Calendar icon June 28, 2023

Property Management Profitability: FAQs on Profit Margin

Property Management profitability is, of course, how much money a property management company keeps of their revenue after their expenses. But Daniel Craig, the CEO of ProfitCoach, wants PMCs to think of profitability far more expansively.

“We recommend that you think about profit as the opportunity to reinvest in the business,” Daniel says. “Your business isn’t just a machine that makes a profit; it's a machine that turns profit reinvested into more profit.”

In other words, profit is a virtuous cycle that, once started, can deliver increasing ROI, better value, and better business.

The big question is: How do property management companies increase profitability?

That’s what we connected with Daniel to talk about. We’re sharing some of Daniel’s insights on property management profits and experiences we’ve gathered over years of working with property management companies across the country. 

Key Learning Objectives:

  • How property management companies increase profit
  • How long it usually takes to become profitable
  • Common mistakes property management companies make when trying to build profit
  • How to optimize operating costs
  • How to find the right residents and property investors
  • Tools for helping to increase profitability

Meet the Expert: Daniel Craig

Daniel Craig is the CEO of ProfitCoach, which provides property management entrepreneurs with financial knowledge, tools, and strategies to drive greater profits. 

 

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How do Property Management Companies Make Money? 

In the most basic terms, property management companies make money through real estate investors paying for the services they offer. The more value a PMC can drive for its property investors and residents, the more revenue they generate. 

The profit, of course, is how much is left over after paying all your expenses. 

“We've worked with hundreds of residential property management companies and seen a wide variety of profitability levels,” Daniel says. 

ProfitCoach and NARPM started benchmarking profits with the NARPM Financial Performance Guide and Daniel says they’ve seen a significant shift in the past few years. 

  • In 2017, the average profitability in the property management space was 6%, and the top 25% of performers’ profitability was 25%.
  • In 2021, the average profitability was 11%, and the top performers were 32%.

The important nugget in these benchmarks? Seeing what’s possible. Many rental property managers may not realize they could strive for anywhere from 25% to 32% profitability. 

But if the target is that high, how do you get there with your business? At ProfitCoach, Daniel and his team have outlined the “Three Steps to 3X Profitability.” 

3 Steps to 3X Profitability

Here’s what Daniel has to say about the three steps to 3X your profitability.

1. Get Clear

PMs need to get clear on where they are, where they want to be, and what they can achieve. It’s important to know:

  • What’s possible across the industry
  • Trends in your local market
  • How you compare

If you're not clear on the potential, then you're not going to be clear on what you should strive towards. If you're not clear on where you are today, you're not going to be clear on whether you need to change.

2. Define Your Target

Compare your performance to the latest NARPM numbers and benchmarks and determine your target for each of the six Do-or-Die metrics. 

Maybe the benchmark isn't your target, and that's fine, but you need to know what's possible. Many people go through their business lives without engaging the possibilities. They operate within certain boxes, and those boxes need to be compared to what other people are doing. Then you can adjust your perspective of what's possible and set realistic targets.

Next, build a realistic financial forecast that helps you chart the course from where you are to where you want to go based on your financial goals. 

3. Stay on track

Now it’s time to bring the team into the conversation and basically say, “Here’s our roadmap. What specific tactics and strategies will we enact to accomplish the financial shift we need in each of these six areas of our business?”

And once you have those defined, measure your progress against your goals monthly or quarterly. Engage your whole team in the conversation and engage a coach to help you define a financial performance improvement action plan and hold you accountable.

How Long Does it Take for a PMC to Increase Profitability?

According to Daniel, businesses should give themselves between one to three years. 

“We've seen companies make massive changes in 12 months, and we've seen companies make massive changes across several years,” Daniel says. “But generally speaking, I would say to give yourself one to three years to make a major shift – if you want to go from an average company to a benchmark company.”

