WHAT YOU WILL LEARN
NARPM accounting standards have transformed the property management industry. How does your business stack up against the best? Find out more on this episode of Bootstrappers!
We discuss how property management companies can make more money by adopting NARPM accounting standards. Learn how adopting the standards resulted in significant operational, and structural changes at Wistar Group and how that impacted the bottom line. Also, listen to our conversation with Daniel Craig, the co-author of the standards, and glean key insights from his experiences working with over 200 property management companies on using their newfound financial clarity to change their business.
If you want to make more money in your business this is a do-not-miss show!
- 4:30 NARPM Benchmark - How do you compare to property management, maintenance, and other companies of the industry.
- 7:35 Implementation time to adapt NARPM protocols to your property management company
- 9:30 Main discovery after implementing NARPM protocols
- 14:35 Pet projects could be making you lose focus on what matters: Profit
- 15:15 DLER: Direct labor efficiency Ratio
- 16:30 Daniel Craig CEO of Profit Coach
- 18:50 How it all started and created a national financial benchmarking for property management
- 24:10 Financial analysis efforts in the property management industry
- 26:46 What is the actual financial performance of your business model?
- 32:00 Getting clarity ¿Why are you in business?
- 33:10 Monthly Seasonal forecast for the next twelve months
- 34:05 How long does a company need to onboard and adapt NARPM in its financial strategy
- 37:40 The 50,000 dollar call
- 39:50 Boneheaded story, Choosing the right Software for historical data analysis
- 41:30 The 6 Most important metrics and KPIs for the property management company }
- 43:00 Direct Labor Efficiency
- 44:45 Revenue Per Unit
- 47:26 Customer Acquisition Cost - How much are you spending per Unit
- 53:00 Tie all your spendings to a budget and not to impulse buying
- 55:12 BOOK GIVEAWAY Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential by Greg Crabtree
Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential by Greg Crabtree
How to participate in the Book Giveaway - Bootstrappers Guest Choice:
- Step 1: Subscribe to our Youtube Channel.
- Step 2: Subscribe, rate, and leave a review on Apple Podcast Bootstrappers Show by Anequim. We will choose the most insightful review or question.
- The winner will be posted on Facebook next Friday, December 4th.
ABOUT OUR GUEST
Daniel Craig is passionate about helping entrepreneurs make the most of their God-given talents and believes that financial clarity is crucial to driving commitment and change toward greater profitability and entrepreneurial freedom. He is co-author of the NARPM Accounting Standards and the CEO of ProfitCoach, a property management-focused financial services company with the mission of fueling entrepreneurial freedom by growing.