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Creating Leverage at 600-800 Doors in Your Property Management Business
Description
Once an entrepreneur reaches a certain level of doors in their property management business, they often seek to quit wearing so many hats and offload as much as they can. Unfortunately, even with 600-800 doors, PM entrepreneurs struggle to build an executive team, enjoy their day-to-day, and reach their business's full potential.
In this episode, Jason shares his insight on the unique challenges that property management business owners face in the 600-800 door range.
You'll Learn…
[01:16] The Next Property Management Entrepreneur Avatar
[02:00] What Entrepreneurs Have in The 600-800 Door Range
[03:20] A Common Mistake Entrepreneurs Make with Ads
[05:59] Expanding and Starting New Businesses
[07:00] Why PM Entrepreneurs Get Stuck at 600-800 Doors
[08:55] How to Get Support and Get Unstuck
Tweetables"It's really difficult to outpace the market attrition with marketing."
"If the main goal is the four reasons…If you do it the right way, this could be really a fun time in the business."
"Have an executive team, trust them to implement things, paint the picture of the vision, and focus on building the right culture and investing in coaching and mentoring and supporting your team members."
"We need a framework, a planning system, so that this is done effectively, that's led by the team, that's not top down and pushed and forced by you. This is where you really start to trust your team."
Resources Transcript[00:00:00] We get into this temptation where we're like, "I can just throw money at things to solve a problem." Unfortunately, this usually becomes painful as the market shifts. And at this stage, you probably are losing more doors due to the owners selling than advertising can replace.
[00:00:15] Welcome DoorGrow Hackers to the #DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you're interested in growing your business and in 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.
[00:00:55] At DoorGrow, we are on a mission to transform property management business owners and their businesses. 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 host property management growth expert, Jason Hull, the founder and CEO of DoorGrow now let's get into the show.
[00:01:16] All right. So today we're going to continue on this series of going through these different stages of the property management entrepreneur life cycle. So really brief recap: we've touched on some of these different stages, like being a pure startup in the startup stage, solopreneurs, creating a little bit of leverage. Today we're going to talk about the 600 to 800 door category. So last time, we talked about the 400 to 600 door category. And so, there's kind of a category of property management business owners in the 600 to 800 doors. And at this stage, they are actively seeki