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Property Management Mastermind Show

#146: Owner Benefits Package For Property Management Ft. John Higgins.

Jul 07, 2022 by Brad Larsen

Joining Brad on this week’s Property Management Mastermind Podcast is John Higgins of Steady. John has spent years developing unique products that help reduce risk and generate revenue for property managers and owners of single-family rentals. Today he talks with Brad about what those unique products are and how beneficial they are all around.

John’s Info: https://www.steadyrent.com/


Learn more about RentWerx at www.rentwerx.com!

Brad Larsen: Hey everybody. On today's podcast, I'm talking with John Higgins from Steady, and we're going to talk all about the owner benefits package they've put together. And I think it's a fantastic conversation. You've got to listen in.

Announcer: Welcome to the Property Management Mastermind Show with your host, Brad Larson. Brad owns one of the fastest growing property management companies in San Antonio, Texas. This podcast is for property managers. By property managers, you'll hear from industry leading professionals on best practices, new ideas, success stories and lessons learned. This is your opportunity to learn about the latest industry buzz surrounding property management, as well as tips and strategies to improve your business. If you were looking to enhance your tenants movement experience, cut down on phone calls or emails to you or your staff regarding utilities, then you must connect yourself, your team, and your tenants with citizen home solutions. Citizen Home Solutions takes the hassle of utilities off your hands and your tenants. Best of all, we do it for free. Build us into your tenant benefit package. Oh, and start benefiting from our revenue share program. Yes, we pay you a quarterly commission on specific services. Your tenant pops into one to no more. Give us a call today at 8775283824 or visit PMC partner.

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Brad Larsen: Welcome everybody to another edition of the Property Management Mastermind Podcast. I'm your host, Brad Larson and today's guest and bring on Mr. John Higgins from study. Now John and I have been talking quite a while. We've had him on the podcast before. He's been around the property management space for a significant amount of time. This has been three or four years at least, and so he's become a familiar face at all of these conferences. So here we are today, live and in person at the Property Management Management Conference, Red Rock Resort, Las Vegas. This is day two. We're getting ready to have a pretty kickass dinner this evening and a great band. But I ran into John. I said, look, I understand you have this product that could fit nicely into a couple of different ways. I wanted to learn more about it. It's something that's fairly new er, newish, newer. And we wanted to talk about because it's something it's something we've never addressed before at length.

John Higgins: Yeah. And a lot of it has come from coming to the industry, hearing feedback from property managers, taking that feedback and incorporating it into a product and solution set. That makes a ton of sense. Yeah.

Brad Larsen: Now, John, you're getting ahead of yourself. You got to introduce yourself.

John Higgins: Sorry, John Higgins. Sorry. John Higgins, co-founder and CEO of Steady. As Brad mentioned, we've been in this space since 2019. My co-founder and I created a rent default insurance program that we've run throughout COVID, still run today with a major Fortune 100 insurance carrier. Never stopped writing business during COVID, never denied claims during COVID, and really realized during that time that, hey, property managers are the right channel for us and the right way to push our products and services because the risk is so much less when there's a professional manager involved. So that's really what we've been focused on in these new services and solutions are only available through property managers.

Brad Larsen: So we got a couple of ways to look at this. I mean, people are looking at ways to add services to the tenants on the one side and then you got services to the owners on the other side and both are equally important. So for example, we've implemented pest care and I think that's a fantastic solution for on demand pest treatments. And so we've kind of divided that into it's it's included in the resident benefits package, which, you know, you're honing in on. You're actually talking more about it, advertising it more. And then addition to our owner's maintenance package made it service package, owners benefits package. I mean, we come up with six different names for it, but it's kind of being divided between two different place places. And so I'm not saying your product's doing that, but I'm just giving you some background of what we've done and we've taken it from both angles as far as how to implement something.

