Mastering Property Management Communication and Growth - with Matthew Tandy

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What we've been really trying to focus on is getting really good at not over communicating but setting the right expectations and communicating in real time, communicating just the information that you think they're going to need to know at that moment, so we don't overload them but we don't hide that information that they need just because we're so busy that we just don't communicate them.
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So I think if you can do that, you can start to create a culture where change is just part of your process and as you change, you communicate what those changes are going to do, the expertise that you have in delivering those new results and communicating that not just to your clients but internally to your team as well.
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I think in that too.
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If anyone's ever onboarding a company or a new staff member who comes from the property management industry and there's that reticence to change, it's good to let them know that you're flexible too.
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Every time I acquire an office, we absolutely do learn something new and we change a policy.
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So we let them know hey, this is going to be better for you.
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We want you to speak up so you can make it better for us too, and we work together.
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Definitely, though it's a matter of showing them the path forward.
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Welcome to the Property Management Success Podcast, where we interview leaders in the industry to uncover the secrets to profitability, efficiency and achieving true freedom, whether it's your time, money or lifestyle.
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I'm your host, tony Klein, and I'm here to help you build a wildly successful property management business.
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Let's get to it.
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Welcome back, everybody, to another episode of the Property Management Success Podcast.
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Today I have Matt Tandy joining me from Formatic Property Management.
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Matt, welcome.
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Thank you Appreciate it, Tony.
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For sure.
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So let's dive right in.
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Tell us a little bit about yourself and your company, how long you've been in business.
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All right.
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So Formatic was started in 2015.
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It was actually my second management company.
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It started in 2015 and we have several offices in Southern California.
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We have an office in Pennsylvania, out in Wilkes-Barre, which is part of this Granton area If you ever watch the Office, that's where we're at and then we also recently acquired and finished the transition of an office out in Oahu in Hawaii.
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So, additionally, we have a fully native corporation in Mexico.
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We used to do short-term rentals out there and we're gearing up to do long-term rentals out there.
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We have a lot of staff that are full employees, like a W-2 employee, but out in Mexico also.
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And you said that you started in 2015?
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2015.
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Yeah, and before that you had another company that you worked on building out as well another company, that you worked on building out as well.
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right, that's right.
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Yep, I was there week one and it was me and John and I had ownership there and we built that the two of us to 14 offices in 11 states and 3,500 homes under management.
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And at the end of that, that last year, I was and had been the head of business development for some time and was closing.
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I closed over a thousand properties in one year which was or doors, we'll say so, yeah, I did pretty well.
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But very different focus.
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We took anything and everything.
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Formatic is formula and automatic.
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We're much more formulaic in what we do.
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Yeah, so share with me a little bit now going through that experience and starting from scratch and a lot of people don't know this, but I'll share a little bit of behind the scenes with us as you were building out this second company, formatic, as we started to build Home Vault and look at taking our company nationwide and doing multiple locations, and now that you and I had a conversation and you kind of shared with me different structures and things like that.
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But it's been exciting to watch you grow the company and take some of those dreams and visions that we had separately and turn it into reality.
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So where are you now with the company?
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In terms of.
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Just in terms of door count.
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I know you gave locations and things like that, but just going from again back to zero and starting from scratch a second time, where are you now with size, door count, employee count, that kind of thing?
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So we're at 450 doors.
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These are very high performing doors.
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We had been up to about 650.
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And over the last two years I've done a lot of aggressive culling, which was always part of the plan.
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We can talk about that in a minute, how I view growth when you're starting out again.
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But did aggressive calling.
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These are very high performing doors.
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And in terms of employee count, we are at 11 employees, not counting our maintenance technicians, in-house maintenance technicians and not counting our sales agents.
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So you mentioned that Formatic is a combination of a couple of words, and that's one of the topics we're going to get into.
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So let's kind of use that as our transition here, but tell us again what Formatic stands for and how you are applying that to this business, which is different than the business that you rolled out previously.
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You bet I'm pretty passionate about this.
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Formatic comes from formula and automatic.
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Fun side note it was pointed out to me after I registered the company that Formatic sounds a lot like format and I'm mad.
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But no, that wasn't the origin.
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It's formula and automatic.
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The mindset was this At my original company there was a lot of fantastic people, some of them very data-oriented, some of them very charismatic.
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But one thing is that some of the executives were very much of the just.
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You know, if you believe enough, it's going to happen.
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And even if the numbers don't align, even if the data doesn't align, and then there'd be, you know, shocked faces when things didn't turn out, and that led to a lot of emotions and frustrations for everyone.
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So I believe in A-B testing, which is where you test one way with one group, one way with another group, and I do that everywhere with everything that I possibly can in a ethical and legal way.
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Here there are some things where if you suspect something's going to bomb, it's not ethical to try that on your clients or your residents, but if you have two potential solutions, we try it that way.
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The concept is pretty straightforward From the beginning in 2015, actually before then, when I first had the concepts for this company.
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It was I was tired of chasing and just doing everything and being reactive.
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It wasn't just putting out fires, everything was a fire.
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It's about how could we avoid the fire that was already blazing and kind of make our little path through it.
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So instead I realized that if things were done and double checked and we have all this great horse wisdom I call it horse wisdom it sounds good, it looks good, but does it actually play out in reality?
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And if it does, fantastic.
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Now, all those other things that people are so excited about we don't worry about.
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We do what we need to do to achieve the results that we want to get to, and that's incremental improvement.
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If you ever watched what About Bob in the early, 90s.
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it's baby steps, Bob, and that's what we're doing here.
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Yeah, I like that.
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I talk a lot about.
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Incremental improvement over time equals incredible results.
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It's just continuing to find things to tweak and to focus on and focus on the different results and making sure that it's leading you in the direction that you want to go.
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You know, one of the things that people sometimes jump into as you're talking about, like the automation and these kind of things sometimes people will hear about some new automation software or some new shiny toy, about some new automation software or some new shiny toy, and they jump into it and they don't think about what problem they're trying to solve.
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And I see a lot of people think that process automation is an easy button and they're like well, we'll just automate our processes and then nobody has to work, everything's just automatic.
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And what do you see as some of the flaws in rolling out process automation or what's different between?
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I've got tasks I need to take care of and I need to manage those tasks and let me fully automate this process.
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I think the big thing is just a harsh reality.
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It is not possible to automate everything that we do.
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It's just not.
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We are not a software industry, we are a software assisted industry and that means that we are dealing with people.
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You've seen this, tony.