How to Set Up a Property Management Business For Profitability

Setting up your business for profitability is often about avoiding the most common mistakes other businesses make. We asked Daniel about where he sees professional property managers most often go wrong. 

Daniel says three major mistakes affect how profitable your business is.

1. Financial Fog

Daniel defines financial fog as “Not having clarity on where you are, where you want to go, or what's possible in the industry.”

“One of the cool things about this industry is that it's such a unique opportunity,” Daniel says. “I don't think that many property management owners realize the extent to which they can drive profit in this industry. They often don’t have a clear sense of what the real opportunity is.”

2. Financial Isolation

“At ProfitCoach, we believe that finance should be done in community,” Daniel says. “We are advocates of what we call community-driven finance, which is essentially engaging with community-based benchmarks, community-based best practices, and community-based scoring.”

Community-driven finance helps individual rental property managers and businesses know how they’re stacking up against top performers. It also helps generate value for everyone, where each PMC can benefit from best practices from those top performers.

“One of the wonderful things about the property management space is that it truly is a community space in which there is a lot of idea sharing,” says Daniel. “We think that when you bring that idea sharing into a conversation that is also numbers-based, you can begin to see the strategies and tactics that will be most effective as indicated by the data.”

“Staying in financial isolation is a huge mistake,” he says. 

3. Not Being Mission-Driven

Being mission-driven is all about thinking in terms of customer lifetime value. Sure, it’s possible to get a quick win on pricing, but it may cost you in the long run if you’re not thinking about lifetime value. Rather, Daniel says, “you want to make sure that your approach to pricing, marketing, everything in your business is values- and mission-driven.”

“What is your mission as it relates to your employees? What is your mission as it relates to your stakeholders? What is your mission as it relates to your owners/investors? What is your mission as it relates to your tenants/residents?”

 

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How to Reduce Operating Costs to Increase Profitability  

So, once you’ve considered the three steps to 3X your profit and evaluated the pitfalls of profitability – what next? How do you actually optimize your operating costs and increase profitability?

Daniel advises every PMC to adopt the NARPM Accounting Standards Chart of Accounts for their bookkeeping. 

He says the best part of using the NARPM Chart of Accounts to optimize your profit is the six “Do-or-Die” metrics. These property management KPIs are critical to business success:

  • Profitability
  • Direct Labor Efficiency Ratio
  • Revenue Per Unit  
  • Unit Acquisition Costs
  • Churn
  • Expenses as a Percent of Revenue

“It’s critical that property managers get a clear line of sight on how they stack up in terms of specific rental property management metrics that have an operational connection.”

For example, an income statement will tell you how much revenue you have but won’t tell you how much revenue per unit you have. By building off your income statement with the PM-specific metrics, you’ll be able to tie it to a more operational connection. For example:

  • From profitability to profit per unit
  • From revenue to revenue per unit
  • From sales and marketing spend to unit acquisition costs

In this way, you can understand on a per-unit basis how your business is performing operationally. 

Daniel says: “The problem with the standard income statement is that it doesn't often give property management owners and entrepreneurs a lot of clarity on specific operational shifts that they need to make in your business. When you implement the NARPM Chart of Accounts, you can then implement a whole suite of metrics that does give you that operational clarity and insight to drive action and improvement in your business.”

How to Increase Profitability in Property Management

Increasing profitability takes time and should be done in a few different steps across your business model. These steps are the same whether you are a large or small business. 

Daniel breaks down the work between developing your pricing, labor, expense, and growth models.

Look at Your Pricing Model

Your pricing model is a significant driver of profitability. Getting your pricing right is one of the pillars of profitability. A few things to consider as you are managing properties:

  • How does your pricing compare to the local market in your area?
  • Are you offering any property management services that you should charge management fees for?
  • What are you doing beyond rent collection that you should charge a flat fee for?
  • Are there more services you could offer and charge for their value?
  • How is your cash flow? 