John Higgins: Yeah, and we've seen that too across the industry. A lot of people are doing resident benefit packages. Our focus has always been on the owner and the PM and how can we benefit them with unique products and services. And so our products really fit on that owner side of the equation, but there's so many great solutions out there. Pet care guys are great. They're really doing a great job with great services and a lot of other benefits. You know, second nature on the resident side, there's just a ton of great service providers that are that are helping the property management industry.

Brad Larsen: So let's talk specifically about what you have come up with. This newer product that we just mentioned rather than me butchered the explanation, why don't you kind of kick it off and let me ask you a few questions from you.

John Higgins: Sure. So we took a package of services. We've got our rent default insurance program that we still run, and we actually embedded it into a suite of services to give the property manager. And we use technology to deliver all of those services to their owner. And the property manager can build in a nice recurring revenue stream from it. And so in that package of services is real time legislative updates on a state and national level. Keep that owner informed about rental laws that are changing and also strengthen that property management relationship. They need to know what's going on. They need a professional. Next is real is quarterly market and asset level. Reports show the owner where that value is going and how much money they'll make over time. You sold your home 12 months ago. You thought you're really smart. You've lost 20, 30% of upside. We want to keep those doors with our property management partners. Next is two months of rent protection so resin doesn't pay and we handle all of the insurance operations. We automate it. It's like the easy button for our PM partners. The resident doesn't pay. There can be a claim filed, the owner can be made whole for two months of rent loss. And then finally, our newest product is a rent advance product, which people enrolled in the owner benefit program can can access. And in that product the owner can pull forward up to 12 months of rent up front and remove all tenant repayment risk and also just have a source of liquidity to make an improvement, buy another property, do whatever they want.

Brad Larsen: That can be significant. If you're pulling 12 months in rent in advance or in 2000 home, you could pull up to, let's say 20 grand or some other figure like that. I'm sure there's a percentage of that.

John Higgins: Yeah. And it's variable. It's kind of between 90 and $0.94 on the dollar.

Brad Larsen: Okay. And so it's a, you know, you could pull out 20 grand for renovations, repairs or another down payment on another property you want to purchase and let that cash flow from the existing tenant pay that over time.

John Higgins: Yep. And one thing to note on that is also when we advance to a property owner through the property management partner, actually we advance the property manager their fees as well. So yeah, so we accelerate their cash flow. They don't take a discount, they're made whole. So they take actually no discount. They just get an overwhelming majority of their fee revenue up front, which allows them to invest in future growth and be more efficient. So we've. Really taken. We've been running the advanced program for about 18 months with a few select property managers and really just to iterate to make sure it's the right fit. Work out all the kinks before taking it on a on a global scale or national scale. And we've done that. And we've done it really with a focus on how do we benefit our PM partner. Then the day it's their customer, we're just narrowly focused on one portion of it and we want to align and wow their customer with that and do it in a way that really benefits our management partners because I don't know how you guys do it, to be honest, it's a thankless job. Do you ever have a pissed off owner or a pissed off tenant or both? And so we'd rather leave all that hard work to you and just focus very narrowly on these solutions that solve a pain point.

Brad Larsen: Okay. Dark sky, bad news. Question one of those that what if? So what if you do an owner advance for 12 months and it's 20 grand or whatever the number is and they disappear?

John Higgins: Yep.

Brad Larsen: What happens?

John Higgins: Well, so because it's through the property manager, we don't care. Actually, if the owner disappears.

Brad Larsen: They don't pay their mortgage, for example.

John Higgins: They don't pay their mortgage. Well, they would be in default of our agreement, but that risk is not on the property manager. That's a risk we take. Okay. So we've got data and technology and integrations to try to mitigate that risk. But really this program is only available through property managers because it doesn't work otherwise. Too much fraud. We need real boots on the ground. A professional in the mix, because you're my eyes and ears, you know.

Brad Larsen: Where are your filter?

John Higgins: Yeah, you know, you know that that transaction exists, whether I'm there or not, that leasing transaction is, you know, it's a real asset. You've been to the home, you've unlocked the door, etc. So this doesn't work unless professionally managed. And to that end, I mean, we just raised $500 million from a large institution to offer this program on a national scale.

