no amount of process documentation or micromanaging or controls that can make a mediocre team with maybe the wrong attitude or wrong culture fit or wrong values to perform well. [00:07:35] Kon: No, I agree with you there. When you look at why people try to heavily process things, it's because they don't feel confident in people's decision making and abilities. They tried to legislate everything. They tried to create a way. We used to have a saying that, you know, every time you think you idiot proof some

    59 分鐘
  2. 2024/12/18

    Unlocking Team Potential: The Keys to Engagement, Resilience, and High Performance

    These days, you aren’t limited to the area your business is located when looking for great team members. In this episode of the #DoorGrowShow, property management growth expert Jason Hull sits down with Laith Masarweh from Assistantly to talk about how hiring VAs can help you scale your business. You’ll Learn [01:34] Creating an Offshore Talent Acquisition Company  [09:38] Importance of a People Process  [16:11] Virtual Executive Assistants and Operators [24:57] Finding Your Unicorn Tweetables  ” Having community and good compensation definitely is going to allow you to attract and have the best people.” “ If you are operating your business, you are not growing your business.” “ When you have good people, they help other good people grow.” “ The bottleneck is you.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Laith: When you have good people, they help other good people grow.  [00:00:03] Jason: Welcome DoorGrow property managers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager. [00:00:23] DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not, because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management, growth expert, Jason Hull, the founder and CEO of DoorGrow. [00:01:04] Now let's get into the show.  [00:01:07] All right. So my guest today is Laith. Laith, tell me how to say your last name. So I don't butcher it.  [00:01:13] Laith: It's all good, man. It's Masarweh.  [00:01:15] Jason: Masarweh. All right. Laith Masarweh. And awesome to have you here on the show. So in this episode, we're going to dive into the power of offshore talent, explore how businesses from startups to fortune 500s can unlock exponential growth. [00:01:31] And you run a company called Assistantly. Which I've heard great things about. You came highly recommended by one of my mentors, Sharran Srivatsa a, who runs a multi billion dollar real estate company called Real. And so tell me like a little bit about your background. [00:01:48] How'd you get into this? How did you get into entrepreneurism? [00:01:51] Yeah.  [00:01:54] Laith: I mean, I think I always had the entrepreneur inspiration since I was a kid. My dad always had like a small business that he was running and, you know, it made me want to be an entrepreneur from a young age. [00:02:03] He used to have me working in the grocery store shop since I was eight years old and it was cool to kind of develop, I guess, my like interpersonal and just learning more about the business at a, you know, such a young age and, you know, I knew I wanted to start my own business. I didn't know what I wanted to start it in. [00:02:18] Of course, you know, I attended Chapman University. I went to the business school. I thought I was into like virtual reality and tech. Didn't really know what my fit was. Got into corporate after college. I knew that wasn't a fit, even though I tried it. Didn't really work very well and then I started a real estate marketing company here in Orange County, California where we help agents, brokers whether you're residential, commercial, property management you know, we just have done what's like real estate marketing needs and during the pandemic, we got extremely busy and You know, we couldn't, there's too much demand and our team was super small and somebody was like, Hey, you should hire a virtual assistant. [00:02:53] And I thought that was like an AI robot and I didn't understand what that was. And I never learned about offshoring in college or any of that kind of stuff. And I got introduced to somebody thought she was local. She ended up being in the Philippines. I was like blown out of my mind because I've actually been working with her for years thinking she was in Irvine, California, but she was actually in the Philippines the entire time. [00:03:12] Our time I had, you could not tell any difference. And then I kind of got the spark in my head and I go, man, I work with so many real estate professionals, you know, and they're always asking me for help, whether it's administrative or operations or marketing. And I, you know, when I asked this girl, Hey, how many people are highly skilled, great communication skills, you know, looking for employment, like you? And she goes, I don't know, maybe like hundreds of thousands. And I said, hundreds of thousands, there's hundreds of thousands of talented people like you? And she goes, Oh yeah. And it kind of just clicked in my head. I'm like, Oh, People need this and it can't just be me. [00:03:45] And I pretty much started Assistantly 45 minutes after learning what offshoring was didn't know anything about it. And I'm just like, let me go, you know, I'll send it and kind of see kind of test it out, pilot it with a couple of my, you know, people in my network. And four years later, here we are. [00:03:58] And we started this obviously real estate, property management, law, tech, healthcare, finance, a little bit of everything.  [00:04:04] Jason: Yeah. All right. Awesome. So, so let's get into this. I mean, there's a lot of challenges that people have with this and everybody's had, I mean, a lot of property managers have tested the waters of working with, you know, VAs in the Philippines or maybe Mexico and there's kind of mixed feelings about how that's gone. If you've done this at all, you've had some bad experiences and maybe some good ones. And so it can be really difficult. And so you're kind of at the mercy, if you're using a company like yours or some third party company, you're kind of at the mercy of their hiring process to some degree. [00:04:43] And some of these vendors that provide VAs have better hiring processes than others. Some of them, you know, they all claim, Hey, we've got amazing talent or they all might sound American, you know, but then you end up kind of getting somebody that has a heavy accent. They aren't showing up, you know, on time or they just disappear and ghost you because they're non confrontational sometimes in the Philippines or some of these sort of issues, and I'm sure you see, you see some of this, right. [00:05:13] How do you kind of do things you think maybe differently at Assistantly versus some of these other players in the marketplace  [00:05:22] Laith: Yes, it's a great question, you know, obviously I started off, you know, really when I got into the industry I started hiring these people on my own whether they're from like people going to the upworks or the fivers of the world or like job boards and to like Interview a whole bunch of candidates to understand where they're located in the Philippines. [00:05:38] Like what type of equipment do they have? You Internet connection speeds. Do they really have that much experience? You know, because people obviously, whether you're US, Philippines, anywhere, they will always oversell on an interview or a resume. There's a lot of things that we do on like on our end. [00:05:52] So like, number one you taught me this and I think we had a conversation when we were, when I met you in Franklin about like that job description is so important when sourcing somebody, right? You know, everybody obviously wants a job, but you want to essentially attract people that are like, you know, that's their zone of genius, and they're passionate about it. [00:06:10] That's why we actually follow the four R's that Jason taught us a long time ago. And it's something that we actually, it's really important. The first step is crafting the job description to compel to candidates. So they're actually passionate and interested about it. So that's number one, filling that top of the funnel. [00:06:25] Number two, there's, you know, there's obviously a series of interviews. You can't just have one interview. We did multiple interviews. But like, I think obviously experience matters, of course. Like I want people that are mid to senior level that know what they're doing. If they're in property management, you know, I want, you know, helping with like property admin stuff, tenant communication daily operations through Appfolio. [00:06:42] Like I look for those types of things, of course. But also like, what's really important to me is like, when working with the client, like, you know, your personality and your culture is very different than my other, you know, than client Jamie or client James. Right. And I think that's very important when finding the right match. [00:06:58] And we do like a personality culture assessment that we built ourself to essentially line them up with like whatever role, whether it's an admin operations or marketing role to really understand what type of person they are, but like beyond just their experience. We also verify references like, right. [00:07:12] You know, because again, people could say, Hey, I worked somewhere for seven years. How do you know that? Right. You know, I put, I see people put like they went to Harvard on there. I mean, how do I know they went to Harvard? And it's those things that you've got to cross check, call references. I think that's super

