DGS 173: Learning at 800-1200 Doors: The Savvy Property Management Entrepreneur
If you have made it to the 800-1200 door range as a property management entrepreneur, you have likely found strategies, essential connections, and executive team members that have helped your business grow and scale.
However, even at this stage, savvy entrepreneurs tend to find themselves dealing with problems. Join property management growth expert, Jason Hull, in the final addition to the DoorGrow Avatars Series as he details the common issues PM entrepreneurs face at 800-1200 doors.
[01:19] Defining the Savvy Property Management Entrepreneur
[03:46] How to Deal with Burnout and Building an Executive Team
[05:00] Learning from Smaller Property Managers
[07:49] Implementing the Ultimate Planning System
[09:06] Transitioning to the Business of Your Dreams
“At the 800 to 1200 door range, these are savvy property management entrepreneurs. They are savvy at running a team. They’re savvy in their business.”
“As you come up through this DoorGrow scale that I’ve been talking about of these different stages in the life cycle, you gradually are being more connected to other savvy people and mentors.”
“It’s helpful for you to be around these smaller and more nimble property management businesses, because these businesses, they can implement stuff quickly.”
“One of the best tips I can have is you need to get a really efficient operating system in place.”
[00:00:00] This is better. This is going to allow your team to be involved in decision-making instead of you being so top down, trying to tell everybody what the goals are and what they should be doing right? Because that means you’re dragging them up the mountain. They’re like all sitting in a wagon and you’re clearing the path ahead and trying to drag them up to the goal.
[00:00:17] We want to get the team pulling you in the wagon. Welcome DoorGrow Hackers to the #DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you’re interested in growing in business and life, and you’re open to doing things a bit differently then you are a DoorGrow Hacker. DoorGrow Hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you’re crazy for doing it. You think they’re crazy for not because you realize that property management is the ultimate, high trust gateway to real estate deals, relationships, and residual income.
[00:00:55] At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I’m your host property management growth expert, Jason Hull, the founder and CEO of DoorGrow. Now let’s get into the show.
[00:01:19] So today we’re going to be continuing on that series of these different stages in the life cycle of being a property management entrepreneur. So this might be way beyond where you can even maybe imagine your business at right now, but we’ve gotten to the point where we’re at now that 800 to 1200 door range. So at the 800 to 1200 door range, these are savvy property management entrepreneurs. They are savvy at running a team. They’re savvy in their business, so they have probably by now had mentors, coaches… they’ve invested in themselves, and this is something that’s very unique between them and maybe a solopreneur is they’ve really been investing in themselves in order to get to this level. It’s not really possible to get to this level without some self investment and without having really good culture defined in their business. So they have a business that has culture. They have a cohesive team. They’ve been in the business for a while, like a long time, maybe more than a decade, maybe more than two decades.
[00:02:24] At this stage, this might be a multi-generational family business, or maybe it was part of somebody else’s business and it was purchased, right. But there’s some depth in this business at this stage. They’re rare at this stage. There’s not a lot of businesses, especially in the single family, residential or small multi space that are at 800 to 1200 doors.
[00:02:45] Likely at this stage, if you’re the entrepreneur or the business owner, you likely have little to no connection to the business in some ways. Like you just might not be super focused on it. If you are, I want to talk to you because I love those business owners. They’re still engaged. They’re still passionate about the business and they usually love the stuff that I teach even more than people at earlier stages because they are ready for it and they can value it. You know, a lot of the things that I learn and absorb and take in by investing in my own self in high level masterminds and coaches and books and everything that I do to learn, they love this stuff because they’re ready for it.
[00:03:24] They know how useful it is, and I get the best feedback from the most high functioning people, and those are my favorite people to work with. But there’s a lot at this stage, they’ve really checked out. Some have been completely burnt out on the business. They’ve put somebody else in to run it. Their whole goal has been, “how do I escape from this business, this vehicle that’s uncomfortable?” So they put somebody else in place.
[00:03:46] So they have an executive team, they have hiring systems, they have a defined sales process, they have a BDM most likely. Somebody else is doing sales for them a lot of the time. Their website is usually I find outdated. They’re only updating it maybe once every 10 years, maybe sometimes only once every five years, so their website’s probably overdue for an upgrade. I’ve noticed they often have acquired multiple property management companies, at least maybe two usually, at least one or two including a significant competitor. So they’ve eaten somebody up, and they’re possibly looking for the nearest exit to see if anybody else would be willing to do the same for them because they might be burnt out.
