The most successful property management companies identify their ideal client profile and focus on building systems specifically designed to serve them rather than trying to be everything to everyone.
• Outbound lead generation remains highly effective despite technological changes
• Most BDMs will avoid making sales calls if given any other tasks
• Clear separation between sales and marketing functions is crucial for growth
• Self-managing landlords represent an untapped market opportunity
• Your unique story creates stronger connections than listing credentials
• Most property owners are not investors – they have 2 or fewer properties
• Accidental landlords and self-managers have different needs than investors
• Your "vibe attracts your tribe" – personality matters more than many realize
• The sales message needs to flow through operations to deliver on promises
• Successful growth requires focusing on one client type before expanding
Join us for upcoming retreats and events focused specifically on property management business owners:
the Keystone Retreat July 13-16 and the Strategic PM Summit in Fort Lauderdale in August 21-22.
Unlike typical industry conferences, these events provide workshop-style environments where owners can work directly with experts on strategic business growth.
Join fellow property management entrepreneurs and 6 expert coaches in a small, private high level event at a mansion style venue with a private chef and personally selected attendees to maximize the value you receive while at the event.
Join the waitlist for additional information here: https://ONYXwaitlist.com
Save the dates! July 13th - 16th, 2025
visit pmsuccess.com for more value packed property management related information or to hire Tony as your property management coach.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
These are not things that people say in property
management.
Right, these are patterninterrupts and you were telling
it as a story.
You start telling a story, andwhen that story matches up with
my reality, I'm just like Iactually can't believe.
I found you.
This is destiny, and so I justwant to say like it was amazing.
That is a fantasticillustration of what we should
be aspiring to do with anybusiness.
Speaker 2 (00:23):
Welcome to the Property Management Success
Podcast, where we interviewleaders in the industry to
uncover the secrets toprofitability, efficiency and
achieving true freedom, whetherit's your time, money or
lifestyle.
I'm your host, tony Klein, andI'm here to help you build a
wildly successful propertymanagement business.
Let's get to it.
Welcome back to another episodeof the Property Management
(00:45):
Success Podcast.
Today, really excited, got somegood friends in the studio with
me today.
I've got Jeremy Pound andJennifer Merritt.
They're both from RentScale andStrategic PM and we're going to
talk about business development.
We're going to talk aboutgrowth and we're going to talk
about something that peopleoften miss in the industry.
(01:06):
So we'll circle back around andtie that in.
But, jeremy, how's it going foryou this morning?
It's great, it's good to behere with you.
Yeah, hello, jen.
Speaker 3 (01:16):
Hey Tony, How's it going?
Speaker 2 (01:18):
Good, you and I actually don't live that far
from each other.
Speaker 3 (01:21):
I know it's crazy that we're doing this in
separate spaces.
We should probably just betogether.
Speaker 2 (01:26):
Yeah, probably All right.
Well, I was excited to have youguys on because there's a lot of
talk in the industry aboutsales for property management
and operations for propertymanagement, and we've spent some
time recently talking aboutoperations and how operations
operates one way and then salesorganizations or sales people
(01:48):
typically operate a little bitdifferently.
And I just want to.
You guys are two of theforemost experts in the space in
business development andproperty management, and so I
wanted to have you on and justhave an open discussion about
what you guys are seeingtrend-wise, what's working for
owners of property managementcompanies and then what's not.
(02:11):
So I'd kind of like to startwith just seeing what are you
guys seeing right now as a majortrend in business development,
because I know that people itchanges over time what's working
and what's not, and if you'renot in a group like and we can
share a little bit about thegroup that you guys have but if
(02:32):
you're not in something likethat, you just don't know what's
going on and what's working andwhat's not.
So I'd love to start with justa nugget for these guys what do
you guys see that's reallyworking right now?
Speaker 3 (02:43):
Can we take that, since you're in the field day to
day.
Okay.
So we're actually seeing acouple of things that are
working really well.
One of them is outbound leadgeneration and working with not
just agents for referrals, buttrue outbound, like we're making
outbound calls.
We actually have a time blockevery single week where people
(03:05):
can jump on with us and we docall blitzes where everybody's
on Zoom but they're on mute andthey have to make as many calls
as possible and they have acoach sitting right there to
help them through when theirscript is or isn't working.
So gaining lots of traction onthat, and that seems to be
something that's going reallywell in our community right now.
The other thing that I would sayis really working is a focus on
(03:27):
many different lead sourcesacross the entire buyer's
pyramid.
So I you know, I did someresearch just recently and was
talking a lot about leads withpeople and everybody wants the
leads at the top of the buyer'spyramid, ready to buy today.
They're qualified, they are theperfect fit client, like that's
(03:48):
what we want.
Yeah, I get that, but what'sactually working is nurturing
people who maybe haven't evenconsidered real estate
investment at all, from thebottom of the triangle all the
way to the point that they areready to buy.
That's actually working reallywell for our community.
Speaker 2 (04:06):
Jeremy, anything to add before we move on to the
next topic?
Speaker 1 (04:10):
Yeah, I mean just to kind of add to what Jen's saying
.
The thing that never goes outof style is building a list and
warming those people and tryingto get in front of them, no
matter where they're at, and soobviously, the only things that
change are the mediums that youuse to get in front of them, no
matter where they're at, and soobviously, the only things that
change are the mediums that youuse to get in front of people,
to nurture them right.
For a long time, you know, itwas all about email marketing.
(04:32):
Only Now we know social mediais a fantastic way to do that
All kinds of subscribers,podcasts like this.
We're nurturing clients rightnow with this content.
So I mean, the fundamental thatjust never goes away is meet
people that look a whole heck ofa lot like your clients, you
know, build a list and stay intouch with them and make them
offers so that they raise theirhand and they buy.
But everybody says that is alot of work.
(04:56):
Let's talk about AI.
Let's talk about you know whatvideo I can do?
Let's you know where can I buythe leads from, and I think
they're just overlooking afundamental that they'll
eventually learn.
That's just going to cost thema lot of money for a lot of
years and a lot of heartache,and then they'll eventually be
like oh, I wish I would havestarted earlier.
Speaker 2 (05:14):
So you brought up something that I love to talk
about, because before I got intoreal estate and this is again
you know I bought my propertymanagement company in the year
2000.
So I've been doing this for 25years, but before that I had a
technology business, and in thetechnology business we had a
sales department and then we hada marketing department and our
(05:38):
sales were hunters.
They weren't sitting around,they were out hunting.
And then we had our marketersthat were out there planting
seeds and there's been thischange.
I don't know when it came about,I don't know where it came from
, but this transition into BDMbusiness development Anything
(06:01):
that they can do other than makea sales call they will jump on
that.
So if you give them KPIs tomake five LinkedIn connections
or like five people's posts onFacebook or whatever it is where
you're trying to buildconnection, they will jump all
over that and they will feellike they've had a really busy,
(06:22):
productive day, but in realitythey didn't tell anybody about
what they do.
And so how do you guysreconcile?
Is that just old schoolthinking where you really need
to have people focusing on thatsales component, and how does
that mix with the businessdevelopment and marketing,
because most property managementcompanies aren't big enough to
(06:42):
have two separate departmentshandling those things.
Speaker 1 (06:47):
I'll jump on that, I'll just do a quick story and
then I want Jen to elaborate onthat, because that is the issue.
What you're saying, tony, isthat we all kind of know the
right way to do it.
We know that that shouldn't beblended.
We know we ended up with like ameatball sundae if we start
asking one person to do threejobs, but then we all just tell
ourselves we're too small forthat.
(07:08):
Well, that is the scrappinessof being an entrepreneur, for
sure.
And when we launched Renscale, Idid all the sales, for sure,
you know, and I had to do that,and I did all the delivery, and
it was exhausting.
I had to make the leap at somepoint to say, if you want to be
bigger, you have to act bigger.
And I think everybody's waitingfor the magic tide to break.
(07:30):
And then it's like, okay, nowI'm bigger, now I can actually
start doing the things that Iread about and that I watch
YouTubes about and that I know Ishould be doing.
There is always the proverbialleap of faith.
The hardest thing aboutentrepreneurship is making sure
you're reaching, but you're notreaching so far that you fall
off the cliff, right.
And so I think that that iskind of the hard part is that we
say, yes, I value all thesethings, but I just don't have
(07:51):
the manpower to do it.
So I'm just going to bury oneperson with five jobs and,
unfortunately, I've yet to seesomebody dig themselves out of
the hole with that much weighton their shoulders.
Weight on their shoulders.
And if you ask if it goes outof style, I'll just tell you a
quick story about I rememberinterviewing Jen when she came
here and she was a sales manager.
She was managing multiple BDMsall over the country and she
(08:12):
said something like if I get ona sales call and you're not in
your car, you're doing somethingwrong.
And I was like that's all Ineed to hear, like you're hired,
let's go.
Speaker 3 (08:23):
I agree.
I do think that, tony, thereshould be this line between
sales and marketing, and I 100%agree with you that if you give
sales anything to do other thanhunt an outbound prospect and
connect with the leads and buildthose relationships, that's
what they're going to do first.
So we always talk in ourcommunity about high payoff
(08:45):
activities and what are thosethings?
And so many property managementcompany owners want a BDM to be
the jack of all trades.
They want them to be doingsocial media marketing, they
want them to be writing blogs,they want them to be showing
homes, they want them to becollecting keys, they want them
to be processing the paperwork.
Um, they want them to beprocessing the paperwork and
(09:07):
onboarding all of the newclients.
And the matter of the fact isthat the more things your BDM
has to do, the more excuses theywill have to get out of it.
Um, I will tell a story fromwhen I was a BDM.
I did not like cold calling,just like most people don't like
cold calling, right, but I gotresults when I did the cold
(09:30):
calling from the right places.
It was always the last thingthat I wanted to do, and it
wasn't until I got thediscipline to say no to all of
those other things, that I wasable to really be successful in
my role and I was signing 15 and20 doors a month when I got
disciplined to say I'll get theW you know nine and I'll make
(09:54):
sure that I collect all theinformation you need from the
HOA and get the managementagreement signed.
But that's where I stopped.