    32 分鐘
  3. 2024/12/11

    Navigating Success: Faith, Real Estate, and Entrepreneurship

    As entrepreneurs, we have the ability to make a difference in the world and in those we serve by aligning our  In this episode of the #DoorGrowShow, property management growth expert Jason Hull sits down with Ryan Pineda, real estate investing expert and author of The Wealthy Way to talk about real estate, business, and faith. You’ll Learn [01:34] Getting Started in Entrepreneurship [08:07] Faith and Business [17:16] Having Impact as a Business Owner [29:50] You are What You Consume [45:35] Don’t Wait to do the Work Tweetables  ”There's no more efficient business model for positively changing the world than business.” “ When you start becoming process-driven more than results-driven, your life changes.” “ We should expect things to be hard and worth it.” “ You are what you consume in all areas of life.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Jason: There's so much wisdom in there and if you can at least just be willing to extract wisdom wherever you can find it, then you're not an idiot And so at least start there, everybody listening, just look for wisdom, be a seeker of wisdom and look for the things that are better and higher.  [00:00:16] Welcome DoorGrow property managers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager. [00:00:34] DoorGrow property managers love the opportunities, daily variety, unique challenges and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. [00:00:54] At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. [00:01:13] Now let's get into the show.  [00:01:17] So my guest today, I am honored to hang out with Ryan Pineda. Ryan, welcome to the show.  [00:01:22] Ryan: Hey, happy to be here. Good to see you.  [00:01:25] Jason: So Ryan, I'd love to kick things off by getting into your background of how you kind of got into this journey of entrepreneurship. But before we do that, your company's called Wealthy Investor, right? [00:01:36] Yep. And you've worked with a lot of real estate investors. My target audience listening to the show are usually the vehicle or the support mechanism for a lot of investors. I think the audience would be interested in hearing a little bit about how you got kind of started into entrepreneurism first of all, and then maybe how you got into real estate. [00:01:57] Ryan: Yeah, I'll give the quick story. You know, I never wanted to get into real estate or entrepreneurship. I was a baseball player growing up and that was all I wanted to do. I was grateful and thankful that I was able to actually do that. You know, I ended up getting drafted by the Oakland A's and got to play professional baseball for eight years. [00:02:15] But, I didn't get paid much in the minor leagues. I never made it to the bigs. I was making 1200 bucks a month. And so I had to make money elsewhere. And that's what led me in entrepreneurship. You know, I got my real estate license in 2010. Yep. And, you know, so I've been in the game for about 15 years now. [00:02:32] And, you know, I've seen a lot. You know, started as an agent and hated it. My mom was actually a property manager. I didn't tell you that. So, I watched her do that for a little bit while being an agent as well. So she was an agent herself, but you know, watching her, I had no desire to be an agent or do anything in real estate because when I got in in 2010, she had just lost everything. [00:02:53] You know, and she's like, you need to get like a safe job. You need to get something that has a salary and a pension. That was literally her advice. Well, and I was like, yeah, maybe, I don't know. Hopefully this baseball thing works out. But while I'm playing, I can't get that. So I'm going to have to do something. [00:03:11] So anyways, I become an agent. Hate it. Do it for a few years. Ended up getting into other weird things. I started flipping couches. I was a substitute teacher. I was just doing anything that could make a buck on the side. And then eventually that led to flipping houses in 2015. [00:03:27] And that was when I, for the first time, started to make some real money. And yeah, I mean, by my third year, I had made, you know, I became a millionaire after year three, flipping houses. And it was just like, wow, this is crazy. And since then I flipped, you know, I think almost 600, 700 homes. And. You know, I've bought rentals. [00:03:47] I own apartment buildings through our syndication. You know, we've coached people, like you said, with wealthy investor. We've coached thousands of students and held really big events. You know, I've started another subsidiary businesses for real estate investors. You know, we have a lead generation company called Lead Kitchen where we help them get leads for sellers. [00:04:05] We have, you know, I had a tax firm, you know, I've kind of done almost everything you can imagine in the real estate world, but  [00:04:10] Jason: Yeah, that's a lot. So I'm curious you said your mom was a property manager and she gave you the advice It was kind of like maybe steer clear of this stuff. [00:04:19] What does your mom think now about everything?  [00:04:22] Ryan: You know what? She's still always hyper cautious so, you know, I retired my parents in 2019 I bought him a house bought him all the cars and everything and my dad actually started working for me in 2018 as a project manager. So he would oversee a lot of our flips and even to this day, he still does it. [00:04:42] Not cause he has to, because he's just like, well, if you're going to, you know, pay for us, I might as well like earn it, you know, and he just wants to support and whatever. So, You know, my dad understands the game. My mom though, obviously she's seen the results, but she's still always hyper cautious. [00:04:57] And so, she doesn't think I need to get a job now, but she does think a lot of times the big risk I take, I shouldn't be taking.  [00:05:05] Jason: Yeah. Looking back, when do you see in hindsight that there were clues that you were maybe destined to be an entrepreneur? Maybe even doing baseball. [00:05:16] Ryan: Yeah. I look back in hindsight, even as a kid and I was always buying and selling and thinking about money. Like I started an eBay account when I was like 12 years old. I remember. You know, buying stuff and bidding on stuff and getting good deals on eBay. And then I remember I was selling Pokemon cards and Yu Gi Oh cards, you know, in middle school and stuff. [00:05:37] And it's just like, You know, the signs were always there. And then even I was always attracted to just making money myself. So like I was good at poker, you know, I won poker tournaments and I played online and I made money that way. And so in hindsight, it was always very clear. I was never going to have a job. [00:05:53] Really the only true job I ever had was playing baseball. And even then it's like, yeah, there's not really a way to be an entrepreneur. I mean, you kind of are you're in charge of your career and how well you want to do and like how well you want to train and. And so, yeah, even in that sense, baseball is kind of in that same vein. [00:06:12] Jason: Yeah. So I'm sure even to get as far as you got in baseball, there was a lot of drive involved and a lot of effort involved, even though there wasn't a lot of pay, it sounds like.  [00:06:25] Ryan: Yeah, I think yeah, for me, like, I had to learn how to like win, you know, at the end of the day, losing is not an option, right? [00:06:33] It's a zero sum game in sports. One person wins, one person loses, you know, for the pitcher to succeed, you must get out. And so, dude, I'm like, I'm going to just figure out how to win. I'm competitive. And so I think competitiveness has always fueled me. It's different in business now because I understand the games that we play. [00:06:52] It's like, you know, We both can have good podcasts. We both can win in business. You don't need to lose for me to win. But that doesn't mean I'm still not competitive.  [00:07:00] Jason: Sure. Yeah. I'm sure in the different industries that you have businesses that you focus on, you have competitors and you probably want to win. [00:07:09] Ryan: I don't want to lose.  [00:07:11] Jason: Right. I want to be the best. I think that's true of most entrepreneurs. There's this drive or, this bite to win. You know, I remember early on, I think some of my first clues as to that I might be an entrepreneur is I was into music. And I remember in college, I was going around door to door pre selling CDs so that I could fund doing an album. [00:07:31] And yet I still at the time was thinking I've got to get a degree to get some sort of job to rise the corporate ladder. And I had no clue that entrepreneurism was like a path at the time. So it's interesting and Entrepreneurism sort of found me In that I needed a way to not be doing a nine to five job to be able to take care of kids because I ended up as a single father right and divorced and like went through all this stuff. [00:07:57] And so I was like, all right, what can I do? And so I sometimes joke

