7 ай бұрын
Жыл бұрын
Жыл бұрын
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@urnotaman4444 Ай бұрын
Ohhh
@MetalBum Ай бұрын
Do you need a separate EIN for the trust account for rent income. Versus the EIN for the Property management business account?
@TheWoodsApartments-j2p 2 ай бұрын
Great video and loads of information.
@joshmclanahan5628 2 ай бұрын
Thank you gentlemen for the advice
@traviskirchdoerfer9653 4 ай бұрын
This info saved my business!! Thank you so much!! ❤
@AlexisCarterNotaryMentor 4 ай бұрын
Sound is bad on their end
@FloodInsuranceGuru 5 ай бұрын
Sparko is such a great product
@SharathReddy-ry9cp 5 ай бұрын
June 2024: Hi, Mynd property management is harassing me. I am facing financial and mental pressure from Mynd property Management. Mynd corporate (Dylan) assured me that they will take care of all the mitigation, repair and rebuild expenses for their negligence. They asked me not to go the social media route and apologized for all the issues and lack of communications. Last month the rent was delayed by 5 days. This month the was put on hold and nobody informed why. When I inquired with the property manager, she said that it is a system problem but the corporate person said it is for the repair and rebuild work, they held without asking for any approval prior to starting the work and never provided me with any invoice, who the vendor going to work and what they are going do. This work was assured by mynd corporate to pay for due to multiple vendors working since feb 2024 and damaged the property. Pulte builder denied warranty because mynd vendors started and left the work in the middle and caused damage to the kerdi membrane. This was inspected by pulte builders and sent email to me and mynd as well. If mitigation is finished why the repair work is not yet done. Now they are forced to pay for repairs which they never asked me for approval and I never authorized. Mynd said they will take care of this repair and rebuild but now they are not keeping their promise. Holding my rent is not ethical and performing some jobs in my home without any approval or communication is not appropriate and asking to pay for those work without prior approval. Not providing me any invoice regarding the work they are doing, not showing me proof of work, holding my rent. I am struggling mentally due to these fraudulent activities by mynd.
@ArtisZ 7 ай бұрын
Thank you for this refresher. I always appreciate Rand's thinking process and the way he conveys it to the audience.
@ThePropertyManagementShow 7 ай бұрын
Glad you found value in this episode, @ArtisZ! We love bringing in guests who question the status quo and carefully articulate why we should all care. Of course, Rand is all of that and more!
@historyhongkong7521 7 ай бұрын
May I ask which jobs can one change after working as a senior property manager or officer with professional qualification for 20 years please?
@ThePropertyManagementShow 7 ай бұрын
Hi @historyhongkong7521, are you thinking of staying within the residential property management space? It really depends on what you are passionate about or what aspects of property management align best with your skills. For example: if you are good in sales and like to talk to people, you might want to consider a Business Development Manager role (BDM) at a property management company. Your experience as a senior property manager or officer might actually give you an edge because you will be able to explain things very well to the property owners, and you have a much deeper understanding of what goes on behind the scenes after doing it yourself for 20 years.
@historyhongkong7521 7 ай бұрын
@@ThePropertyManagementShow Sorry. I am asking which non-property related working fields can a property officer or manager change to work at. Which fields please?
@lynettestanton 8 ай бұрын
Promo SM 😅
@Pennheart 8 ай бұрын
I got the sense to steer away from APM from this podcast..should i?
@ThePropertyManagementShow 7 ай бұрын
Pay per lead channels like APM can work for some property management companies, but in recent years we have been hearing that quality has been going down. If you've only been using APM for owner lead generation and haven't yet tried other channels, we recommend trying alternatives and comparing results to see which channels work best for your company, your market, and your budget.
@sandywexler5282 9 ай бұрын
What is the relationship between the CAC and ACV? They mentioned the CAC would be $833.33 where as the ACV is $2,000.
