111 - How to Get Started in Property Management with Peter Lohmann

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨Join me, Nik (https://x.com/CoFoundersNik), as I speak with Peter Lohman (https://x.com/pslohmann), the owner of a residential property management company in Columbus, Ohio. Peter discusses his 11 years of experience managing rental homes and apartments, detailing how he grew his business to nearly 700 units and almost $3 million in annual revenue. He explains the importance of revenue per door as a key metric, the challenges of having both property owners and tenants as customers, and the three main functions of a property manager: rent collection, maintenance, and leasing. Peter shares his journey from being an engineer to a property management business owner and offers insights into how to start and grow a property management company.Questions this Episode Answers:What is Peter’s property management business and how did he get started?What are the key metrics Peter uses to measure his business's performance?Who are Peter’s two main customer groups and what challenges arise from this?What are the main responsibilities of a property manager?What are the key steps to starting a property management company?Enjoy the conversation!__________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or send me an email at [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT___________________________This week we covered:00:00 Highlights00:27 Introduction to Property Management00:54 Revenue and Profit Margins02:29 Understanding Clients and Tenants03:06 Key Responsibilities of Property Managers03:37 Profiles of Property Owners04:29 Why Hire a Property Management Company?05:41 Payment Structures and Fees06:34 Company History and Growth10:50 Remote and Local Operations16:16 Starting a Property Management Business19:02 Finding Your First Clients19:29 Early Challenges and Strategies20:47 Benchmarks in Property Management21:50 The Importance of Community23:27 Scaling Your Business30:57 Operational Complexities32:21 Opportunities in Property Management35:38 Conclusion and Final Thoughts