Daniel cautions that it can take time. “If you roll out a new pricing model to tenants and owners, it takes time to implement. You should give yourself about a year to get that fully implemented.”

Look at Your Labor Model

Your labor model is the next big thing, as labor is your biggest expense and could also be a driver of inefficiency if you don’t have it right. Daniel recommends asking:

  • Do we have all the right people in the right seats on the bus? 
  • Do we have the right mix of U.S. talent versus global talent? 
  • Do we have retention strategies in place?
  • Do we have the right systems in place to enable each team member to be maximizing their productivity and their effectiveness in the organization? 

Again, these questions may lead to significant strategic shifts that you should give yourself time to implement.

Look at Your Expense Model

This one is a little bit easier but just as important. You can trim expenses fairly quickly once you identify where to cut back. Are you spending too much on overhead? Could you engage property management software to help with bandwidth?

In some cases, changing your expense model may take some time – for example, if you need to renegotiate a long-term lease.

Look at Your Growth Model

Evaluating and updating your growth model is another opportunity for maximizing profitability. Once you’ve identified and set your targets, here are some potential next steps for growth:

  • Finding and hiring a high-performing business development manager
  • Get a new sales process in line
  • Dial in your lead generation strategies so that you have enough leads for that BDM
  • Etc.

Again, this shift may take several months or years to integrate into your business processes fully.

Launch a Residents Benefit Package

Ultimately, one of the best ways to increase profit and influence your bottom line is by considering where you can add more value for your residents and residential property investors. Daniel recommends starting small tweaks to your Revenue Per Unit.

“We have seen repeatedly that a 10% improvement to revenue per unit can easily result in a 100% increase in profit per unit. So, look for ways to get small wins on value creation, value communication, and value realization.”

Daniel says one of the quickest and most practical ways to adjust Revenue Per Unit is to implement a Resident Benefits Package. (And we didn’t even put him up to it!)

“A resident benefits package alone can result in that 10% bump to revenue per unit, which can result in that 100% increase to profit per unit. This profitability can result in more fuel to your freedom, more fuel to your mission, and realizing all the things you went into business for in the first place.” 

How to Find Profitable Residents & Investors and Keep Them Happy 

Daniel says they’ve seen significant profitability gains when a company identifies the right-fit and wrong-fit clients.

“We have seen significant profitability gains come about for those who are looking through the client list, finding the misfits accelerating, and then getting those misfits out of their portfolio so that they can bring in the right-fit clients who are going to be a better fit from a value proposition perspective. Getting rid of low-performing clients and then backfilling those with the right kind of clients is a great way to improve profitability.”

Daniel says that this goes back to being mission-driven. By identifying your point of view on your industry, your values, etc., you can build a “why” for your company that can help you define the right new clients for your business. 

Daniel uses his own company as an example: “At ProfitCoach, we believe in community-driven finance. If we come into contact with a potential client who's all about financial isolation – they don't want to share their numbers with anybody, they don't want to engage in a community conversation, they don't wanna learn from the best practices in the industry – that's not a good fit for us.”

So, the two questions to define are:

  • What is your point of view?
  • What is the value proposition that comes out of that? 

Based on that value proposition, there will be a certain set of criteria that will define what a right-fit client is and what a wrong-fit client is.

Learn more about SecondNature’s Resident Benefits Package, which is designed to generate revenue and “Triple Win” conditions that benefit residents, investors, and property managers alike. 

