Bob Preston is the founder and creator of Property Management Brainstorm. He goes solo in this episode to unpack the question of what makes Property Management Brainstorm different and explains his experience in "Hitting for the Cycle."
(02:00) Bob explains why he is communicating his purpose in property management consulting
(02:30) Why all the noise and FUD about consulting services?
(03:30) Never disparage the competition
(04:12) Why do we offer services that no one else can replicate
(04:46) Featured Sponsor, Upkeep Media
(05:30) "Hitting for the Cycle" in Property Management
(06:00) How Bob has hit for the cycle, touching all the bases
(07:45) Property Management Brainstorm can help through all the stages of your PM company
Episode 77 Featured Sponsor: Upkeep Media
Upkeep Media specializes in property management marketing. With custom-tailored marketing plans, their approach is as unique as each company they work with. Upkeep Media effectively grows property management companies using a variety of Internet marketing tools.
We're also giving a huge shout-out to all of our fabulous Industry Icon Sponsors for supporting our show and the property management industry:
VPM Solutions (https://www.vpmsolutions.com)
APM Help (https://www.apmhelp.com/)
Upkeep Media (https://www.upkeepmedia.com/)
Second Nature (https://www.secondnature.com/)
Connect with Bob Preston
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Transcript of This Episode
Bob Preston 00:51
Hello, Brainstormers. This is Bob Preston, your host broadcasting from our Property Management Brainstorm studio in Del Mar, California. If you're new here, please subscribe for ongoing access to our great episodes. And if you like what you hear, we would appreciate a positive review.
Before we dive in today, I'd like to give a quick shout-out to our amazing sponsors for helping to support our podcast: zInspector SureVestor, APM Help, VPM Solutions, RentScale, Second Nature, Showdigs, Blanket, and finally, today's feature sponsor, Upkeep Media. You'll hear more about Upkeep Media in a brief midroll halfway through this episode.
I will be flying solo today because I have something important to discuss. I've never really taken the time to properly introduce myself and communicate the purpose behind my consulting, business, and podcast. So, I'd like to take the time to do that. The reason is that I've noticed a lot of social media posts lately and videos that colleagues in the industry are putting out that caution property management business owners to be careful about who they listen to and who they take advice from.
These individuals are creating noise and FUD and suggesting that some of those offering consulting services are not who they claim they are or don't have the proper depth of knowledge. To be clear, no one is saying that about me or Property Management Brainstorm, at least that I know of. But it just makes me wonder what's with that? Why are these individuals making these kinds of comments? Is it perhaps that they're feeling threatened? As the industry grows, many people are offering sage advice and mentoring who have different perspectives and things to share and other experiences than they do. I'm not sure. But one thing I will never do is disparage perceived competition. The property management industry I know is open to exchanging fresh ideas, welcomes diversity and different people and opinions, and embraces change. So, how could I claim that what I offer is better than what someone else is doing or criticize another for their approach? I would never do that.
My first job out of college was with IBM. And they instilled that philosophy in their trainees to never disparage the competition. If an IBM employee disparages a competitor, they could be fired. Instead, IBM always advocated just to be better or offer something nobody else could replicate. This is the standard I’ve followed throughout my career and still do today in my property management, consulting business, and podcasts. I would never say anything bad about others in our industry who do what I do. Even if deep down inside, I may have an opinion because I believe there's room for many consultants and podcasters to offer their expertise, different perspectives, and views. I prefer to talk about what makes Property Management Brainstorm different and why someone may want to work with us.
Upkeep Media Commercial 04:18
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Bob Preston 05:05
Let's dive into this here. Baseball fans may be familiar with the term “hitting for the cycle.” In baseball, hitting for the cycle is the accomplishment of one batter. It's a single, it's a double, it's a triple, and a home run in the same game. And if collecting all those hits in that order, that's known as a natural cycle. Now, cycles in Major League Baseball are pretty rare. And it's also relatively rare in the property management industry. And I'm happy to say that I've hit for the cycle in the property management industry, that is.
So, whoa, wait a minute! What is this all about? Where's he going with this? You might wonder what it is in the property management industry, hitting the cycle. Okay, so look, I'm drawing an analogy here. I'm having some fun and coining the term in our industry, hitting the cycle in property management. In our industry, I mean, an individual who has started a property management company, built the business to a level of door count and profitability that attracts entities interested in acquiring the business, monetizing the sale through a liquidity event, and staying on with the acquiring company in a senior management capacity, and then finally, transitioning that job to someone else, and being in a position to step away from that company to retire. Now, those individuals have hit for the cycle, touching all the bases, if you will. And there are not many of us in the industry. I am one of those who hit for the cycle, and I'm very proud of that accomplishment.
I've been through all the stages of growing my former property management company, North County Property Group in San Diego, to profitability, packaging it up to be attractive to suitors, monetizing the value through the sale of the business to Pure Property Management, and then staying engaged at Pure in a senior role as the Western Regional Director overseeing around 30 branches and over 12,000 doors. This August, after working with Pure for about a year and a half, I professionally passed the baton and transitioned my role to one of my direct reports. This allowed me to step away from the company to pursue my consulting business and podcast full-time. As such, I've had the opportunity, uniquely, to see my business through every phase, every stage, and understand what is required of a business owner in each. Now, I don't expect everyone to appreciate this accomplishment. And I may hear it from some now, right? They may say, oh, well, what's the big deal? I will never sell… I've heard that one before! Or why do you sell those guys? I've heard that one before, too! Well, you get the picture. And you all who don't get it are entitled to your opinion. That's fine. But I'll say this: critics are confirmation that you are doing something right. And I believe at Property Management Brainstorm, we're doing something right.
I've been through a lot, not only in the property management space but also in my previous career as a Silicon Valley executive with two public offerings under my belt. I have precious knowledge and insights to share. I love coaching, mentoring others, developing staff members and people who want to listen and learn. This has translated into a robust consulting practice for me that many property management clients have already taken advantage of.
So, there you have it, a bit more about Bob Preston and Property Management Brainstorm. Thanks so much for listening today. I'm here to help any takers who are interested in growing and making a great property management company. I would love to hear your story, how you got into property management, and how I can face the challenges with you and your growth objectives for your business. If you want more information on our services and how to reach me, visit our company website, www.propertymanagementbrainstorm.com. I hope we connect, and until then, please keep coming back for more on the Property Management Brainstorm podcast, and we'll catch you next time.