@ThePropertyManagementShow 7 ай бұрын
Customer Acquisition Costs (CAC) is the amount of money you spend to acquire a customer, while Annual Contract Value (ACV) is the amount of revenue that the customer generates in 1 year. So in the example that was discussed in the podcast, the "investment" or the cost to gain a single customer was $833.33, and the ROI of that investment is $2,000 over a single year. That's a pretty great ROI. And that's not even considering the fact that the average owner stays with their property management company for about 3-4 years. $2,000 x 4 = $8,000 -- So he was essentially spending $833.33 to acquire an owner and that owner gives $8,000 in revenue back over the course of 4 years. I hope this helps!
@mitchhartford213 11 ай бұрын
Help me! What is in-bound, out-bound, all-bound, next-bound?
@ThePropertyManagementShow 11 ай бұрын
Hi Mitch! In this podcast episode, "all-bound lead generation" is described as a comprehensive approach that combines various methods for generating leads in property management. It involves inbound strategies like SEO, social, and paid online advertising, along with outbound methods such as proactive prospecting (calling rent-by-owners, targeting secondary homeowners), and a newly introduced term "next bound," which focuses on generating leads from referrals and building future business networks.
@paulsdoe 11 ай бұрын
I tried listening to the video...the constant feedback noise or low hum made it difficult.
@ThePropertyManagementShow 11 ай бұрын
Hi Paul, thanks for the feedback. This was recorded in early 2016 when recording equipment and editing software were a far cry from what we have today. However, if the background noise is too distracting for you, you can read the transcript instead: fourandhalf.com/starting-a-property-management-company-how-much-to-charge-and-how-to-build-a-team/. We hope that despite the sub-par quality of this old recording, you will still find some insights from their discussion. Our more recent episodes also have higher audio quality, and now include video. Please try to check them out as well. Thank you so much, and have a wonderful week!
@SebastienGuilhemotonia Жыл бұрын
Music at the intro is way way to much, can't even head the intro talking
@ThePropertyManagementShow Жыл бұрын
Thanks for the feedback, and we do apologize for that. You may have noticed that this podcast episode is from 6 years ago. We have corrected this issue in our more recent podcast episodes. You can subscribe to our channel to make sure you don't miss out on our latest episodes - www.youtube.com/@ThePropertyManagementShow
@dasplanggukas958 Жыл бұрын
Scam
@lidarall5346 Жыл бұрын
Very informative session. Thank you. Would you recommend a smaller property management company also to pursue adding body corporate services to their portfolio. I believe this will add value and assist growth.
@latwuniawilliams6630 Жыл бұрын
Great & valuable information! 🎉 Looking forward to part 2! 🤗
@ThePropertyManagementShow Жыл бұрын
Glad to hear that you found great and valuable info from this podcast, @latwuniawilliams6630! Thanks for your comment and thanks for tuning in to our show. Part 2 will be coming out soon!
@ashleysteff2024 Жыл бұрын
Love watching your channel! Can’t tell you how much value we’ve found! My business partner and I have been in real estate sales for combined 25 years and are looking to start up a PM company. Do you have any recommendations for finding a mentor in the Seattle area? Love the show, can’t wait for next season! ❤
@ThePropertyManagementShow Жыл бұрын
Wow, this comment just made our day. Thanks for that, Ashley! We just launched a new season, and hopefully you enjoy the episode we published today. As for finding a mentor, we would recommend joining a local Chapter of NARPM (National Association of Residential Property Managers). NARPM can help you get the necessary education and mentorship that you might need as you start up a PM company. Try to check out washington.narpm.org/ or kingcounty.narpm.org/. By the way, the national chapter of NARPM is also putting on a big conference in October that will allow you to attend educational talks and network with property management professionals from all over the US. Attending that might give you a good starting point. You can check out the schedule here - www.narpmconvention.com/schedule/
@ashleysteff2024 Жыл бұрын
Thanks so much! I appreciate it greatly, I will definitely see what I can do to get to that conference this October! Thanks again and I’m excited for what this season brings!
@jordanhenshaw Жыл бұрын
Interviewer is an airhead.
@davidirizarry6216 Жыл бұрын
Ty..🎉
@ThePropertyManagementShow Жыл бұрын
You're welcome! We are always happy to provide valuable information to help property management industry professionals improve their businesses.