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10 Steps to Onboard New Tenants

For property management companies, new tenant onboarding represents a cornerstone of the "Triple Win" philosophy we advocate here at Second Nature. That's because an optimal process benefits all parties. First, a smooth onboarding experience fosters tenant satisfaction and delivers winning conditions for a positive tenant relationship with their new home. It recognizes their role as property residents rather than transactional entities, and sets a positive tone for their experience with the property. It also demonstrates professionalism and competence on the part of the property management company, which not only boosts your brand, but also enhances your ability to attract potential tenants in the future. Finally, it protects the real estate property owner: Clear communication of lease terms, expectations, and maintenance procedures helps reduce the risk of issues such as late payments, property damage, or misunderstandings. But how do you actually optimize the onboarding process? Today we'll look at standardized procedures you should implement to ensure consistency and a positive outcome for all. Note on language: "Tenant onboarding” is an industry term used from time to time. But we here at Second Nature are trying to evolve the word "tenant." We’ve seen the incredible work property managers do day in and day out to make renters feel like they’re so much more than just a tenant – they’re residents. Making renters feel like residents isn’t just philosophical, it also encourages them to invest in care for their home and add value to the property. This is why, at Second Nature, we prefer to call tenants “residents.” Like you, we think of them as people first – making your property their home. 1. Run background checks, collect and verify all tenant information The onboarding process starts with thorough tenant screening and background checks on prospective renters. The process of ensuring the accuracy of tenant information can be time-consuming, so this is where you will realize the greatest efficiencies as you optimize the process. Start by leveraging screening and credit check/credit score service providers to assess a tenant's financial responsibility and ability to meet rent payments, as well as identifying any prior evictions or tenancy issues. Criminal background checks, run in accordance with fair housing laws and anti-discriminatory practices, can uncover potential red flags that may represent risks to the property or other tenants. You should also use standardized application forms that clearly request information such as: full legal name, contact details, and date of birth employment information and income verification (via recent paystubs or employer contact details) previous rental history, including contact details of prior landlords emergency contact information Directly contact previous landlords and employers to confirm details provided by the prospective tenant, and verify the government-issued photo ID (driver's license or passport) they supply to confirm their identity. Consider offering an online application portal where tenants can submit their information and upload documents securely. This allows for faster processing and reduces manual data entry (and therefore reduces the risk of errors). Again, ensure that all screening processes comply with fair housing laws to avoid discrimination based on protected characteristics. 2. Explain the lease and sign the agreement It's critical for all parties that you be transparent and clear about lease terms. To achieve this clarity in a repeatable, standardized way, consider structuring the process as four distinct stages: (i) Pre-signing review Schedule a dedicated time with the tenant to review the lease agreement. In the agreement itself, it's important to use clear, concise, plain language that avoids legal jargon. Explain each clause, addressing key points like rent amount and due date, security deposit details and return policy, allowed usage of the property and any restrictions (such as pets or modifications), maintenance responsibilities of both the tenant and the property manager, and termination clauses/notice periods. (ii) Addressing concerns After the pre-signing review, proactively invite questions and address any areas of confusion or concern. Have supplementary materials and any other necessary information readily at hand, such as property manuals or tenant handbooks. (iii) Lease signing process Consider offering the option of secure e-signatures for a convenient and efficient signing experience, but do ensure readily available hard copies of the lease for traditional in-person signing preferences. (iv) Post-signing follow-up: Present tenants with a signed copy of the lease agreement for their reference. At that point, you should outline the next steps, such as payment details (more on that below) move-in date and procedures, utility setup details, and contact information for maintenance requests or emergencies. 