[00:04:27] So, they have built this really great executive team in which each member of this team takes complete ownership over a piece of the business, so they have somebody in place that’s handling all of the maintenance stuff. They have somebody in place that’s handling the management stuff. They have somebody in place that’s handling the internal operations for the business. They have somebody in place that’s handling the financials and the accounting and the bookkeeping and the reporting and all that. So they have key people. That’s an executive team, so that they don’t have to wear every hat or do all of these things in the business.
[00:05:00] What else about them? Something that’s really important at this stage: they’re now paying attention to the smaller businesses that are in the industry. They go to NARPM events and different things like this because they want to see what the little guys are doing and what innovations other people have, because they want to maybe apply this, but they don’t want to be the guinea pig. They want to see what all the little guinea pigs are doing and experimenting with and whether or not it was hurtful or helpful for their business. And so they benefit by being around other property management entrepreneurs that are not at their level. Now, they do probably have connections, network, mastermind people that they hang out with that are at their level. You know, they’ve got some connections there ’cause you don’t get to this stage without some connections and some relationships. Solopreneurs are heavily isolated, and as you come up through this DoorGrow scale that I’ve been talking about of these different stages in the life cycle, you gradually are being more connected to other savvy people and mentors, peers, heroes that you want to be connected to, or that you look up to so that you can get good ideas, good feedback, and that are not the emperor with no clothes sitting on top of your little micro kingdom.
[00:06:18] You recognize there’s people out there that are doing better than you are that can give you good feedback. So it’s helpful for you to be around these smaller and more nimble property management businesses, because these businesses, they can implement stuff quickly. They can adopt new technology rapidly, way faster than you can, right? Because for you, you have a really large ship. It’s difficult to maneuver this thing and to turn it and to make changes because you have a lot of doors, you have a lot of team members, and there’s a bit of friction there generally. But the advantage you have is that even small optimizations, small tweaks, small improvements at various stages of your pipeline, to your pricing, to your website, to all the things that we could facilitate or help with at DoorGrow…
[00:07:03] Small tweaks and improvements, for you, give you a big result. It makes a big difference. It can have a significant financial impact. It’s very easy for us to save you a little bit of money on staffing costs or increase efficiency a little bit or to make small movements that will easily pay for any of our services or program and help you justify it. So and paying for something like DoorGrow and services is really a drop in the bucket. You waste way more money, probably on bad team members or team members that aren’t as efficient as they could be. Staffing costs are really high for you at this stage. And so we want to find some efficiencies and some ways to improve some stuff. That is those at the 800 to 1200 doors.
[00:07:49] So one of the best tips I can have is you need to get a really efficient operating system in place. We call that DoorGrow OS. It’s the most effective strategic planning system that I believe exists. A lot of people are getting caught up on Traction and EOS, and this. This is better. This is going to allow your team to be involved in decision-making and your team bottom up to be creating the goals and the growth of the business instead of you being so top down, trying to tell everybody what the goals are and what they should be doing and being a dictator, right? Because that means you’re dragging them up the mountain. They’re like all sitting in a wagon and you’re clearing the path ahead and trying to drag them up to the goal.
[00:08:30] We want to get the team pulling you in the wagon. You just are sitting in it with your map and your strategy and your pen, and you’re figuring out where we need to go, and they’re clearing the jungle path. They’re laying out the road. They’re making it easy and they’re pulling you along. And when you have that really good executive team and you have a really good strategic vision and plan in place that your team runs and that your operator really leads and is in control of, you will see your business grow rapidly significantly because you’ll be able to focus on what the business needs most right now, instead of everybody just doing their day-to-day work.
[00:09:06] So that’s something that we can help you with DoorGrow, so, that’s basically, I think, about it at that stage that I want to touch on today. These are really, usually, cool business owners. They’re either really cool or they’re really burnt out. So hopefully you’re not the burnt out one. If you are, let’s transition you into the business of your dreams, and if you feel like you’re close to having the business of your dreams, you just need some tweaks, talk to us at DoorGrow. We’ll help you out. So that’s it for today until next time, to our mutual growth, make sure to go to doorgrow.com. Schedule a call with our team, and join our free Facebook group at doorgrowclub.com. Bye, everyone.
[00:09:43] You just listened to the #DoorGrowShow. We are building a community of the savviest property management entrepreneurs on the planet in the DoorGrowClub. Join your fellow DoorGrow Hackers at doorgrowclub.com. Listen, everyone is doing the same stuff. SEO, PPC, pay per lead content, social direct mail, and they still struggle to grow!
[00:10:10] At DoorGrow, we solve your biggest challenge: getting deals and growing your business. Find out more at doorgrow.com. Find any show notes or links from today’s episode on our blog doorgrow.com, and to get notified of future events and news subscribe to our newsletter at doorgrow.com/subscribe. Until next time, take what you learn and start DoorGrow Hacking your business and your life.