Getting started in my real estate career was frustrating. At the time I was a product manager at Google in San Francisco and owned property in my hometown of Houston ,Texas.I wasn’t able to travel home and be with my properties every week. I needed a property manager I could trust.
I searched online for a property manager to manage my small portfolio. I got a few numbers and made some calls. I was floored by how few property managers knew what it took to run a property optimally. It was scary, and my knowledge up to that point was mostly from books!
Sure each manager had something they did well be it technology, tenant relationships, financial reporting, local market knowledge, or staffing. But no one seemed to have the perfect mix. I talked to other investors in my investment group and they had the same problem. Where could I find an educated property manager that had the knowledge and experience to manage my property? After speaking with several property managers on the phone, I realized I couldn’t.
Given my familiarity with technology I spent the weekend crafting a property management strategy. It had three pillars:
-Financial Analysis and KPI’s
-Building the right team with the right technology
-Creating a culture of fair but firm rules and enforcing them with tenants
I figured if I could do these three things then property management would go great. Now I would like to say that things went off without a hitch, but I flew back to Houston 4 times in that first year to put out fires! We had abandoned animals, squatters, tenants not paying rent, criminal activity, you name it. It was tough, but each event helped refine our management process.
Over time I realized that I had real world professional experience that mattered to owners. I have a CPA license with a degree in Finance and Accounting. I started my career in Big 4 Audit and was a controller after that. Financial performance defined my educational background and the first 8 years of my professional career. I learned how numbers reveal massive growth opportunities. I became one of the youngest controllers in the country at one of Inc Magazine’s fastest growing companies.
My next stop was Google. I worked as a product manager designing systems with international teams of up to 40 people. We took data and then designed complex solutions based on user and regulatory feedback. I learned how to iterate and simplify. In today’s property management atmosphere you have to understand technology well. Robust systems maximize investor value and reduce overhead. You need human to human interaction too. It’s a careful balance.
As I built out a management product for my own portfolio, other investors I worked with or met through my Biggerpockets Podcast episode
, asked me to manage their units as well. I had achieved returns of sometimes 100%+ on my investments and was often doubling rents after rehab.
I grew up doing construction with Habitat for Humanity and knew how to manage a construction site. In 5 years I oversaw $3M in real estate rehabs. Each property was a problem for me to solve. Was the issue with current management, the exterior, interiors, or something else? I loved solving the problem and tweaking things until they were perfect.
After a couple of years of running properties for other people I realized that there was a massive gap in property management expertise in the Houston area. Where were the property managers who specialize in small multifamily below 250 doors? Owners are often forced to either join a national group as a small fish or work with a property manager that primarily manages single family homes. Both solutions are far from ideal!
Using technology and efficient systems we are able to reduce management staffing overhead and thus increase your returns. Our systems were tested over the last 5 years on properties that our investors own and we are now in a position to expand our management services. This year I launched our system as StageCoach Management. We are just getting started, but already manage 222 units owned by other investors. Our goal is to be at 800 doors by the end of 2020.
And that’s why I’m reaching out. I’d like your help in changing the way properties are managed and maximize the value of your investment. I want you focused on the next deal while knowing that the assets you do have are operating with cutting edge technology paired with old fashioned hard work. I look forward to hearing from you.
Give us a call today to discuss how StageCoach can help you achieve your investment goals! Work with a management company that knows how to increase your net worth.
-Kevin Wood, Founder