I stopped there because I foundso much traction when I
networked with developers, whenI went out to new home build
communities and talk to thesales consultants that are
sitting in the models.
Um, when I networked with realestate agents and I met 1031
(10:16):
exchange agents that built mynetwork so much bigger than I
was ever going to build byliking or responding to a
comment on social media orputting together a newsletter or
a blog post.
Those are important things thathave to happen, I think, at a
company any company and that dogive us traction and leads.
(10:36):
But at the end of the day, Idon't believe that that's a high
payoff activity for asalesperson and they will find
every corner and crevice becauseI was that person to hide in
when it comes to not makingthose out on calls.
Speaker 1 (10:51):
Absolutely.
I do that because I'm justpicturing like I cannot agree
more with what Jen's saying, butI've got the voice of the
viewer in my head and you knowwhen we talk about outdated
here's.
The thing is that technology isamazing and the more you know
the fundamentals and the moreyou believe in the fundamentals,
the easier it is to look atevery new technology through the
(11:12):
right lens.
So there was that huge thingabout social selling and
everyone was like social sellingis going to be amazing and I
learned that that trend 10 yearsago the real people that were
winning were still doingoutbound.
They just knew that socialmedia was an underutilized tool
and it was a way to breakthrough the noise instead of
calling somebody.
And so they did the same thing.
(11:33):
They would reach out to people,they would DM them, they would
talk to them, but they'd stillset meetings, they'd still make
offers.
We do a ton of outbound withvideo.
You know I mean now it feelslike an age-old technology.
You know I mean it's now itfeels like an age old technology
, but with BombBomb and you knowLoom and getting your face in
front of people, it's proven towork.
But the fundamentals are allkind of the same.
Right, I still need to meetstrangers that look a whole heck
(11:53):
of a lot like my customers andI still need to make them offers
and try to get in front of them.
I think that there's someamazing, amazing technologies.
I don't think LinkedIn is usedenough.
If you're a power LinkedIn userand you get on their tools,
that are very expensive and Iappreciate that, you can build a
list of all of the serviceproviders in your area.
You can find real estateinvestors and you can do the
(12:15):
fundamentals, which is reach outto strangers, tell them that
you've got value to add to them,see if the timing is right and
see if you can make them anoffer.
So the methods are changing,but what I think everybody's
looking for is for thetechnology to make the
fundamentals go away, and thatjust hasn't happened yet.
Speaker 2 (12:33):
I agree, especially as we get more and more advanced
technology, more AI, enteringinto this space.
What it's going to come down tois what makes you different is
you, and it's the relationshipsthat you build with people and
in in marketing, we've got to beable to set ourselves outside
(12:55):
of the noise.
There's a lot of noise and weget bombarded with I think it's
like 11 million bits ofinformation per second, and our
reticular activating system willfilter out about 40 to 50 of
those, and what gets filteredout is things that are already
important to our prospect, ourtarget client, as I call them,
and so we need to be able tospeak to that, and you've said
(13:17):
this a couple of times nowalready finding people who look
a lot like our customers or ourclients and, I think, a lot of
business owners, especially whenthey're smaller and they
haven't had a chance to bring ona business development person.
But even with that personbringing somebody new in the
industry, when you've come intothe space, you have not taken
(13:38):
the time to identify your targetclient, who you're actually,
who's the center of the bullseyethat you're trying to serve?
And I see I'll start workingwith clients and we'll start
talking about, well, who is yourproperty management company for
?
And they're like, well, anybodyin the Phoenix area or anybody
in Colorado, and it's like ifyou're for everybody, you're for
(14:00):
nobody, because you're just apart of the noise.
And I've said this prettyfrequently lately, but in the
client's mind, in the prospect'smind, we are all the same to
them, we're all the same.
And if we're all the same, thenwhy would I pay more for one
person than another person ifI'm going to get the same thing?
(14:20):
So we're all the same untilwe're not.
What can we do to speakdirectly to their pain points
and then identify those painpoints and then provide a
solution?
And by doing that, you do riseabove the noise, you do make it
through their reticularactivating filter, and so I'd
like to hear a little bit aboutwhat you guys have found with
(14:45):
that identifying the clients.
Is that something that you takepeople through?
How do you help people, whetherit's the business development
person or the broker or owner ofthe company that's doing it
themselves?
Speaker 3 (15:00):
Yeah, so we call that ideal client profile here, tony
, and yes, we have anytime.
Anybody goes through blueprintwith us.
They sit through two meetings.
One is ideal client profile,where I will actually push them
on who their ideal client is.
And it is an unacceptableanswer when they're like
everybody in Colorado is myclient.
I'm like no, let's go throughyour property management company
(15:23):
and I'll show you why everyoneis not your ideal client.
Um, and so we actually do thatexercise.
And I do a really fun exercisebecause I find that every
property manager wants to comeback to me and they say, um, my
ideal client is someone who isgoing to be hands-off.
Um, they don't want to beinvolved in this, they are
financially well off, they havemultiple properties or they are
(15:46):
going to have multipleproperties in the future.
And I'm like you are notdescribing your ideal client,
you're describing what you wantand what your lens is.
And so I take people through anexercise and I ask them to
describe someone who would buy aLand Rover, range Rover, sport.
And everyone is full of of oh,they're, you know, uh, soccer
(16:11):
moms, you know, financiallystable, probably have a, you
know, job that is keepingeverything like they're.
They're, they're killing it,corporate, uh, or their husband
is a doctor, like they have allthese ways that they're
describing and I'm like, oh,where do they hang out on the
weekends?
And they're like they hang outat the golf clubs and they love
brands like you know, uh,whatever, they love the high-end
(16:34):
brands, gucci or whatever.
So they can describe thesepeople and they know that they
have a life and what their lifelooks like.
And then I'm like, okay, nowdescribe a Subaru driver, and
they can do the same.
But when it comes to usidentifying our ideal clients in
this industry, for some reasoneveryone defaults to what they
want and they're not thinkingabout their actual ideal client.
(16:56):
And so I try really hard to getpeople in the mindset of think
about who your ideal client isand what they need from you.
And then, if your serviceprovides that and if it doesn't,
then we need to need from you.
And then, if your serviceprovides that and if it doesn't,
then we need to build that inand that is your differentiation
and the two should really linkup.
And when you have a great,targeted ideal client and you
(17:18):
know who they are and what theyvalue and you have
differentiation that matchesthat you have an unstoppable
sales message thatdifferentiates you from
everybody else.
Because, tony, I think you'reright in the prospect's mind,
even though we know it's nottrue.
In the prospect's mind,everybody is thinking well, you
(17:38):
lease the same and you screentenants the same, and you market
the same, and you're going tohandle maintenance pretty much
the same.
So, like, what do I do?
And that's where I think theideal client and the
differentiation parallel andgive you that message that helps
you stand out above the crowd.
I could go on for hours aboutthis because I think it's so
(17:59):
important.
Speaker 2 (18:00):
I think, to tie this in, not just for the type of
people we're trying to attract,but once we sign them.
You know, I've heard companiesbrag about how they add a door a
day, um, and yet they've beenthe same size for seven years.
And it's because they're addingwhoever and however, but on the
back end, they're turning themout just as fast.
(18:21):
And so it's not just about thesales process of identifying
your and I'm going to continueto use target client profile
because for me, it's huntingright.
We have our ideal client, but Iwant to go out and specifically
target them.
I'm wanting it to be moreactive and proactive.
(18:44):
So that's why it's the samething, but I just want to
continue to use that term.
Speaker 1 (18:49):
So can I ask you to share?
You said something that I loveone time years ago you may not
remember this, but I know you'regoing to know it.
You said like street runnersrun for the miles, but trail
runners never want to come back,what is it that you said to me
about the difference betweentrail runners never wanting to
come back, or what was it?
Speaker 2 (19:10):
What was the tagline you gave me?
It was so good boy, I wish Icould remember.
I don't know.
But street, street runners arejust putting in the putting in
the steps, putting in the miles.
But, yeah, trail runners, outthere, you know, blazing the
trails, yes, finding their owncourse.
Speaker 1 (19:21):
I wish you had it perfectly, but you, basically
you, left me with thisimpression that street runners
were running to get it over withand trail runners couldn't wait
to get back out on the next run.
Speaker 2 (19:29):
Yeah, it's about the experience.
Speaker 1 (19:31):
Yeah, and just to take it full circle from what
you ask and you know what Jenjust said, like going back to
content and building that list,like your vibe attracts your
tribe, right, and so I thinkthat when we come from this like
scarcity mindset, we're likethere's only so many properties,
like I have to go out and Ihave to just be the best service
provider.
(19:51):
But there's, you know, I'm surethere are different people that
listen to your podcast thanpeople that listen to the other
you know 29 podcasts forproperty managers and it's it's
not always because of like thefundamental things you do.
It's not always because of likethe fundamental things you do.
Sometimes it's also because theway you look at the world, the
way that you're looking at the,the way that you're attracting
wealth and growing everything.
So sometimes it's not justabout like the, the pragmatic
(20:15):
fundamentals of the business.
Sometimes it's about thepersonality and that's what
brands are when we talk, whenJen talks about like the Range
Rover versus the Subaru.
I mean, if you brought aliensfrom another planet here and
they had to inspect themechanical parts, they probably
couldn't tell you there wasanything different, but the way
those vehicles make you feel andwhat they say about you are not
to be underlooked, but it takesa mature business mind and an
(20:38):
abundance mindset to really belike oh, that actually matters
to people.
Speaker 2 (20:44):
Yeah, and once it matters, then you identify why
it matters and you find thosetrigger points that help you
just get in alignment with them.
And then, to finish out my mypoint about the churn on the
back end, we're not justcreating this, this profile of
the person we want to attract,but we're creating a profile of
(21:05):
who we're going to build thebusiness around.
So it does flow through intooperations, so that if I'm
attracting someone with amessage, when they come through
my front door and come into myenvironment, they see that what
was promised, what was talkedabout, is actually being
delivered.
And so it's so key to identifythat on the sales side but also
(21:30):
keep that flowing throughoperations.
And I think that's where a lotof people miss the mark is, even
if they have this conversation,even if they go through this
exercise, it stops at the chasmbetween sales and operations,
and so sales gets it andoperations is just like well,
it's just one more account webrought on.
