General Landlording & Rental Properties

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Marcus Binion
  • Realtor
  • Tacoma, Wa
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Door Grow - For Start-Up

Marcus Binion
  • Realtor
  • Tacoma, Wa
Posted Nov 4 2022, 14:15

Hello, BP Crowd,

Does anyone have experience with Doorgrow? After nearly 15-Years in the Property/Asset Management space, I've decided to start my own company. 

like many entrepreneurs, I don't have the biggest budget, and I must be strategic with my spending. Doorgrow sounds amazing, but it's very expensive. 

I would love to get feedback from owners of Management companies that have either utilized Doorgrow, or have succesfully scaled their business in another way. 

I would also like to connect with owners who would be interested in a mentor relationship. I have years of valuable experience to offer, so this could be a mutually beneficial. 

Looking forward to connecting.

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied Nov 5 2022, 06:20
Quote from @Marcus Binion:

You don't need to buy leads. Put together some basic marketing material that explains who you are, what you do, and what you are willing to pay someone to refer business to you. Most real estate agents won't touch property management with a 10-foot pole, so market to them and offer a referral fee. I offer $200 for every property or $50 per unit for more than four units. I'm in a small town of 10,000 with 400 units under management and I still get about 10-12 referrals a year. I have a friend in a Montana that went from 50 units to almost 200 in a year without even marketing!

If you don't do sales, that's even better! Have a written referral agreement that stipulates how much you will pay, and then guarantee them you will refer the owner back to them if they choose to sell the property in X years.


  • Property Manager Wyoming (#12599)

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Drew Sygit#1 Classifieds Contributor
  • Property Manager
  • Birmingham, MI
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Drew Sygit#1 Classifieds Contributor
  • Property Manager
  • Birmingham, MI
Replied Nov 6 2022, 06:03

@Marcus Binion In our experience most clients you "buy" this way are not quality clients you end up keeping long term. 

So, it can be a way to grow quickly, but your churn rate will be high.

May get you over a hump so you can afford to hire help, but you will need another strategy to not have your business shrink.

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Marcus Binion
  • Realtor
  • Tacoma, Wa
2
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6
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Marcus Binion
  • Realtor
  • Tacoma, Wa
Replied Nov 17 2022, 13:57
Quote from @Nathan Gesner:
Quote from @Marcus Binion:

You don't need to buy leads. Put together some basic marketing material that explains who you are, what you do, and what you are willing to pay someone to refer business to you. Most real estate agents won't touch property management with a 10-foot pole, so market to them and offer a referral fee. I offer $200 for every property or $50 per unit for more than four units. I'm in a small town of 10,000 with 400 units under management and I still get about 10-12 referrals a year. I have a friend in a Montana that went from 50 units to almost 200 in a year without even marketing!

If you don't do sales, that's even better! Have a written referral agreement that stipulates how much you will pay, and then guarantee them you will refer the owner back to them if they choose to sell the property in X years.



Thank you for providing this feedback. The money that it takes for paid lead services is much better spent building a robust referral network. There's also the added benefit of the local network that will be created by doing so. I am definitely adding this method to my process. I really appreciate your insight.  

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Marcus Binion
  • Realtor
  • Tacoma, Wa
2
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6
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Marcus Binion
  • Realtor
  • Tacoma, Wa
Replied Nov 17 2022, 14:07
Quote from @Drew Sygit:

@Marcus Binion In our experience most clients you "buy" this way are not quality clients you end up keeping long term. 

So, it can be a way to grow quickly, but your churn rate will be high.

May get you over a hump so you can afford to hire help, but you will need another strategy to not have your business shrink.


I definitely want to make this business successful in the long term. I know that adding "quality" clients plays a big role in doing so. You make a solid point about the high churn rate that comes with acquiring paid leads. I think the referral fee method, building a good reputation and word of mouth will help in acquiring the type of clients that I need for sustained success. Thanks for your insight. I really appreciate it.   

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Chris Tighe
  • Contractor
  • Greater Houston and Greater Seattle
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Chris Tighe
  • Contractor
  • Greater Houston and Greater Seattle
Replied Jan 23 2023, 07:36

Hi @Marcus Binion!

I owned and operated a PM company in the Pierce County area.  We grew to 260 doors in about 2 years.  I would say that you should have a really good website.  Most of our leads came through our network, but we started getting a ton of online inquiries over the last year of business.  

I used DoorGrow to host my website, which was about $200 or so a month (I can't recall specifically).  They did a great job on the website and their "Gather Kuddos" program.

I am no longer in the PM business as we are narrowing our focus on Construction in the same market.  If there is anything I can do to help you out or if you wanted to chat about PM stuff, don't hesitate to reach out!