DGS 209: Insight On Multifamily Market Oversupply With John Carlson

multifamily market oversupply artworkHave you heard about the multifamily market oversupply that’s been increasing since the undersupply during the COVID-19 pandemic?

In this episode, Jason chats with John Carlson, President of Mark-Taylor Residential about Insight on the multifamily market oversupply. Mark-Taylor Residential has currently an inventory of 22,000 units and over 34,000 residents, being a multifamily leader in Arizona.

You’ll Learn…

[06:33] What is the Multifamily Market Oversupply?

[14:44] The Fundamentals of Real Estate and Property Management

[20:05] Why Property Managers Need Their Own Portfolio

[25:11] What will Happen to the Market Next?


“If you’re that light, people are going to be reaching out to the light when it gets dark.”

“Property managers, they have no concern about being the bad guy. They’re totally cool with making sure that things work and running it like a business.”

“You have to make sense of the market.”

“I think it’s a smart move that every property manager should be also building up their own investments.”


DoorGrow and Scale Mastermind

DoorGrow Academy

DoorGrow on YouTube



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[00:00:00] Jason: Property managers have a duty to be involved a little bit politically to prevent this firestorm from happening. And this is an opportunity to go and be the canary in the coal mine or be the Paul Revere shouting, from the horse, letting everybody know, Hey, there’s a problem coming.

[00:00:18] 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] My guest today, I’m hanging out here with John Carlson. From Mark Taylor residential, and I mean, it sounds like you guys are doing some big things. They’re in Arizona, they have 22,000 units, 34,000 residents. This is not a small operation, so John, welcome to the show.

[00:01:37] John: Jason, good morning everybody. Thanks for having me. Excited to be here.

[00:01:41] Jason: Cool. So we’re going to be chatting a bit about multifamily market over supply, which I’m guessing is pretty much what it sounds like. So, but John, maybe give us a little bit of background on you first and how you got into this and your relationship with Mark Taylor and all of this kind of stuff. Give us some backstory.

[00:02:00] John: Sure, brevity matters. So, grew up in the Midwest Southern Minnesota. Farmer by trait with stepfather from age 10 until 18. Realized that was not for me. I’m not the micro dirty jobs kind of guy. You can see. I like the dressed up look. Yeah. So at age 16, I really thought about what I wanted to do in life, and of course didn’t know. I was good at math, so I decided to be an electrical engineer. So I went to school for that. Worked for a great small company called vtech for about five years. Was able to finish school while working there and travel the world and discovered Phoenix and realized Minnesota was not long for me and what I wanted to be and do long term. So, chose Phoenix with my girlfriend Megan at the time. Traveled to Phoenix to look at apartments. I think we toured 15 or so apartments in one day. We had the big apartment guide book, if you remember those. Yeah, listeners. So we were feeding through those and there’s a big eight fold and it had Mark Taylor communities. So we toured three or four of those and landed on San Cervantes. I always joke with my team, we actually broke into the amenity space because the office was closed, it was past six o’clock. So I just remember seeing this beautiful, resort style pool, sand, beach area, ramada water features. And I’m like, Megan, we have to live here. So, We flew back that night landed. I called the manager, Michelle Sinclair the next day and secured a two bedroom apartment class, a brand new for $940 and a month free concession.

[00:03:28] So we moved a few weeks later and this was just prior to 9/11. Megan had a job. I was scheduled to fly back to Chicago to a final interview with a fuse company. They were opening a satellite office in Phoenix, and that was scheduled on 9/13 2001. Okay. So clearly there were no flights that day. The world was on edge, including me, and they put a hiring freeze on. So I was off to the races with my fax machine and sending out resumes if everyone knows what a fax machine is, right? So, that lasted a few months and lo and behold, Michelle, the manager, came to me and said, Hey, Would you consider part-time leasing while you wait for a position in engineering? And in my fixed mindset, I said, no. I’m an engineer pounding my chest. And a week later I realized I had to pay bills and electricity and all of those things, car payments, so I signed on and never looked back. I fell in love with the organization, real estate, and truly found my home as we like to say. And that’s Mark Taylor.