    56 分鐘
  4. 2024/12/04

    Tough Love: Hiring in your Property Management Business

    Many of our property management business owner clients are focused on hiring or restructuring their teams right now. In this episode of the #DoorGrowShow, property management growth experts Jason and Sarah Hull discuss the most important parts of the hiring process and offer a little bit of “tough love.” You’ll Learn [04:39] 1. Finding the right person for the role [11:04] 2. The importance of training your new hire [24:41] 3. Implementing accountability for your team [30:20] Review: what does the initial training period look like? Tweetables “We need to be clear on what results we're expecting.” “Any ambiguity or fuzziness, then you're going to get fuzzy outcomes.” “You cannot ever hire somebody and just say, "now my problems are solved." They're not solved yet.” “If you skip onboarding or if you don't have a very solid onboarding and training process, it's going to cause just so much friction.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Sarah: You cannot ever hire somebody and just say, "now my problems are solved." They're not solved yet.  [00:00:09] Jason: Welcome DoorGrow property managers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently than you are a DoorGrow property manager. DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners, and their businesses. [00:00:53] We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. We're your hosts, property management growth experts, Jason and Sarah Hull, the owners of DoorGrow. Now let's get into the show.  [00:01:11] Sarah: All right. [00:01:11] Let's do it. Before we do anything, we have an announcement for those of you that have not yet heard. Our foster dog Hans has been officially adopted. So we didn't do a podcast since he was adopted. So this is our first podcast that we don't have Hans kind of hanging out in the background. And I miss his little face, but he has an amazing family. [00:01:32] Jason: I miss Hans. I don't- [00:01:35] Sarah: love him so much.  [00:01:37] Jason: I don't miss him chewing my stuff in my office, but I do miss his little face as well. All right. Yes. Yeah, so he's adopted All right So the topic today and if you want to check that out, you can go to doorgrow.Com right at the top. There's dogs click on that see all our stories. Maynard got adopted. [00:01:55] Sarah: Maynard is adopted. Yeah, he now lives in California.  [00:01:59] Jason: This dog was like on death's door multiple times. Well, many times. Now he's living it up with a wealthy dude.  [00:02:06] Sarah: Who just fell in love with him.  [00:02:07] Jason: Guy in California.  [00:02:08] Sarah: Maynard just captured his heart, loved him so much and wanted to provide him an amazing life, so. [00:02:15] Jason: He's got a new name.  [00:02:16] Sarah: He's Bodhi.  [00:02:17] Jason: Bodhi.  [00:02:18] Sarah: Bodhi. So he's now driving around in a convertible in California. That's one of the pictures they put on there. Oh!  [00:02:25] Jason: All right. So  [00:02:25] Sarah: Maynard has a great life now, too.  [00:02:27] Jason: So you can check that out at doorgrow.com/dogs. All right. So our topic today that we're going to be chatting about you said that it came up a few times in You know this week with some of our clients dealing with some new team members We've got we're doing helping a lot of people with hiring right now. [00:02:45] Sarah: Oh my goodness so many. I built so many DoorGrow Hiring accounts in the last week.  [00:02:49] Jason: Yeah, so we're setting up this hiring mechanism and machine and system so that people can have some consistently good hires. But that brings us to kind of the next challenge. So what have you been hearing?  [00:03:00] Sarah: Okay, so one client asked me, he's about to hire. [00:03:05] He's going through the hiring process. So he doesn't have anybody lined up yet, but he's It's about to start this whole process. And he had asked me, "Hey, what about expectations for when they start when they come on?" And specifically this is a BDM. The second instance of this happening this week is a client who has already hired and his BDM is now about 60 days in. [00:03:31] And he sent me a message yesterday and he said, "Hey, listen, I really need to talk with you before the end of the month. I need to make a decision on my team." So I said, okay, let's. Let's figure out what's going on? And he said "yeah, I'm kind of pissed because my BDM is like 60 days in, and last month he didn't do anything at all. And then this month he started like he hasn't closed anything yet," and by he didn't do anything at all, what he means is he didn't close anything.  [00:04:00] Jason: Okay. Not that he wasn't working. No deals yet.  [00:04:01] Sarah: Yeah. Okay. Not that he wasn't working. He was working. And this month now is his 60 day mark and he hasn't closed anything, but he's, you know, making calls and he's starting to, you know, get some things kind of ready and warmed up in the pipeline. [00:04:16] He, he said, "man, should I just let him go? Like, is he just not the right person? I feel like it's 60 days, like, I should see some results at this point."  [00:04:26] Jason: Okay.  [00:04:26] Sarah: So I'd like to, I'd really like to talk about that. And this is going to be, whatever episode this is "Sarah's Tough Love episode." So here it is. [00:04:35] Jason: Got it. Okay, I mean, let's get the basic stuff out of the way, right? First, we need to know that we have the right person. So, we need to know what those expectations are. So, that's where we define that. Usually, we call them R docs, but in this ultimate job description. So, we need to be clear on what we're looking for. [00:04:51] We need to be clear on what results we're expecting. We need to be clear on, you know, what outcomes we're hoping for and they need to be clear on this, right? Like if we're bringing somebody in, they need that clarity. So if there's anyone listening and there's any ambiguity or fuzziness, then you're going to get fuzzy outcomes. [00:05:09] And those aren't good, right? And so there needs to be at least, and you need to be on the same page. Literally, the way we do that is with a page called an RDoc. And so you make sure you're on the same page. And all those young Gen Z people, notice how I used the word literally, correctly like it's an actual page. [00:05:28] Sarah: I was just thinking that.  [00:05:29] Jason: Stop saying the word literally. It drives me f*****g nuts. So, all right.  [00:05:33] Sarah: Literally.  [00:05:34] Jason: I literally, like if, yeah, nobody's confused about it being figurative, then don't, you don't need to say the word.  [00:05:41] Sarah: I literally died yesterday when I read that text.  [00:05:43] Jason: No, you would be dead. [00:05:45] You would actually be dead. All right. So, Now the next piece is we need to make sure we've got a person that fits that job description, right? They actually are the right personality. Well, let's talk about the three fits real quick. They have to match all three or they're not going to be a good BDM. [00:06:01] Sarah: Or it's never going to work out. And it doesn't matter if it's a BDM, an operator, a property manager, an assistant, a maintenance coordinator. It doesn't, name the role, doesn't matter.  [00:06:10] Jason: So, first, they have to be the right personality for the job or they'll never be great at it. They'll never be motivated to do it. [00:06:18] You bring in somebody to be a BDM, for example, and they're not the right personality to go out and want to talk to people and connect with people and network and that's not fun for them, they're always going to resist it. They're going to avoid it. They're going to do a bunch of time wasting stupid activities They're going to train everything else other than what really should be done, which is to go connect with people and have conversations. So they're going to be like "well I'm trying some marketing thing and i'm trying this thing and like and-"  [00:06:47] Sarah: "I sent 5,000 emails I don't know why none of them came back." [00:06:51] Jason: "We did direct mail to, like, 7,000 owners." [00:06:56] Sarah: I've heard that and it's because this is a true example. "I sent 5,000 emails." [00:07:00] Jason: Yeah.  [00:07:01] Sarah: So essentially you did nothing. That's great. Right. Good to know.  [00:07:05] Jason: Yeah.  [00:07:05] Sarah: Thank you.  [00:07:06] Jason: Lots of emails, right? So. So,  [00:07:09] Sarah: you know how many junk emails we get in a day? What happens when you get junk email? [00:07:13] Do you open it? Do you read it? Do you respond to it? No. That's what you just did to somebody else.  [00:07:19] Jason: Yeah. It lacks depth. All right. So we can get into tactics later, but they need to match the personality for the role. Which means they would love succeeding at this. They would love doing it. They would enjoy it. [00:07:32] They get some fulfillment out of it. And so that's personality fit. They need to be the right the right culture fit, which means they need to actually believe in your business and in you and in