Brad Larsen: Wow. Big time. Tell me more about the the policy where you can reimburse for lost rent. Yep.

John Higgins: So it's a core product we had launched three years ago. And really what we've done, you know, remember when we first came to market, you're like, Yeah, it sounds really interesting, but I've got to comply with your rules. You've got your own terms, standards, requirements, and what we realized throughout COVID is, well, hey, that's not easy. And B, if there's a professional manager in place, our risk is greatly reduced anyway. So instead what we do is we partner with the PM, underwrite their business, integrate our tech into their management software and then approve if it's good for for Brad Larsen and it works, that's the criteria. So that works for us. We just check it with data, make sure it works, and then it's easy. Anyone that you place, any resident you place qualifies for an owner benefit package, which also includes the advance.

Brad Larsen: Okay, tell me more about what stipulations they would pay out on and the premiums. Give me the monthly stuff. So how much a month?

John Higgins: Yeah. So the owner benefit package we offer to PM's $22 a month for rent below 2500 minimum rent, I think it's 800 on it and $25 a month for rents above that. It's a package of services that includes some insurance benefits, but in of itself it's not an insurance product or program and so the PM can add their margin to that freely. And we actually handle the insurance operations insurance components on our end, on the back end.

Brad Larsen: So there's no I mean stipulation of how much of an admin fee you can charge like you can if your cost is 25. You said and, and I'm charging the owner 50. That's okay.

John Higgins: That's okay. But what I will say is what we don't want is people to be pennywise pound foolish. Yeah. It's much better to get, you know, $8 a door or ten, $10 a door on 90% of the portfolio.

Brad Larsen: No comment.

John Higgins: No, no, no, but no. But it's true, though, you know, sometimes people think about fee maxing and they try to fee max on a specific component and make a very high margin on a very small portion.

Brad Larsen: Of the business. Yeah. Because that's adoption or better yeah.

John Higgins: Better move is fee max your overall revenue and also serve the most owners. And then one other thing I forgot to mention on the advanced product is the owner actually if they take an advance, they can't fire the PM for that that agreement.

Brad Larsen: Oh, you also get your manager fees too.

John Higgins: Yeah. Yeah. Management fees upfront. But they can't fire the PM, they can't sell the home without our consent and we're reasonable. But it's really, you know, we want them, we want that to be a sticky tool for the PM to differentiate, to add more business and then also have other benefits for them.

Brad Larsen: What's the name of the rent protection program?

John Higgins: So it's the owner benefit program. Yeah. And it is the rent default insurance product.

Brad Larsen: The insurance.

John Higgins: Yeah. And then also is the rent advance and the market and asset level updates and legislative alerts.

Brad Larsen: Okay. So your best recommendation is how to implement that with the management company? Go ahead.

John Higgins: Yeah. So what we've been seeing and we've seen a lot of success with this is the management company depending on state and what the notice requirement is, we'll say here's a new product and program we're rolling out. We'll create flyers and all the materials folks for that PM branded for the PM and then the opt out form for the PM and it's a digital form. We try to make it really turnkey and easy. Yeah. And then can facilitate everything on the back end. Generally we've had some instances, we've done webinars to answer questions for owners for the PM. We're very flexible. We want to make it. Successful because we're only successful if our partners successful. So we're totally aligned. And so we roll that out, we can roll out. We've had people roll out as quickly as two phones, one phone call and want to get go in the next day. Generally, we roll out on a monthly schedule, though.

Brad Larsen: Can owners opt in to that at any time? Let's say your existing owner base, right? Can you offer this solution to them and they can opt in at any time.

John Higgins: So generally we try we do a rollout and if they opt in during that rollout, yes, there's.

Brad Larsen: A new management agreement. I'm sorry, I'm thinking new Pima now.

John Higgins: So the way we do it is all existing and new obviously can roll, but we do all existing because of that, because we're getting a wide swath of the portfolio, we're mitigating a lot of our adverse selection. And so we're allowed to offer more more flexible underwriting terms than we would on a one off basis.