I don't really know what they'relooking for or how to speak to
(21:52):
them.
Or is this a true investor?
Is this an accidental landlord?
And our messaging when we sendout emails?
That should be different.
It should be differenttargeting.
Are they an accidental landlordthat care about these set of
criteria, or is it an investorthat cares about this set of
criteria?
I agree.
Speaker 3 (22:13):
Tony, this drives me crazy when I get on the
blueprint calls I actually haveto have.
I don't want to call themarguments, although you know,
and Jeremy knows very well, Ican argue with the best of them.
But I really ask people tothink about who they're built
for.
And they're like I'm built foranybody who needs property
management.
And I just think so many peoplecome to me and immediately when
(22:36):
I say who's your ideal clientprofile, they say an investor.
And I'm like why are you builtfor an investor?
What do you do that helpsinvestors versus an accidental
landlord or versus aself-managing landlord?
What in your process speaks toan investor?
And they're like I don't know.
And then we dive in and itturns out that they're actually
(22:57):
well-built for someone who is aself-managing landlord that we
can help kind of transition andgrow into professional property
management.
Hands-off like that takes time,but that's what their process
is built for.
And so by the end of theseconversations people are like
well, but the investors comewith multiple units.
And I'm like, uh-huh, but I'mhere to help you get more
(23:18):
clients you love, not just fillyour space with junk that churns
out.
And so I really push hard onthis and I could not agree with
you more that we should bespeaking to and interacting with
an investor when they get intooperations, different than we
would be speaking andinteracting with a self-manager
(23:39):
or an accidental.
Speaker 2 (23:40):
Yep, and when I talk about identifying those target
client profiles, generallypeople have not even started
with one, so we start with one.
It's not impossible to havemore than one and to have
multiple processes, one for eachdifferent client type, but
that's kind of an advanced level.
Most people are not evenfiguring out one way to message.
(24:04):
So an example of what you'retalking about identifying your
who you want to serve and beingreally clear about it when I
first bought my company, we wereI really bought a brokerage and
we were managing 31 doors and Ididn't even know that until I
started doing the due diligence.
It wasn't even brought up on inour initial conversations.
(24:25):
Diligence, it wasn't evenbrought up on in our initial
conversations.
But after I bought that, Ilooked at OK, where do I want to
serve?
Where in the marketplace am I agood fit?
And so and Jen, you'll know thisbecause you're from the area
but we were east of I-25, northof Colfax, south of Park Avenue,
(24:50):
and so it was really what inthe old MLS it was called DTD or
downtown Denver, and we boughtan office down there and we told
people, if it's too far to walk, it's too far, but if my team
can walk to your property, whywould you use anyone else?
We are the downtown Denverspecialists and so we even
focused on even just right onthe other side of Colfax.
That was a mental barrier forpeople.
People don't like to crossColfax because it's a busy
(25:13):
street and if you're workingwith people who are moving to
the area because of theenvironment and the atmosphere,
renting out properties on theother side of Colfax, it's a
mental barrier.
And so we got really specificon we work with properties that
only have HOAs, properties thatdon't have a roof or a
(25:35):
foundation, and we got sospecific and then we figured out
what those business owners orwhat, I'm sorry, those property
owners are really looking for.
And once we solved that, oncewe mastered that, then we were
able to add on and stack fromthere.
Speaker 1 (25:51):
But we got laser focused, started a fire there
and then started working our wayout through the edges and I
think if people do that, youreally have a much better chance
of serving multiple clienttypes than just saying I serve
multiple client types off thebat, I would just say, you know,
(26:12):
not that you're not the mostinteresting person I know, tony,
but over this entireconversation, when you started
explaining that I like I couldfeel like my awareness like
raising because you were tellinga story, right?
So instead of listing what wedid, you basically said, yeah,
you don't want to go past thisstreet, we don't manage anything
with a roof or a foundation.
(26:33):
These are not things thatpeople say in property
management, right, these arepatent interrupts and you were
telling it as a story.
And so when people say, like,why would I do that?
Like that is one of theunappreciated reasons is that
now, when you hire me as a BDM,I don't have to talk about my
credentials or how much NARPMcertifications my property
managers have or these otherthings that mean absolutely
(26:55):
freaking nothing to a first timeinvestor or even an experienced
investor.
To be honest with you, youstart telling a story and when
that story matches up with myreality, I'm just like I
actually can't believe I foundyou.
This is destiny, and so I justwant to say, like it was amazing
.
I don't think you were tryingto do that, but that is a
fantastic illustration of whatwe should be aspiring to do with
(27:17):
any business.
Speaker 2 (27:19):
Now think about this how much would you pay for
somebody that specializes inthat, versus somebody that says,
oh, I manage all over the stateof Colorado?
Speaker 1 (27:27):
Oh no, I'm an investor.
It's only about the numbers forme.
I don't actually care aboutbrand or service or vibe, no way
.
Like it's all about thespreadsheet, which we know is
not true, because as soon as youstarted talking, I became
completely seduced and I startedlistening to you.
So I think it's exactly it.
Like I think that is the mythwe need to break down is that
(27:48):
people who hire a propertymanager are just about the
dollars and the cents becauseit's just way too complicated of
a product.
Sure, you can pay 2% less today, but if every four years I'm
coming back with $10,000 more inrepair than you would have had
otherwise, was it really aboutthe dollars and the sense, right
?
And so it's just toocomplicated of a calculation at
(28:13):
the outset.
Which is one of the hardestthings about buying property
management services is it's ashort-term decision for a
long-term outcome, and that'swhy the stories actually are
really compelling.
Speaker 2 (28:27):
I want to ask you you touched on something and I want
to take it in this direction,because I have a lot of
conversations around this thereis a difference between the
accidental landlord and a trueinvestor and if you look
statistically and I want you, ifyou, if you have different
research, then I want you tocall me out on this.
But the research that I've seenis that most people that own
(28:51):
investment properties or, I'msorry, most single family
investment properties are ownedby somebody that owns two or
fewer, and I think it's like 76,78%, something like that, which
means, yes, you can go out andfind an investor that owns five
properties, but the odds of youtalking to someone like that is
(29:13):
there's fewer of them out thereand they care more about the
spreadsheets, the dollars andcents Most people have.
We were two people, we became acouple, we decided it wasn't a
good time to sell or we said,hey, what if we rented it out
and we could make some money?
And so they move into one ofthe two properties.
(29:33):
They have the other propertyavailable.
They know the neighbors, theyused to live there, they know
the community, so they'reconcerned more about I don't
want to be an embarrassment tomy neighbors.
Little Susie used to live orsleep in that bedroom.
We painted it pink.
Can we leave it pink Because wepainted?
(29:53):
Know?
We painted a custom mural onthere.
Can you just rent it out likethat?
You know they have thesedifferent concerns and so from
my standpoint, I've seen muchgreater success targeting those
accidental landlords andidentifying the stories and the
pain points and making moremoney with them than targeting
(30:14):
the investor who has five doors,who feels like, well, because I
have five doors, I deservespecial considerations, I
deserve special pricing and ohand, by the way, I need these
other reports that you don'tactually do inside of your
business process.
So I'm going to have you dothings differently that are
going to break, and then I'mgoing to be upset about it.
So what is your experience?
(30:35):
You guys work with way morepeople on the business
development side.
Are you seeing more people withthe accidental landlords or
true investors, and are theratios that I just talked about?
Do they seem somewhat accurate?
Speaker 3 (30:51):
I think the ratios you talked about are somewhat
accurate.
I think that the go-to isinvestors, because a lot of PMs
think that that's the easybutton.
I've found that that's opposite.
But you can be reallywell-suited for investors and
you also can and should, ifyou're the right company, target
them.
(31:11):
So, like I have got a clientwho owns a construction company
and he networks with constantlydevelopers and he is a flipper
of homes himself and he speaksthe asset management language.
Like, when I got on with him,he couldn't stop talking about
cashflow and cap rates.
(31:33):
And they have spreadsheets thathelp their investors see what
levers they can pull in theirproperties that make them more
and less profitable.
They do what we teach inGenesis, which is asset
management reviews, so there arepeople that are built for that.
However, what I see, tony, isthe accidentals Sure in a lot of
(31:54):
markets.
I completely agree with you,but I'm really encouraging
people to go after theself-managing landlords.
That's where I think there is apot of gold that nobody's
paying attention to and all weneed is just a little bit of
language to help these peoplewho think that property
management is too expensive, whothink that they're going to
(32:15):
lose control, who are afraidthat we're, as property managers
, going to place the wrongtenant.
We just have to have languageand and um, really object, good
objection handling around thosethings so that we can talk at an
educated level about our idealclient.
We understand what they want,right, and so I've been
encouraging a lot of my clientsas I dive into their businesses.
We can talk at an educatedlevel about our ideal client.
(32:36):
We understand what they want,right, and so I've been
encouraging a lot of my clientsas I dive into their businesses
to actually chase theself-managing landlords.
I think if we can bringsomething to them that they
hadn't considered or somethingthey had a miscommunication or
misperception about that, whenwe can open their eyes and that
light bulb goes off, that's whenwe can open their eyes and that
light bulb goes off, that'swhen we create those long-term
relationships, that's when webuild that trust and those
(32:59):
people aren't going to churn outbecause we're actually helping
them with a clear problem thatthey have.
So I love, I love theaccidentals and I agree with you
.
I think there's a lot of peopleout there who, you know,
coupled up and need to sell ahome but they decide not to sell
it, kind of a thing, but Ithink that the market of
self-managing landlords is crazy.
(33:21):
Now Reese on our team, he'sgoing to write an article for
strategic PM coming out in thenext issue called the rise of
the accidental Um, and I thinkthere are going to be more of
those too.
So if I was in the business andI had my property management
company and I specificallywanted to target a profile, I
would be going after those twofor sure.
Speaker 2 (33:41):
Yeah, absolutely I.
I I oversimplified by creatingthose two buckets just to draw a
line between the investor,who's a true investor out there,
looking at multiple units andeven buildings, and that.
So thank you for making thatdistinction.
There are actually threebuckets and I put two of those
(34:03):
into one.
But I want to circle backaround.