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If you've ever talked to someone who wants to become an accountant or bookkeeper at a property management company, they're so used to dealing with just numbers, but in property management accountings they have to deal with the vendors, the property owners, the residents, the law, and it's a lot more than in an average company and many bookkeepers and accounts burn out and that's because there's so many people involved and people, frankly, are nuts a lot of times, right.
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There's some great people, there's amazing people.
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I am very bullish on humanity in the future, but in pockets they can get pretty nutty and with that, then if you try to automate everything and you don't have a good task management process set up and you don't understand what it means to set up task management, then you're going to flounder, you're going to fail and eventually something's going to break in a horrible, horrible way.
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And we've seen that happen.
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I've seen that happen.
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I'm sure you've seen it happen, Tony.
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When I look at task management versus automation and I love automation, I believe in it and we have some, we're building out more but in the end, here's my rule of thumb when it comes to task management.
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If you own a property management company, Tony, right now, today, and it has 500 doors or 100 doors, it doesn't matter and you died, would everybody who's in your succession plan?
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Would they know what you were working on?
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If one of your key employees died, if one of your property managers died?
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Fiery car wreck of doom.
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It's a little dramatic, but I like it.
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Fiery car wreck of doom strikes and now your property manager is dead, Could you, within 30 minutes, go in and pick up exactly where they left off.
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Automation only gets you so far, but when you're dealing with hey, Sally called about this, the resident called about this A hot water heater exploded Every single step must be documented, what you're doing, and that means you have to have software for that that handles the challenges day to day that we encounter, and so that's going to be systems like ClickUp, which is what I use.
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Mondaycom, I think Notion, has some things for this.
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There's different options there, but you have to have a task management software on top of your automation options there, but you have to have a task management software on top of your automation.
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So if you were talking, you mentioned somebody having 100 doors or 500 doors and they've just been doing it by hand.
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They've got employees that have been around for a long time and they've got that institutional knowledge and I kind of like to say that they win the lottery and no longer need to work for our company versus the fiery car crash of doom.
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But we're going to roll with your car crash scenario.
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But somebody leaves.
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Right, we have all these people that we just rely on.
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We haven't documented our policies or our processes because it's just in our heads, but when they leave, they take all that institutional knowledge with them.
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So if you were advising somebody on how to get started with first, just what the heck do we do around here and how do I train a new person on that?
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Before you can automate that, you have to know what you're trying to automate.
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So how would you actually help somebody, coach them through or discuss?
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This is what we need to do to create a foundation that we can grow on as far as our task management or our process management.
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What would you do there?
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You know how I answer now today is different than I would have answered even a year ago, and that's because of the advance in LLM's large language model AI tools that are out there A lot of the tools.
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The way I would have said it before is hey, if you're documenting what you're doing each step of the way, that's fantastic.
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Task management software.
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The beauty of it is is if you focus on enforcement and consistency, compliance, really of having your staff trained on it, use it, know how to organize it.
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It's already going to be organized.
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You can look at things, you can reference things in the past.
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That acts as kind of a mini brain.
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You could look up, say, well, have we done this?
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But it's still a basic search engine, it's still research, it's still kind of messy.
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From there you can build out, you can put together a core team who is putting together your processes and from processes you can build out your automations.
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That is the sequence Handle the daily tasks, then build processes based off of your experience, then build out automations.
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But none of them go away ever.
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Nowadays you can use things again, all the big softwares out there.
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You can put the data in, you can do your task management and then you can click these little AI buttons that will go in and search all of it for you and you can say create, based off of all the tasks that we've done related to hot water heaters, create a plan of action of how we typically would handle that.
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And then you of course it's not going to be perfect, you have to review it, you have to take a look at it, you have to refine it, but you're going to save a lot of time that way.
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So my position now is start with the task management software that's not Excel, that's not your email and then make sure it's one that uses AI and LLMs and can read through that data and then routinely ask you questions and spit out policies and procedures from there.
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So if you weren't using Monday or ClickUp or one of those and you just have your property management software you have AppFolio or PropertyWare or Buildium or NetVine, any of those how would you?
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Is it possible to get that information out to feed into one of these AI chats, whatever to feed that in there to get this same result?
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Or is this really we need to be looking for task management software that has the AI built into it?
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You need to have task management software.
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Appfolio, for instance, does have some task systems.
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You can set up calendar notifications.
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You can set up tasks that say, hey, let's do this, let's do that at this time and this day, and those are fantastic.
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It's just not something that you can really access.
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It's a closed book in many ways.
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Once you've done it, it's out of the past.
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You threw it in the trash and it's gone.
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In theory you could look it up, but it's not useful for meaningful purposes.
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You can.
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In some of these, I think in AppFolio, you can take those tasks and you can run a report and you can dump it out to Excel sheet.
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That's going to be a lot more work.
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The reality is, is that doing something?
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Appfolio doesn't tell you too much?
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The whole history of that incident, the way I think of task management software is kind of like the CRM software.
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Not CRM software like using for business development, but true CRM software that you use in a call center and in a call center when the phone rings or it rings for you.
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I used to work in a call center many, many like two decades ago and they had this ugly software but they had these features there and it would automatically pull up all that customer's information and their entire log of every time they called or emailed or talked.
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And there's great tools for this.
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Leadsimple, of course, does some of this too, and we're seeing more advances.
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I think it's going to be very exciting over the next several years.
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Aptly is another one that is doing this.
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There's just great tools out there.
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Personally, tony, I don't think any of them are really fully there yet.
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So we're going to be doing a little bit of Frankenstein.
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No matter what you're doing, that's a lot better than it was before, where, hey, your monster's dead.
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You have no hope.
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There was only one thing to pull from.
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But now at least we can put together.
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Frankenstein is becoming better and better.
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I really think the future is going to be when these softwares gather together.
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I would not be shocked if, within the next five years, you have someone like RealPage who owns Buildium and Propertyware, or you have Yardi, or you have AppFolio.
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I wouldn't be shocked if you see them acquire one of these big task management and automation software companies, such as an AppFolio or LeadSimple or something, and integrate it directly.
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And that is the future and that's where we will see it go.
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That was expounding beyond there.
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To sum it up, tony, yeah, appfolio isn't.
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Tony, yeah, folio isn't going to cut it.
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Property isn't going to cut it, rentvine isn't going to cut it.
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You have to have task management software and you state what you're doing in one place in another.
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All right, I want to shift gears a little bit.
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I want to take us in a different direction because something that, as I mentioned at the top of the show, you and I went through on a similar journey of taking a company and trying to expand that into multiple markets and then discovering that things are often done differently in different markets and it comes down to there are some true, legitimate differences.