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Brad Larsen: So what is the trigger for payment to be made for nonpayment of rent?

John Higgins: So today it still remains as regaining possession of the unit.

Brad Larsen: Okay.

John Higgins: That will change this year and will be a lot faster. A lot of the things we put in our initial insurance program were really about protecting ourselves. Against that we can worry or self manage landlord, not the professionals now that our products are only available through the professional manager. That's a different story. We know we have a fiduciary. We have got someone that's licensed, that's expert in handling tenant placement.

Brad Larsen: And evictions, then.

John Higgins: Eviction have a process and the mandate to make that as fast as.

Brad Larsen: Possible. If the owner is not getting made whole until two or three, four months after nonpayment of rent, it's a little cumbersome, a little troublesome to explain to an owner.

John Higgins: It's not a great customer experience. So we've heard that feedback and we're actively going to be rolling out a solution later this year that eliminates that, because no longer do we have the risk of that person, that self manage landlord trying to take care of that on the weekend. We have someone doing it real time and we have insights into it. So our risk of them sitting on it saying it's covered by insurance, no risk, no worries, it's no longer there because we have a trusted partner. So now we can start accelerating those.

Brad Larsen: And you just looking at the legal process and say, okay, at what point is a fair trigger for the insurance company to pay out to the owner where the eviction process is far enough along? Is it the court date? Is it the writ of possession being executed? I mean, you hear them going there.

John Higgins: I would love for it to be like they're taking the steps. We know it and we can see it. There's no reason this is going to be paid. So why are we not paying it?

Brad Larsen: Because there's early part of that to like notice to vacate. That's too early because the tenant will come around and pay.

John Higgins: If I catch up.

Brad Larsen: And double payment. Yeah. If they go to court, they still could be behind. But the judge can say whatever they want and the judge can say, well, you're deferred for two months or pay and get out tomorrow. Yeah. And so it really depends on that. I would think in my opinion, if a writ of possession is executed or at least approved because you take a court case, then you go to the constable slash sheriff and you say, okay, we have this we won this court case in court. The judge said the tenants are to be evicted, the council will end or sheriff is going to execute that service of rent possession. Yeah, at that point, in my opinion, this is just me speaking out loud with you as we're talking about it. I think that would be the trigger fairly to compensate that particular owner.

John Higgins: And, you know, I think that's right. But it could be even sooner, right? Because. Well, yeah. Hey, we know that the steps are being taken, Brett. Something notices he's trying to get the court date. It's going to go down that path. So why why delay it? So we're just trying to get the right metric on it to ensure it's like we know exactly the rest of it is. We don't think it's very, very large, though, to be honest, because that professional manager, as long as we work with the right managers, we're not going to have a lot of risk.

Brad Larsen: And here's why you could speed up that trigger, because let's say you pay it notice to vacate. Yep. I mean, as soon as they're late, like, boom, okay. We pay one month immediately. Well, as soon as that tenant pays, you can be reimbursed, right? So, I mean, there's there's really no skin loss, only a little bit of leverage there. But that would make owners really happy. We'll be able to do that. Yeah.

John Higgins: What we're trying to get to is like the total easy button, not just for our PM partners, but also the owner. Someone didn't pay the rent and you're, you know, own one unit. It's really frustrating. You've got bills to pay, etc. and they're coming to you and saying, you place this tenant. This is awful. So how do we eliminate that friction and make it really easy and understandable experience for that owner and like, hey, they didn't pay. We're taking the process. But here's your money. Yeah, it's 15 days later, 20 days late, but it's not three months late, right?

Brad Larsen: Yeah. That could be a good trigger. Like an x day late after the notice to vacate. I'm just talking it through because it's kind of fascinating to me because there's this legal process. Yeah, it's got to be somewhat similar in most states. I mean, I might deviate with terms. Yeah, but the process of doing through the eviction is somewhat similar. And if the owners were made whole immediately, that's an easy sell for a property manager. Yep. Because you can go to the owner and say, look at X, you know, whatever that is, that's notice to vacate or it's the minute they.

