All Forum Posts by: Grant Shipman

 Hi Ben- congrats on what you've accomplished. I totally know what you mean.  In 2018, I hired and trained a person to run my PMC b/c the PMC's in the area did not know how to manager a coliving property (except for the college rentals, and those were gross).  If I can help you brainstorm how to train someone or hire a PMC, I'm available.  For my PMC to expand to a new area, I need at least 6 properties, so I don't know if my PMC could expand out there but maybe there's even that potential.  Congrats again on this stage that you've gotten to- what are you wanting to put your time into once you free up your time from landlording? 

 Oh Dude!  I wish I and everyone else I've spoken w/had and has your experience.  Seriously I'm not being sarcastic- I'm genuinely impressed.  Anyone I talk to whether they say it up from or they later reveal it to me, they have tremendous issues w/turnover, property damage, and cotenant conflict.  

I love your priorities- I agree w/you that these are the priorities of any PMC. However, the SOP's/Systems/Etc to have these play out become different. For example, my wife who does STR PM has systems in place to help each new renter find the property, she then helps them understand specifics that are new to vacationers (the mountains and the winter are not what everyone is use to), she has a system in place to get them new towels if they run out, and responding to a broken water heater is important but different in STR vs LTR. Then of course there are the different taxes and regulations to stay on top of. LTR shares the same priorities that you listed, but they share none of the things I just mentioned for my wife with an STR PM.

In regards to the terms I mentioned referring to household, they are essential in my experience.  When strangers move in together sharing the same kitchen/etc, then they do not have an established household system ("how do we live together") and they do not have the pre-established relationships to sustain them while they are establishing a household system.  For that matter, plenty of people who share a lease eventually establish their household systems but it's unhealthy- and everyone can't wait for the lease to end.

I love your priorities, so I'll respond to each how a complete household system and a property management that does some sort of CPM tha supports this system serves these essential PM priorities:

1) The Right People: a complete household system attracts the right people and repels the people that would cause problems (even if they have clean records). 

2) Minimize Vacancy/TO: a complete household system is one where people want to move in and stay there for years and years, rather than merely stay there until they can afford to do otherwise.  My residents stay an average of 5 years or more. 

3) Max Rent: a complete household system enables one to charge a bit higher than rent by the room rates b/c it offers a bit more and is more valuable to renters.  

4) Maintain a Wonderful Property: a complete household system gives house-members helpful systems on what to do when maintenance is needed, who in the house will manage when the technician visits, the residents loves when the PM does a monthly walk through their common areas, there's always someone handy living there who knows to check under the sink for leaks, and the housemembers know who is going to change the HVAC filter and when and keeps cleaning even.

I hope I explained that all.  I'd love to hear your thoughts and to hear why you think your experience has been the outlier (I would love to learn from you). 

 my lender/broker is telling me 5.875%, I'd like to talk w/who you're talking with :) 

 "Saturday night live is now a 90 minute lecture on the badness of humanity" ~Elon Musk

Quote from @James Hamling:

Quote from @Grant Shipman:

Quote from @James Hamling:

Quote from @Grant Shipman:

 I feel like this is just a different way of asking how many of us are Grandparents, lol.

Yes, I'm a Grandparent and yes, I not only remember those rates but I remember when people would high-5 because they got locked in at 14%. 

As @Jay Hinrichs pointed out, the sky didn't fall, it wasn't the apocalypse, and I might remind that at same time there was nuclear attack drills at all schools because same time we were knee deep into the cold war. But for some reason the younger folks like to think life will come to an end if rates go "as high as" 9%. 

We rolled up our sleeves, put on our thinking cap's, and focused on solutions, not the problems. It's just that simple. 

Early/Mid 80's was "the" age of creative financing and deal structure. 

So no surprise when all this started happening my knee-jerk reaction was "ah, I know this tune" and I started pivoting to those actions and strategies. And yeah, a bit comical the kids today taking ownership for "inventing" these strategies, lol.  

you've got a tremendous logo!  Do you GM your whole staff or what is your role w/the company? 

 Were a NASDAQ listed company, staff management is currently segmented via various market centers (I think 48 today, maybe popped over 50 now). 