@davidirizarry6216 Жыл бұрын
Ty
@petrpaleta5500 Жыл бұрын
"promo sm"
@trishferrier1525 Жыл бұрын
Great advice.
@ThePropertyManagementShow Жыл бұрын
Glad you found his advice helpful, Trish!
@Fewdudespainting Жыл бұрын
The dudes gate keeping on how to find clients and I hate when people do that. Smh. Stop getting on podcasts if you’re not going to share. There’s enough out there for everyone.
@GeoffreyFlores Жыл бұрын
As a PM company operator you need to know about trust accounts and how they work. Most states has specific requirements for trust accounts and even the name of those accounts. Finding a good banker is hard, ask your real estate attorney for recommendation.
@ThePropertyManagementShow Жыл бұрын
Finding a banker who understands the property management industry is hard, that is very true. That's why it helps to work with someone like the guest we interviewed on this episode -- her team has been focusing on the property management industry and on HOAs for a long time.
@wealthandwellnesswithGrace Жыл бұрын
Thanks so much for sharing these great tips. We’re a small business and previously tried to hire two people who didn’t work out well. We plan on trying again soon and hopefully the people will be a better fit.
@ThePropertyManagementShow Жыл бұрын
Glad it was helpful, Grace. Best of luck with growing your team!
@astutepropertymanagers Жыл бұрын
Can I say the best time to implement is at the very beginning of company formation
@ThePropertyManagementShow Жыл бұрын
Absolutely, thank you for mentioning that! Starting off with a strong foundation is always best. But we also understand that a lot of entrepreneurs hit the ground running too quickly and only realize that they need this kind of structure once they hit growing pains. Do you have personal experience about using EOS right at the very beginning of company formation?
@TumwineProsper Жыл бұрын
Unfortunately, I've not used EOS... However I feel I don't have that option of avoiding it either @@ThePropertyManagementShow 😄
@Mindsetmarlon Жыл бұрын
Great convo fellas. Helpful tip on finding part time moms to help out with inspections.
@ThePropertyManagementShow Жыл бұрын
Glad you enjoyed it, Marlon! Apart from the tip about part time moms helping with inspections, were there other parts of the podcast that stood out to you?
@nannesoar Жыл бұрын
biggest in the country, dang son we aint fkin around that promo package was great btw, I appreciate the creativity and enthusiasm putting something like that together shows👍
@ThePropertyManagementShow Жыл бұрын
Yes indeed -- it's all about the experience. And they definitely nailed that one. Thanks for watching our podcast video. What were some of the parts you enjoyed in the interview (apart from the promo package)?
@nannesoar Жыл бұрын
@@ThePropertyManagementShowI think you did a great job staying focused on the perspective of someone listening👍 I also really like the attitude of always approaching things with a professional standard even if you're a beginner. Never had a channel respond to my comment asking for my opinion before, I commend your engagment level mang!
@ThePropertyManagementShow Жыл бұрын
@@nannesoar thanks for that feedback! We're always interested to learn about what resonates with our audience and what doesn't. It's the only way to improve. We hope you enjoy our other episodes as well.
@Fewdudespainting Жыл бұрын
How are you buying companies in different states and you don’t hold a license in that state. I’m genuinely curious because this has been something ive been trying to figure out.
@ThePropertyManagementShow Жыл бұрын
That's a great question, Jeremy. When it comes to acquiring companies in different states, it's important to note that the rules and regulations can vary from state to state. Acquisitions are structured through legal entities such as corporations or limited liability companies (LLCs). These entities are often registered in the state where they are formed or where they have their primary operations. When purchasing a company in a different state, the acquisition is typically structured through the legal entity, which may already hold the necessary licenses or permits to operate in that specific state. If you're interested to know specifically how Mike and his company did it, you can try reaching out to him on LinkedIn: www.linkedin.com/in/mikekalis/ But before you do anything, it's important to consult with legal and financial professionals who specialize in the laws and regulations of the specific states involved in the acquisition. They can provide you with guidance and ensure that you navigate the process in compliance with all applicable laws. Hope this was helpful, Jeremy. Best of luck to you!