John Higgins: Should this happen. It doesn't happen frequently with us. But should it happen? We've got you're in our owner benefit package. It's not going be a big deal by this date. We're going to take all the steps. You'll be mental. Maybe. Maybe they don't pay them the first of one month, but the first of the next month, you get caught up, right? There's we've got to find the right timing on it. But what we really want to deliver towards is rent not paid. And the owner gets that money as fast as possible. Yeah, because that's where people have bad experiences in insurance because claims delay or claims denial. Actually the rent advance product really came from the fact that PMS are asking us, Do you like this rest? Would you give people their money up front? I heard a couple of times said, Yeah, okay, that can make a lot of sense because people want cash in hand. The total certainty is cash in the bank and that's how the rent advance product really is.

Brad Larsen: They're going to look at it like, Well, I'm paying for this monthly, I'm paying for this service, you know.

John Higgins: Why am I not getting it.

Brad Larsen: Correct? Yep.

John Higgins: No.

Brad Larsen: Yeah, well, we're not going to pay you until the tenant's been evicted for nine months and they've moved to another home. And then we'll decide in your claim. That's the insurance crap that people hate.

John Higgins: Well, it's like the home warranty. I was talking to Scott Brady earlier and he's like, Yeah, it's like, we hate home. Warranty companies because that takes forever for the job to get done. It's a terrible to deal with and our tenants pissed off and our owners frustrated too. Everyone's frustrated. So it's not the experience we want. We try to make simple solutions where people sign up, have a fair bargain. It's a fair trade and they get what they want.

Brad Larsen: Yeah, he and I actually looked into going down that path with American Home Shield. It was probably the the least sucky of all the management of the home warranty companies, but even then, they couldn't quite get their heads around what we wanted because we wanted to be able to choose our own vendor, we wanted to be able to control it. And they just they just didn't understand it because we collaborated on it. We had, I think, three phone calls with these big mucky mucks from American Arms Shield, and it just kind of died on the vine because it's full of legislation, it's full of insurance junk. Well, it's just full of regulation.

John Higgins: It's so funny. So I was chatting with Scott at breakfast this morning, which is what's great about this conference. There's all these big, big players in the industry thought leaders were chatting. He mentioned the same thing. He said, Brad and I were talking about it and I thought it was really interesting. I bet there's some there's got to be a way we can figure something out there because you can control the user experience, you know, the asset you've got the vendors and you can actually get it done quickly. The problem with the home warranties is it takes forever. They have to come back nine times to fix a broken fridge because they have to confirm it's broken.

Brad Larsen: It adds another layer of complexity and.

John Higgins: The tenant's always got someone coming in and out. You've got to coordinate that. It's frustrating, you know, one thing at a time, I guess. But we're, you know, we're just excited to be in this space and having all these thought leaders like yourself talking about these solutions and these pain points.

Brad Larsen: Can you help with the marketing on the implementation side for the owners? Because I'm thinking this would be a good value add. And we talked about a pre show. I mean, I guess you could you could put this into your top plan. Let's say you have tiered pricing. Yeah, A, B and C, you know, good, better, best pricing. You could put it in your best pricing level and then make it a very like attractive thing. And then the owner or excuse me, backing up the property management company could pay that fee. Right. But your advice is to let the owners pay for it as an opt out solution.

John Higgins: Yeah. Why just have say so? Generally, based on my understanding, it's like 10% take the cheapest 80% take the middle package 10% take the white glove. Right. Or the highest here. Why not try to get 90% adoption across everyone and roll it out? And that's just how you manage your business. That's the benefit of working with rent works. You get all these services that are only available to professional managers and to rent clients, and then from the owners side, everything they're getting is branded rent works. Yeah, the whole experience, the whole flow, everything. Rent works logo, rent works, logo. Okay. So yeah, we're trying to really elevate the property manager have exclusive products for the property management customer because that's our partner.