You talked about the person whoowns the construction company,
who speaks that language.
He's got the story to tell.
To tie it back to what Jeremywas saying earlier, he's got the
story to tell about how heworks with those people.
So if you're not that guy, ifyou don't have that story to
(34:23):
tell, if you don't have thatbackground, then find what your
story is, find what yourbackground is and how it applies
, because trying to fake beingthat guy and talk to true
investors who care about thosethings, it's just not going to
work out.
It's better to find the peoplewho identify with your
background and what you have tooffer.
(34:43):
And maybe it is the accidentallandlord, maybe it's the
self-managing landlord and maybeit is the investor.
But don't try to be somethingthat you're not, because you see
that's what other people aredoing in the marketplace.
I see that huge in leadingpeople down the wrong path as
(35:04):
they look around their marketand they look at pricing and
they look at offers and theservices and they say, well, if
that's what other people do andthe services, and they say, well
, if that's what other people do, that's what I need to do, and
I think that's a big, bigmistake.
So, all right, we're kind ofcoming up on needing to make
some transitions because you andand I, we have some exciting
(35:26):
things to talk about.
So both of you are going to beat our retreat that we're having
in Keystone, colorado, in Julyand you are going to be at our
retreat that we're having inKeystone, colorado, in July, and
you're going to be therespeaking as two of our experts
that are there to talk aboutbusiness development.
But all things business, allthings you guys have seen
(35:47):
throughout your careers you'regoing to be in the room, sitting
at the table with people.
We have six expert coaches andwe only have 13 attendees and so
, with that, if you attend theevent, you are going to be
sitting in rubbing elbows, goingon hikes, eating meals with our
(36:08):
experts, and I'm so excited tohave you guys there and
participating and, um, I'm justreally looking forward to the
value you guys are going tobring.
You're a wealth of knowledge.
You guys have been in thisindustry for a long time.
You've essentially created thiscategory of business
development and training aroundthat, and I also want to give
(36:30):
you guys the opportunity to talkabout an event that you have
coming up after that, and I alsowant to give you guys the
opportunity to talk about anevent that you have coming up
after that.
So, yeah, why don't we share alittle bit about the Strategic
Event Summit?
Speaker 1 (36:44):
You go first, Jen.
I'll add some thoughts, but youpaint the vision for us.
Speaker 3 (36:49):
So the Strategic PM Summit is happening in August.
On the 21st and 22nd we'regoing to go to Fort Lauderdale.
So Keystone awesome location,tony.
Fort Lauderdale, we're going toswitch it up beach vibes, it's
going to be awesome.
So we're very excited aboutthat.
But at that it's for propertymanagement entrepreneurs.
So we're really bringing in theleaders of property management
(37:14):
companies who are ready to thinkdifferently and think bigger
about their business.
We are not going to get intothe weeds of pricing or
maintenance or anything likethat.
This is a very high levelconference about strategy, but I
want to kind of put a caveat tothat.
It's not about strategy inproperty management, although we
(37:34):
of put a caveat to that.
It's not about strategy inproperty management, although we
will have a day on that.
I think the really excitingthing is, jeremy and I see so
many opportunities outside ofthis industry that we don't
leverage here in propertymanagement, and so we're going
to bring in speakers fromoutside the industry who have
done amazing things withcompanies like Chick-fil-A and
(37:55):
Ritz Carlton.
These are top-notch,world-class speakers and they're
coming into this workshop styleenvironment.
They're going to give a onehour session and then, similar
to what you have going, tony, weare going to sit down with them
and they're going to be at atable of about eight people and
you are going to be able to askthese professionals that have
(38:15):
built companies likeRitz-Carlton and Chick-fil-A and
some of the big, reallywell-known companies out there
questions about your business,direct questions related to each
pillar of strategy.
So that's really exciting.
And then on day two, we'rebringing in people like yourself
You're going to be there fromproperty management who are
(38:36):
going to talk about propertymanagement specific in relation
to strategy.
So I think the really coolthing is you're going to get
both sides of it.
You're going to get to seethings from outside the industry
ways we can innovate, ways thatwe can be pioneers and things
that we can bring in that haveworked for other companies and
we're going to get into theweeds of okay, now let's bring
(38:58):
that down to the level thatyou're at and the people that
have been most successful, justlike yourself, um, coming in and
same kind of thing workshop.
You're going to get to sit downwith these people and you are
actually going to get to askthem.
Hey, here's my businesschallenge in this category.
What would you do?
And we want those experts to beguiding you and answering
(39:18):
specific to your business.
Speaker 2 (39:20):
Here's why I'm so excited about both of these
events.
There are events in theproperty management space like
the systems conference, which ishow do we actually break down
and implement and put in newtechnology and things like that,
and it's absolutely needed.
But that's one focus.
Then there are things like theNARPUM National Conference,
where you bring your team to andthey just sort of learn a
(39:42):
little bit about the operations,the fundamentals of property
management, and that's neededand there's that place.
But when we started talkingabout these two events, we both
were planning separately andcame together Just I don't know
if it was by coincidence or justbecause we think at that same
high level, but there was noevent specifically for the owner
(40:07):
of a company to be trained onhow to own a company.
And we're going to take thatinitial focus and we're going to
layer on top of that then theproperty management piece of not
just how to be a business owner, but now how do you be a
property management businessowner that will provide the type
of lifestyle that will allowyou to extract yourself from the
(40:28):
day-to-day and think bigger andtake the time to focus on the
things that are going to trulymake a difference and move that
business in the direction thatyou want it to go, so that it
supports the lifestyle that youwant to live and ultimately have
the business be an asset foryou versus something that owns
you so super excited about that.
(40:49):
If you're listening to this, youreally should come to both
events, but if you don't come toboth, you need to at least come
to one, because if you don't,you're going to be missing out
on an opportunity that does notcome around.
We've not seen anything likethis in the space, and it just
so happens that we're bothproviding you with opportunities
(41:11):
to take advantage of that, thatwe're both providing you with
opportunities to take advantageof that, and, again, slightly
different settings, and so itwould not be a mistake to attend
both of these events.
So with that, jeremy, I knowyou said you wanted to circle
back around and see if there wasanything left on the table that
we didn't already scoop up.
But anything you want to sayabout either of the events?
Speaker 1 (41:37):
You guys nailed it.
I love these events.
What I do want to say, which Ithink is important, which I've
had a lot of conversations aboutthese events and we have so
many events in this industry,which is amazing.
What I want to say about what Ithink Tony is doing and what
we're doing is, by the way, thethree of us on the call, I'm the
only one that's actually notworked at a property management
company, right, you guys have.
(41:57):
I think Renscale was founded onthis idea of there's so much
amazing things happening inservice-based small businesses
that we're overlooking becausewe're so buried in the weeds of
running a property managementcompany.
And so I just want I say thatbecause I want you to forget
everything you know about theother industry events you go to.
When I go to these events andthen Jen and I go to other
(42:20):
events, it just is very clear tome that all the events that we
go to are this is what I did andyou should do it too, and I
think both of us are creatingevents to create white space, to
say we want to create theentrepreneurs who are going to
do something, who will then bespeaking at the next broker
owner at the next event, becauseyou're out actually innovating.
(42:41):
So that's why I'm bringing inthe people that I, you know,
have learned from, like MikeMichalowicz from the pumpkin
plan and Don DeJulius you knowwhich Jen was was setting up and
Lance Lambert, who's going tobe talking about real estate
trends.
The point is that you shouldcome here and say this is unlike
anything I've ever been to, andwhen Tony painted his vision,
(43:03):
it was the same way, and so it'seasy to just have a mental
mindset of what a propertymanagement event looks like.
And then you say I've hadenough of that, and I would just
say that I just want to paint apicture that we are trying to
create the leaders thateverybody else will be talking
about later at both of theseevents, and that's only going to
(43:23):
resonate with a certain amountof people, but those are the
people that should really cometo our events.
Speaker 2 (43:29):
Yeah, it's funny because we both specifically
chose not to call it aconference, because they're not
and they need to be perceiveddifferently.
So ours is a retreat, a small,personalized, individual
experience, and then yours is asummit where you're doing the
same thing.
You're just providing multipledifferent businesses to come in
(43:51):
to talk at a high level and thenbreaking it down into those
intimate smaller groups.
Speaker 1 (43:58):
So we called it a summit because of the
alliteration of strategic PM,but honestly, when Jen and I
work on this, we call it aworkshop.
This was highly influenced byus going out to Vegas to Alex
Ramosi's workshop two days.
We literally started with ablank workbook and we worked on
our business and we left andthey asked us how much revenue
did you add to your business inthese two days?
(44:20):
And we wrote down big numbers,and so our guarantee is that if
you come and you don't add aquarter million dollars of
revenue the next year to yourbusiness, this workshop was a
failure.
So it is much more hands-on.
This isn't I pick some sessions.
I go to some other sessions,just like yours.
This is like immersiveexperience and I leave with
tangible value, and so I reallyappreciate that neither of these
(44:43):
are conferences.
It's a great point, yep Allright guys.
Speaker 2 (44:48):
I wish we had more time and the unfortunate thing
is we don't, because we bothhave to hop into another meeting
here pretty soon about theGrand Canyon rim to rim trip
that we're taking.
There's 30 of us entrepreneursin the property management space
going to be hiking rim to rim,so we have to jump over to that.
But there is so much more thatwe could cover on business
(45:12):
development, growth, how to helpbusinesses grow, how to help
businesses grow, how to helpproperty management owners
transition from being the personthat is out there doing the
business development to trustingsomeone else to do that,
training them up, getting themprepared, giving them the tools
and resources.
And we're just out of time.
(45:33):
So I'd love to do one of twothings.
I'd love to have you guys backon at a later time and I can't
wait to have you share all ofthat information and help the
people that show up to ourretreat with that.
So I am going to give you boththe last word.
Anything that we could havecovered should have covered in
the last couple of minutes.
Speaker 1 (46:00):
And then we'll wrap up.
I just want to say I appreciateyou, Tony.
I like that.
You got a big vision and you'renot willing to do things the
way that everybody says you gotto do them.
I appreciate that about you.
