Peter Lohmann's Newsletter - Issue #123

New Owner Lead Sources, My New Podcast, and Big Merger News

Author

Peter Lohmann
January 03, 2025

A no-fluff weekly publication for the property management industry.

Our PM New Owner Leads: 2024 Data & Results

Everyone always asks me where we get our property management owner leads from. Here’s the data from 2024:

I love these types of visualizations, which are apparently called Sankey Diagrams, or at least that’s what I call them. Make your own for free here. All the data was pulled directly from our sales CRM, LeadSimple. Looks like a ~25% win ratio on valid leads, not bad.

Now, here’s the breakdown by lead source of WON accounts:

So, that’s where our leads came from and what happened to them. Maybe this is helpful to you! Let me know if you have any questions.

THIS ISSUE IS PRESENTED BY RED CEDAR

In early 2023, I hired a fractional HR leader. This was one of my best decisions of the year.

Our company had grown to the point where I was becoming overwhelmed with HR tasks—both because of how much time it took to deal with them, and because in many situations I actually wasn’t sure what the correct course of action was! And although we had grown a lot, we weren’t anywhere close to needing a full time, in-house HR person.

After asking around my network and ruling out a PEO, I learned about fractional HR solutions and ended up hiring an outstanding individual named Lauren from Red Cedar. She handles all the HR and People Operations at my property management company, including payroll, benefits, compliance, onboarding, offboarding, employee engagement, reviews, etc etc.

Lauren is fully embedded in our company and even though she’s fractional, it feels like having a full-time team member. She attend all leadership meetings, is in our Slack, and is highly responsive to any team members who have questions.

If you’re spending too much time on people & HR tasks, I highly consider reaching out to them. I’ve already recommended them to several friends in the industry.

A Brief Update on my Podcast

I just released my podcast’s last episode of the year—with special guest Jon Matzner.

Tune in to catch some of my reflections on another 20+ episode arc of interviews with business leaders, executives and founders. Plus: I make a special announcement introducing my brand new podcast called Lazy Leverage, co-hosted with Jon Matzner himself.

My title show isn’t going anywhere; in fact I’m already making plans for season 5! Thanks to all the listeners, guests and sponsors who helped make season 4 a smashing success.

New Property Management Companies For Sale This Week

Generously sponsored by Live Oak Bank’s property management acquisition team

  • Here is a property management company for sale in Mahoning County, OH (asking $1.1M)

  • Here is a property management company for sale in Sarasota, FL (asking $550k)

  • Here is a property management company for sale in Charlotte, NC (asking $1.3M)

  • Here is a property management company for sale in Lexington, KY (asking $245k)

  • Here is a property management company for sale in Cleveland, OH (asking $299k)

Industry News & Events

  • Vacasa and Casago have announced a merger. Roofstock plans to invest.

  • RE investor newsletter prop.text surprised everyone with the 2024 prop.text awards, created “taking zero submissions, no pay-to-play, and absolutely no outside influence.” I won Individual Brand of the Year(!), and congratulations to Lior Abramovich (Blanket) for winning Proptech CEO of the Year!

  • I’ve started a form to collect information about PM company transactions. If you bought or sold a PM company in 2024, please consider submitting your info. All data will be anonymized and potentially turned into a useful report available for purchase. If you make a valid submission, you will receive access for free.

Closing Thought

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The content of this newsletter is for informational purposes only and does not constitute professional advice. I may have consulting agreements with, or financial interests in, companies mentioned in this newsletter. Additionally, some of the links included in this newsletter are affiliate links, meaning I may earn a commission if you make a purchase through these links. Always perform your own due diligence before making any financial or business decisions.