All Forum Posts by: Peter Tverdov

 No offense but do not follow this advice. Low pricing and don''t worry about profit? That's not the right strategy.

The truth of it is finding GOOD PM client is hard. The low price clients who have roach motels never want to fix anything...you don't want that. They will suck up so much time and resources and burn you out and/or your staff.

Focus on quality. That's what we are constantly striving for. Good clients who trust us and treat us right, good properties. I did a NARPM podcast earlier this year about that actually. We grade our entire portfolio each year A,B,C and F. Grade the owners, the property and how much time they take. 

I have to say we have less and less Fs each year and this year we actually shrunk 20% in door count but revenue is the same. So we brought in more QUALITY and either got fired or fired the crap clients and we feel very efficient.

They should be reported to the real estate commission in your state every single time because they are ripping equity from people while pretending to be a fiduciary. Go get your license and sell real estate or buy the property yourself if they really need the cash offer (some do I get that). 

 Basically this. I know people with hundreds of units but they're not the actual owner, they're a GP and when you break down the actual equity they have its similar to people with a dozen homes. Quality over quantity. 

Sorry to hear you're going through that. For some reason people treat PMs like slaves sometimes. I don't understand it. We have been churning out a lot of bad clients the last 18 months. None that we lost I have been upset over. This business is hard enough, if you're not rowing in the same direction just cut bait and move on. 

Also learn to do a better job of screening them. Its not impressive me to have a bunch of doors that are slums with bad owners. Quality over quantity. Focus on revenue per door, not door count. 

 NARPM is geared towards residential PM not apartment buildings. That's IREM. 

If you were in New Jersey we would probably be a fit haha. We have a lot of investor focused agents at our brokerage and I personally do free seminars 4 times a year about real estate investing.

Most brokerages don't teach this stuff and I think 3% of realtors are real estate investors.

I could never get our property management company to do a lease extension addendum because we are constantly improving our lease every 1-2 years. Plus some attorneys will argue the extension is not valid or if you are doing an extension to a lease that is weak to begin with it just doesn't help.

Our policy is a new lease every renewal. We do hundreds of lease renewals a year this way and it works well.

Man...it's a lot of work. I opened up one 3 years ago. I own a boutique brokerage. Thought I would just huge commission and get agents flocking to me. Wrong!

It's very competitive to recruit realtors, you have to train everyone, you have to create your culture, processes, a ton of stuff. I enjoy it but it's not for everyone. 

Postcards and cold calling work for me. I target my farm and just my farm. I honestly want to double or triple my marketing there. I'm trying. I have tried Z buyer. Its oaky so far, 2 months in and I got a listing appointment out of it so that was cool and I do add all of them into my CRM with a drip campaign so I might know better after a year. 

Not a team lead but own a brokerage. You will sift through a lot of bad agents. You can train and rah rah people to death but at the end of the day they need to put in the work to be successful. Find people that are really hungry to learn and hungry to make money. That's what I look for a lot of people don't want it bad enough and rather complain. "I didn't have time to cold call, its hard being a buyers agent etc" I parted ways with half of my brokerage in the last 12 months and have a little more coming this summer but we are better for it because I figured out what I was looking for and my guess is it will take you time to figure that out also.