[00:04:27] Jason: Cool. That’s quite a story. So it’s pretty interesting. And so now what do you do at Mark Taylor? So everybody’s clear.

[00:04:34] John: So today I run Mark Taylor as president. As you mentioned, now 23,000 units Class A both Phoenix and Las Vegas. So in two states so, regional but have a pretty good grasp of the market across the country. So, And I think, a lot of us know us nationally from a brand recognition standpoint. We’ve been in business almost 40 years. So that’s Mark Taylor in a nutshell.

[00:04:56] Jason: So, That’s awesome. Yeah, it’s quite a story to go from starting to help with leasing to being president of the company. I think you skipped a lot of steps in between, but I enjoyed the beginning. So, what was the time gap there just for the audience to understand?

[00:05:13] John: So I started leasing in 2002. My girlfriend Megan, moved back to Minnesota a year later. So I was here by myself. So I had a lot of time to figure out leasing real estate in the business. So I just moved my way through the organization. Like I said, I was good at math. I think I always had an appetite for real estate and I just really sunk my teeth into this business. And, as I always tell my new hires and the younger generation folks like lean in on mentors, find the best leaders. I found some great leadership mentors, people that were patient with me Yeah. And building up my skillset including Scott Taylor and Jeff Mark, our founders. And I just felt like that really helped my growth and my pathway and I worked my ass off. And I think, you can never look back and poo work ethic and sure. My mom and my father helped me with that years ago.

[00:06:02] Jason: Yeah. Growing up on a farm, you’re going to learn some work ethic. Yeah. Whenever we were bored, my dad would say, we’d learn never to say we were bored because he would put us to work. We’d be working in the yard.

[00:06:13] John: I think I used that word for about 10 years.

[00:06:15] Jason: So I’m never bored. I am creative and I’m never bored, so it doesn’t happen. All right, so cool. Well, John it’s awesome to connect. So what year did you become president? How long? 2016. Okay. Okay, cool. Yeah, I mean, that’s a cool story right there. That’s a cool story. So let’s get into this topic: multifamily market oversupply. I mean, there’s a lot of multifamily stuff going up here in Austin. I’m seeing it pop up everywhere. There’s building and building. So, what are you seeing there in Arizona? What are you seeing, maybe you think is happening here in the US and the market?

[00:06:51] John: Sure, let me start with, I’ll start with, Phoenix Metro and all this broaden out. So, Phoenix, like most of the country was undersupplied from a multifamily perspective since really 2011. And I think if you just look back at the gfc the greater financial crisis in 2008 and nine and 10 that really I’ll say put development in a paralysis type state. And Phoenix specifically was almost like the Black Plague. No one wanted to even think about investing here. And as most of the audience knows, I mean, it takes a long time to, to buy a piece of dirt, zone prep, design, get zoning approvals and get it through the city and actually build a unit that’s two to three or four years depending on project type. So it took a long time to build up supply. So being undersupplied for a decade really resulted in a lot of things that we hadn’t seen historically in Phoenix or across really the national landscape. So fast forward to the pandemic and we’re starting to kind of get our, I’ll say druthers in terms of supply. We’re starting to get a better balance of that. An interesting data point we were delivering 18 to 22,000 units in the mid eighties in Phoenix, and had never delivered. 10,000 units in a year, past 1987 until last year. So if you think about the population adjustment, 19, just say 95 versus today, that’s, almost 2 million people different. So, clearly there was an undersupply component. Fast forward to today and we’re delivering and will deliver about 16 to 17,000 units in Phoenix Metro. Again, hadn’t delivered past 10,000 units until last year when we delivered just over 13,000. So, yeah, I’ll just say the equilibrium was in the landlord’s favor, and unfortunately for renters that was costing them in terms of, monthly rent and you add to the field, the tailwind of Covid. Lots of folks came to Phoenix and I call it the Boomerang effect. Although the boomerang never came back, meaning. A lot of folks got to experience Phoenix for the first time, and I think this was a condition across the country. They found great spots where maybe there was a little bit less restriction in the Covid era, if you will.

