It’s easy to hire role players for your property management company. But the larger you want to grow and the faster you want to go, you’ll need to consider hiring A+ talent. In this episode, we look back at the past 13 years and Matthew will shed some light on how we determined the best time to make the big hires needed to scale.
You don’t have to spend a ton of money on digital marketing or be the #1 spot in Google search. You can grow your business the way Mike has through hustle and grit. Learn some of Mike’s favorite approaches to guerrilla marketing and take advantage of his offer to share all of his material with our listeners!
In this episode, Spencer and Matthew do a deep dive into what Brad has learned and implemented in his own successful property management business. Brad explains his marketing strategy (think website and remote team members) as well as the most important task of the BDM - time from when the lead is received to when they are contacted back. This episode is full of actionable items you can use to grow your own property management business from 300 to 3,000.
In 2016 we were managing just over 300 leads with one BDM. In 2020 Jen Merritt and her team handled over 2,000 leads across multiple markets with several remote BDMs. In this episode, we walk through how we scaled our sales department, discuss our sales pipeline, and find out what Jen looks for when she’s hiring in sales.
Accounting and Communication go hand in hand. If your accounting isn’t buttoned up, you will spend more time communicating and create a higher probability of owner turnover. In this episode, we interview Curren Melgarejo, our Director of Finance. We’ll discuss what accounting looked like at 300 properties in one market and what it looks like now that we’re managing over 3,500 properties across the country. We’ll also explore what you need to pay attention to if you hope to scale and sell your company down the road.
Adding one or two properties a week likely won’t get you to 3,000 units as quickly as you want. You may need some help. That’s where raising capital comes into play. In this episode we dive into the two primary ways we’ve financed our growth - equity and debt. We’re not experts by any means, but we’ll give you our real world experience and what you can expect from investors or lenders.
One-to-one meetings with your team should be non-negotiable. It’s the most important meeting you will have each month. In fact, Andy Grove, Former CEO and co-founder of Intel, wrote in his book High Output Management that “Ninety minutes of your time can enhance the quality of your subordinate’s work for two weeks, or for some eighty-plus hours.” In this episode, we’ll unpack exactly how we run our one-to-one meetings to make the best use of that time.
Matthew and Spencer dive into the two-day Leadership Offsite meeting that has established the goals resulting in year over year growth. They discuss everything from atmosphere to icebreakers and how to approach the most critical issues in your growing business.
Stress is a part of the property management business. But scaling to 3,000 doors brings it to a whole new level. In this episode, Matthew shares the healthy ways he has developed to manage the stress and avoid the inevitable burnout of scaling Evernest.
Just because someone manages 1,000 or 2,000 doors, it doesn’t mean they are profitable. In this episode, Matthew and Spencer explore the decision every property manager makes on whether they should scale up beyond the typical 300 to 500 doors.
Phil Mazur is an EOS Implementor and has extensive experience in the world of property management. Matthew and Spencer speak with Phil about why every property management company should be running Traction (EOS) no matter the size.
Without a Vision, the People Perish – Proverbs 29:18 There wasn’t a grand moment where 25,000 houses became our vision. It just happened in a hotel room one afternoon while three of us were talking about goals. But our vision has taken a life of its own the past five years. Spencer and Matthew discuss the value in setting the vision for the growth of your company through Traction’s VTO (vision traction organizer).
No matter how big or small your company, meetings are necessary. The question is not are you going to have meetings, the question is are those meetings going to be effective? Join us as we dive into the meeting structure we have used since 2014 to grow our company to almost 3,000 houses. SHOW NOTES: Here is a copy of our Rock Book we mention in the podcast. Feel free to take it and edit it as you see fit. Patrick Lencioni’s two books, The Five Dysfunctions of a Team and The Motive. The Reid Hoffman podcast Matthew mentions called Let Fires Burn.
Learn to avoid mistakes and capitalize on a proven process for hiring. This is our Secret Sauce! Here is a copy of one of our scorecards AND a couple of our job posts. And here is a link to our favorite hiring book, WHO.
Matthew’s keynote address at the Pulling Back the Curtain Conference in our podcast episode this week. This is a one day conference specifically designed for property management companies of all sizes. If you want to find out more information about how you can attend the next PBTC Conference, check out their website.
If you have never heard of Culture Index, it’s time to learn more about this incredible hiring tool we use to get the right people on the bus and in the right seats. In this episode, we talk with Tra Grifffin, our COO and former Culture Index consultant, about the hiring advantages Culture Index brings to any company looking to scale.
If you want to grow your property management company to 3,000 units and beyond, which is the best way? Should you look to acquire other PM companies in your market or other markets? Or should you focus all your energy on organic growth. We’ll debate which is better and what’s worked for gkhouses over the years.