Episode Details

If you outsource properly, you free up time, money, and resources that you can reinvest into growing your business.

Today's guest is Todd Breen, owner of Virtually Incredible, an outsourcing company. Since 1994 his quest has been to make property management both fun and profitable. Outsourcing achieves both of those goals.

[03:03] Create your own solution to meet the needs of your company. [04:08] A common mistake property managers make is thinking they are the one that does it all. But they realize they can't do it all and need to hire others. [05:00] You don't need to spend tons of money on new employees. But there's a better option. [05:15] When thinking about outsourcing ask: What size is your company? Where are your weak spots? Where is your customer service lacking? [05:36] Todd's company, Home Property Management, decided to outsource its maintenance to a company that specializes in it, is staffed adequately, and available 24/7. [06:21] To effectively outsource, find a business that has systems and processes geared toward a specific task that you need done. [06:57] Dial into collective genius. Learn from other people, collect best practices, and improve what you offer. [07:52] What can be outsourced? Maintenance, leasing, bookkeeping, and other areas. [08:07] Todd decided to outsource leasing because he discovered that 99 percent of the time, money, and effort spent on answering the phone and responding to emails was time lost and wasted. [09:12] About 60 percent of your calls are on your leasing and generate no revenue. It wastes times and does not yield profit. [09:48] Outsource leasing calls to avoid lack of response and voicemails - not good customer service. [10:33] Maintenance is another customer service sore spot for companies. What is your average turnaround on work orders? You may not know, but your tenants do! Lack of response and action generates poor reviews, lower renewal rates...it's a trickle-down disaster. [11:40] If companies outsource leasing and maintenance, that is the bulk of where they think their time should be spent. But taking those off their plate lets them use that time to focus on building their business - strategic rather than technical work. [12:42] As an entrepreneur, you need to be willing to give up a certain level of control, even though that may feel uncomfortable. [13:37] At one point, Todd decided he wanted to scale and remove himself. He did so by becoming a reformed control freak. [13:55] The average property management company owner thinks they can't afford the latest Website. Outsource to the lowest cost solution and invest the savings to grow your business. [16:25] If an entrepreneur has a clear direction to head in and believe in it, you can't stop them. They are going to do it. Property managers need to believe outsourcing is a viable option for them. [16:38] One fear about outsourcing is related to quality. Property managers fear that those they pass off the work to don't care as much as they do or the output won't be as good. [16:58] Fear = False Evidence Appearing Real. For Todd, he felt that as soon as he didn't do he work, the quality would go down. But, the quality of his life was not so good because he was working so much. [17:16] Todd's customers had quality, but he didn't. He got to a point where he was done with that and things happened. [17:24] Todd teaches a course called, Run Your Rent Roll From Under a Palm Tree. [17:54] If you are a workaholic or overworked, Todd figures out what he can do to help them through various processes, systems, quality assurance, and training. [19:16] Those with the fear factor may be surprised when they let go, they open up to a better way of doing things at their business. [19:31] Should you hire your own virtual assistant (VA) or a reseller? Do you have the time to hire, train, and work with others? Are you good at hiring, training, and working with your staff? It's up to you to decide which is bette