Peter Lohmann's Mailing List - Issue #59

Benchmark of PM Growth in 2023, New Podcast Episodes

Author

Peter Lohmann
September 01, 2023

Poll Results

Last issue, I asked you to tell me about year-to-date growth in your property management company. Here are the results, with 67 votes:

And here are some of the comments I received from readers who voted:

“We manage a mix of single-family rentals & major multi-family projects. We have experienced growth on both fronts. We started the year at 3,250 units. We are now managing 4,100.”

“We are not looking to grow right now, so we are taking on new Owners/clients that we want to work with.”

“Was losing (negative status) but added a 50 unit portfolio in July so swung us into positive.”

“Net? 2%. But we've lost some to selling, and gained them quickly.”

“We've added 240-250 units since Jan 1 2023. Started the year around 750. We've turned down around the same amount, maybe more.”

“Our shrinkage is due to sales. We have been able to participate in many of these transactions but are not adding new properties fast enough to make up the loss.”

Latest Podcast Episodes

My property management podcast, Owner Occupied, is just over halfway through Season 3! In case you missed it, here are a few of the recently-released episodes (links to go Apple Podcasts, but you can find the show on all the major podcast platforms):

I pay to have Owner Occupied professionally edited and produced, and upgraded my recording equipment for this year. It’s something I take a lot of pride in and think of it as a way to give back to the industry and share knowledge from experts. I hope you enjoy it!

This week’s issue is sponsored by: AppFolio.

Turn staffing challenges into opportunities and modernize your property management business

Despite operational challenges, recent data shows that employee turnover is slowing. But that doesn’t mean you should let your guard down. Hiring continues to be an obstacle, and there is still room to improve employee satisfaction and retention for better business performance.

With the 2023 AppFolio Property Manager Hiring and Retention Report, you’ll:

  • See the latest data on employee satisfaction and areas for improvement

  • Find strategies to improve employee satisfaction and boost retention

  • Discover opportunities to nurture your team’s careers and build a positive culture

  • Uncover ways to harness the power of technology and AI to increase efficiency

To get your copy of the report, click here.

Only 3 Tickets Left for LeadSimple’s User Summit

LeadSimple’s first annual user summit, called LeadSimple University, is taking place this December in Austin. I’m a keynote speaker, and the attendee and speaker list is outstanding. Also, we’ll be doing a Crane meetup at some point during the week.

There are only three tickets left (out of 100) as of this morning, so grab yours immediately if you’re thinking about going. Here’s my link that gets you $250 off the price.

Measuring PM Performance

I love this graphic from Mike Lautensack at Del Val PM in Malvern, PA. He included it with a newsletter that goes out to his clients:

This reminds me so much of something that Mark Brower said and I discussed in issue 49 earlier this year, as part of a discussion about asset management:

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We need to articulate to our clients what we believe successful property management looks like, and regularly measure ourselves against these benchmarks. I got this from Mark Brower, who says “When you don't define parameters for success you are agreeing to allow the other party to define those parameters for themselves.” That’s exactly the situation our company is in right now. Mark owns a PM company out of Arizona — you can read more about his philosophy and see his benchmarks here.

Industry News & Events

  • Trust Accounting: Get It Right or You’re Done. I’ll be discussing the ins and outs of trust accounting on this PayProp webinar, including my “iron law of trust accounting.” Thursday 9/14 at 1pm ET.

  • This month! Re-Convene real estate “Un-Conference”: $500 Off (enter your email to access purchase page, then promo code “PETER23” for the discount). (I’m on stage.)

  • Property Meld user summit: Buy-1-get-1 Free (enter code BOGOMX23)

Closing Thought

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Property Management Coaching: No availability - check back soon! Just need an hour or two? Book here instantly.

Do you currently self-manage, but are interested in starting to offer 3rd party management services? I have something just for you — Check this out.

That’s all for this week! Have a great holiday weekend -Peter

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