Speaker 3 (46:09):
Jeremy deserves the last word, so can you say the
last word real quick, jeremy?
Speaker 1 (46:13):
No, that's done.
Speaker 2 (46:14):
All right guys.
It was great having you on andwe'll connect again soon.
Speaker 3 (46:20):
Thanks, Tony.
Speaker 2 (46:23):
Thanks for tuning in to the Property Management
Success Podcast.
We'll be back with anothervalue-packed episode to help you
level up your propertymanagement game.
If you've got somethingvaluable out of today's episode,
please share it with a friendor colleague, and don't forget
to subscribe and leave a reviewso you never miss out on future
insights and strategies andtactics.
Until next time.
(46:44):
Here's to your success.
These are not things that people say in property
management.
Right, these are patterninterrupts and you were telling
it as a story.
You start telling a story, andwhen that story matches up with
my reality, I'm just like Iactually can't believe.
I found you.
This is destiny, and so I justwant to say like it was amazing.
That is a fantasticillustration of what we should
be aspiring to do with anybusiness.
Speaker 2 (00:23):
Welcome to the Property Management Success
Podcast, where we interviewleaders in the industry to
uncover the secrets toprofitability, efficiency and
achieving true freedom, whetherit's your time, money or
lifestyle.
I'm your host, tony Klein, andI'm here to help you build a
wildly successful propertymanagement business.
Let's get to it.
Welcome back to another episodeof the Property Management
(00:45):
Success Podcast.
Today, really excited, got somegood friends in the studio with
me today.
I've got Jeremy Pound andJennifer Merritt.
They're both from RentScale andStrategic PM and we're going to
talk about business development.
We're going to talk aboutgrowth and we're going to talk
about something that peopleoften miss in the industry.
(01:06):
So we'll circle back around andtie that in.
But, jeremy, how's it going foryou this morning?
It's great, it's good to behere with you.
Yeah, hello, jen.
Speaker 3 (01:16):
Hey Tony, How's it going?
Speaker 2 (01:18):
Good, you and I actually don't live that far
from each other.
Speaker 3 (01:21):
I know it's crazy that we're doing this in
separate spaces.
We should probably just betogether.
Speaker 2 (01:26):
Yeah, probably All right.
Well, I was excited to have youguys on because there's a lot of
talk in the industry aboutsales for property management
and operations for propertymanagement, and we've spent some
time recently talking aboutoperations and how operations
operates one way and then salesorganizations or sales people
(01:48):
typically operate a little bitdifferently.
And I just want to.
You guys are two of theforemost experts in the space in
business development andproperty management, and so I
wanted to have you on and justhave an open discussion about
what you guys are seeingtrend-wise, what's working for
owners of property managementcompanies and then what's not.
(02:11):
So I'd kind of like to startwith just seeing what are you
guys seeing right now as a majortrend in business development,
because I know that people itchanges over time what's working
and what's not, and if you'renot in a group like and we can
share a little bit about thegroup that you guys have but if
(02:32):
you're not in something likethat, you just don't know what's
going on and what's working andwhat's not.
So I'd love to start with justa nugget for these guys what do
you guys see that's reallyworking right now?
Speaker 3 (02:43):
Can we take that, since you're in the field day to
day.
Okay.
So we're actually seeing acouple of things that are
working really well.
One of them is outbound leadgeneration and working with not
just agents for referrals, buttrue outbound, like we're making
outbound calls.
We actually have a time blockevery single week where people
(03:05):
can jump on with us and we docall blitzes where everybody's
on Zoom but they're on mute andthey have to make as many calls
as possible and they have acoach sitting right there to
help them through when theirscript is or isn't working.
So gaining lots of traction onthat, and that seems to be
something that's going reallywell in our community right now.
The other thing that I would sayis really working is a focus on
(03:27):
many different lead sourcesacross the entire buyer's
pyramid.
So I you know, I did someresearch just recently and was
talking a lot about leads withpeople and everybody wants the
leads at the top of the buyer'spyramid, ready to buy today.
They're qualified, they are theperfect fit client, like that's
(03:48):
what we want.
Yeah, I get that, but what'sactually working is nurturing
people who maybe haven't evenconsidered real estate
investment at all, from thebottom of the triangle all the
way to the point that they areready to buy.
That's actually working reallywell for our community.
Speaker 2 (04:06):
Jeremy, anything to add before we move on to the
next topic?
Speaker 1 (04:10):
Yeah, I mean just to kind of add to what Jen's saying
.
The thing that never goes outof style is building a list and
warming those people and tryingto get in front of them, no
matter where they're at, and soobviously, the only things that
change are the mediums that youuse to get in front of them, no
matter where they're at, and soobviously, the only things that
change are the mediums that youuse to get in front of people,
to nurture them right.
For a long time, you know, itwas all about email marketing.
(04:32):
Only Now we know social mediais a fantastic way to do that
All kinds of subscribers,podcasts like this.
We're nurturing clients rightnow with this content.
So I mean, the fundamental thatjust never goes away is meet
people that look a whole heck ofa lot like your clients, you
know, build a list and stay intouch with them and make them
offers so that they raise theirhand and they buy.
But everybody says that is alot of work.
(04:56):
Let's talk about AI.
Let's talk about you know whatvideo I can do?
Let's you know where can I buythe leads from, and I think
they're just overlooking afundamental that they'll
eventually learn.
That's just going to cost thema lot of money for a lot of
years and a lot of heartache,and then they'll eventually be
like oh, I wish I would havestarted earlier.
Speaker 2 (05:14):
So you brought up something that I love to talk
about, because before I got intoreal estate and this is again
you know I bought my propertymanagement company in the year
2000.
So I've been doing this for 25years, but before that I had a
technology business, and in thetechnology business we had a
sales department and then we hada marketing department and our
(05:38):
sales were hunters.
They weren't sitting around,they were out hunting.
And then we had our marketersthat were out there planting
seeds and there's been thischange.
I don't know when it came about,I don't know where it came from
, but this transition into BDMbusiness development Anything
(06:01):
that they can do other than makea sales call they will jump on
that.
So if you give them KPIs tomake five LinkedIn connections
or like five people's posts onFacebook or whatever it is where
you're trying to buildconnection, they will jump all
over that and they will feellike they've had a really busy,
(06:22):
productive day, but in realitythey didn't tell anybody about
what they do.
And so how do you guysreconcile?
Is that just old schoolthinking where you really need
to have people focusing on thatsales component, and how does
that mix with the businessdevelopment and marketing,
because most property managementcompanies aren't big enough to
(06:42):
have two separate departmentshandling those things.
Speaker 1 (06:47):
I'll jump on that, I'll just do a quick story and
then I want Jen to elaborate onthat, because that is the issue.
What you're saying, tony, isthat we all kind of know the
right way to do it.
We know that that shouldn't beblended.
We know we ended up with like ameatball sundae if we start
asking one person to do threejobs, but then we all just tell
ourselves we're too small forthat.
(07:08):
Well, that is the scrappinessof being an entrepreneur, for
sure.
And when we launched Renscale, Idid all the sales, for sure,
you know, and I had to do that,and I did all the delivery, and
it was exhausting.
I had to make the leap at somepoint to say, if you want to be
bigger, you have to act bigger.
And I think everybody's waitingfor the magic tide to break.
(07:30):
And then it's like, okay, nowI'm bigger, now I can actually
start doing the things that Iread about and that I watch
YouTubes about and that I know Ishould be doing.
There is always the proverbialleap of faith.
The hardest thing aboutentrepreneurship is making sure
you're reaching, but you're notreaching so far that you fall
off the cliff, right.
And so I think that that iskind of the hard part is that we
say, yes, I value all thesethings, but I just don't have
(07:51):
the manpower to do it.
So I'm just going to bury oneperson with five jobs and,
unfortunately, I've yet to seesomebody dig themselves out of
the hole with that much weighton their shoulders.
Weight on their shoulders.
And if you ask if it goes outof style, I'll just tell you a
quick story about I rememberinterviewing Jen when she came
here and she was a sales manager.
She was managing multiple BDMsall over the country and she
(08:12):
said something like if I get ona sales call and you're not in
your car, you're doing somethingwrong.
And I was like that's all Ineed to hear, like you're hired,
let's go.
Speaker 3 (08:23):
I agree.
I do think that, tony, thereshould be this line between
sales and marketing, and I 100%agree with you that if you give
sales anything to do other thanhunt an outbound prospect and
connect with the leads and buildthose relationships, that's
what they're going to do first.
So we always talk in ourcommunity about high payoff
(08:45):
activities and what are thosethings?
And so many property managementcompany owners want a BDM to be
the jack of all trades.
They want them to be doingsocial media marketing, they
want them to be writing blogs,they want them to be showing
homes, they want them to becollecting keys, they want them
to be processing the paperwork.
Um, they want them to beprocessing the paperwork and
(09:07):
onboarding all of the newclients.
And the matter of the fact isthat the more things your BDM
has to do, the more excuses theywill have to get out of it.
Um, I will tell a story fromwhen I was a BDM.
I did not like cold calling,just like most people don't like
cold calling, right, but I gotresults when I did the cold
(09:30):
calling from the right places.
It was always the last thingthat I wanted to do, and it
wasn't until I got thediscipline to say no to all of
those other things, that I wasable to really be successful in
my role and I was signing 15 and20 doors a month when I got
disciplined to say I'll get theW you know nine and I'll make
(09:54):
sure that I collect all theinformation you need from the
HOA and get the managementagreement signed.
But that's where I stopped.
I stopped there because I foundso much traction when I
networked with developers, whenI went out to new home build
communities and talk to thesales consultants that are
sitting in the models.
Um, when I networked with realestate agents and I met 1031
(10:16):
exchange agents that built mynetwork so much bigger than I
was ever going to build byliking or responding to a
comment on social media orputting together a newsletter or
a blog post.
Those are important things thathave to happen, I think, at a
company any company and that dogive us traction and leads.
(10:36):
But at the end of the day, Idon't believe that that's a high
payoff activity for asalesperson and they will find
every corner and crevice becauseI was that person to hide in
when it comes to not makingthose out on calls.
Speaker 1 (10:51):
Absolutely.