[00:09:04] And there were people coming here from California nonstop saying, God, I really enjoy Phoenix. I’m going to rent a place for six months. My employer’s allowing me to be flexible at this point, and I’m going to test this out. And I think a lot of people decided to stay. So, as always, jobs create future apartment demand, but in this instant, if you worked in San Francisco, but you were living here in a six or 12 month lease, we weren’t absorbing your job, but we were definitely taking your monthly payment. So, it was unique in that aspect and a lot of things changed from Covid. Obviously we can touch on that later, but expand.

[00:09:34] Jason: Yeah. A lot more remote work. Everything flowed in the nation from places with less freedom to places with more freedom.

[00:09:42] John: That’s just what one would expect. Yeah. And that’s what happened. So I think people got a taste for Phoenix. They realized July and August aren’t that bad. Yes, it’s an oven for a couple of months, but we’re okay. HVAC and other things. So, I think that accelerated what I think people were already starting to figure out that Phoenix was great and I think that happened across the country. So, not only Phoenix, but broadened that out. So across the country, I think there was a similar pattern in terms of lack of development, both in single family, which has to be mentioned because that’s a component of our housing shortage and multifamily. So fast forward to today. You had a couple things happen, so you had some momentum in real estate.

[00:10:22] You had zero interest rates, essentially that environment for 10 to 15 years, and you started to have all of these developers starting to get their, I’ll say, momentum and build units. And of course a lot of Class A units were delivered and are being delivered. And so, what’s happening now is you’re seeing a surge in that. And part of that has been fueled by delays in construction. So if you think about the covid related supply chain issues, some of that’s kind of worked through itself over the last 12 to 18 months, which is good. So inventories are better. Pricing maybe has reprieved a bit, but if you say, supply chain issues, labor issues, which is the biggest component of that you have construction deliveries that are delayed, say three to 18 to 24 months.

[00:11:08] So a lot of these deals, the 16,000 units specifically in Phoenix are result of that. Otherwise this would’ve been delivered prior. So I, I think that’s a big component of the oversupply. Which at the end of the day if you go into, I can go down to a bunch of soapbox areas, but if you think about the renter, which is most important to me there should be a nice equilibrium in the market that’s the best for all of us, right?

[00:11:31] You get about a 3% rent growth, which has been the case since 1982, 3.2% rent growth average by year. That kind of fits with historical cpi. So when you’re raising rents 20% or 10% that’s not sustainable. I’ll just say it that way. So this supply cresting is benefiting the renter for sure. Yeah. Q1 Phoenix was down 3% probably the lowest in the country. And, supply cures a lot of things. I’ll say it that way.

[00:11:59] Jason: Yeah. So I mean, everything’s, the pendulum’s swinging, right? And it’s going to move back towards middle or back towards equilibrium. But how do we stop the swings? Because probably, you’ll have a bunch of developers, they’ve been building stuff out because everybody’s trying to capture all the opportunity that seems to be happening in all these markets like here in Austin. It’s crazy. I’m sure it’s crazy in Florida, like all the areas, there’s lots of people moving from states that were more, more liberal and more control, and they’re moving more towards areas where there’s a little bit more freedom financially. And it’ll be interesting to see if some of these places, the people that are moving, if they bring their policies with them and if those areas start to shift and change. But some of these areas what you see going on in San Francisco, what you can see going on in California, what you see going on in Seattle. I mean, some of these places do not look like great places to live anymore. Like it’s getting chaotic. Sure. Because of some of the policies. So we’re going to see a lot of money, I think shift, continually shifting towards these areas of freedom, and as that’s happening, are these builders overbuilding? do you think that’s going to be happening? That there’s going to be too much like, it’s like a gold rush?