@ritamc90 Жыл бұрын
Such a helpful video. I'm not a property manager myself, but I am an owner, so it's interesting to get some insight about that side of things. I know owners and property managers alike use property management software, so do you have any recommendations on the Dos and Don'ts of that? Thank you!
@ThePropertyManagementShow Жыл бұрын
Hi Rita, glad to hear you found this video helpful even as a property owner! Here are some quick dos and don'ts for choosing property management software: *DO's: 1. Research and compare options. 2. Consider scalability and future growth. 3. Look for a user-friendly interface. 4. Seek integration capabilities with tools you are already using or plan to use in the near term. *DON'Ts: 1. Overlook customer support. 2. Ignore public reviews. 3. Overbuy or underbuy. (Meaning, don't choose a PM software with all the bells and whistles if you're not going to use the bells and whistles. On the flip side, don't choose a software just based on price. Identify what will add value to your business -- even though you own your properties, you should still think of them and run them like a business) 4. Neglect data security. That said, there is no one size fits all. Remember to prioritize your specific needs and requirements. Good luck with finding the right property management software!
@ritamc90 Жыл бұрын
@@ThePropertyManagementShow These are wonderful tips. Thank you so much for getting back to me. I've done demos and trials with some software and am currently looking at Doorloop, which seems to fulfill all of these well. Do you have any insight about it?
@ThePropertyManagementShow Жыл бұрын
@@ritamc90 Doorloop is one of the newer property management softwares and unfortunately, we only know of them from their own marketing. The property management companies we work with typically use Appfolio, Buildium/Propertyware, RentManager, Yardi Breeze, or Rentvine.
@ritamc90 Жыл бұрын
@@ThePropertyManagementShow Gotcha!! Thank you for your responses!!
@anoirait Жыл бұрын
I just found out about ur show, great and very informative I am gonna watch all of them thanks a lot for ur efforts. I am looking for a job as a property manager any advice or secrets? Thanks a lot 😘😘😘😘
@ThePropertyManagementShow Жыл бұрын
We're so glad you like this podcast about building a rock solid property management company. Do you mind sharing which parts resonated with you most? To answer your question about advice/ secrets related to getting a job within property management -- know what you are getting into. Property management has a lot to do with people management, legal risk, compliance, asset protection, NOI for your owners, fair housing... the list goes on. Try to work for a reputable property manager in your area so you can learn the right way to do things. Best of luck to you!
@sellingcasas Жыл бұрын
🙌
@ThePropertyManagementShow Жыл бұрын
Glad you liked this episode! Can you share your favorite points from this podcast?
@aaronparil8254 Жыл бұрын
This is great !
@ThePropertyManagementShow Жыл бұрын
Glad you found this podcast episode great, Aaron! Mind sharing what points resonated with you most? Also, if you want to suggest future topics, feel free to do so. Have a great day!
@aaronparil8254 Жыл бұрын
Hello there. I found this great for PM handling a substantial numbers of unit whether residential and/or commercial. But generally here in the Philippines it is mostly separated the leasing/marketing with Property Management. Leasing is mostly handled by Real Estate brokers. Me is a Property Manager. But for small or medium structures we do the marketing.
@ThePropertyManagementShow Жыл бұрын
@@aaronparil8254 That's an interesting detail that leasing is typically handled by the Real estate brokers in your area. You mentioned that for small to medium structures, you (the property manager) will do the marketing. Are you referring mainly to commercial, or to residential?
@aaronparil8254 Жыл бұрын
Hello ma’am. Its both as our job is not that heavy. It is also for company to save some instead of hiring another one.
@temibs Жыл бұрын
I work in heavy equipment maintenance and all his points were solid. running a maintenance crew efficiently requires well thought out and analyzed systems
@ThePropertyManagementShow Жыл бұрын
Thanks for your comment and for validating the points mentioned in this podcast, Temi!
@TarBabyJim Жыл бұрын
I hate property management companies. They work for sorry ass owners that don't want to run their business. They harass tenants and lie to them with a smile 😃 on their face. I would NEVER rent from a property run by snakes.