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For example, in one of our locations we had where you did termite inspections and then another one.
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If you tried to roll out that standard practice across the board in the other location, it would be silly to do termite inspections because it's just not an issue there.
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And so one of the things I want to dig into is we learned that there are just some general business practices that apply across the board, across all businesses, all locations, and I'm talking about all property management businesses but there are some things that are nuanced and different.
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But I think a lot of times people will take that nuance and say, well, there's this 3% or 5% that's different in my market, and they think, well, no, it's totally different.
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I do a lot of coaching on compensation plans and figuring out how to put together your compensation model so that you can actually earn an income and have your company be profitable in order to then build out better solutions and offer better service and stay in business, so that your clients can come back to you year after year and not have to look for a new management company because you were so cheap that you didn't make enough money to stay in business.
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And we get a lot of pushback sometimes of hey, it's different here, like that doesn't work here, and I know you've experienced some of that same thing as you've gone into different markets.
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So what has been your experience with going into these different markets and just what is it different in every location?
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Is it generally the same?
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What are your thoughts on that?
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I think your thoughts and experience are pretty much my thoughts and experience, and I appreciate you sharing them.
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It always helps me feel good too.
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It's good to not be alone, right?
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That's the joy of podcasts.
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It's good to not be alone, right?
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That's the joy of podcasts.
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Every time, every single time, I've opened up an office, acquired an office, gone to a new state, a new city, just a new section of the city, I hear the same thing from people who are already there which is or even conferences, by the way which is that won't work here or that will never matter where I am.
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Those are the two parts of that.
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That will never happen here and if it did, that won't work here.
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In reality, as I look at this, I think this is just a hallmark of resistance to change, and that's what we see all the time.
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Tony, you're coaching people, you're seeing resistance to change.
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You're trying to give them advice and they are resistant, and that has many different faces to it.
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People want to believe that's the thing.
00:21:14.538 --> 00:21:18.000
They want to believe that their region is unique.
00:21:18.000 --> 00:21:23.142
They succeeded where no one else could have because their region is unique.
00:21:23.142 --> 00:21:25.799
And, tony, you don't get it, you can't do it in this area.
00:21:25.799 --> 00:21:28.089
I did it because I know my area.
00:21:28.089 --> 00:21:33.159
It's like some super secret local magic mojo going on.
00:21:33.159 --> 00:21:51.898
But the fundamentals, the core issues tenant relations, maintenance, compliance processes and task management and automations those are universally faced by every single property manager, no exceptions.
00:21:51.898 --> 00:21:57.516
And so when people are saying, no, my place is different, that'll never work.
00:21:57.516 --> 00:22:06.723
Here what we're seeing is that it reflects a current not a permanent, hopefully, but a current lack of adaptability and willingness to evolve.
00:22:06.723 --> 00:22:10.010
And we also see this in a different level.
00:22:10.010 --> 00:22:17.657
We've all encountered those old, the uh, older dinosaur management companies that have been around for like 40 years before management was even a thing.
00:22:17.657 --> 00:22:27.538
This kind of fell into it while they're doing real estate sales and time has moved on, software has moved on, the laws have moved on and they're still doing it back on paper.
00:22:27.970 --> 00:22:28.974
I'm encountering this right now.
00:22:28.974 --> 00:22:41.375
We have in our Scranton office, our Wilkes-Barre office in Pennsylvania, one of the people that we took some one of the managers there who had been there for decades.
00:22:41.375 --> 00:22:43.878
We took one of the managers there who had been there for decades.
00:22:43.878 --> 00:22:51.184
He touts to people that he doesn't use that technology, that he still does it the right way, with pen and paper.
00:22:51.184 --> 00:22:52.967
He doesn't give statements.
00:22:52.967 --> 00:22:57.172
He doesn't have any online anything.
00:22:57.172 --> 00:23:03.252
He sends out some emails that are often scans or photos of his stuff there, and so he's still tracking paper ledgers.
00:23:03.252 --> 00:23:05.778
He says it's always worked that way.
00:23:06.199 --> 00:23:07.801
This is, this is, will expere.
00:23:07.801 --> 00:23:08.911
Why should it need to change?
00:23:08.911 --> 00:23:09.873
Will expere is different.
00:23:09.873 --> 00:23:11.135
Well, guess what?
00:23:11.135 --> 00:23:13.079
We're going leaps and bounds.
00:23:13.079 --> 00:23:14.810
We now have all the.
00:23:14.810 --> 00:23:18.121
We have most of the attorneys I don't know if all of them, I can't say we know all of them.
00:23:18.121 --> 00:23:19.511
We have all the different attorneys.
00:23:19.511 --> 00:23:21.994
We even have the judges judges.
00:23:21.994 --> 00:23:29.431
We have the pet control people, animal control people giving us referrals because they're just so happy.
00:23:29.471 --> 00:23:31.096
And here's where this comes in from.
00:23:31.096 --> 00:23:39.919
And here's the big thing that I find and I know you alluded to this is that, yes, there's differences.
00:23:39.919 --> 00:23:42.684
Of course, there's little differences in laws.
00:23:42.684 --> 00:23:44.875
Is it a three-day notice to pay your vacate?
00:23:44.875 --> 00:23:46.181
A five-day, a 10-day?
00:23:46.181 --> 00:23:51.122
Is it a 15-day, unless they waived it in the lease for any right?
00:23:51.122 --> 00:23:52.915
That's Pennsylvania, by the way.
00:23:52.915 --> 00:23:58.221
So there's all these differences, but in the end it's roughly the same thing.
00:23:58.221 --> 00:24:14.692
And when you come in and you acknowledge these local nuances but you focus on the shared challenges there, then you find that people are hungry for increasing demand for transparency.
00:24:14.692 --> 00:24:21.415
People are hungry for ways to deal with the rising operational costs and man, those costs are rising rapidly in our industry.
00:24:21.415 --> 00:24:29.240
They're hungry for ways to have better tenant management, focus on relationships while still being flexible.
00:24:29.240 --> 00:24:40.201
So I'd say that what I find is, in the end, if you maintain yourself as flexible and adaptable, that you can grow and be happier.
00:24:40.851 --> 00:24:43.310
And it's not region-dependent Hawaii.
00:24:43.310 --> 00:24:46.480
There's a lot of controlled access properties in Hawaii.
00:24:46.480 --> 00:24:48.336
It's really hard to do remote showings there.