[00:13:14] John: Sure. Well, I think that ship has mostly sailed because of the interest rate environment. So yeah. I think most of us pick any sector have forgotten how to live in an interest rate environment. We were 0% essentially. So, if you look across the spectrum, I think you’re going to see zombie companies, fade away. You’re going to see the old adage from really 17 to 21. It’s weird to say old, but you had startup companies that were negative cashflow that would not, be able to pay for a printer, but they would just get another round of funding, it’s almost like a Ponzi scheme. So I think getting back to some fundamentals from a business more of an institutional business, historical methodology makes sense for the entire market. And I think this will force guys or groups or developers to be much more thoughtful as they go to market or try to build deals, right? It just it’s not the wild west or, the top of the bubble. I think fundamentals matter. I think how you think about your business, how you look at, your construction, your development, your cost structures, what rent should be, all of those things are probably okay for guys that have done this the right way for a long time. I think it’s the fringe guys that are greedy and are taking advantage of certain market conditions. And that’s fine. Everyone has their angle. But I think this will shake out in a way where you get back to some real core guys or core groups that know what they’re doing and fundamentally will help shape the future of multifamily the right way.

[00:14:44] Jason: So you mentioned the fundamentals. So what do you feel like are the fundamentals that business owners in the property management space should be focused on? That’s going to prove to be effective in the long term. I mean, obviously the company that you are president of has been focused on the fundamentals and has been doing well consistently. We’ve got a lot of listeners that are probably much smaller than your business and what do you think they should take away from and maybe could learn from what you guys are doing at Mark Taylor?

[00:15:18] John: Yeah, I think you know Jeff Mark, Scott Taylor, our founders, taught me a lot of great things about real estate. And if you look at their track record they’ve never lost a deal or a unit or a dollar in real estate in 38 years of business, which is impressive considering all of the cycles and dynamics of what happens economically. So I think it comes down to when I look at Mark Taylor, we started as a developer, became a manager. Now we consult, we asset manage all of those things. And I think their fundamentals have always kept them in check, right? They’ve never gotten to a point where, oh, let’s be greedy or let’s stretch. If you have an investment model, here’s your box. Never go outside of that, right? And so, I think back to, 2006, we sold everything we owned except for one deal.

[00:16:03] In June of 06 at the peak it was a different environment then. And then we went pencils down post 2007. We built our last deal, San Porte and Tempe, and then hit pause on the other five pieces of dirt. We had a lot of guys just kept going nope, this thing’s never going to end. And the first out of the ground in 2011 because we are also a data company, we’ve been collecting enormous amounts of data since 1985. Yeah. And everything said, tailwind, green light. So, we bought as many pieces of dirt as we could and built the most units from 11 through 15. And it really transformed our business and got us really on the front end of the last cycle. So, I think all of those things happened within our box. And today, we’re moving through really the last two deals of our construction pipeline, and we’ll probably be on pause or pencils down until the market makes sense again. And I think as simple as that sounds, you have to make sense of the market. So when you’re seeing real cap rates below 3%, sometimes, below two and a half in 1920 and 21, you kind of got to scratch your head and say, okay, is that long? That in terms of going through a next 2, 3, 4, 5 years or next cycle. Does that make sense? And the problem with that is if you’re not putting in fixed debt or fixed rates and you have guys saying, oh, the music’s never going to stop, I’ll just put floating rates on these or a three-year arm, that’s a problem.

[00:17:24] So you’re seeing guys that made potentially bad decisions or got outside of their box. Seeing what happens when the market shifts and rates move like they did. No one can control the Fed. And seeing the acceleration of those rates has really created a dynamic where things will start to break. And I think we’re seeing that now, or at least those things are percolating.

[00:17:45] Jason: So for the listeners, help them understand at Mark Taylor the how the portfolio works. Are you doing third party or are you owner operators? because you’re talking about selling off properties and you’re doing management.

[00:18:01] So, Give the listeners an idea. We talked about kind of the size of it, but what percentage is stuff that you developed that you’ve owned or that you own currently and then like that you’re managing?