    40 分鐘
  5. 2024/11/26

    List Smarter, Lease Faster with RentFinder.AI

    How do you figure out the most accurate market prices for rents on your properties?  In this episode of the #DoorGrowShow, property management growth expert Jason Hull sits down with Nathan Jackson from RentFinder.ai to talk about how you can level up your listing game. You’ll Learn [01:24] The creation of RentFinder.ai [05:06] An AI tool for finding rent prices [09:17] Making the switch from one tool to another [13:00] Customizability and integration Tweetables “You come up with something cool and you show it to your friends, then other people are going to want it.” “You can either have it done accurate,  cheap, fast, but you can't have all three.” “I think early adopters to it are going to reap a lot of rewards and a lot of benefits financially and otherwise.” “Once the entire world catches up, you know, and adopts these things, then it can be a bit more competitive, a bit more of a challenge.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Jason: I think early adopters to it are going to reap a lot of rewards and a lot of benefits financially and otherwise. Once the entire world catches up, you know, and adopts these things, then it can be a bit more competitive, a bit more of a challenge.  [00:00:14] Welcome DoorGrow property managers to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager. [00:00:32] DoorGrow Property Managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not. Because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. [00:01:14] Now let's get into the show. So today I'm hanging out with Nathan Jackson. Welcome Nathan.  [00:01:22] Nathan: Hey, thanks for having me. I really appreciate it.  [00:01:24] Jason: So Nathan, is with RentFinder.ai and so Nathan, before we get into talking about RentFinder, which I think is a super cool tool. I've gotten to take a look at it, play with it a bit. [00:01:36] I want to get into the audience hearing a little bit about your background. How did you get into playing around with property management related stuff. What's your history here.  [00:01:47] Nathan: Yeah. so my background is really you know, kind of growing up as a kid, technology was kind of my life, the most important thing to me. [00:01:52] But as I got towards that age for college, I was more interested in the finance side of things. So I went to school to get a degree in finance and investments. I lived in Manhattan for a little while, and then I also ended up starting my workout for a property management firm doing data analytics. [00:02:07] That was kind of the first thing I started doing. And when I got in the door, it was one of those things where I just slowly started gravitating more towards the data analytics and technology at the same time. And as the company I was with called ONEprop got acquired ultimately by a company that rolled up into HRG, I kept being more on that analyst side role, but then also doing more with automation technology. [00:02:28] And that entire side of the business you know, obviously the space, even five, six years ago was very immature from a tech side. And so I saw all sorts of opportunities to kind of get into that space. And then after being with the company that was acquired by HRG I came over to a company called Specialized Property Management and that's where I've been for about five years. [00:02:47] And then I've been leading all of our technology efforts here at Specialized Property Management. So even with the background in finance, I kind of gravitated back towards my roots, which is tech and all that space. So that's what I've been doing here. We've been building software internally, building sort of, integration type stuff and all sorts of cool tools here at Specialized. [00:03:04] And then RentFinder was born out of Specialized. So it's kind of where we are today.  [00:03:08] Jason: Got it. And so I know Chuck Thompson and he's, is he CEO of Specialized or? Yes. Yeah. He's CEO. Yeah. So He used to be part of the RPM franchise and he was a client of mine and helped him with websites and, you know, some other things early on. [00:03:28] And he's got some other like former RPM people that are part of his his organization as well. And that are connected to this like Rod Schifferdecker past client as well. So, I mean, it's really cool to see, like, I've got clients creating stuff now that can benefit my clients. Like, that's really awesome.  [00:03:45] Nathan: It's great, great circle of life there. Yeah.  [00:03:47] Jason: Yeah, it's really cool. So, RentFinder.ai was developed to solve what problem? What was the problem that Specialized was having with all the other rental tools? Because there's a bunch of them out there.  [00:03:59] Nathan: Yeah, so fundamentally that's a great question. [00:04:01] We built this solely as an internal tool to begin with. We had no intention of launching this as a product whatsoever. We were just going to all the different sort of rental evaluation tools that were out there, whether it was a Zillow, whether it was a Rentometer, whether it was a RentRange, a RentFax, there was just fundamental problems with every one of them. [00:04:18] And with a lot of my work that I've been working on with Specialized, we got really heavy into the, you know, AI statistical modeling and deeper science behind how to do some stuff with data. And I said, Hey, I think I can build a better tool, build a better mousetrap to do this. And it was one of those things where just kind of organically, we started building out internal models to price out for our own agents. [00:04:37] We started sharing it with some key clients and one day we had a key client say, Hey, you know what? I would love to share this with my investment partner. Can we go ahead and get an account for them set up? And all of a sudden we went from checking five, 10 a day to, you know, within a few months of just building internally, running hundreds and hundreds. [00:04:53] And it's just sort of been off to the race ever since then scaling the same space. So.  [00:04:57] Jason: I mean, you come up with something cool and you show it to your friends, then other people are going to want it. Yeah, that's true. And so you guys have built the better mousetrap. You guys have built this cool tool. [00:05:06] So tell everybody, like, what is RentFinder.ai. Let's start there.  [00:05:10] Nathan: So fundamentally, if you know those tools like RentRange or rentometer we're fundamentally providing a very similar service. The key differentiators of what we do specifically versus them is that we are taking in just say a monstrous amount of data, the price out of home. [00:05:23] You know, we're not looking at just like the recent comp, plus the beds, bathroom square footage. We're looking at hundreds of data points per property, all the little things that you don't necessarily think about on any sort of listing that you see, we're looking at photos of the property. We're doing an analysis of what exactly the inside of the home looks like if we have them as well as a virtual tour scan. [00:05:41] We're basically trying to look at the nitty gritty about what really makes a home rentable. And when you find what makes a home rentable. You can really hone in on that price because it's pretty easy to look at two homes on paper, a 3, 000 square foot, three, two next to a 3, 000 square foot, three, two and say, Oh, they're the same. [00:05:56] But we all know that's not the case when you walk in the door, right? One home is a lot prettier and a lot better than the other. And fundamentally that was the aspect that's been missing. So we've added that into our analysis. And we've been able to really hone in on very, you know, precision rents by going that route and just going way beyond the limited amounts of data the other tools use. [00:06:14] Jason: So you said there's like hundreds of different data points. Can you give us an example of what maybe some of the other tools might not be looking at?  [00:06:22] Nathan: Sure, like, we'll be looking at like, how recently were the new wood floors installed in the kitchen, right? What color are the wood floors? How are the wood floor colors in this area of the neighborhood renting compared to this over here? [00:06:32] Because we're looking at all the other homes, like little tiny details like that. We're looking at, you know, do you have a pool? If you have a condo, are you facing the north or the south side of the building? Just all the How are you getting all  [00:06:41] Jason: this data though? Where does all this data come from? [00:06:44] Nathan: So generally, I joke with my team that we're kind of like a data vacuum. We get data from anywhere and everywhere that we can. We buy data from sources. We find data online in publicly available places. And if we can't find it or buy it, we generate it. We do things where we're taking data sources like photos, for example. [00:06:59] Photos are a very rich source of information. They're just not really

    20 分鐘
  6. 2024/11/21

    How are Your Capital Raising Efforts Going in Today’s Market?