I do that because I'm justpicturing like I cannot agree
more with what Jen's saying, butI've got the voice of the
viewer in my head and you knowwhen we talk about outdated
here's.
The thing is that technology isamazing and the more you know
the fundamentals and the moreyou believe in the fundamentals,
the easier it is to look atevery new technology through the
(11:12):
right lens.
So there was that huge thingabout social selling and
everyone was like social sellingis going to be amazing and I
learned that that trend 10 yearsago the real people that were
winning were still doingoutbound.
They just knew that socialmedia was an underutilized tool
and it was a way to breakthrough the noise instead of
calling somebody.
And so they did the same thing.
(11:33):
They would reach out to people,they would DM them, they would
talk to them, but they'd stillset meetings, they'd still make
offers.
We do a ton of outbound withvideo.
You know I mean now it feelslike an age-old technology.
You know I mean it's now itfeels like an age old technology
, but with BombBomb and you knowLoom and getting your face in
front of people, it's proven towork.
But the fundamentals are allkind of the same.
Right, I still need to meetstrangers that look a whole heck
(11:53):
of a lot like my customers andI still need to make them offers
and try to get in front of them.
I think that there's someamazing, amazing technologies.
I don't think LinkedIn is usedenough.
If you're a power LinkedIn userand you get on their tools,
that are very expensive and Iappreciate that, you can build a
list of all of the serviceproviders in your area.
You can find real estateinvestors and you can do the
(12:15):
fundamentals, which is reach outto strangers, tell them that
you've got value to add to them,see if the timing is right and
see if you can make them anoffer.
So the methods are changing,but what I think everybody's
looking for is for thetechnology to make the
fundamentals go away, and thatjust hasn't happened yet.
Speaker 2 (12:33):
I agree, especially as we get more and more advanced
technology, more AI, enteringinto this space.
What it's going to come down tois what makes you different is
you, and it's the relationshipsthat you build with people and
in in marketing, we've got to beable to set ourselves outside
(12:55):
of the noise.
There's a lot of noise and weget bombarded with I think it's
like 11 million bits ofinformation per second, and our
reticular activating system willfilter out about 40 to 50 of
those, and what gets filteredout is things that are already
important to our prospect, ourtarget client, as I call them,
and so we need to be able tospeak to that, and you've said
(13:17):
this a couple of times nowalready finding people who look
a lot like our customers or ourclients and, I think, a lot of
business owners, especially whenthey're smaller and they
haven't had a chance to bring ona business development person.
But even with that personbringing somebody new in the
industry, when you've come intothe space, you have not taken
(13:38):
the time to identify your targetclient, who you're actually,
who's the center of the bullseyethat you're trying to serve?
And I see I'll start workingwith clients and we'll start
talking about, well, who is yourproperty management company for
?
And they're like, well, anybodyin the Phoenix area or anybody
in Colorado, and it's like ifyou're for everybody, you're for
(14:00):
nobody, because you're just apart of the noise.
And I've said this prettyfrequently lately, but in the
client's mind, in the prospect'smind, we are all the same to
them, we're all the same.
And if we're all the same, thenwhy would I pay more for one
person than another person ifI'm going to get the same thing?
(14:20):
So we're all the same untilwe're not.
What can we do to speakdirectly to their pain points
and then identify those painpoints and then provide a
solution?
And by doing that, you do riseabove the noise, you do make it
through their reticularactivating filter, and so I'd
like to hear a little bit aboutwhat you guys have found with
(14:45):
that identifying the clients.
Is that something that you takepeople through?
How do you help people, whetherit's the business development
person or the broker or owner ofthe company that's doing it
themselves?
Speaker 3 (15:00):
Yeah, so we call that ideal client profile here, tony
, and yes, we have anytime.
Anybody goes through blueprintwith us.
They sit through two meetings.
One is ideal client profile,where I will actually push them
on who their ideal client is.
And it is an unacceptableanswer when they're like
everybody in Colorado is myclient.
I'm like no, let's go throughyour property management company
(15:23):
and I'll show you why everyoneis not your ideal client.
Um, and so we actually do thatexercise.
And I do a really fun exercisebecause I find that every
property manager wants to comeback to me and they say, um, my
ideal client is someone who isgoing to be hands-off.
Um, they don't want to beinvolved in this, they are
financially well off, they havemultiple properties or they are
(15:46):
going to have multipleproperties in the future.
And I'm like you are notdescribing your ideal client,
you're describing what you wantand what your lens is.
And so I take people through anexercise and I ask them to
describe someone who would buy aLand Rover, range Rover, sport.
And everyone is full of of oh,they're, you know, uh, soccer
(16:11):
moms, you know, financiallystable, probably have a, you
know, job that is keepingeverything like they're.
They're, they're killing it,corporate, uh, or their husband
is a doctor, like they have allthese ways that they're
describing and I'm like, oh,where do they hang out on the
weekends?
And they're like they hang outat the golf clubs and they love
brands like you know, uh,whatever, they love the high-end
(16:34):
brands, gucci or whatever.
So they can describe thesepeople and they know that they
have a life and what their lifelooks like.
And then I'm like, okay, nowdescribe a Subaru driver, and
they can do the same.
But when it comes to usidentifying our ideal clients in
this industry, for some reasoneveryone defaults to what they
want and they're not thinkingabout their actual ideal client.
(16:56):
And so I try really hard to getpeople in the mindset of think
about who your ideal client isand what they need from you.
And then, if your serviceprovides that and if it doesn't,
then we need to need from you.
And then, if your serviceprovides that and if it doesn't,
then we need to build that inand that is your differentiation
and the two should really linkup.
And when you have a great,targeted ideal client and you
(17:18):
know who they are and what theyvalue and you have
differentiation that matchesthat you have an unstoppable
sales message thatdifferentiates you from
everybody else.
Because, tony, I think you'reright in the prospect's mind,
even though we know it's nottrue.
In the prospect's mind,everybody is thinking well, you
(17:38):
lease the same and you screentenants the same, and you market
the same, and you're going tohandle maintenance pretty much
the same.
So, like, what do I do?
And that's where I think theideal client and the
differentiation parallel andgive you that message that helps
you stand out above the crowd.
I could go on for hours aboutthis because I think it's so
(17:59):
important.
Speaker 2 (18:00):
I think, to tie this in, not just for the type of
people we're trying to attract,but once we sign them.
You know, I've heard companiesbrag about how they add a door a
day, um, and yet they've beenthe same size for seven years.
And it's because they're addingwhoever and however, but on the
back end, they're turning themout just as fast.
(18:21):
And so it's not just about thesales process of identifying
your and I'm going to continueto use target client profile
because for me, it's huntingright.
We have our ideal client, but Iwant to go out and specifically
target them.
I'm wanting it to be moreactive and proactive.
(18:44):
So that's why it's the samething, but I just want to
continue to use that term.
Speaker 1 (18:49):
So can I ask you to share?
You said something that I loveone time years ago you may not
remember this, but I know you'regoing to know it.
You said like street runnersrun for the miles, but trail
runners never want to come back,what is it that you said to me
about the difference betweentrail runners never wanting to
come back, or what was it?
Speaker 2 (19:10):
What was the tagline you gave me?
It was so good boy, I wish Icould remember.
I don't know.
But street, street runners arejust putting in the putting in
the steps, putting in the miles.
But, yeah, trail runners, outthere, you know, blazing the
trails, yes, finding their owncourse.
Speaker 1 (19:21):
I wish you had it perfectly, but you, basically
you, left me with thisimpression that street runners
were running to get it over withand trail runners couldn't wait
to get back out on the next run.
Speaker 2 (19:29):
Yeah, it's about the experience.
Speaker 1 (19:31):
Yeah, and just to take it full circle from what
you ask and you know what Jenjust said, like going back to
content and building that list,like your vibe attracts your
tribe, right, and so I thinkthat when we come from this like
scarcity mindset, we're likethere's only so many properties,
like I have to go out and Ihave to just be the best service
provider.
(19:51):
But there's, you know, I'm surethere are different people that
listen to your podcast thanpeople that listen to the other
you know 29 podcasts forproperty managers and it's it's
not always because of like thefundamental things you do.
It's not always because of likethe fundamental things you do.
Sometimes it's also because theway you look at the world, the
way that you're looking at the,the way that you're attracting
wealth and growing everything.
So sometimes it's not justabout like the, the pragmatic
(20:15):
fundamentals of the business.
Sometimes it's about thepersonality and that's what
brands are when we talk, whenJen talks about like the Range
Rover versus the Subaru.
I mean, if you brought aliensfrom another planet here and
they had to inspect themechanical parts, they probably
couldn't tell you there wasanything different, but the way
those vehicles make you feel andwhat they say about you are not
to be underlooked, but it takesa mature business mind and an
(20:38):
abundance mindset to really belike oh, that actually matters
to people.
Speaker 2 (20:44):
Yeah, and once it matters, then you identify why
it matters and you find thosetrigger points that help you
just get in alignment with them.
And then, to finish out my mypoint about the churn on the
back end, we're not justcreating this, this profile of
the person we want to attract,but we're creating a profile of
(21:05):
who we're going to build thebusiness around.
So it does flow through intooperations, so that if I'm
attracting someone with amessage, when they come through
my front door and come into myenvironment, they see that what
was promised, what was talkedabout, is actually being
delivered.
And so it's so key to identifythat on the sales side but also
(21:30):
keep that flowing throughoperations.
And I think that's where a lotof people miss the mark is, even
if they have this conversation,even if they go through this
exercise, it stops at the chasmbetween sales and operations,
and so sales gets it andoperations is just like well,
it's just one more account webrought on.
I don't really know what they'relooking for or how to speak to
(21:52):
them.
Or is this a true investor?
Is this an accidental landlord?
And our messaging when we sendout emails?
That should be different.
It should be differenttargeting.
Are they an accidental landlordthat care about these set of
criteria, or is it an investorthat cares about this set of
criteria?
I agree.
Speaker 3 (22:13):
Tony, this drives me crazy when I get on the
blueprint calls I actually haveto have.
I don't want to call themarguments, although you know,
and Jeremy knows very well, Ican argue with the best of them.
But I really ask people tothink about who they're built
for.
And they're like I'm built foranybody who needs property
management.