3. Collect payments and security deposits An efficient tenant onboarding process will prioritize secure and convenient methods for tenants to submit their security deposit and rent payments. Naturally, this starts and ends with clear communication. If you have not covered this in the context of the lease agreement, do so now: Clearly outline all available payment methods, as well as rent due dates, late fee structures, and any associated payment processing fees. It's helpful to provide flexible payment methods. Options include secure online portals (whether hosted on your site or by a third-party payment processing provider) that allow tenants to pay using debit cards, credit cards, or e-transfers. This option presents multiple advantages, including automatic recurring rent collection, online receipt for all transactions, and a record of payment history for easy reference. You can also offer the option for direct bank transfers between the tenant's account and the accounts of your property management company. For technology-averse tenants, you may find it necessary to offer traditional payment methods such as cashier's checks or money orders, which provide a secure way for tenants to submit payments without the risk of personal check bounces. When it comes to security deposit handling, compliance is key. You must adhere to all local and state regulations regarding security deposit amounts, holding periods, and interest accrual (if applicable). It's helpful to hold security deposits in a separate account designated solely for this purpose. This demonstrates transparency and protects tenant funds. 4. Share copies of electricity and gas safety certificates While some regulations require property managers to make electricity and gas safety certificates available on request, in certain jurisdictions, the property management company may be legally obliged to provide them during the onboarding process. Always consult with local regulations and ensure compliance to avoid any legal issues. In any case, by proactively providing copies of safety certificates, clearly explaining their purpose, and maintaining proper records, property management companies demonstrate a commitment to tenant safety and uphold a high standard of professionalism. This fosters trust and transparency throughout the tenancy. While the certificates indicate overall the electrical and gas safety of your rental property, as well as any potential hazards, emphasize the tenant's responsibility to report any observed issues or concerns promptly. 5. Schedule move-in To efficiently schedule the move-in, inquire about the tenant's preferred move-in date and time frame during the lease agreement signing process. If you're offering a few available move-in windows, strive to accommodate their preferred date and time, as this demonstrates your commitment to tenant satisfaction. If the tenant's preferred date is unavailable, propose options that minimize disruption, such as an earlier or later move-in time within the same day. Once a mutually agreeable move-in date and time are established, send a confirmation email or document outlining the details as well as a move-in checklist. Note that Second Nature includes a move-in concierge as part of its Resident Benefit Program. 6. Prepare the property for move-in day The onboarding process culminates in a meticulously prepared property for the tenant's arrival. Start by conducting a pre-move-in inspection and cleaning. This covers the entire property, including: Floors, windows, and all surfaces. Appliances Bathrooms and kitchens Ensure that all smoke and carbon monoxide detectors are operational, and have fresh batteries. Also, address any outstanding maintenance or repair requests, and verify that all applicable utilities are functioning properly. You'll want to take any meter readings in the presence of the tenant during the move-in process. Consider providing small "welcome amenities'' (toilet paper, tissues, light bulbs, and so on), as well as a welcome packet that includes contact details, important property information, trash collection schedules), and emergency procedures. Such gestures foster a sense that the property is being managed with care. 7. Deliver keys and share property manager contact information While the process of delivering keys and sharing contact information may seem trivial, it's an excellent occasion for once again demonstrating your professionalism and care for the property. First, coordinate a convenient time for the tenant to pick up their keys. This can occur during a move-in walkthrough or previously. Consider offering flexible options for key collection, such as collection of keys from the property management office, or secure drop-off at the property, if this is feasible. Maintain a record of the specific keys issued to the tenant. If the property utilizes key fobs or electronic access systems, ensure the tenant receives proper instructions and activation procedures. As far as contact information goes, provide the tenant with various contact methods, including any dedicated phone lines for tenant inquiries and maintenance requests, email addresses for non-urgent communication, and access to an online tenant portal (if applicable) for rent payments, maintenance requests, and communication. If you have not already done so, outline your operating hours and response timeframe for inquiries and maintenance requests. Provide a separate after-hours emergency contact number for urgent situations. 