    Those who listen to this show likely either manage or invest in rental properties. There are several different types of real estate to choose from, but have you ever considered self-storage units? In today’s episode of the #DoorGrowShow, property management growth expert Jason Hull sits down with the “OG” of self-storage real estate investing, Scott Meyers to talk about an opportunity to invest in real estate without the common challenges of residential properties. You’ll Learn [01:22] Switching from residential investment properties to storage units [08:35] Investing in self-storage without the management [12:15] Pros and cons of self-storage [14:51] Self-storage education Tweetables “When you have just a hammer, everything looks like a nail.” “Be honest with yourself, and sometimes the best cook in the world can't fix a broken recipe.” “Once you get behind in habitational real estate and rental real estate in general, you know, it takes double the effort to get caught back up again.” “The more valuable you are to your property management business the less valuable your property management business is to everybody else.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Scott: Self-storage really found me instead of me finding self-storage. Which I just felt it's a simple, predictable business model that you can replicate over and over again without as many moving parts and that human factor.  [00:00:11] Jason: Welcome DoorGrow property managers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you're interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager. [00:00:28] DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. [00:01:09] Now let's get into the show. All right. So. I'm hanging out here with Scott Meyers. Welcome Scott.  [00:01:18] Scott: Thanks. And so good to see you again. How are you?  [00:01:20] Jason: Good. Good. It's good to have you. So, why don't we get into your background, how you kind of into this, but Scott, you're a self storage investment expert. Is that fair to say? [00:01:33] Scott: That's fair to say. They call me the OG in self storage now. And I guess I can step into that role.  [00:01:38] Jason: All right. The OG, the original gangsta. All right. So tell us a little bit how you got into this.  [00:01:44] Scott: So like many people got into real estate by buying one single family rental house. Of course, this is a back a little ways now back in 1993, I bought a single family house. with an assumable VA mortgage on it. So I took out a home equity loan from my own home and bought this one, no money down, just like Carleton Sheets, the other OG in the real estate space taught me how to do. And so I bought that house, we rehabbed it to refinance it, rented it out. [00:02:11] So the BRRRR method before everybody called it the BRRRR method. And then we went out and bought two more. And then that turned into four, six, eight, and my wife and I got married along the way and brought my wife into this hobby. I was working for a fortune 500 company at the time, and this was really just to supplement retirement until it kind of took on a life of its own. [00:02:29] And that was because in 1999 with the dot com crash, when all of our tenants were then able to buy a house shortly after that, because the presidential administration at the time reinstituted the Community Reinvestment Act and allowed anybody who could basically fog a mirror to buy a house while all our tenants left and they were doing so. [00:02:49] And so at that time, we were now rehabbing a second time so that we could sell our houses just to be able to keep up with what the market trend was at the time. Well that just about broke us. And so we decided then to get into multifamily and all we needed to do was get some economies of scale, work a little harder, work a little smarter, and we'll make this all happen. [00:03:08] But really what I found is that we just had more doors, we had more tenants, we had more toilets. And to be honest with you, Jason you know, we made a lot of money in residential real estate and growing that side of the business. I mean, we were very big, we got up to just shy of 450 doors. But I realized that I don't think I was cut out for this. [00:03:24] I understood the math, you know, the real estate math and everything that went into it. But I found even though we had property managers and property management companies, I was finding that I was becoming less loving of my fellow man and women, because they were destroying our properties and stealing from us, as well as our contractors and some of our staff. [00:03:40] And so at that point, I began to look around the landscape and, you know, we love real estate because of all the reasons to love real estate. It appreciates, we can depreciate it. We can borrow money to buy it. And then our clients pay down our basis. I mean, there's no other investment like that. So as I looked at the landscape and real estate, that really only left parking lots and self storage if I really didn't like the tenant and toilet business. [00:04:01] So. I looked into storage and loved what we saw in terms of the fundamentals of the historical, the track record of performance of the asset class. And it was right under my nose all the time. It's just this ugly, you know, stepchild of commercial real estate that nobody was really talking about. So I researched it and spent a lot of time understanding the nuances bought my first self storage facility in a partnership. [00:04:22] And then yeah, the light bulb went off and recognize after owning it from the operation standpoint, that It was truly what everybody had said that it was. And what we found is it was all the benefits of real estate without the hassles of tenants and toilets and trash. And so we began simultaneously selling off our houses and our apartments and then going forward into self storage. [00:04:41] And here we are today at about just shy of 5 million square feet of self storage, 28, 000 doors nationwide and growing. And then along the way, also built a sizable education and consulting and mentoring and coaching and event business that only not only teaches people how to get into the business, but also became a funnel, a conduit for a lot of partnerships and a lot of deal flow into our organization. [00:05:01] So that's either the long winded version on a podcast or the short winded version however you want to look at how we got started in the business.  [00:05:07] Jason: Yeah, love it and qualify yourself help everybody understand like where are you at right now with storage and rentals. I mean you got some impressive numbers. [00:05:17] Scott: Yeah, so we're sitting at about we've done over 5 million square feet We're sitting at about three and a half just maybe three and three quarters million square feet right now assets under management So we're right now jason, we're basically a syndication company where we're a financial services company that raises capital and layers that on top of debt and then deploys it in nothing but self storage. [00:05:37] And so many of these projects, these partnerships, these joint ventures in our funds, they have a shelf life and they expire in four to five years because that's when we can capitalize and pull our chips off the table, if you will. And we have a capital event by way of sometimes a refinance, but usually a sale of the property or properties within that fund. [00:05:55] And then we just go out and buy more. So it ebbs and flows when some are going out the door, we have more projects coming in the door as well. I only own two residential properties. One of them is an Airbnb and the other one is the one that I live in. And that's it. Everything else is 100 percent self storage at this point. [00:06:10] Jason: Got it. How many units of storage do you represent then?  [00:06:14] Scott: Yeah, so 28 to 29, 000 overall is what we've invested in and we're sitting at about 20, between 20, 000, 21, 000 right now in asset center management. Awesome.  [00:06:25] Jason: Wow. Okay. So for those listening that are in residential property management, and they're listening to you what would you say to them? [00:06:34] Like, maybe there's some of them that they're like, "man, I don't want to deal with toilets, tenants and trash anymore." And, you know, "I'm starting to love humans less. And I love real estate," but what's kind of your message?  [00:06:49] Scott: You know, in the education side of our business, Jason, of course, when there's a room full of folks interested in self storage, it's really easy to say that you know, I think everybody should have a self storage facility, one in their portfolio, if you're in real estate and, you know, all roads lead to self storage eventually, because I think everybody gets to that place where they do get frustrated and it could be just a day. [00:07:06] It could be, you know, in terms of, "wow, that was a whole lot coming at u