Brad Larsen: And so the enrollment side, just the back side, logistics, talk me through some of that.

John Higgins: Sure. So we got access to the software. We have a signed agreement, access to the software. The enrollment is pretty simple. We'll create co-branded materials, fake or branded. Actually, not even co-branded. Branded for your company. Yeah. Fax all the materials. Branded, opt out form digital opt out form. The enrollment is email blast. This date, we're rolling this program out. Here's the details. Let us know if you'd like to discuss or here's the form to opt out if you'd like. We advise a couple of those emails, make sure people get them. We want everyone to know that that that program is being rolled out. And then we handle all the administration. We say, okay, here's the enrolled units. You've confirmed the enrolled units. We issue an invoice back you.

Brad Larsen: How do they how does an owner enroll? They see an email about it, the marketing. Okay, I'm interested. What do I do? I'm an owner.

John Higgins: Yeah. So? So, yeah, the way we've been, we've had a lot of success with is people are seeing it and they're choosing to opt out or not. Okay, so.

Brad Larsen: Let's say they want it. Does the management company have to go into a website and sign it up or.

John Higgins: How does it know? So because we're in your software, there's a monthly report of people that have opt out. If you use our digital form, we know who opted in and opt it out. Okay, so we actually produce that report to you. You confirm that this is correct? Yeah, it was sent in Excel. Soon it'll be on a total dashboard. So whichever is easier for the PM, we want to meet them where they want to transact. And. And then from that we produce an invoice, we handle all the enrollments with everything, we handle all the delivery of all the services. That's simply. Yep, that makes sense. Check. You charged me 22 for this unit. Yep. I'm. I'm charging 30 to my owner on it and everyone's happy.

Brad Larsen: Okay, that's that's kind of the math I was thinking is a nice even figure like that and then you we're paying in arrears for the actual policy, am I correct?

John Higgins: Yeah. You're actually the policy. The insurance transaction is totally away from you. It's actually handled by us completely behind the scenes.

Brad Larsen: And you're billing the property management company.

John Higgins: Though you're being billed only for the owner benefit package. That's $22 a month or $25 a month.

Brad Larsen: I think it's all the other stuff you talked about.

John Higgins: You got everything.

Brad Larsen: Yeah, that's pretty slick because, you know, one of the presentations I gave her was doing more sales inside of your property management business as a means of retention. Yeah. And so if you're doing pushing out some CMA information and sales, yeah, it's one, it's a way to keep people from selling. And I was talking about this on stage say why would you sell when your assets being it's depreciating.

John Higgins: It's going to be in three years. Where's the. B in three years. Is it going to be five years?

Brad Larsen: Why does that make sense?

John Higgins: Yeah.

Brad Larsen: And long story. Okay. On this side, there was an agent locally. This was about three years ago, their big team agent, you know, and this this chick thinks she's like super cool real estate person and kind of annoying. But anyway, she puts out a mass email to a bunch of these clients and and a blog post and I ran across it. Basically, she was telling owners, don't go to property management, we want to sell your home. Yes. And it was just.

John Higgins: Because she's she gets paid on transactions. So that's it's not about serving. Yeah. She's not serving the customer. She's serving herself.

Brad Larsen: She's putting them across to me is unethical because you should be advising your clients to do what is best for your client. Yeah. Not like sell your home. Don't let some property manager rent it. Sell it with me. Yeah. And so I'd like to go back to her now and say, was that good advice back then, three years ago to tell your owners to sell and they should have held it on held on to as a as a rental property. Yeah. They would have been getting ten, 15, 20% the last couple years.

John Higgins: They're getting their mortgage paid off by their tenant. They've locked in long term interest the long term interest rate on that probably at a fairly good rate. And so you don't sell that. The US residential real estate goes up, it's over time, it always goes up and the rental market's been red hot and that's not going to change when a recession comes 12, 18 months, whatever it is, because what's going to happen, people are going to become there's going to be even more renters, more demand. So you don't sell something that's always appreciating and is cash flowing?