00:24:48.336 --> 00:24:52.455
But where we can do remote showings, we're doing and there's a lot of pushback.
00:24:52.455 --> 00:24:58.182
And now guess which properties are rented very quickly the remote showing ones.
00:24:58.182 --> 00:25:00.858
And now we're figuring out of.
00:25:00.858 --> 00:25:07.041
Of course we have to adapt to the controlled access things with guard gates and all those other elements that they have there.
00:25:07.041 --> 00:25:15.940
The concept's still there, we can take that, we can build on what we have and in the end, after everyone's done, saying but I don't know, I can't, it will never work.
00:25:15.940 --> 00:25:16.903
And this is so stressful.
00:25:16.903 --> 00:25:21.036
And, by the way, you know what happens first, tony, it doesn't work.
00:25:21.036 --> 00:25:23.642
Because work, because they're reticent to change.
00:25:23.642 --> 00:25:36.442
But if you keep pushing them and they keep going and they have enough grit and fortitude to get through, boom, all of a sudden it clicks over, success starts happening and they're having better results than they were.
00:25:36.442 --> 00:25:47.711
So I find it does get worse before it gets better does get worse before it gets better.
00:25:47.731 --> 00:25:58.215
Yeah, I think, as part of smoothing out that process in order to get to from implement change, suffer the consequences, learn your lessons, implement what you've learned and then experience success.
00:25:58.215 --> 00:26:14.423
I think one of the ways you can streamline that is to be really clear on setting expectations setting expectations ahead of time and then communicating those expectations to the parties involved and then delivering on those expectations.
00:26:14.423 --> 00:26:29.923
You know, I think a lot of times when property management companies or property managers feel like they're being micromanaged by their client, it's because the client doesn't have confidence that you know what you're doing.
00:26:29.923 --> 00:26:40.364
And the reason they don't have that confidence is you haven't communicated what the goal is or what our actions are leading to, and so they have to question us on things.
00:26:40.364 --> 00:26:46.142
And so if a tenant doesn't pay rent and so you know if a tenant doesn't pay rent and the landlord's calling you to say, well, what are you going to do next?
00:26:46.142 --> 00:26:47.051
What are you going to do next?
00:26:47.051 --> 00:26:58.071
They're doing that because you haven't been proactive in communicating your expertise and what you're going to do to help them resolve the issue that they now find themselves in.
00:26:58.152 --> 00:27:10.443
And so what we've been really trying to focus on is getting really good at not over communicating but setting the right expectations and communicating in real time.
00:27:10.443 --> 00:27:16.692
And what I mean by that is communicating just the information that you think they're going to need to know at that moment.
00:27:16.692 --> 00:27:24.601
So we don't overload them but we don't hide that information that they need just because we're so busy that we just don't communicate them.
00:27:24.601 --> 00:27:35.355
So I think if you can do that, you can start to create a culture where change is just part of your process.
00:27:35.355 --> 00:27:50.501
Communicate what those changes are going to do, the expertise that you have in delivering those new results, and you know communicating that not just to your clients but internally to your team as well.
00:27:50.501 --> 00:28:04.208
You know they're going to resist change because change is hard, habits are easy and they're going to resist it until you give them some reason or some path forward that they can see that's going to help you deliver different results.
00:28:06.049 --> 00:28:20.567
I agree, and I think in that too, if anyone's ever onboarding a company or a new staff member who comes from the property management industry and there's that reticence to change, is that it's good to let them know that you're flexible too.
00:28:20.567 --> 00:28:26.282
Every time I acquire an office, we absolutely do learn something new and we change a policy.
00:28:26.282 --> 00:28:29.798
So we let them know hey, this is going to be better for you.
00:28:29.798 --> 00:28:35.175
We want you to speak up so you can make it better for us too, and we work together.
00:28:35.175 --> 00:28:42.615
Definitely, though, it's a matter of showing them the path forward, and doing that, I'd say, on the client side, and you mentioned the client side also.
00:28:43.115 --> 00:28:51.319
Something that we've recently been building out, and I've had in my mind for a while, is client-facing roadmaps of key stressful situations.
00:28:51.319 --> 00:29:00.901
So we have one for leasing, we have one for evictions, and it says hey, tony, welcome to the eviction roadmap.
00:29:00.901 --> 00:29:07.902
That's not really how it is, but we're trying to be chipper about it and say you know, we are starting the eviction process for your resident.
00:29:07.902 --> 00:29:18.839
Here's the different phases, here's the timeframes that it could take, and here's where you're at on that journey right now, and definitely that changed.
00:29:19.393 --> 00:29:20.430
Change isn't just about growth.
00:29:20.430 --> 00:29:21.413
Change is about change.
00:29:21.413 --> 00:29:24.019
That happens because a client had a resident.
00:29:24.019 --> 00:29:29.029
That was great, and now they're not changes because the house exploded.
00:29:29.029 --> 00:30:08.645
I don't know if you saw that thing in Long Beach the other day, where a house just literally blew up from a gas line leak, and so all these kinds of things change happens, crisis has happened, disaster, disaster, strike, whatever the case may be, but I think the biggest crisis is we find, though, are definitely the ones within our own companies, and that resistance to change, while you know you have to be flexible, but also be firm on where you're going you mentioned setting up a new office or acquiring a new office and I think a lot of times people in this business, the entrepreneurs we're always chasing the shiny thing.
00:30:08.849 --> 00:30:28.803
I think we know we need to get good at the basics and stay focused on the basics, but there's something just in us that wants us to chase something bigger and better, us to chase something bigger and better and we think that new shiny thing is going to help satisfy this thing inside us that wants us to grow and expand and chase something new.
00:30:28.803 --> 00:30:34.760
And I think a lot of people find themselves we've hit a plateau in the business.
00:30:34.760 --> 00:30:47.753
Whether it's growth, employee size, just I'm burnt out, I'm no longer excited, whatever it is, and they start looking for this next thing and a lot of them look at you know what?
00:30:47.753 --> 00:30:50.279
I've kind of hit a plateau here.
00:30:50.279 --> 00:30:53.989
Why don't I just open an office two hours away?
00:30:53.989 --> 00:31:03.597
Or I'd really love to move to I was going to say California, but I don't know a lot of people that want to open an office in California right now.
00:31:03.597 --> 00:31:14.265
But I want to move to a different state and I want to open a second location there and I could kind of build it remotely until it gets big enough and then maybe I can move out there.
00:31:15.387 --> 00:31:15.607
What?