And I just think so many peoplecome to me and immediately when
(22:36):
I say who's your ideal clientprofile, they say an investor.
And I'm like why are you builtfor an investor?
What do you do that helpsinvestors versus an accidental
landlord or versus aself-managing landlord?
What in your process speaks toan investor?
And they're like I don't know.
And then we dive in and itturns out that they're actually
(22:57):
well-built for someone who is aself-managing landlord that we
can help kind of transition andgrow into professional property
management.
Hands-off like that takes time,but that's what their process
is built for.
And so by the end of theseconversations people are like
well, but the investors comewith multiple units.
And I'm like, uh-huh, but I'mhere to help you get more
(23:18):
clients you love, not just fillyour space with junk that churns
out.
And so I really push hard onthis and I could not agree with
you more that we should bespeaking to and interacting with
an investor when they get intooperations, different than we
would be speaking andinteracting with a self-manager
(23:39):
or an accidental.
Speaker 2 (23:40):
Yep, and when I talk about identifying those target
client profiles, generallypeople have not even started
with one, so we start with one.
It's not impossible to havemore than one and to have
multiple processes, one for eachdifferent client type, but
that's kind of an advanced level.
Most people are not evenfiguring out one way to message.
(24:04):
So an example of what you'retalking about identifying your
who you want to serve and beingreally clear about it when I
first bought my company, we wereI really bought a brokerage and
we were managing 31 doors and Ididn't even know that until I
started doing the due diligence.
It wasn't even brought up on inour initial conversations.
(24:25):
Diligence, it wasn't evenbrought up on in our initial
conversations.
But after I bought that, Ilooked at OK, where do I want to
serve?
Where in the marketplace am I agood fit?
And so and Jen, you'll know thisbecause you're from the area
but we were east of I-25, northof Colfax, south of Park Avenue,
(24:50):
and so it was really what inthe old MLS it was called DTD or
downtown Denver, and we boughtan office down there and we told
people, if it's too far to walk, it's too far, but if my team
can walk to your property, whywould you use anyone else?
We are the downtown Denverspecialists and so we even
focused on even just right onthe other side of Colfax.
That was a mental barrier forpeople.
People don't like to crossColfax because it's a busy
(25:13):
street and if you're workingwith people who are moving to
the area because of theenvironment and the atmosphere,
renting out properties on theother side of Colfax, it's a
mental barrier.
And so we got really specificon we work with properties that
only have HOAs, properties thatdon't have a roof or a
(25:35):
foundation, and we got sospecific and then we figured out
what those business owners orwhat, I'm sorry, those property
owners are really looking for.
And once we solved that, oncewe mastered that, then we were
able to add on and stack fromthere.
Speaker 1 (25:51):
But we got laser focused, started a fire there
and then started working our wayout through the edges and I
think if people do that, youreally have a much better chance
of serving multiple clienttypes than just saying I serve
multiple client types off thebat, I would just say, you know,
(26:12):
not that you're not the mostinteresting person I know, tony,
but over this entireconversation, when you started
explaining that I like I couldfeel like my awareness like
raising because you were tellinga story, right?
So instead of listing what wedid, you basically said, yeah,
you don't want to go past thisstreet, we don't manage anything
with a roof or a foundation.
(26:33):
These are not things thatpeople say in property
management, right, these arepatent interrupts and you were
telling it as a story.
And so when people say, like,why would I do that?
Like that is one of theunappreciated reasons is that
now, when you hire me as a BDM,I don't have to talk about my
credentials or how much NARPMcertifications my property
managers have or these otherthings that mean absolutely
(26:55):
freaking nothing to a first timeinvestor or even an experienced
investor.
To be honest with you, youstart telling a story and when
that story matches up with myreality, I'm just like I
actually can't believe I foundyou.
This is destiny, and so I justwant to say, like it was amazing
.
I don't think you were tryingto do that, but that is a
fantastic illustration of whatwe should be aspiring to do with
(27:17):
any business.
Speaker 2 (27:19):
Now think about this how much would you pay for
somebody that specializes inthat, versus somebody that says,
oh, I manage all over the stateof Colorado?
Speaker 1 (27:27):
Oh no, I'm an investor.
It's only about the numbers forme.
I don't actually care aboutbrand or service or vibe, no way
.
Like it's all about thespreadsheet, which we know is
not true, because as soon as youstarted talking, I became
completely seduced and I startedlistening to you.
So I think it's exactly it.
Like I think that is the mythwe need to break down is that
(27:48):
people who hire a propertymanager are just about the
dollars and the cents becauseit's just way too complicated of
a product.
Sure, you can pay 2% less today, but if every four years I'm
coming back with $10,000 more inrepair than you would have had
otherwise, was it really aboutthe dollars and the sense, right
?
And so it's just toocomplicated of a calculation at
(28:13):
the outset.
Which is one of the hardestthings about buying property
management services is it's ashort-term decision for a
long-term outcome, and that'swhy the stories actually are
really compelling.
Speaker 2 (28:27):
I want to ask you you touched on something and I want
to take it in this direction,because I have a lot of
conversations around this thereis a difference between the
accidental landlord and a trueinvestor and if you look
statistically and I want you, ifyou, if you have different
research, then I want you tocall me out on this.
But the research that I've seenis that most people that own
(28:51):
investment properties or, I'msorry, most single family
investment properties are ownedby somebody that owns two or
fewer, and I think it's like 76,78%, something like that, which
means, yes, you can go out andfind an investor that owns five
properties, but the odds of youtalking to someone like that is
(29:13):
there's fewer of them out thereand they care more about the
spreadsheets, the dollars andcents Most people have.
We were two people, we became acouple, we decided it wasn't a
good time to sell or we said,hey, what if we rented it out
and we could make some money?
And so they move into one ofthe two properties.
(29:33):
They have the other propertyavailable.
They know the neighbors, theyused to live there, they know
the community, so they'reconcerned more about I don't
want to be an embarrassment tomy neighbors.
Little Susie used to live orsleep in that bedroom.
We painted it pink.
Can we leave it pink Because wepainted?
(29:53):
Know?
We painted a custom mural onthere.
Can you just rent it out likethat?
You know they have thesedifferent concerns and so from
my standpoint, I've seen muchgreater success targeting those
accidental landlords andidentifying the stories and the
pain points and making moremoney with them than targeting
(30:14):
the investor who has five doors,who feels like, well, because I
have five doors, I deservespecial considerations, I
deserve special pricing and ohand, by the way, I need these
other reports that you don'tactually do inside of your
business process.
So I'm going to have you dothings differently that are
going to break, and then I'mgoing to be upset about it.
So what is your experience?
(30:35):
You guys work with way morepeople on the business
development side.
Are you seeing more people withthe accidental landlords or
true investors, and are theratios that I just talked about?
Do they seem somewhat accurate?
Speaker 3 (30:51):
I think the ratios you talked about are somewhat
accurate.
I think that the go-to isinvestors, because a lot of PMs
think that that's the easybutton.
I've found that that's opposite.
But you can be reallywell-suited for investors and
you also can and should, ifyou're the right company, target
them.
(31:11):
So, like I have got a clientwho owns a construction company
and he networks with constantlydevelopers and he is a flipper
of homes himself and he speaksthe asset management language.
Like, when I got on with him,he couldn't stop talking about
cashflow and cap rates.
(31:33):
And they have spreadsheets thathelp their investors see what
levers they can pull in theirproperties that make them more
and less profitable.
They do what we teach inGenesis, which is asset
management reviews, so there arepeople that are built for that.
However, what I see, tony, isthe accidentals Sure in a lot of
(31:54):
markets.
I completely agree with you,but I'm really encouraging
people to go after theself-managing landlords.
That's where I think there is apot of gold that nobody's
paying attention to and all weneed is just a little bit of
language to help these peoplewho think that property
management is too expensive, whothink that they're going to
(32:15):
lose control, who are afraidthat we're, as property managers
, going to place the wrongtenant.
We just have to have languageand and um, really object, good
objection handling around thosethings so that we can talk at an
educated level about our idealclient.
We understand what they want,right, and so I've been
encouraging a lot of my clientsas I dive into their businesses.
We can talk at an educatedlevel about our ideal client.
(32:36):
We understand what they want,right, and so I've been
encouraging a lot of my clientsas I dive into their businesses
to actually chase theself-managing landlords.
I think if we can bringsomething to them that they
hadn't considered or somethingthey had a miscommunication or
misperception about that, whenwe can open their eyes and that
light bulb goes off, that's whenwe can open their eyes and that
light bulb goes off, that'swhen we create those long-term
relationships, that's when webuild that trust and those
(32:59):
people aren't going to churn outbecause we're actually helping
them with a clear problem thatthey have.
So I love, I love theaccidentals and I agree with you
.
I think there's a lot of peopleout there who, you know,
coupled up and need to sell ahome but they decide not to sell
it, kind of a thing, but Ithink that the market of
self-managing landlords is crazy.
(33:21):
Now Reese on our team, he'sgoing to write an article for
strategic PM coming out in thenext issue called the rise of
the accidental Um, and I thinkthere are going to be more of
those too.
So if I was in the business andI had my property management
company and I specificallywanted to target a profile, I
would be going after those twofor sure.
Speaker 2 (33:41):
Yeah, absolutely I.
I I oversimplified by creatingthose two buckets just to draw a
line between the investor,who's a true investor out there,
looking at multiple units andeven buildings, and that.
So thank you for making thatdistinction.
There are actually threebuckets and I put two of those
(34:03):
into one.
But I want to circle backaround.
You talked about the person whoowns the construction company,
who speaks that language.
He's got the story to tell.
To tie it back to what Jeremywas saying earlier, he's got the
story to tell about how heworks with those people.
So if you're not that guy, ifyou don't have that story to
(34:23):
tell, if you don't have thatbackground, then find what your
story is, find what yourbackground is and how it applies
, because trying to fake beingthat guy and talk to true
investors who care about thosethings, it's just not going to
work out.
It's better to find the peoplewho identify with your
background and what you have tooffer.
(34:43):
And maybe it is the accidentallandlord, maybe it's the
self-managing landlord and maybeit is the investor.
