Peter Lohmann and a guest discuss why successful property managers stop competing on price. New startups often take low-quality properties cheap to build experience, but mature firms grow by highlighting unique capabilities and earning investor trust instead.
On that subject of growth, are you seeing your most successful partners price aggressively, or are you seeing your most successful partners not compete on price and instead articulate some other unique differentiator in a sales conversation?
Great question, because we see our new startup guys go out there. They're willing to do anything to get their doors and build their portfolio. They take the crappy properties that are with the owners that no one is in the, in the neighborhood wants to work with. Yeah, they cut their teeth on in the industry with that. And we're okay with that. We're okay with them competing on price because they're learning, but we teach and coach against that. Our strategic property managers, that's the first thing you see them doing is, you know, they, they're competing on what they're providing and what the service being offered is all about and what they're able to do that the other guys aren't and just really creating that trust between themselves and that investor.