Brad Larsen: Because that's part of that CMA that we want to push out every quarter, which we're doing with home buyer. But we could also, you know, double sided with another service as one year convincing them not to sell. And then too, you're convincing them if they need to sell or want to sell to sell with us. Yeah. Like because of we can handle the sale, we'll turn around and sell that to another investor. Right. Which never leaves us.

John Higgins: Well, because you know what happens if they don't have the PM manage it and they get their brother's friend who's a real estate agent or whatever it is, they say there's a tenant in it. You got to wait, wait. Throw that tenant out. No cash flow. Want it for a couple of months and then we'll try to sell it. It doesn't work, right? It's much better off keeping the cash flowing. Yeah, easy sale. Someone in the portfolio is really seamless if they sell through the property manager.

Brad Larsen: That's exactly. And we hone in on that of pocket listings because we explain to the owner say, look, if you're going to sell on the open market, you've got to get the tenant out. You got to do a make ready, you got to open it. Yeah. You'll get ten offers in a day maybe.

John Higgins: Yeah.

Brad Larsen: But you got to go through all these steps and you're going to have a vacancy waiting to close because people aren't going to close that day. It's going to be, Yep.

John Higgins: You're losing money. You're losing money. And if you got the market time wrong, you mispriced it, whatever. Because the broker is like, Hey, we can get XYZ for it, and then just sits there and it comes out of your pocket every.

Brad Larsen: Month and every month, which you trade in a pocket listing format. Because we reduce our commissions, we reduce the overhead, which is that lost rent. Yeah, there's minimal repairs, if any, and we can actually make them more. The bottom line net is better than they would sell on the open market. So if they do a pocket listing with us, they make more money at the bottom line. We sell it to one of our investors. Yeah. And then we again retain that home under management. That's what we've really been trying to do with this new sales stuff. We've been implemented the last year, so this product ties right into that because it makes us a little bit stickier.

John Higgins: Yeah, and that's our goal is make that relationship really sticky and don't have people panicking. You know, I've got a default. Don't worry, it's covered. Oh, I need some liquidity. Hey, pull forward your cash flow. You've got it. You don't need to go sell your home. We want to keep those doors with our partners and we want them to continue growing. So that's good for us. It's self serving, but it's also very good for our partners.

Brad Larsen: Yeah, good stuff, John. Fantastic conversation. Really appreciate you coming on. I know you had a busy day today and I think you're flying out today as I am.

John Higgins: And I appreciate you having us here at this conference. It's been awesome and thank you for having me on the podcast.

Brad Larsen: Appreciate it, man. Thanks again. And we'll be. Oh, by the way, last thing, how do people get in touch with you?

John Higgins: Oh, you can you go to steady rent dot com CTA DIY Mint.com you can email me John at steady rent and I'm pretty responsive, so that'll work.

Brad Larsen: Awesome, John, thank you. Looking forward to good things with you.

John Higgins: Yeah, likewise. Thanks.

Brad Larsen: Everybody, this is Brad Larson. I want to talk to you about a new podcast out there that I would highly recommend called 300 to 3000 How to Grow Your Property Management Company to Scale. One of the hosts is Matthew Whitaker. He's a good friend of mine. I've visited their operation and I really, truly respect what GQ Houses is done and they are still doing. They're experts at growing at a fast scale into a large scale business. So expect to hear the real world truth about all the mistakes the company has made growing into it and all the good things are doing. Again, go to 302 3000. That's your website and catch them on iTunes, Spotify and or Stitcher. Look forward to hearing from good things from those guys. Take care.

Announcer: This has been a podcast episode by Property Management Productions. Be sure to subscribe to our podcast, leave us feedback and come back for our next episode.

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About The Host

The Host of this Podcast is Brad Larsen from San Antonio, Texas. Brad is the founder and owner of RentWerx, one of the fastest growing residential Property Management companies in Texas that currently manages over 700 single family homes.