180: Why Ben Sold to Rhome
Overview
In this episode of The Profitable Property Management Podcast, host Jordan Muela has an in-depth discussion with Ben Sencenbaugh, founder of Realty Medics, about growing his property management company over the past 10 years before a recent acquisition. They cover Ben's journey from starting with just 200 doors to now managing over 1600, implementing systems and processes, lessons learned along the way, work/life balance as an entrepreneur, and finding the right buyer to acquire his business.
Topics and Guests
- Ben Sencenbaugh, Founder of Realty Medics
- Growing a property management business over 10 years
- Implementing systems and processes
- Using marketing tactics like radio and direct mail
- Maintaining profitability while scaling a business
- Selling a property management company
- Change management and leading teams
- Achieving work/life balance as an entrepreneur
- Finding the right buyer for an acquisition
Relevant Links and Resources
- Realty Medics - https://realtymedics.com/
- Profitable Property Management Podcast YouTube Channel - https://www.youtube.com/@profitablepropertymanagement/
- LeadSimple Software - https://leadsimple.com/
- Danny Craig, Profit Coach - https://profitcoach.com/
- Jeremy Pound, RentScale - https://www.RentScale.com/
Key Moments
00:02:32 Ben shares the story of growing from 200 to 1650 doors in 10 years
00:07:36 Implementing Podio in 2016 to organize processes
00:12:18 Focusing on foreclosures and rehabs in the early years
00:17:28 Starting radio ads and direct mail campaigns
00:26:26 Bringing on Pam Kawasaki to refine branding and messaging
00:31:08 Ben talks about his ability to build customized processes and software
00:34:46 Starting with automating the renewal process first
00:39:54 Sitting with employees to solve issues with new systems
00:45:44 Implementing a customer service call center for incoming calls
01:06:41 Not having a defined "end game" but being open to acquisition
01:12:24 Learning about planning the "way down" after a sale
01:16:33 Seeking an acquirer that would be the right fit to take care of staff
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