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DGS 97: Innovative Financial Products with John Higgins of Steady Marketplace
Description
Are you a property manager or owner who wants to recoup financial losses when stuck with a bad tenant who stops paying rent or needs to be evicted? Lower your risk? Trust somebody else to manage your properties? Protect all parties involved?
Today, I am talking to John Higgins, co-founder and CEO of Steady Marketplace, a leading technology platform for property owners and managers. Steady's subsidiaries offer financial products, including rent default insurance.
You'll Learn...[02:00] Background of Big Financial Numbers: Starting with event-driven, distressed, and activist hedge fund managers with billions in assets.
[06:37] Steady's products protect property owners/managers from bad tenant outcomes.
[07:40] Rent Default Insurance: Protection against rental income loss due to tenant's failure to pay.
[10:15] Rent Default Insurance is widely available and adopted around the world. About 70% are renters and 30% are owners.
[12:38] Collaboration Over Competition: Don't simply copy-and-paste products and policies; leads to lack of innovation.
[13:55] Automate It All: Learn from online lending space using technology to streamline processes, operations, and pricing.
[15:05] Perfect Businesses are Out of Business: Entrepreneurs think they've got something perfect, only to realize they need to make it better.
[16:15] By the Book: Take regulatory issues seriously, and make sure to do it right.
[17:00] Adoption is #1 challenge with any solution, software, or service.
[17:55] Competitive Advantage: Education, awareness, and understanding of product.
[20:53] FAQs: How does it work? Why does this exist? What's the catch?
[21:55] Renter's Insurance vs. Rent Default Insurance: What's the difference?
TweetablesEvery entrepreneur should make a difference. Otherwise, they're just causing problems.
When there's a loss of rental income due to tenant default, there is no protection.
Automate everything: Go slow to go fast.
That's how the process works. It's constant iteration to get better, and better, and better.
ResourcesNational Association of Residential Property Managers (NARPM)
TranscriptJason: Welcome DoorGrow Hackers to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing your 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.
At DoorGrow, we are on a mission to transform property management businesses and their owners, 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