    21 分鐘
  7. 2024/11/15

    The 3 Systems You Need in Your Property Management Business

    F You’ll Learn [02:01] The Team Sandtrap + Cycle of Suck [12:20] Why You Might Have the Wrong Team [20:54] Building the Business Around You [29:40] How to Escape the Cycle and Level Up Tweetables “If your business isn't healthy and growing, it's dying.” “Here's the reality: it takes 10 people to clone yourself in a business.” “How did you build it the wrong way? You built it around what you thought the business needed, and you didn't build it around what you needed.” “If you have capacity less than a hundred doors, then the odds of you getting another a hundred doors in the near future is slim than none.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Healthy business owners have healthy businesses have healthy team members and feel very well supported. And the only reason you're not there is you just don't know yet what healthy business owners know.  [00:00:11] Welcome DoorGrow property managers to the DoorGrow show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager. DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. [00:00:38] Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. [00:00:56] We want to transform the industry, eliminate the BS. Build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, Jason Hull, the ceo and founder of DoorGrow. Now, let's get into the show. All right, so before we get started I wanted to just mention our sponsor Vendoroo. We've seen some great results with these guys. [00:01:22] So if you're tired of constant stress and hassle of maintenance coordination, meet Vendoroo, your AI driven in house maintenance expert that handles work orders from start to finish, triaging, troubleshooting vendor selection and coordination. Built by property managers. for property managers to provide cost effective and accountable maintenance operations where every dollar is accounted for and every task is handled with unmatched reliability. [00:01:47] Vendoroo takes care of the details so you can focus on growth. Schedule a demo today at Vendoroo.ai/DoorGrow and experience maintenance done right. All right, so let's get into the show. So what has been going on in the DoorGrow universe or in DoorGrow world? So, one, we are raising our rates, our fees, because we are taking better and better care of our clients and getting them better and better results. [00:02:17] And so this is something that we coach clients on all the time. Are you taking your business to another level? Are you confident in raising your fees? Or have you kept them small or competitive, or even worse, low in your market? Are you striving to provide and deliver more value? Are you taking things to that next level in your business? [00:02:40] We meet regularly with business owners in this industry. So in the last week or two, I've met with several businesses that are stuck in what I call the second sand trap. This is where maybe they were a client a long time ago in the past. We helped them figure out how to get growth. They've gotten to maybe the 200, maybe somewhere 200- 300 door range, maybe even up into the 400 doors range. [00:03:05] And they are now experiencing the second sand trap of constraint. And so some experience this even earlier. I have had people come to us, people that have joined our program recently, that are having these second sand trap problems around just over a hundred doors, like 150. And they're already in this painful spot. [00:03:26] And there's a few reasons for this. One, they could be caught in the cycle of suck, which means they've taken on too many shitty clients that are You know, too high of operational costs. And so they have too many difficult properties to be dealing with which makes the tenants more difficult, and so they've kind of created this mess in which their entire portfolio that they're managing and dealing with are a lot more difficult than most of my clients' situations. [00:03:53] And so their operational costs are really high and they're making a lot less money because of that, their profit is down. And then what that means is it's a lot more difficult to deliver customer service and be effective. So I have a partner with me today, which is a dog we're fostering named Hans. [00:04:12] And he is trying to chew a toy right at my feet. So what's up Hans. And if you haven't seen our previous dog episode that we did go to DoorGrow. com Click on "Dogs" up at the top. We've got a little dog emoji on our website. Check that out and learn a little bit about Sarah and my passion in helping dogs. And this is to be fair, mostly Sarah's passion. I like dogs definitely more than cats. I like dogs, but Sarah loves dogs. She really loves dogs. [00:04:40] And so this is more her thing. So check that out. And that lets, you know, a little peek into the our reality here in our home with DoorGrow. So you can also check out our funny videos at the top right there as well. That'll give you a perspective on how goofy we are and we try to incorporate our dogs in these videos. [00:04:58] Hans made it into one of our recent ones that will be released. You'll see it. So this second sand trap, the challenge here at the second sand trap is that these property managers have figured out how to grow. They know they could probably double in size. Most of you that are at the stage, you know, you could probably double in size door wise. [00:05:16] You could easily go get more doors. You could attract more owners if you felt comfortable. So here's a question you need to ask yourself. This is something I love asking people that are at the stage so I can see how bad is it? How bad is the problem? So some of them get at this stage, business owners get really burnt out, like really stressed. [00:05:38] We're talking like I had a lady say to me, "I f*****g hate my business. Can I be real with you?" That's what she said. "I fucking hate my business." And she's having a ton of health issues and stress. I don't know if it's all related directly to this, but stress can eat you alive, right? Basically every health situation gets worse if there's high stress. And so she's dealing with a whole mess of stuff, right? And this is a challenge. This is a challenge in business. We deal with a lot of stress as business owners, but property management can be especially stressful. You're dealing with sometimes really upset angry people and a lot of that stress doesn't have to exist If you're not in that cycle of suck the other challenge at this stage besides maybe being caught in the cycle of suck Is not being paid well enough. [00:06:28] And so Not only is your operational costs high because of the cycle of suck, but then also your pricing may not be optimized or very effective. You may not have a premium offering for premium buyers that may exist in your portfolio. And so they just go with your cheaper option, which is the only option that you have. [00:06:45] And then there's also this weird race to the bottom in terms of price where everybody's priced like similarly, like 10 percent in most markets in higher rent markets, maybe like 8%. And then in some markets, it's like really grotesque with flat fee, you know, property management and stuff like this. [00:07:01] And so the challenge then there's kind of this race to the bottom in terms of pricing. And so you may not be getting paid as much as well. And so sometimes if you can just increase the amount of money that you're bringing in and decrease the amount of operational costs in the business, you could easily double your profit margins. [00:07:22] We've had clients go from 25 percent margin, which is good to 50 percent profit margin by getting some pieces dialed in. Now, the three biggest profit levers we find at this stage are people planning and process. Why? Because they're all connected to the biggest expense, which is. People, right? Which is staff and whatnot. [00:07:43] So we need a really good people system, which means a hiring system and a really good existing team so that we can always maintain really good personnel and team members. Then we have a healthy team that buy into our culture, that have the skill and intelligence to do the job and have the personality type that is a fit for the role. [00:08:01] I call those the three fits culture, personality, and skill. You need all three in order to be a good team member. If you have team members right now that don't match all three, you are spending too much money on this person and you're getting too little output. If you're caught in the cycle of suck, you are spending too much money on all of your people and getting too little output. [00:08:22] If you don't have a good hiring system, you can't replace, confidently, the people on your team to get good people. And so you don't have a system or mechanism to do this. And so most businesses at this stage usually spend five to 10 years playing Russian roulette to get a decent team so they can finally break 600 doors. [00:08:42] A lot of them by that time, even before they hit that, just give up, they sell the business, they exit. And so the time can be collapsed on this significantly. So here's the question that I ask. I asked people that are caught in the second sand tra