8. Leave a welcome message, card, or gift pack for the tenant While not essential, incorporating a personalized touch during the onboarding process can significantly enhance the tenant's experience. For instance, a brief handwritten note left at the property upon move-in adds a personal touch, as does a warm welcome email. Such a message can express that the tenant has chosen your property, offer availability to answer questions, and reiterate important contact details for the tenant's reference. Professional greeting cards with similar messages are also an effective way of enhancing your brand, particularly when co-branded with local restaurants and grocery stores to offer discounts or coupons. Another option consists of gift packs containing small, practical items such as basic toiletries, coffee/tea/baked goods, or cleaning supplies. Ensure that any message, card, or gift reflects a professional tone and avoids overly personal greetings. 9. Follow up after one week with the onboarded tenant to get feedback An optimal onboarding process extends beyond the initial move-in. Following up with the resident after a week demonstrates your company's attentiveness and professionalism, and goes a long way toward boosting retention rates. Schedule a follow-up call or email approximately one week after the tenant has settled in (at which point they will have become well acquainted with the property). A call allows for a more personal touch and enables the tenant to voice any concerns directly, while an email gives them the flexibility to respond at their convenience, as well as providing a written record of the communication. Sample wording might go along the lines of: "I hope you're settling in well at [property address/name]. Is there anything we can help you with?" or "We hope everything is going smoothly after your move-in last week. Do you have any questions or concerns we can address?" Remind the tenant of the various contact methods available for the property management company, and address any raised concerns promptly to demonstrate your willingness to assist in resolving issues. You may also wish to consider incorporating a brief tenant satisfaction survey into the follow-up e-mail, if you've chosen this approach. This can provide valuable insights into areas where the onboarding process can be further improved. 10. Schedule periodic rental inspections with the tenant A crucial aspect of responsible property management involves conducting periodic inspections. Here's a professional approach to scheduling these inspections while fostering a positive relationship with the resident. Clear communication is paramount. It's important that you outline the frequency and purpose of inspections within the lease agreement, and explain the rationale behind inspections, emphasizing property maintenance and ensuring tenant safety. Of course, you'll reserve the right to conduct immediate inspections in case of emergencies or suspected violations of the lease agreement. However, prioritize informing the tenant whenever possible, and always adhere to local and state regulations regarding the frequency and notification requirements for rental inspections. Before scheduling an inspection, provide ample written notice. This allows residents to prepare the property and minimizes disruption. As necessary, work with the tenant to find a mutually agreeable date and time for the inspection. Allow the tenant to be present during the inspection, and limit the inspection to the essential aspects, avoiding intrusion into personal belongings (download our rental inspection checklist to ensure you’re covering all the bases). Then, provide the tenant with a copy of the inspection report, highlighting any findings or maintenance needs. Final thoughts Remember, an onboarding process is not just a series of steps; it's a tool to enhance communication, establish expectations, and create a positive resident experience. Our top recommendation for ensuring a world-class resident experience is to build a resident benefits program. Second Nature has pioneered the only fully managed Resident Benefits Package for single-family property managers. Learn more about resident experience management in our State of Resident Experience Report, or explore the benefits of a Resident Benefits Package.