[00:18:15] John: Yeah, great question. So we today, we get really all facets of the business. So our development ownership. So today we have about 5,200 units that are owned and self-managed. So we’re about 80% third party. And I think the third party management aspect and also managing your own assets gives us a really nice balance. Yeah. So we’re able to, in terms of properties that we own, turn my life back on properties that we own. We get to test new things like centralization and new software, new systems, new methodology. And on the third party side, we get to learn from ownership groups all over the world. We have owners from Japan, Tokyo all over the country large institutions, MetLife, Goldman Sachs, JP Morgan, et cetera, to Mom and Pops. And I think the deal flow that was occurring in 17, 18, 19 and certainly at the peak in 2021 showcased us in a, in terms of how we supported. Transaction capital markets. So every deal that comes on the market, we underwrite and it helps us get a true feel for what’s happening in the market from an operational perspective.

[00:19:20] A competitor’s not going to send me their financial statement, but guess what? I get to get one when they go on the market. And then we see and track through great relationships, how those things happen. Meaning how many people are signing cas if there’s 500 cas in one deal, there’s obviously appetite for Phoenix. So, really understanding the transaction markets, the capital markets understanding, how guys are achieving debt, equity and all of those relationships has really kept us well-rounded. So, that’s fed into Mark Taylor Consulting. So today we, we consult with a variety of developers groups with marketing programs and plans asset management nationally. So, it gives us a lens into a lot of different areas that really. Just allows us to take advantage of our expertise knowledge and data.

[00:20:05] Jason: Yeah, and that’s interesting. So one of our coaches that we have he said that it’s really surprising that a lot of property managers don’t have their own portfolio. They don’t have their own properties that they have ownership in. There’s quite a few. And he says, that’s kind of like going to the restaurant, asking the waiter what’s good there. And they said they’ve never had anything. And so I think there’s an advantage, like, if you believe in real estate investing, I think it’s a smart move that every property manager should be also building up their own investments. That’s where some of the funds should be going towards to build up their own portfolio and their own investments, because, That’s, that is smart for the future. That being said, building up a business is probably one of the most profitable things if you do it effectively to get an ROI on that exists. So you mentioned you mentioned focusing on the data. And you have all this data that a lot of people just don’t have or don’t have the opportunity to see at the level that you are doing it at. What is the data telling you right now that you think property management business owners that are doing third party should be focused on right now?

[00:21:14] John: I think that, it’s always predictable with each cycle, so I think back to. When we were coming out of the Great Recession, and I still have a, somewhere I have a sign. It was the old Clear Channel Billboard sign. It was just a little standup model. And we had three months free San Palacio, and there were other groups doing four months free. And these were prorated concessions. Wow. And when I think. To that timeframe. And most of my current generation of, leasing agents, service technicians, haven’t been through a downturn. It’s been a pretty good market since 2012. Yeah. And when I’m in company meetings, they’ll say, raise your hand if you’ve worked in the gfc. And everyone’s like this except for some execs. So. Trying to help them understand the cycles of this business is important. So, last year we did a lot of coaching and training on, okay, this is what owners are going to start to look for as the market shifts, right? When your rents are going up 10% NOIs here, you’re above budget. There’s not a lot of detailed conversations from most owners, meaning you’re hitting all of those targets, things feel pretty good. But when it’s doing this, And the market’s softening, and now rents are going back and retracting. Now what do they do? They start to look at marketing costs.

[00:22:26] They dig in like, what’s going on exactly? Is my phone number on my website go directly to, someone that will answer it? Are my phones being answered? What’s this expense over here? They become expense conscious, marketing conscious and personnel conscious. That’s predictable. So my marketing team said, wow, you were right. We’re getting a lot of calls now from owners. Of course you are. Yeah, the dynamics shifted and it’s not even bad. It’s just softened. So wait till maybe you’re not covering debt, right? So I’d say that most of our groups are well capitalized. That’s not an issue, but that’s going to be for certain third party management groups. That’s going to be an issue, right? Because they’re going to pay debt before they pay your payroll depending on your property management agreement. So how does that work out? You’re going to have to start to scale back on expenses. They’re going to say, Hey, We need to save $20,000 this month, how are you going to do it?