00:31:15.607 --> 00:31:22.001
What should people consider when they're looking at opening a second office and expanding?
00:31:22.001 --> 00:31:22.242
Why?
00:31:22.242 --> 00:31:29.121
Why shouldn't they just put their time and effort into making their current location bigger and better?
00:31:29.121 --> 00:31:29.582
What?
00:31:29.582 --> 00:31:31.546
What should they consider?
00:31:31.546 --> 00:31:39.875
When should they decide I'm going to move, or is it just sort of, hey, when the opportunity pops up, I'll buy something and then evaluate it there?
00:31:39.875 --> 00:31:40.516
What?
00:31:40.516 --> 00:31:42.662
You understand my question.
00:31:42.662 --> 00:31:49.557
What are we trying to look at when we're trying to decide okay, I'm bored, I want something bigger and better.
00:31:49.557 --> 00:31:52.661
Should I grow where I'm at or should I expand to a new location?
00:31:55.042 --> 00:31:56.663
You touched on the risk there.
00:31:56.663 --> 00:31:57.884
That's a shiny object.
00:31:57.884 --> 00:32:00.887
I call it ferret shock syndrome.
00:32:00.887 --> 00:32:03.308
Ferrets if you've ever had a ferret or seen a ferret.
00:32:03.308 --> 00:32:05.691
They see the next shiny object and you can give another shiny object.
00:32:05.691 --> 00:32:12.181
They just go nuts over the next one, they drop it and they chase the next one, and the next one, and the next one, and it's adorable.
00:32:12.903 --> 00:32:24.329
But it's not how we want to live our lives right, and ultimately the vast majority of people should just build and grow where they are.
00:32:24.329 --> 00:32:33.107
You have to ask yourself always the fundamental of why I cannot say that I've been perfect in this.
00:32:33.107 --> 00:32:34.933
I have absolutely chased things.
00:32:34.933 --> 00:32:42.708
Because I get bored, because I want something different, because something just feels exciting.
00:32:42.708 --> 00:32:45.318
It's like that first date, right.
00:32:45.318 --> 00:32:47.502
You know, like, ooh, this is exciting.
00:32:47.502 --> 00:32:52.082
But you know there's a lot to be said about a nice, happy, stable marriage.
00:32:52.082 --> 00:32:52.765
That's very long right.
00:32:52.765 --> 00:32:54.775
There's a lot to be said about a nice, happy, stable marriage that's very long right.
00:32:54.775 --> 00:33:06.769
There's a lot to be said about friendships that last over the years, and so building yourself up in a consistent way that's in the direction that you want is probably the biggest key.
00:33:08.135 --> 00:33:19.925
The Farad Shock Syndrome or Shiny Object Syndrome, whatever you want to call it, really stems from a couple issues Number one, a lack of satisfaction in your personal or professional life.
00:33:19.925 --> 00:33:23.684
And number two, a lack of clear direction.
00:33:23.684 --> 00:33:26.984
And number three, a lack of grit and resolve.
00:33:26.984 --> 00:33:37.818
One of the most formational phrases I ever heard in my life I must have been in sixth, seventh grade grade and it stuck with me that much and roughly.
00:33:37.818 --> 00:33:55.286
It said that the difference between those who succeed and those who wish they succeed is that those who succeed keep going long after the initial excitement that they had to accomplish the mission has ended.
00:33:55.286 --> 00:33:57.561
And that's just how it is.
00:33:57.561 --> 00:34:10.987
We have to accept that we are building something and if we believe in that something, it's not going to be fun all the time, it's not going to be exciting, it's not going to be something that we wake up every morning like, oh, I'm just so excited to do this today.
00:34:10.987 --> 00:34:13.193
No, there are mornings I just wake up and I'm like, oh, I'm just so excited to do this today.
00:34:13.193 --> 00:34:18.266
No, there are mornings I just wake up and like, oh, yeah, well, now I'm going back to sleep.
00:34:18.266 --> 00:34:21.157
As a CEO, I can do that sometimes.
00:34:21.157 --> 00:34:29.530
So this is one of those challenges For me.
00:34:29.530 --> 00:34:31.735
Why am I growing?
00:34:31.735 --> 00:35:10.530
And I said this in other places, I'm not going to go deep into it, but I what is going to happen in the world, in our personal lives, and so this absolutely and I recognize this that this kind of trauma that came from that, or lessons, however you want to call it, I think of it as the same, that it informs some of our goals.
00:35:11.275 --> 00:35:24.409
We have goals that require enormous amounts of repeating income, and those goals are funding medical research, poverty initiatives, homeless initiatives.
00:35:24.409 --> 00:35:49.467
It is dealing with food scarcity, it is dealing with building up free counseling centers and resource centers for people in different areas, not just throughout the world but the United States, and so those things take resources and along that journey, having seen many families growing up in poverty, you know what you see when you grow up in poverty, tony, is you see a lot of people abused by their employers.
00:35:49.467 --> 00:35:55.795
You see a lot of people just treated as less than the cooking equipment they're using.
00:35:55.795 --> 00:36:09.565
And with that, then what we're doing is we say, well, on that journey, we're not just trying to build up Matt Tandy, we're trying to build it up for our employees, we're trying to give them better than average pay, we're trying to give them better than average experience.
00:36:09.565 --> 00:36:12.775
And to do that, we need to give our clients better than average experience, which is why I said our give them better than average experience.
00:36:12.775 --> 00:36:16.905
And to do that, we need to give our clients better than average experience, which is why I said our clientele are very highly curated.
00:36:17.105 --> 00:36:23.043
So then, my why is that I want to make the world much better than I found it in.
00:36:23.043 --> 00:36:34.427
I don't want people to have to go through the same kind of concerns about can I eat two meals a day that I had to go through, and so, with those things, that requires a lot of offices.
00:36:34.427 --> 00:36:46.902
Now, if I just want to build stability for my family and I want to have a nice, stable retirement and I had stable family around me and stable friends and all those things, great, build up where you are.
00:36:46.902 --> 00:36:51.057
If your goal is to just build it up and sell it off, fantastic, my company, I hope it exists.
00:36:51.057 --> 00:36:54.427
100, 200 years from now, I'll probably be dead, I won't know.
00:36:54.427 --> 00:36:56.961
Maybe I'll be Cyborg, nat, who knows?
00:36:56.961 --> 00:36:58.179
I'm not opposed to it, guys.
00:36:58.179 --> 00:37:05.748
But in the end, my why educates my decisions.
00:37:05.748 --> 00:37:11.148
If you just see, oh, this is a great opportunity and you chase it time and again, I see property managers who do that.