Calendar icon March 20, 2024

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7 Best Property Management Newsletters

Property managers fill many roles and hold many responsibilities. That’s why it can be helpful for them to subscribe to leading industry newsletters and publications. These publications deliver strategic time-savings by providing focused, often actionable updates on market news such as real estate market fluctuations, investment property trends, and resident demographics. They can also keep you informed about updates to legal considerations related to rental properties, so you have a longer runway to adapt to any changing requirements. Finally, they’re an ideal way of keeping tabs on the latest in best practices and tech advancements, so your operational toolbox always has the best tools available, for what can often be a challenging role. In this post, we’ll survey some of the top newsletters in the industry, and provide quick takeaways about what makes each worth the read. 1. Second Nature's Triple Win Newsletter Our very own bi-weekly newsletter is a fun and informative digest of all things property management, with a focus on our "Triple Win" approach, which favors conditions that benefit residents, property management companies, and owners alike. We make it engaging and helpful, with sample content including articles such as "Improving Delegation with the 'Who' Not 'How' Approach," "Property Management Horror Stories," and "How to Install and Manage Processes in Property Management," plus interviews with industry veterans, our take on the best of social media, and the occasional PM-focused meme. Subscribe here 2. Peter Lohmann's Newsletter Peter Lohmann is the CEO & principal broker of RL Property Management, a residential property management company located in Columbus (Ohio). His weekly newsletter has 5,000 subscribers, and according to a recent social media posting on Twitter/X, focuses on “sharing everything that works as we grow our property management business.” A testimonial from one newsletter subscriber describes the content as “honest, objective, and eye-opening,” and this does appear to be the brand of the email newsletter, as it is written in a personable, conversational tone that covers a wide range of meaningful content and marketing strategies, ranging from how daunting it can be to hire a new COO, to extended discussions around client churn (using data from his own company), as well as spotlights on conferences, local events, and new technology. Subscribe here 3. PlanOmatic Monthly Beaker PlanOmatic provides photos, floor plans, and 3D tours for single-family rental property owners and property managers. Their monthly newsletter, The Monthly Beaker, bills itself as “everything you need to know about SFR, once a month, in one place.” Although it is still a fairly “young” publication at just over a year old, it has already garnered over 750 LinkedIn subscribers to go along with their email list. It’s easy to see why – the format makes it a lot of fun to read, with an introductory editorial segment delivered in a conversational tone that nevertheless provides a significant quantity of information. This is typically followed by a series of quick hits consisting of proprietary insights into the SFR space, important data from around the sector, and final bullets providing key takeaways (“Everyone knows this stuff and you should too”) from the property management industry. Subscribe here 4. National Rental Home Council As the non-profit trade association of the single-family rental home industry, the National Rental Home Council (NRHC) publishes a wealth of resources for its different target audiences. NRHC’s intent is to support legislative and regulatory frameworks that incentivize housing providers to augment and enhance accessibility to a range of fair housing options for both homeowners and renters. This means its resources are designed to be of interest to a variety of different stakeholders within the rental market. Members receive a weekly Briefing Report on the single family rental home industry, the Quarterly NRHC Newsletter, and a Weekly Newsletter featuring national coverage and news alerts. For non-members, the NRHC issues regular news releases, as well as resources including FAQs, reports and primers, fact sheets, and videos. With archives dating back to 2015, this site is a valuable and well-established industry resource. Visit the website 5. The Evernest Newsletter Evernest’s focus is on single-family houses, condos, small multi-family buildings, and HOA management. It manages over 15,000 properties for over 6,000 owners, and its HOA and Association division serves over 17,000 homeowners. As for the Evernest Newsletter, its email list consists of over 18K landlords and real estate industry investors, all signed up to receive educational content for DIY landlords and real estate investors. This real estate newsletter also publishes content related to new podcast episodes from the Evernest team, articles and videos, and community content as well as information about upcoming events. Subscribe here 6. Jordan Muela’s Newsletter Jordan Muela has been in the property management industry for over 10 years, and is currently CEO of LeadSimple and co-founder of ProfitCoach. He started his now bi-weekly newsletter in 2021, which counts 4k property manager subscribers, and focuses on “people, process, and profit,” as he puts it. With catchy headlines and informative content, it’s worth browsing his page of posts to get a sense of his coverage. Sample headers include “Why what triggers you is a gift,” “There's a simple test to understand how aggressive your fees are,” “It's ok to want to quit,” and “2023 National PM Pricing Report”: suffice it to say that it’s all highly varied and readable stuff. Subscribe here 7. Marc Cunningham In addition to running the PM Build website, Marc Cunningham is the President of Grace Property Management & Real Estate. He's regularly featured in national real estate publications and podcasts, holds multiple designations, invests in residential and commercial real estate, and was named the 2018 national property manager of the year by Think Realty. At PM Build, Marc publishes a monthly video newsletter that addresses current topics and trends in the real estate property management space. With accessible topics such as “How To Deliver Bad News To Owner-Clients, “Top Tip To Be Successful In The Property Management Business," and “6 Numbers To Measure The Success Of Your PM Business,” his content is of immense value for new and seasoned property management companies alike. Watch episodes here Hungry for more news? Visit Second Nature’s Triple Win Property Management Blog

Calendar icon March 15, 2024

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