[00:23:13] So it just changes the dynamic of how you function as an operator. And I think back to your original point, us as ownership, that really helps us because we know in terms of our focus of maximizing the bottom line or financial potential of each asset. Man, it’s a lot harder in this type of environment and it’s going to get a bit harder for the next 12 to 24 months.

[00:23:34] Jason: Yeah, I’m a little bit of a conspiracy theorist, but I think leading into the next election, every election year, things get really crazy. So, and it seems like nothing makes sense right now, like everything is just getting worse and crazy and, It doesn’t seem to make sense, but I think it’s it’ll be crazy leading into 2024. So it’ll be interesting. And I think, yeah, there will likely, it sounds like, be a wave of owners reaching out, owners wanting more support, investors wanting more help with what they’re dealing with and trying to figure stuff out. There’s probably quite a few that just I think ever since the pandemic, it woke people up because lot of the investors that were DIY and doing it themselves, they realized that they don’t like being the bad guy. And if things do get crazy and things financially get tight, maybe for renters or for owners, right? Then property managers, they have no concern about being the bad guy. They’re totally cool with making sure that things work and running it like a business because they’ve heard it all. Sure. They’ve been they’re numb to all the BS and the stories and the, drama. Whereas, a lot of the homeowners and the property owners like, that’s hard. It’s hard, it’s uncomfortable to deal with those situations. But when things are good, They’re like I don’t know that I need a property manager. But I think the need will increase. So this is interesting. So, well, is there anything else you’d like anyone to know about this idea of multifamily market oversupply or maybe about Mark Taylor or how should we wrap this up?

[00:25:11] John: Well, I would start with just, from a. Current to long term perspective. So I think the over supply is happening. You’re seeing it in Austin and Phoenix and other markets, and that will eventually fill up, right? So you have no choice but to stabilize. So your rents might not be what you performed, but are underwrote in your performer. But the reality is, at some point those will stabilize. And I think if you look past the next 24 months, 36 months and beyond, and really look at the last part of this decade, which is weird to say, but the late twenties. I think, we have to look at the country or this environment as there is going to be a housing supply shortage and I’m including single family for sale, single family for rent. And if you just go back to something we touched on earlier the attack on our industry and landlords and developers in general. Rent control is just. Commonly brought up by legislatures every year, including Arizona. And, the things that have, I’ll say mostly ruined certain markets. I won’t name St. Paul Portland and I could keep going. Uh, But those policies and how they’ve thought about creating housing. For their constituents and their population has clearly give them a great f And I think if you look across the spectrum of groups or cities or states that have done this well we have to fight for those policies.

[00:26:36] And if we don’t fight the wrong policies will occur and this housing shortage will just get, I think, substantially worse quickly. So, we have to think about policies. We have to think about doing things the right way, making sure that we have an ability to develop and create supply so that we can house folks that want to move to Austin, Phoenix and everywhere else where people believe in liberty, freedom and all the things that we believe are, founded in the constitution and belief in the US makes sense. So here we are today, Phoenix and Austin being two of them.

[00:27:12] Jason: Yeah, it’ll be interesting. If there’s a shortage supply shortage coming in, housing, and then people think the solution is rent control it. That’s like pouring gasoline on the fire. They’re like, Hey, let’s just make this worse. It’s, I mean, it’s wrong politicians that are doing the stupidest thing ever. It was the wrong thing and destroying things. And so, yeah. I think that’s everybody listening, property managers have a duty to be involved a little bit politically to prevent this firestorm from happening. And this is an opportunity to go and be the canary in the coal mine or be the Paul Revere shouting, from the horse, letting everybody know, Hey, there’s a problem coming. People are going to start trying to push this rent control idea and it’s a bad idea if for no other reason than helping the industry. Use it as a vehicle or platform for some self-promotion for your business in your market, and get on some news channels. But I think that would be a great idea because then you’re going to look like a profit when this stuff starts to come down and they’re implementing rent control and there was a problem and you’re like, Hey, I was the one that told you so people are going to start to listen to you.