00:37:11.148 --> 00:37:12.538
Their tools aren't set up that way.
00:37:12.538 --> 00:37:31.141
Their systems, their mind, their processes, they haven't done A-B testing, they're not flexible or they're too flexible as they're going to a new office and they end up at the second office and it is a millstone around their neck and it drags them down and they become less efficient in all of them and I've certainly been victim of that.
00:37:31.141 --> 00:37:33.608
And just as a cautionary tale, tony, deficient in all of them.
00:37:33.608 --> 00:37:40.074
I've certainly been victim of that and just as a cautionary tale, tony.
00:37:40.074 --> 00:37:43.105
To wrap this up, I had shiny object syndrome back in 2019, 2020.
00:37:43.125 --> 00:37:44.829
I had wanted to open up an office in Mexico, always wanted to.
00:37:44.829 --> 00:37:45.552
I'm very bullish on Mexico long-term.
00:37:45.552 --> 00:37:48.722
I got in with someone I met through Real Estate Investment Club, known for a couple of years.
00:37:48.722 --> 00:37:50.126
He did short-term rentals.
00:37:50.126 --> 00:37:55.400
He'd been with Airbnb since the first couple months and very successful top people across the world.
00:37:55.400 --> 00:38:01.643
We agreed that I'd fund $30,000 and we'd do these luxury short-term rentals and we had some amazing short-term rentals.
00:38:01.643 --> 00:38:09.822
But he wasn't a good business partner and I got busy with COVID happening and everything else.
00:38:09.822 --> 00:38:20.927
My $30,000 investment turned into a $350,000 loss and I just couldn't let go until it was unbearable.
00:38:20.927 --> 00:38:27.860
Think of how much more I could have done had I stayed focused on where I wanted to be, and that just didn't do it.
00:38:30.014 --> 00:38:47.967
I think you brought up the focus and I think, as we mentioned before, some people they look for that next shiny thing because they don't have that long-term focus or vision of this is where this company is going to go.
00:38:48.489 --> 00:38:50.469
Two years from now, three years, five years.
00:38:50.469 --> 00:38:51.391
Two years from now, three years, five years.
00:38:51.391 --> 00:38:53.911
They don't have that mission set up or their vision.
00:38:53.911 --> 00:39:24.222
And I'm just curious, as you've been doing this in different offices and you go to people who are used to operating one way and now you're incorporating some of their things, but most likely taking your proven systems and implementing them there how much of your mission that you just talked about and how much of your vision of what your company is going to look like, how much do you really share with the employees?
00:39:24.222 --> 00:39:28.061
Is it something that is kind of brought up at an annual meeting or is it just?
00:39:28.061 --> 00:39:33.007
Is it part of the life and breath of the company that it's always shared Like?
00:39:33.007 --> 00:39:33.934
What's the balance?
00:39:33.934 --> 00:39:42.090
What do you think is the best way to get people on board and build a team of people that support what you're doing?
00:39:44.396 --> 00:39:46.103
I think that really depends on the goals of the company.
00:39:46.103 --> 00:39:48.302
I'm not sure there's a right way.
00:39:48.302 --> 00:39:52.286
There's lots of people who are completely impersonal, hands-off.
00:39:52.286 --> 00:40:04.759
There's lots of people who are completely impersonal, hands-off.
00:40:04.759 --> 00:40:07.565
You know, we're just a well-oiled machine and no, I don't want to talk to you ever after you know 5 o'clock or whatever the case may be.
00:40:07.565 --> 00:40:08.849
I think that's okay, as long as you're clear.
00:40:08.849 --> 00:40:09.811
That's what this is.
00:40:09.811 --> 00:40:12.240
This is a transactional relationship.
00:40:12.240 --> 00:40:18.550
You're my employee today and tomorrow you may not be, but we'll both work hard and we'll treat each other well.
00:40:18.550 --> 00:40:20.556
And then, at the end of the day, it's there.
00:40:20.556 --> 00:40:23.362
There's other people who are all into the family style.
00:40:23.362 --> 00:40:24.994
It's all family, we're all family.
00:40:25.255 --> 00:40:26.338
I feel that's a little culty.
00:40:26.338 --> 00:40:36.043
I'm not into the culty mindset of it and I find that people who say, oh, you're just like family, I find they tend to abuse their workers the most.
00:40:36.043 --> 00:41:01.059
Uh, and frankly, I have family I don't really want to ever work with Uh, so the I do believe in sharing my vision for what I'm doing, because it is a big vision, it's an audacious, it's one of those uh, I've heard different phrases that people use for this, but my big audacious goal, my big audacious vision, is to have 100 plus offices, is to have it in the US and 25 international in the next decade.
00:41:01.059 --> 00:41:12.918
It is to have it around for 100 plus years and it's not a family business but it's still spinning off and it has to spin revenue off to these medical research and poverty initiatives.
00:41:12.918 --> 00:41:23.146
Because of that, when I share that with new people, tony, people who are considering selling their company, that is what I focus on before I focus on the processes.
00:41:23.146 --> 00:41:37.442
If they share the vision that I have for what I'm trying to accomplish and they know that they're not just going to sell the company and then I sell it later and stuff like that which is a fantastic thing, by the way, there's nothing wrong with cashing out.
00:41:37.442 --> 00:41:47.244
At the same time, most of them want to join, most of them want to be part of that bigger thing, to be part of something more than who they are on their own.
00:41:48.034 --> 00:41:50.664
And so, yes, fundamentally, we talk about this all the time.
00:41:50.664 --> 00:41:52.965
We talk about the vision, we talk about this all the time.
00:41:52.965 --> 00:41:55.094
We talk about the vision, we talk about the goals and everybody is part of it.
00:41:55.094 --> 00:41:57.744
This doesn't mean everybody, at every level, has to buy into it.
00:41:57.744 --> 00:42:02.847
Again, it's okay to just hire someone and they just want a nice job that they fit in.
00:42:02.847 --> 00:42:06.826
But I'm going to do everything I can to help them grow and build them into leaders.
00:42:07.074 --> 00:42:16.809
Because for me and what we talk about is, even if they don't stay with Formatic in fact I encourage them to not stay with Formatic if they find a better opportunity that provides for their family more.
00:42:16.809 --> 00:42:28.025
I say, just be good, talk to us and we'll work it out is that I want to train them so they can take those principles, those ethical values of leaving the world better than they found it in.
00:42:28.025 --> 00:42:30.559
I want them to take that to other companies, to other places.