    40 分鐘
  8. 2024/11/09

    Evolution of Short Term Rental Platforms

    For those who manage short-term rentals, which tools and pieces of software do you use to keep things organized and running smoothly? In today’s episode of the #DoorGrowShow, property management growth expert Jason Hull brings on Jacob Mueller, founder of Renjoy to talk about using technology to help manage short-term rentals. You’ll Learn [01:36] The creation of Renjoy [16:55] Software and systems for STR [25:38] Building out systems using Airtable [34:20] Strategic planning systems Tweetables “One of the things that's different about short term rentals is that it's constantly changing.” “You have to be on top of your game. You can't just do the same thing you've been doing.” “It's kind of like you've got a swiss army knife or one of those multi tools, and it's not the same as having a toolbox of high quality.” “The only thing I want to share with all the property managers out there is keep on doing the hard work.” Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive TalkRoute Referral Link Transcript [00:00:00] Jason: It's kind of like you've got a swiss army knife or one of those multi tools, and it's not the same as having a toolbox of high quality. [00:00:08] Jacob: That's exactly right. To be able to have like specific specialized tools, you then have to know what you're doing to accumulate those tools and have them all talking and speaking to each other, but if you do it right, very powerful.  [00:00:21] Jason: Welcome DoorGrow Property Managers to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing in business and life, and you're open to doing things a bit differently, then you are a DoorGrow property manager. DoorGrow property managers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. [00:01:22] Now, let's get into the show. All right. Today's guest, I'm hanging out with Jacob Mueller from Renjoy. Jacob, welcome to the DoorGrow show.  [00:01:33] Jacob: Thanks. It's a pleasure to be here. Jason.  [00:01:36] Jason: Glad to have you. So Jacob, give us a little bit of your background in maybe entrepreneurism and how you eventually got connected maybe to rentals, property management, and and then we can get into Renjoy. [00:01:51] Jacob: Sure. Well, I won't give you the full backstory. It goes all the way back to a college class I took, but I really started getting into real estate right at the perfect time, beginning of ZIRP, zero interest rate era. And I was actually a commercial broker for a little while. I did about six months of leasing and realized I did not enjoy that. [00:02:09] And so then I transitioned to a residential property management firm based out of Denver that focused on investors. When I joined them, Atlas Real Estate, they're in, I don't know, five or six states now. But when I joined them, they were only in Colorado. They managed maybe 2, 500 doors and I was kind of their regional broker in Colorado Springs, which is where I am. [00:02:30] And they are now, I think north of 10, 000 units under management and have grown tremendously on the management side. But I learned a ton from these folks. I learned how to flip property. I learned to invest in real estate. I learned a lot. And so that's kind of where my real estate investing career started. [00:02:46] That was about four or five years ago. And since then I've acquired single family homes some small multi units. And then I've also diversified in my income streams from just long term tenants to also short term tenants. And that's kind of where the story of Renjoy begins. One of my clients and I worked with, as a broker, happened to have quite a few Airbnbs, short term rentals. [00:03:09] And he was buying properties like every six months. And I was trying to figure out how is this guy, he's my age, how's this, you know, 28 year old buying so many properties so quickly back to back? So I started learning about his process and his insights into the industry. And I thought, man, this guy's got, a peg on this industry. [00:03:25] And of course, during ZIRP, Airbnbs were easy, making money was easy, everybody was doing it. And so I saw this interesting opportunity, decided to partner with this client of mine, and another client actually. And we formed Renjoy together with our own portfolio to start.  [00:03:40] Jason: Nice. Okay. So what is Renjoy?  [00:03:45] Jacob: Yeah, so Renjoy is kind of an unintended consequence. [00:03:48] It was not our plan. It's a short term rental property management business. But when we first started the company, it was just to manage our own portfolios. And people started asking us to manage theirs because short term rentals and long term rentals are complex and difficult and a lot of work. And so owners are constantly looking to handover management for these things. [00:04:09] Jason: Yeah. And that can be a challenge. You know, with those short term rentals. I mean, everything has to move quick, right? You're having to check and adjust prices every day to make sure you're getting the, you know, the best rate possible. You need to communicate like immediately all the time with all the guests and then, you know, then like you're trying to figure out how to make sure you're getting as many people through this property as possible But not getting it damaged and then maintenance stuff hasn't dealt with like super fast Or people get really frustrated and upset and so it's a difficult game and then for you know for people managing short term rentals It's almost like a cleaning talent acquisition business more than it is a property management business And so, how does Renjoy help with this stuff? [00:05:02] Jacob: Yeah. Yeah. There's so many ways we can go with this, Jason. A lot of what you were saying, you know, resonates with me. I think there's an increased complexity on the stakeholder relationships that we have as a manager. All property managers have this complexity where they have their tenant who is a stakeholder. [00:05:18] They need a tenant to pay rent. And they also need to have properties with which to have a tenant pay rent on. And so all of the property managers have this balance they have to walk between these stakeholders. They have to serve their tenants and they have to serve their landlords, their property owners. We're the same, but one of the challenges is our tenants leave us reviews. [00:05:38] Every single time they stay and so there's this increased out of, shall we say, accountability almost on how we manage our relationship with this key stakeholder, the guests that are coming to the properties, the tenants, but also the owners too. And then this all leads to the same challenges all property managers have, which is balancing meeting your tenant's requests for service, for maintenance, kind of meeting their expectations while also keeping costs as low as possible and trying to meet the owner's expectations. And you have to constantly balance that when you're thinking about maintenance and your service level agreements and how they can get impacted by the occupant versus the owner. [00:06:16] So that's one thing that's really complex. But there's a lot of things we can get into with short term rentals. We are a full service short term rental management company. This is another pretty big distinction between long term rental property managers and short term is that the suite of services provided varies quite a bit from one short term rental manager to another. [00:06:36] Not to say that long term rental managers are all the same, but generally speaking, there's a pretty similar core group of services that all long term property managers provide for their clients.  [00:06:47] Jason: Got it. So, Is Renjoy a service that those that listening that are running a property management business are you their competitor or is there a way that they can work with you or how does that work? [00:07:00] Jacob: Great question. I do not believe we're competitors. We don't do long term rental property management and we refer out for that. And so we actually kind of have a lot of good relationships with our property managers, mutual referring relationships, actually, in the markets in which we serve.  [00:07:16] Jason: So what you're saying is long term residential property managers, if they're not wanting to deal with the complexity of short term property management, is there a way they can sort of partner with you and maybe get paid? [00:07:28] Jacob: Absolutely. Yeah. We have a referral program. And for everybody who signs a contract with us, it's a thousand bucks. Easy peasy. And if the property manager happens to also be a practicing broker, we actually do work to execute exclusive right to lists in our property management agreements, which is assignable. [00:07:46] And so we just assign, should that client that you've referred to us choose to list their property, we can actually reassign that exclusive right to list back to you as the property manager slash broker.  [00:07:56] Jason: Got it. Okay. So that's an additional benefit. They can keep the real estate deals.  [00:08:00] Jacob: That's right.  [00:08:01] Ja

    46 分鐘
4.9
(滿分 5 顆星)
44 則評分

簡介

The #DoorGrowShow is the premier podcast for residential property management entrepreneurs that want to grow their business and life. Jason Hull brings you the best ideas in property management, without the B.S. Hear from the latest vendors, rockstar PMs, and business experts. Join our free community of #DoorGrowHackers at http://DoorGrowClub.com. Learn more about the DoorGrow, the best in property management websites and marketing, at http://DoorGrow.com

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