@ThePropertyManagementShow Жыл бұрын
We understand your frustration with some property management companies and respect your personal point of view. While it's unfortunate that there are negative experiences/ bad apples, it's important to remember that not all property management companies operate that way. There are reputable companies that prioritize professionalism and fair treatment for owners and tenants. Responsible property owners choose property management companies for various reasons, and open communication can address any concerns. Remember, not all companies are the same, so approaching each situation with an open mind is important. Thanks for sharing your perspective though!
@TarBabyJim Жыл бұрын
Property management companies are evil greedy people. They screw the property owners and don't give a damn about renters. They talk real sweet 😋 while they put poison in your tea.
@realitykixin Жыл бұрын
What did he mean by the 12% mark with regard to risk ? Cap rate ?
@ThePropertyManagementShow Жыл бұрын
Hi Jay, he was referring to a 12% maintenance cost vs. rental income threshold. When that threshold is exceeded, there is a higher risk of owner churn. He goes into more detail about it in Part 1 - kzbin.info/www/bejne/poKzmpaHgaulbMk
@NoName-lu1tt Жыл бұрын
300 doors you needed 25 people? That seems really high. Did you have maintenance folks? What was the breakdown of staff? (i.e. 10 property managers, 2 receptionist, etc.)
@ThePropertyManagementShow Жыл бұрын
Thanks for watching our video. Over the years we've found that each company has a different way of counting the number of people on their team. For example, some may consider offshore team members and maintenance personnel as part of their headcount, while others will not. For specific details on how Mike and his company managed it, you can reach out to him on LinkedIn: www.linkedin.com/in/mikekalis/. I do want to note that this interview was from 2018, and Mike has moved on to other ventures in the last couple of years.
@TonyCook-r6q Ай бұрын
We didnt have 25 people until we had like 1,500+ doors
@DaveTalksBusiness Жыл бұрын
We have to keep them challenged mentally, and we have to show them that this job they're doing today is going to take them to their personal career goal.
@ThePropertyManagementShow Жыл бұрын
Absolutely!
@searchbug Жыл бұрын
Just wanna add, when building your property management business, make sure you partner with a data company that offers intelligent contact data or background check/screening services to help you screen potential tenants. There's a lot of data companies that can help you verify identity of people.
@user-xg9ln3no6w Жыл бұрын
Yayyyyy to Rashaad, Lara and Shpresa. Very informative video!!
@davidalvarado3821 2 жыл бұрын
Where can I get that exemption letter that explains the details and the appropriate font that you were showing the girls
@ThePropertyManagementShow 2 жыл бұрын
Hi David, if you are referring to the Required Disclosure for AB 1482 Exempt Properties, you can find it in the podcast writeup here: fourandhalf.com/ab-1482-summary/
@davidalvarado873 2 жыл бұрын
@@ThePropertyManagementShow Im sorry Im old school I was wondering if you can email it to me I don't know how to access it this way
@jimsukowicz3461 2 жыл бұрын
This is awesome! Very cool to see, in retrospect, how much foresight was in this video. What are your thoughts on how PropTech has changed over the last few years? I demoed DoorLoop a few weeks ago and am very impressed by how new platforms like that are performing.
@Mark.S.Hamilton 2 жыл бұрын
This host hurts to listen to
@ThePropertyManagementShow 2 жыл бұрын
Hi Mark, sorry to hear that you aren't having the best experience with our previous podcast host. Our new hosts took over in May 2019 and if you're willing to give us another shot, please consider watching one of our newer episodes. Thank you, and we hope you like what you hear this time!
@Ullahussain 2 жыл бұрын
Anyone selling their PM book of business in the DMV area?
@segelenge 2 жыл бұрын
What was the name of the Property management manual James storms or Gene storms Can i anyone help? Thank you
@ThePropertyManagementShow 2 жыл бұрын
The name is Jean Storms, and she actually sold her LandlordSource business to Kathleen Richards in 2017. Kathleen rebranded it to PM Made Easy and you can find it here - www.pmmadeeasy.com/. If you use the promo code FOURANDHALF, you can get 20% off PM Made Easy products.
@campbelldaniel58 2 жыл бұрын
The audio is SO BAD.