00:42:30.559 --> 00:42:34.668
So, yeah, it's a fundamental part and I think that Strength is my company.
00:42:45.275 --> 00:42:51.706
At the same time, I think, talking about those things, if it's a weak vision or if it's a small vision that's around your family, that's not weak, but that's a very focused, strong one that's very localized around you personally.
00:42:51.706 --> 00:42:56.335
Sharing that too often with your staff about how you really want to get that big house by the beach, that is not going to motivate them at all.
00:42:56.335 --> 00:42:59.996
That's probably going to demotivate them.
00:42:59.996 --> 00:43:01.621
So be cognizant of it's okay to have your own visions and missions of any size.
00:43:01.621 --> 00:43:04.266
Just make sure that you're sharing the right ones with your staff.
00:43:04.855 --> 00:43:05.878
Yeah, I agree with that.
00:43:05.878 --> 00:43:10.096
I want to touch on one thing and then we'll bring it to the wrap-up question.
00:43:10.096 --> 00:43:18.623
But you said something that is, I don't know, always kind of raises the hair on the back of my neck when I hear it.
00:43:18.623 --> 00:43:42.460
When people talk about we're like family at business and, just like you had mentioned, I have family that I wouldn't necessarily want to be in business with, but you're kind of stuck with your family, and one of the things that I say is you know, we're not building a family here, we're building what I call a championship team.
00:43:43.224 --> 00:43:46.934
And would this happen or would this be tolerated on a championship team?
00:43:46.934 --> 00:43:51.398
And if you think about it that way, it holds people to a higher level of accountability.
00:43:51.398 --> 00:44:01.106
That way it holds people to a higher level of accountability, responsibility and teamwork, because we're not just looking to be on a team or to be a part of a family where eh, that's just kind of crazy.
00:44:01.106 --> 00:44:02.487
Uncle Joe, he's just like that.
00:44:02.487 --> 00:44:09.472
No, this is, we're performing at a high level and it gives us this filter to filter things through.
00:44:09.472 --> 00:44:14.541
Would this happen or would this be tolerated on a championship team?
00:44:14.541 --> 00:44:38.021
And if the answer is no, then we can't be doing it here and it's just a different way of I still treat the people that are on my team Like I love them, I care for them and I know maybe that's a little woo-woo and the culty thing, whatever, but like we're building something great together and I can't have people who are okay, building something okay, and I have to have that buy-in.
00:44:38.021 --> 00:44:54.829
And so I'm not saying that that's everybody, but when I look at it like that, you can see the people who, when you share your mission and your vision for the company I agree there's some personal stuff that maybe is better to not share, but giving them something to buy into.
00:44:54.954 --> 00:45:07.527
People long to be a part of something great and I think if you can give them that mission and that vision and talk about building that championship team, I think that's gonna really help solidify the team.
00:45:07.527 --> 00:45:20.476
When you inevitably are going down through or going through something to equate it to hey, we're down by 17 in the fourth quarter, like we still believe in each other, we can still come back and win.
00:45:20.476 --> 00:45:31.405
And it's the same thing when you've got a HUD complaint and you know a house fire and tenants threatening to sue and all of these things that occasionally pop up.
00:45:31.405 --> 00:45:39.134
Well, if they all pop up at the same time, we still know that we're good enough and strong enough to come through it together.
00:45:39.134 --> 00:45:41.963
On the other side, I love that.
00:45:42.264 --> 00:45:48.121
I'm totally going to take that championship team, if that's okay, Tony, and use that in my next weekly company training.
00:45:48.523 --> 00:45:48.943
Absolutely.
00:45:48.943 --> 00:45:50.686
You can use it all you want.
00:45:50.686 --> 00:46:00.108
It's just one of the things that I believe it just creates a certain message and a certain environment that people want to live up to.
00:46:00.108 --> 00:46:04.704
Okay, let me get to the wrap-up question and then I'll give you the last word.
00:46:04.704 --> 00:46:17.710
So if I was to snap my fingers and five years from now I'm now interviewing Matt Tandy from five years in the future what would he have to say about what he's been doing the last five years?
00:46:17.710 --> 00:46:29.289
What were some of the key lessons he learned and what is he doing right now that is, fulfilling what Matt Tandy today wanted to achieve?
00:46:31.976 --> 00:46:35.585
Five years from now we'll be definitely at a different stage.
00:46:35.585 --> 00:46:49.108
We won't just be bigger, we will have a more comprehensive leadership team, c-level executive suite Right now, or, looking back, matt, 25 years from now.
00:46:49.108 --> 00:47:05.768
We'll look back and see that at this point Formatics at a tipping point, that we are at this point where we've been building out of processes, our systems, our tasks, stuff and we have held back on growth, just keeping it curated, everything.
00:47:05.768 --> 00:47:16.422
But we're getting ready to really launch aggressively in our business development much further than we have and we can be extra picky even during that.
00:47:16.422 --> 00:47:19.987
We're geared up right now to see it happen.
00:47:20.568 --> 00:47:29.135
So I'm hoping five years from now is looking back and say, well, that was really worth the last two or three years of pain and suffering.
00:47:29.155 --> 00:47:42.527
And at that point, if we're successful, then I expect that in five years we should be around 2,500 to 3,500 doors minimum and we should have a dozen or so offices.
00:47:42.527 --> 00:47:48.791
And with that the most important part is Matt Tandy at that point is able to take a vacation.
00:47:48.791 --> 00:48:03.596
Matt Tandy at that point maybe could take two vacations and, importantly, that I don't live in fear that something could take me away from fulfilling the dream, my goal, in five years from now.
00:48:03.596 --> 00:48:13.481
What I expect Matt Tandy from five years ago from now is to be able to go to sleep every night and know that if I don't wake up, that the company will go on, its vision will go on.
00:48:13.481 --> 00:48:18.686
Everybody under me that I am personally I hold myself personally responsible for that.
00:48:18.686 --> 00:48:25.192
They will put food on the table tomorrow and a month from now and a year from now and it will keep growing and doing good in the world.
00:48:25.192 --> 00:48:30.585
That will be the Matt Dandy five years from now, much more at peace, much more relaxed.
00:48:31.708 --> 00:48:32.068
All right, matt.
00:48:32.068 --> 00:48:33.742
Well, it's always a pleasure chatting with you.
00:48:33.742 --> 00:48:44.219
Thanks for hopping on here with us, and I'll give you the last word if there's anything you want to say about how people can get a hold of you or anything that you want to have as a last message, and then we'll wrap it up.