[00:28:16] This was like Winston Churchill, right? Yeah. Hitler started taking over and he was like, Hey, I’ve been telling everybody, and they’re like, okay, you help us out. And if you’re that light, people are going to be reaching out to the light when it gets dark. And because they know you, you have been talking about this. So maybe it’s time for property managers to get a little bit noisy about this rent control stuff that’s coming and not just hope and pray that it doesn’t happen. You don’t have to deal with it so.

[00:28:43] John: No question. No question.

[00:28:45] Jason: Cool. Well, John, really great having you on the show. Any call to action you want to leave anybody with or? How can people check out your company or whatever you’d like.

[00:28:54] John: Yeah, check us out mark-taylor.com. That’s mark hyphen taylor.com. Like I said, third party manager development consulting. If you’re thinking about, developing a project in Arizona or you want to learn more about, data and terms of multifamily market conditions, Arizona, Nevada will soon be launching a subscription model, so you’ll get access to a lot of our great reports.

[00:29:17] And data, which will be incredibly helpful for those that are just trying to understand the market and what’s next. So, reach out to myself directly. You can find me on the website and I appreciate you having me, Jason. It’s always good to talk to great guys.

[00:29:31] Jason: Like really great to have you. Thanks for coming on the show.

[00:29:34] John: Thank you. Talk soon. All right.

[00:29:37] Jason: So, really exciting to have John come on the show today. I think this brought up some ideas of what everybody needs to be paying attention to in the future, and property managers, your job for your investors is to see a little bit of the future and protect your investors and your clients, right? And hopefully we had mentioned also becoming an investor yourself if you’re not already doing that. So for those of you that are struggling with your property management business right now, you’re like, I don’t have time right now to even think about getting a little bit politically active about rent control, or, I don’t have time right now to even worry about the data or the future. I’m struggling to figure out how to like make money in my business, or I’m struggling with all the questions my team are throwing at me all the time. Why can’t they just think for themselves? Reach out to DoorGrow, we can help you make your business scalable. We can help make it easier and we can help remove that secret pain that a lot of you have that are over 200 doors that deep down, if you add more doors, your life’s not going to get better, personally, it’s going to get harder. And so we psychologically get reversed towards growth and adding more doors. We can help solve that problem. We just need to make your business scalable and get you out of all the things that you really don’t enjoy doing.

[00:30:54] And we’re really good at helping people do that. So if you’d like to start stacking and adding a hundred, 200 plus stores a year in your property management business and grow it and scale it, we have clients that are doing that and we have proven it and our model works and we can help you do that as well.

[00:31:11] So reach out to DoorGrow. And if you’re one of the startups or smaller companies and you’re under a hundred doors, we can help you get very quickly, get those doors stacked up and start and get the growth going. So reach out to DoorGrow. Check us out to DoorGrow.com. Click the big pink button. We have a free training that’s 95 minutes long of me just dropping value, and that’s going to change your mindset about what it takes to grow your property management business and to make it scalable.

[00:31:38] Check that out and it’s free. It’s right there. There’s a YouTube video on that page that we set up. So, and book a call with us. We’d love to talk with you and see if we can help you grow and scale your business. We’re always looking for really awesome growth-minded property managers to be part of our Mastermind community. We have some amazing people in there that are getting awesome results.

[00:32:00] Jason Hull: 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!

[00:32:26] 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.

Enjoyed this episode on multifamily market oversupply? Get equipped with more content like it by exploring past episodes of the #DoorGrowShow.

Jason Hull

Jason's mission is "to inspire others to love true principles." This means he enjoys digging up gold nuggets of wisdom & sharing them with property managers to help them improve their business. He founded OpenPotion, DoorGrow, & GatherKudos.

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