But don't try to be somethingthat you're not, because you see
that's what other people aredoing in the marketplace.
I see that huge in leadingpeople down the wrong path as
(35:04):
they look around their marketand they look at pricing and
they look at offers and theservices and they say, well, if
that's what other people do andthe services, and they say, well
, if that's what other people do, that's what I need to do, and
I think that's a big, bigmistake.
So, all right, we're kind ofcoming up on needing to make
some transitions because you andand I, we have some exciting
(35:26):
things to talk about.
So both of you are going to beat our retreat that we're having
in Keystone, colorado, in Julyand you are going to be at our
retreat that we're having inKeystone, colorado, in July, and
you're going to be therespeaking as two of our experts
that are there to talk aboutbusiness development.
But all things business, allthings you guys have seen
(35:47):
throughout your careers you'regoing to be in the room, sitting
at the table with people.
We have six expert coaches andwe only have 13 attendees and so
, with that, if you attend theevent, you are going to be
sitting in rubbing elbows, goingon hikes, eating meals with our
(36:08):
experts, and I'm so excited tohave you guys there and
participating and, um, I'm justreally looking forward to the
value you guys are going tobring.
You're a wealth of knowledge.
You guys have been in thisindustry for a long time.
You've essentially created thiscategory of business
development and training aroundthat, and I also want to give
(36:30):
you guys the opportunity to talkabout an event that you have
coming up after that, and I alsowant to give you guys the
opportunity to talk about anevent that you have coming up
after that.
So, yeah, why don't we share alittle bit about the Strategic
Event Summit?
Speaker 1 (36:44):
You go first, Jen.
I'll add some thoughts, but youpaint the vision for us.
Speaker 3 (36:49):
So the Strategic PM Summit is happening in August.
On the 21st and 22nd we'regoing to go to Fort Lauderdale.
So Keystone awesome location,tony.
Fort Lauderdale, we're going toswitch it up beach vibes, it's
going to be awesome.
So we're very excited aboutthat.
But at that it's for propertymanagement entrepreneurs.
So we're really bringing in theleaders of property management
(37:14):
companies who are ready to thinkdifferently and think bigger
about their business.
We are not going to get intothe weeds of pricing or
maintenance or anything likethat.
This is a very high levelconference about strategy, but I
want to kind of put a caveat tothat.
It's not about strategy inproperty management, although we
(37:34):
of put a caveat to that.
It's not about strategy inproperty management, although we
will have a day on that.
I think the really excitingthing is, jeremy and I see so
many opportunities outside ofthis industry that we don't
leverage here in propertymanagement, and so we're going
to bring in speakers fromoutside the industry who have
done amazing things withcompanies like Chick-fil-A and
(37:55):
Ritz Carlton.
These are top-notch,world-class speakers and they're
coming into this workshop styleenvironment.
They're going to give a onehour session and then, similar
to what you have going, tony, weare going to sit down with them
and they're going to be at atable of about eight people and
you are going to be able to askthese professionals that have
(38:15):
built companies likeRitz-Carlton and Chick-fil-A and
some of the big, reallywell-known companies out there
questions about your business,direct questions related to each
pillar of strategy.
So that's really exciting.
And then on day two, we'rebringing in people like yourself
You're going to be there fromproperty management who are
(38:36):
going to talk about propertymanagement specific in relation
to strategy.
So I think the really coolthing is you're going to get
both sides of it.
You're going to get to seethings from outside the industry
ways we can innovate, ways thatwe can be pioneers and things
that we can bring in that haveworked for other companies and
we're going to get into theweeds of okay, now let's bring
(38:58):
that down to the level thatyou're at and the people that
have been most successful, justlike yourself, um, coming in and
same kind of thing workshop.
You're going to get to sit downwith these people and you are
actually going to get to askthem.
Hey, here's my businesschallenge in this category.
What would you do?
And we want those experts to beguiding you and answering
(39:18):
specific to your business.
Speaker 2 (39:20):
Here's why I'm so excited about both of these
events.
There are events in theproperty management space like
the systems conference, which ishow do we actually break down
and implement and put in newtechnology and things like that,
and it's absolutely needed.
But that's one focus.
Then there are things like theNARPUM National Conference,
where you bring your team to andthey just sort of learn a
(39:42):
little bit about the operations,the fundamentals of property
management, and that's neededand there's that place.
But when we started talkingabout these two events, we both
were planning separately andcame together Just I don't know
if it was by coincidence or justbecause we think at that same
high level, but there was noevent specifically for the owner
(40:07):
of a company to be trained onhow to own a company.
And we're going to take thatinitial focus and we're going to
layer on top of that then theproperty management piece of not
just how to be a business owner, but now how do you be a
property management businessowner that will provide the type
of lifestyle that will allowyou to extract yourself from the
(40:28):
day-to-day and think bigger andtake the time to focus on the
things that are going to trulymake a difference and move that
business in the direction thatyou want it to go, so that it
supports the lifestyle that youwant to live and ultimately have
the business be an asset foryou versus something that owns
you so super excited about that.
(40:49):
If you're listening to this, youreally should come to both
events, but if you don't come toboth, you need to at least come
to one, because if you don't,you're going to be missing out
on an opportunity that does notcome around.
We've not seen anything likethis in the space, and it just
so happens that we're bothproviding you with opportunities
(41:11):
to take advantage of that, thatwe're both providing you with
opportunities to take advantageof that, and, again, slightly
different settings, and so itwould not be a mistake to attend
both of these events.
So with that, jeremy, I knowyou said you wanted to circle
back around and see if there wasanything left on the table that
we didn't already scoop up.
But anything you want to sayabout either of the events?
Speaker 1 (41:37):
You guys nailed it.
I love these events.
What I do want to say, which Ithink is important, which I've
had a lot of conversations aboutthese events and we have so
many events in this industry,which is amazing.
What I want to say about what Ithink Tony is doing and what
we're doing is, by the way, thethree of us on the call, I'm the
only one that's actually notworked at a property management
company, right, you guys have.
(41:57):
I think Renscale was founded onthis idea of there's so much
amazing things happening inservice-based small businesses
that we're overlooking becausewe're so buried in the weeds of
running a property managementcompany.
And so I just want I say thatbecause I want you to forget
everything you know about theother industry events you go to.
When I go to these events andthen Jen and I go to other
(42:20):
events, it just is very clear tome that all the events that we
go to are this is what I did andyou should do it too, and I
think both of us are creatingevents to create white space, to
say we want to create theentrepreneurs who are going to
do something, who will then bespeaking at the next broker
owner at the next event, becauseyou're out actually innovating.
(42:41):
So that's why I'm bringing inthe people that I, you know,
have learned from, like MikeMichalowicz from the pumpkin
plan and Don DeJulius you knowwhich Jen was was setting up and
Lance Lambert, who's going tobe talking about real estate
trends.
The point is that you shouldcome here and say this is unlike
anything I've ever been to, andwhen Tony painted his vision,
(43:03):
it was the same way, and so it'seasy to just have a mental
mindset of what a propertymanagement event looks like.
And then you say I've hadenough of that, and I would just
say that I just want to paint apicture that we are trying to
create the leaders thateverybody else will be talking
about later at both of theseevents, and that's only going to
(43:23):
resonate with a certain amountof people, but those are the
people that should really cometo our events.
Speaker 2 (43:29):
Yeah, it's funny because we both specifically
chose not to call it aconference, because they're not
and they need to be perceiveddifferently.
So ours is a retreat, a small,personalized, individual
experience, and then yours is asummit where you're doing the
same thing.
You're just providing multipledifferent businesses to come in
(43:51):
to talk at a high level and thenbreaking it down into those
intimate smaller groups.
Speaker 1 (43:58):
So we called it a summit because of the
alliteration of strategic PM,but honestly, when Jen and I
work on this, we call it aworkshop.
This was highly influenced byus going out to Vegas to Alex
Ramosi's workshop two days.
We literally started with ablank workbook and we worked on
our business and we left andthey asked us how much revenue
did you add to your business inthese two days?
(44:20):
And we wrote down big numbers,and so our guarantee is that if
you come and you don't add aquarter million dollars of
revenue the next year to yourbusiness, this workshop was a
failure.
So it is much more hands-on.
This isn't I pick some sessions.
I go to some other sessions,just like yours.
This is like immersiveexperience and I leave with
tangible value, and so I reallyappreciate that neither of these
(44:43):
are conferences.
It's a great point, yep Allright guys.
Speaker 2 (44:48):
I wish we had more time and the unfortunate thing
is we don't, because we bothhave to hop into another meeting
here pretty soon about theGrand Canyon rim to rim trip
that we're taking.
There's 30 of us entrepreneursin the property management space
going to be hiking rim to rim,so we have to jump over to that.
But there is so much more thatwe could cover on business
(45:12):
development, growth, how to helpbusinesses grow, how to help
businesses grow, how to helpproperty management owners
transition from being the personthat is out there doing the
business development to trustingsomeone else to do that,
training them up, getting themprepared, giving them the tools
and resources.
And we're just out of time.
(45:33):
So I'd love to do one of twothings.
I'd love to have you guys backon at a later time and I can't
wait to have you share all ofthat information and help the
people that show up to ourretreat with that.
So I am going to give you boththe last word.
Anything that we could havecovered should have covered in
the last couple of minutes.
Speaker 1 (46:00):
And then we'll wrap up.
I just want to say I appreciateyou, Tony.
I like that.
You got a big vision and you'renot willing to do things the
way that everybody says you gotto do them.
I appreciate that about you.
Speaker 3 (46:09):
Jeremy deserves the last word, so can you say the
last word real quick, jeremy?
Speaker 1 (46:13):
No, that's done.
Speaker 2 (46:14):
All right guys.
It was great having you on andwe'll connect again soon.
Speaker 3 (46:20):
Thanks, Tony.
Speaker 2 (46:23):
Thanks for tuning in to the Property Management
Success Podcast.
We'll be back with anothervalue-packed episode to help you
level up your propertymanagement game.
If you've got somethingvaluable out of today's episode,
please share it with a friendor colleague, and don't forget
to subscribe and leave a reviewso you never miss out on future
insights and strategies andtactics.
Until next time.
(46:44):
Here's to your success.
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