Peter Lohmann's Podcast
01:02:03 · Matt Luke, Peter Lohmann
[01:02:03] S1: Mhmm. When we meet with somebody, I have a side by side slide in our presentation that says, here's what asset management is. Here's what property management is because most people don't know the difference. Yeah. And here's what asset management includes and can take off your plate, and here's what property management includes and can take off your plate. So that give them the option to choose property management or asset management on top of it. If they choose the property management side only, then I'm reminding them what we don't do. Yep. And part of that is spending the time it takes to build their investment outside of just general maintenance and making sure there's not deferred maintenance and keeping the property in great shape. Yeah. On the asset side, if you want my help, I can help you track return on investment, track return on equity, figure out best tax strategies, when is it time to refinance, you know. And so I give them those options in the first time I meet with them. [01:03:06] S0: That's really cool. How do you charge for the asset management? It's just a straight up additional monthly fee, or is it like a percent, or what... How does it structured? [01:03:14] S1: It... So to keep it simple so the billing is easy, we just add an additional percentage to the property management [01:03:21] S0: Okay. [01:03:21] S1: Side of it. [01:03:22] S0: Got it. And what percent of your third party customers have taken you up on this asset management?
01:03:22 · Peter Lohmann, Matt Luke
[01:03:22] S0: Got it. And what percent of your third party customers have taken you up on this asset management? [01:03:28] S1: Unfortunately, not that many right now. Yeah. We... It's it's only about 10% at this point, but I think that takes a lot of time of building trust. And so as these owners work with us longer, I feel like we'll be able to migrate more. The other side of that is that it takes a real a lot of education. Most people do not understand going from one or two rentals to, Wow, I could have 10, 20, 40, 50. And that is a bit of a leap for some people. So the education process is intense, and I haven't figured out that key component yet on on that side of it.
01:04:12 · Peter Lohmann
[01:04:12] S0: I'll I'll give you a couple thoughts that just came up for me, and you can take or leave these. Would you say, like, after one year, that would be enough time to really build that education and trust? Yes. Okay. So what you could do is, like, for that one year, put together an email or a video series or both and have it just dripped out through LeadSimple to get them ready. And then on their one year anniversary, what I would do is send them an email that says, congratulations on your one year anniversary. We're so thrilled to have you as a as a customer and as a property owner. You now have unlocked a special offer, which is valid for seven days to upgrade to our asset management package. And our asset management package, may remember from when we first met, blah blah blah. Here's what it is just as a refresher. And this special offer, which is only valid for the next seven days because it's your anniversary, you're gonna get six months free or you're gonna get 25% off or whatever. You come up with an offer that makes sense. But the key is it has to be time limited, and it has to be tied to something like their anniversary. Or you could... If you wanted, you could run this, like, once a year on April 16 as, a, hey. Tax time is over. By the way, all of our asset management clients, we know their taxes are done because we took care of it for them. Yeah. Special offer right now if you wanna upgrade. Hit them when they're at their, like, peak point of pain. I have an afternoon prodigy. Yep. There you go. Alright. So... But... Okay. Well, we're we're out of time, Matt. I I really enjoyed this conversation with you and hope that you got some value too.
01:05:50 · Matt Luke, Peter Lohmann
[01:05:50] S1: And That was great. [01:05:51] S0: Yeah. This has been awesome. For anyone who wants to kinda keep up with you and what you're doing over there in Sioux Falls, where would be the best place for them to do that? [01:05:59] S1: Yeah. You can find us on social media, just Luke Properties on Facebook, Instagram, and then also on our website. We have a blog as well too that you can subscribe to the blog too. [01:06:10] S0: What about you though? Are you active anywhere? Do you have a newsletter? Do you have a Twitter account? Do you have anything like that? Are you posting anywhere? [01:06:16] S1: Personally? [01:06:17] S0: Or Yeah. Like, personally. Yeah. For for business stuff. [01:06:20] S1: Yeah. For business, it's pretty much posted to our business accounts. Okay. I do post every once in a while, but the more I post, the less time I have at the lake, so... [01:06:31] S0: Well, I guarantee people wanna hear more from you after this, so get ready to... People are gonna find your contact info, I bet. [01:06:37] S1: And we just scratched the surface. There's a lot that we can get into and how the software integrates and and for me, it's... The biggest part is just... I I had this kinda come through my head here when we're talking or gearing up for the podcast and the word was friction. [01:06:54] S0: Mhmm.
01:06:54 · Peter Lohmann, Matt Luke
[01:06:54] S0: Mhmm. [01:06:54] S1: Any moment during the day that I have some moment where it isn't as easy as it could be and there's a little bit of friction, I think, what can I do to reduce that friction? And that is kind of been my key focus for the last month and it even happens personally. How do I get my coffee cup out of the of the cupboard and why do I have to move it around 10 of my wife's other mugs? So I moved mine to a shelf above hers. I have two of them. [01:07:27] S0: Yeah. [01:07:27] S1: So I can't easily grab them. [01:07:29] S0: Have you [01:07:30] S1: worry about knocking over my wife's coffee mugs. [01:07:32] S0: There's a great line from the the lean manufacturing world that goes, fix what bugs you. Mhmm. And that's kinda reminding me. There's a great there's a great book that's reminding me a lot of what some of the stuff you've been talking about that John Matster turned me on to some of this lean manufacturing stuff. Yeah. [01:07:48] S1: Yeah. So that that's fun. And, again, it's a weird hobby. I enjoy it, you know, but I'm able to use this business as an outlet for that. [01:07:56] S0: And Yeah. [01:07:58] S1: It's it's fun. [01:07:59] S0: Awesome. Well, thanks again, Matt, and we'll we'll catch up soon. [01:08:02] S1: Thanks, Peter. Appreciate you having me on.
01:08:02 · Matt Luke, Peter Lohmann
[01:08:02] S1: Thanks, Peter. Appreciate you having me on. [01:08:06] S0: I hope you have enjoyed this episode. If you like the show and wanna get connected to the community, you can follow me on Twitter at PS Lohmann and subscribe to my email newsletter on my website, peterlohmann.com. I try to share as much valuable property management content as I can on a regular basis. Thanks again for listening and have a great week.