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DGS 95: 5 Characteristics of Successful Property Management Companies with Marc Cunningham
Description
Property management is hard enough. As your business becomes successful, don't always say "yes" or "no" to everything. Owners are coming to you to solve a problem. Step into potential opportunities without being pulled in multiple directions.
Today, I am talking to Marc Cunningham, President of Grace Property Management, who identifies five characteristics that define successful property management companies.
You'll Learn...[02:42] Entrepreneurial Footsteps: Marc grew up in real estate property management world working for his dad, who founded Grace Property Management in 1978.
[04:02] Doors in Denver: Grow slow and steady; from 110 to 1,000 doors.
[04:32] Mantra: Follow the opportunity.
[07:15] However you define success, companies follow some of these five standards.
[07:56] #1. Filter and Qualify Owners: Don't take every owner that comes along.
[20:04] #2. Know your numbers to know how well your business is doing.
[31:43] #3. Focus on profit, not door count. People are willing to pay for additional value.
[37:20] #4. Have systems and processes in place, and follow them.
[43:50] #5. Recruit, develop, and retain talent.
[52:28] Marc's Extra: #6. Hold weekly one-on-one meetings with each team member.
[53:15] DoorGrow Extra: #7. Invest consistently in your own development.
[56:27] DoorGrow Extra: #8. Get coaching to help grow your business.
TweetablesThe more successful you get, the more opportunities come your way.
Cycle of Suck: Taking on bad owners, you get bad properties, tenants, and reputation.
You won't regret firing difficult clients, despite emotional and operational costs.
Track metrics regularly because numbers make a difference.
ResourcesDGS 25: Why Every Property Manager Should Implement Profit First
DGS 80: Automating Your Business with Process Street with Vinay Patankar
DoorGrown Cold Leads Calculator
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 are open to doing things a bit differently, then you are a