Episode Details
Back to Episodes
DGS 91: Profitability Before More Doors with Shawn Johnson of Independence Capital Property Management
Description
Why switch from a fun, high-flying job to a stressful one? Property management is the "Golden Ticket" to finding new properties and creating value to help others.
Today, I am talking to Shawn Johnson of Independence Capital Property Management about putting profitability before adding more doors. If your company isn't profitable, than you can't create value for the community it serves.
You'll Learn...[02:00] Property Manager with Spare Time: Shawn serves as an instructor pilot for San Juan County Sheriff's Office.
[02:40] NARPM professional member, chapter president, and residential management professional (RMP).
[04:30] Passion for Property Management: Happiness comes not from avoiding problems, but finding fun challenges.
[06:02] Innovative Incentive: Competing for staff resources increases salaries, compensation, and revenue to successfully facilitate growth and manage the company.
[07:35] DiSC Personality Type: Motivated by money or recognition?
[10:15] What makes a business profitable? Finding perfect customer/market fit via value-ads and associated fees.
[13:42] Charge fees to compensate for extra time, energy, and effort without extra pay.
[14:57] Cost Savings: Implement less labor-intensive work (paper checklists) and more technology (videos).
[15:55] Tools and Software: Transition from a brick-n-mortar business to remote/virtual office using G Suite, Process Street, AppFolio, and RingCentral.
[18:35] Current Client Base: Push out and justify new fee structure; talk them through it.
[22:15] Sense of Scarcity: Feel safer and more comfortable raising fees and rates. [24:05] People are willing to pay for good service and experiences.
TweetablesGolden Ticket: Finding new properties, and creating value for others.
Property management is never dull.
Some people aren't motivated by money, but freedom.
Charge fees to compensate for extra time, energy, and effort.
ResourcesIndependence Capital Property Management
National Association of Residential Property Managers (NARPM)
DGS 7: Increasing Fees in Property Management with Darren Hunter - Part 1
DGS 8: Increasing Fees in Property Management with Darren Hunter - Part 2
DGS 9: Increasing Fees in Property Management with Darren Hunter - Part 3
DGS 80: Automating Your Business with Process Street with Vinay Patankar
DGS 82: Real Estate Revolution with Nat Kunes of AppFolio
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 oth