My role, good question. It's a layer cake, lol. Simplest one said I am the #1 Producing agent in N.America by GCI. So there is that. I am a strategist and do market analysis, market forecasting, develop and deploy REI strategies. But my role w/the company is just "Rock star REI Realtor". All the other things are just the "how".

wow you're a bad ***. it's an honor to meet you on these forums. I do and teach coliving property management where SFR's get 2.5x revenues with less damage and work than LTR or STRS. I'm also a geek when it comes to asset management and all that. The downside is I do not have the REI network or experience you do, so my company is growing and meeting the rising demand for coliving but nothing like it could. If you know anyone who wants to try what multimillion dollar start ups (HubHaus/Common/Ollie/etc) are trying but failing at b/c they have everything but the most essential ingredient to coliving, I'm all ears. Keep kicking *** James- again, great to meet you!

 This is really cool to hear.  It sounds like you're using the buckets approach like Tony Robbins or others teach.  Do you have specific charity work that is near and dear to your heart?  For me the challenges with adoption are something I want to address eventually. 

 Thanks Drew- thankfully the moderator got back to my message earlier today and said everything about it is great and apologized for the error. 

 Hi- great to ready your message. Sorry for any way I was confusing- I'll try to clarify.  By fail, I do not mean to mean they went bankrupt.  Common pivoted to having a massive part of their portfolio be non-coliving spaces, and the articles out about them and how they managed their coliving houses were and are quite atrocious. Personally, I believe blaming covid is BLAME (being lazy and making excuses).  My properties were maxed out during COVID, no one was behind on rent, and the households super bonded together- coliving properties both during COVID and historically during outbreaks over the counties and centures have done the best.  They do the best b/c they are safe supportive housing, where during outbreaks many people are isolated.  During COVID I had the following happen in the households I manage: 

1) one house member loses their job and their immediately get a job b/c another house member's job needed someone.

2) one house member got sick, so other house members pitched in to do their chores and cook their food and deliver it to their room so they could stay healthy, quarantined, and socially supported.  

3) one house member had their car breakdown, so other house members helped them w/rides to the mechanic. 

COVID was not a challenge to well run coliving places that had prepared financially.  COVID was a time when coliving people could really shine- their tenants have a KEY type of wealth, social network.  Coliving PM's also have other key advantages like: 1) getting away with charging less; 2) having multiple rent checks to one roof; 3) month to month leases to avoid eviction moratoriums; 4) and uniquely being able to give inspiring leadership and togetherness resources to their residents.  Maybe like Warren Buffet says, "A rising tide floats all boats…..only when the tide goes out do you discover who's been swimming naked."

My observation in 2018/2019 was all these companies TALKED A GOOD GAME but none of them spoke of the importance of household and the unique needs of coliving property management. I spoke w/many of them, and they simply managed the properties like LTR or STR.

I had checked out the software you mentioned, but I relooked at them just to update myself:

booking ninja: this was and still seems specifically for STR/boarding houses (and even offer more flexibility but is nonetheless short term)unless I am mistaken. They have killer sweet pricing though! I've got to suggest this to my wife to possibly replace her Airbnb software.

resharmonics: this starts at $500+ which is rough, but the key here is I don't see anything specific to household.  As they advertize, it's for short and long term coliving, and there doesn't seem to be anything specific to long term besides they stay a longer time (similar to Airbnb 4wk+ stays).  Please lmk if I'm missing anything here?   

housemonk- cool this one is new to me.  I'll have to read more.  So far the $1800 starter pricing seems rough.  They also seem to be just like resharmonics above in not taking household systems into considerations.  However, it does seems that they offer more robust features than Resharmonics at first glimpse. 

In regards to creating software OR solely giving ourselves to being good coliving PM's, I totally agree with you. However, I think us pioneers in this would, after making sure we are good PM's ourselves, look to improve by learning from others and add to the big discussion to get appropriate PM system or software that is designed from the beginning from coliving PM (rather than being a few tweaks away from STR or LTR PM'ing).

 I'd love to hear your experience- when did you start, what got you interested? how many properties do you have currently and how did you choose/develop your PM protocols?