Peter Lohmann's Newsletter - Issue #138

Two Ways I Actually Used AI This Week

Everyone loves the topic of AI, but I’m tried of talking about what it could do, might do, or should do.

Instead, I’m going to share how we’re actually using it at RL Property Management, and how I’m using it for personal productivity, brainstorming, and general business use cases. I plan to make this a regular column.

Here’s how I actually used AI this week:

1. Data analysis. You may have seen the analysis I did on Crane applications earlier this week. That was all ChatGPT. I fed it a CSV of application data (right out of Jotform) and started asking it to create charts and graphs. After that I prompted it with any other interesting analysis or charts/graphs you could suggest? and it gave me some great ideas that I incorporated into the article. I also reviewed some incredible analysis from Jordan Meula, who was hacking away at the raw data from the PM Trends report with Claude. More to come on that.

2. Troubleshooting churn. I’ve been voice chatting with Jason Lemkin’s digital AI twin (Delphi) on and off this week, trying to gain insights into our client churn (which is trending DOWN, btw, thankfully). Jason is a VC and world-class expert on SaaS company growth, marketing, and sales. Borrowing insights from the world of SaaS and adapting them to the property management industry has been very fruitful for me over the years, and this takes it to the next level.

3. Bonus - for some fun, try putting this prompt into ChatGPT: Who do you think I am? Guess all the things about me - age, race, gender, location, hobbies, favorite foods, likes/dislikes, what type of people I like to be around, favorite type of music, vehicles, etc., give me a full long list of 100+ guesses, max two sentences per point.

Things are moving FAST right now with AI. We set up an entire area inside Crane for members to chat about how they’re using it, and hosted an hour-long AI mastermind Wednesday, which was fascinating. I’m learning a ton from other members.

Who are you learning from and what are you reading to keep up with AI these days?

12 Years Running a PM Company: Lessons Learned

This week we celebrated RL Property Management’s 12-year anniversary.

What started with co-founder Adam Rich and I sitting around in my apartment—no clients, no license, and no professional experience whatsoever—has grown into a thriving business that’s starting to surprise me every day. Here are a few snaps from our team celebration. Top photo is nearly the entire staff minus our 9 global team members (they are hugely integral to our operation—do not mistake their absence for lack of importance).

Alright, here’s some lessons learned in no particular order. Maybe this will shortcut your journey:

1. Do NOT skip reference checks on key hires. No. Matter. What. And do them right.

2. Run on EOS (read Traction) once you hit a few hundred doors. Be honest with yourself about your ability, time, and energy to self-implement. If a self-implementation is likely to peter out after a few months, just pony up for the professional implementer. I can refer you to my guy if you want (been using him for years). More book recommendations from me.

3. Think twice, 3x, or 10x before changing your PM accounting software. It’s extremely unlikely to actually be the bottleneck for any of your business goals—be they growth, profit, time freedom, or whatever. Just pick one and stick with it. And it better be AppFolio, Buildium or Rentvine IMO.

4. Figure out how to succeed with global talent (RTMs) early. You could fill the ocean with words written about this topic so I’ll just leave it at that.

5. Understand that your company is a direct reflection of you. You need to take “extreme ownership” of the outcome and refuse to allow yourself to make excuses (to yourself or anyone else) about your employees, the economy, your local market, your vendors, your software, your bank, whatever. Figure it out. Don’t be a whiner (I was), a complainer (I was), or have a victim mentality. Those things are completely useless and just keep you stuck in a negative mindset.

6. There exists a natural tension between sales and operations. It never goes away. Just get comfortable with it, acknowledge it and speak about it, and guide the ship down the narrows. There are rocks on either side and choppy water in the middle. Stick to the middle.

7. You will never escape the grind if you don’t document and systematize your company. Yes, it’s kind of boring. If you don’t enjoy it, find someone who does, hire them, and empower them. My list of process best practices.

8. You have to be a fanatic about implementation. When you learn something new, find something new, or make something new, get it fully baked into your company (to 100%), and fast. Then do the next thing. Don’t get lazy here or your company will turn into spaghetti. Take it all the way. A fully-implemented 2nd-best solution is worlds better than a half-implemented “best solution”.

9. Find your people quickly. Maybe it’s NARPM, maybe it’s EO, maybe it’s Hampton or Crane or Facebook groups. Whatever floats your boat, get yourself into some type of organization where other people are working on the same stuff you are. This is partially for the technical advice and solutions you will find inside, but just as much about support, encouragement, and other intangibles. That stuff matters. Your goal is to get close enough to a few people that you can text them random property management stuff 24/7.

10. Find a great therapist. You may need to cycle through a few to find a really good one that you click with. If you own or a run a business, you’ve already self-identified as someone who has… shall we say “a few things” going on in your head. Am I wrong? If you don’t talk to a profession from time to time, those “things” going on in your head are going to get large, get loud, and get very negative. You don’t need to live like that; this isn’t the 1960s. Chat with someone on a regular basis, and you will be amazed at the toolset they will help you develop and what it will do for your mindset.

11. Find a great business coach. This is not easy to do and I don’t have great advice other than asking your network (see #9). It will be expensive. It should be expensive.

12. Find at least one property management podcast you like and listen to the entire back catalog. The value contained therein is almost incalculable. Why wouldn’t you learn from some of the best in the business? They’re talking about how they’re doing it for free. You could try mine, but I also compiled this list of my top 5 favorites.

13. Get your accounting done by professionals (trust and corporate). Without the former, you’ll be shut down by the state, and without the later, you’ll go broke.

14. Take real time away from your business each year (a Crane Break). Your brain needs distance from the day-to-day in order to solve the toughest problems and reach the difficult decisions that need to be made. Plus, your team needs some breathing room too, or they will never level up.

15. And finally, here are my thoughts on marketing your company.

New Property Management Companies For Sale This Week

Would you like to sponsor this portion of the newsletter? Get in touch with Peter.

• Here is a property management company for sale in Los Angeles County, CA (asking $420k, 69 doors)

• Here is a property maintenance company for sale in Brevard County, FL (asking $990k)

• Here is a property management franchise location (existing business) for sale in Mohave County, AZ (asking $600k, I think it’s 250 doors).

• Here is an STR management company for sale in Lake County, FL (asking $599k, 20+ accounts)

• Here is a property management company for sale in Branson, MO (asking $699k)

• Here is a property management company for sale in Alameda County, CA (asking $1.9M, 200+ doors)

Industry News & Events

• AppFolio and Zillow announced a partnership around rental listings & applications. It’s not great that Zillow has aggregated nearly ALL the demand side of our business (interested renters). That fact worries me a lot.

• The FTC filed a lawsuit against Greystar accusing them of deceptive fee practices.

• Crane applications are CLOSED! We received over 90 applications for new members. Thanks to all who expressed interest. Applications re-open this fall. Missed the window? Join the waitlist.

• I missed this a few weeks ago, but FinCEN finally relented and removed the Beneficial Ownership Information (BOI) requirement for US-based companies. What a mess. I’m glad I procrastinated and did exactly nothing about this requirement to register my (many) business entities last year. Colossal waste of everyone’s time and attention.

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.