00:48:44.983 --> 00:48:50.476
Yeah, if you want to get a hold of me, you can just shoot me an email, matt at FormaticPamcom.
00:48:50.476 --> 00:48:51.637
Just shoot me an email, matt at formaticpmcom.
00:48:51.637 --> 00:48:53.981
Emails are absolutely the best way to reach me.
00:48:53.981 --> 00:48:56.364
I'm terrible with social media and text.
00:48:56.364 --> 00:49:00.469
In fact, since a recent move I've become pretty much a recluse.
00:49:00.469 --> 00:49:02.170
I don't go anywhere, I don't do anything.
00:49:02.170 --> 00:49:05.099
I barely talk on social media.
00:49:05.099 --> 00:49:06.402
But do send me an email.
00:49:06.402 --> 00:49:13.302
My executive assistant will relay it and we'll make sure it gets on the calendar, just like she did, tony, with this.
00:49:13.302 --> 00:49:16.364
I said just figure it out and make it happen.
00:49:19.217 --> 00:49:27.324
My final thing here is just it's so much more than me and the company.
00:49:27.324 --> 00:49:36.519
The only reason we're able to succeed and this isn't pandering because we're friends, tony, or because of a podcast or anything else like that.
00:49:36.519 --> 00:49:47.086
I've only succeeded to the level I've had and been able to persevere through the hard times because of the many wonderful connections in the industry I made.
00:49:47.086 --> 00:49:50.079
I have continued to take those baby steps.
00:49:50.079 --> 00:49:54.677
I've continued to make that incremental improvement because I listen to others.
00:49:54.677 --> 00:49:56.260
I'm not all-knowing.
00:49:56.260 --> 00:49:57.922
I am often wrong.
00:49:57.922 --> 00:50:21.918
I tell my staff when I'm wrong, I admit when I'm wrong and we find a solution to make me less wrong next time, and that is because of the great contacts that I've made, and I encourage everybody to not just listen to a podcast but reach out and connect, because we have really, really real struggles that affect us physically, mentally, and I'm grateful for everyone that I meet.
00:50:23.440 --> 00:50:25.525
All right, matt, well said, thanks again.
00:50:26.327 --> 00:50:26.648
You bet.
00:50:26.648 --> 00:50:27.309
Thank you, Tony.
00:50:29.896 --> 00:50:36.795
Okay, it's still recording, but that's just so I can give John any last-minute instructions.
00:50:36.795 --> 00:50:44.168
So is there anything that we need to give John some instructions on any editing or clipping?
00:50:44.168 --> 00:50:44.949
Are we good to roll?
00:50:45.775 --> 00:50:49.043
No, Unless you notice something, I think we're good to roll.
00:50:49.043 --> 00:50:50.067
It's kind of quiet.
00:50:50.067 --> 00:50:53.561
My Tourette's didn't go nuts on me and I've got muscle spasms.
00:50:53.561 --> 00:50:54.123
It's fine.
00:50:54.905 --> 00:50:57.239
Yeah, all right, but just keep in mind.
00:50:57.239 --> 00:51:06.364
So I am writing a book and I've got presentations called Building a Championship Team and I've got seven components of that and all that.
00:51:06.364 --> 00:51:11.027
So I'll definitely give you a copy of that as soon as it comes out.
00:51:11.775 --> 00:51:12.135
I love it.
00:51:12.135 --> 00:51:16.943
We're just as a side thing we are.
00:51:16.943 --> 00:51:23.798
I am personally pulling back from a lot of industry conferences Just at the stage of the company.
00:51:23.798 --> 00:51:31.282
One of the things that I didn't really cover it because it's more of a complex thing is that for where?
00:51:31.282 --> 00:51:49.567
For Maddox, that is that we have uh more people per door than you would, than the average management company, and that's because we're spread out Uh, so you could have 50 doors with this person and uh 30 doors with that.
00:51:49.567 --> 00:51:53.663
And we're really good with using Technology Connect.
00:51:53.663 --> 00:51:58.563
But we need to start doing company-wide conferences once a year, gathering everybody, flying them in.
00:51:58.563 --> 00:52:02.956
Of course you have to hit the right profit margins to do that and all that, and we're about there.
00:52:02.956 --> 00:52:05.860
So I'm not going to national.
00:52:05.860 --> 00:52:09.117
For instance, I don't think I didn't go to, did I?
00:52:09.117 --> 00:52:20.784
I don't think I went to broker owner this year and I'm not sure I'll go to any next year, because next year we plan on doing our first company conference.
00:52:20.804 --> 00:52:23.050
Part of that is, we'll be bringing in people like you, tony, cool, yeah, let me know, hit me up.
00:52:23.070 --> 00:52:23.731
Company-wide trainings?
00:52:23.731 --> 00:52:32.347
Yeah, for sure, we're doing company-wide trainings, bringing people in, holding our own little miniature conferences with 10, 20 people miniature conferences with 10, 20 people.
00:52:32.347 --> 00:52:39.056
Then we'll bring a core people to do national conferences and stuff.
00:52:39.056 --> 00:52:45.699
The connections still matter, but we're at a point where I don't have the time to do both.
00:52:45.699 --> 00:52:57.996
It's terrible and I hate it At the same time when you hit these ceilings of growth.
00:52:57.996 --> 00:53:00.541
I don't have you ever read the book I think I recommended to you years ago.
00:53:00.541 --> 00:53:01.202
But it's ready, uh ready.
00:53:01.242 --> 00:53:10.626
Fire aim yeah yeah, um, and so you hit these ceilings as you're going through and we're definitely informatics at this, one of those ceilings where we're right about to break through.
00:53:10.626 --> 00:53:14.483
We're pushing there, but it's so painful we're gonna bust out of here shortly.
00:53:14.483 --> 00:53:23.101
In fact, I know pretty much the exact month and week when that will happen, but until then, yeah, so just some of those things.
00:53:23.101 --> 00:53:29.565
So do anticipate that I'll reach out to you in the next year or two and invite you to the Affirmatic Conference to do a presentation.
00:53:30.047 --> 00:53:30.186
Cool.
00:53:30.675 --> 00:53:31.300
That'll be exciting.
00:53:31.603 --> 00:53:34.657
Thanks for tuning in to the Property Management Success Podcast.
00:53:34.657 --> 00:53:39.597
We'll be back with another value-packed episode to help you level up your property management game.
00:53:39.597 --> 00:53:51.079
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00:53:51.079 --> 00:53:52.021
Until next time.
00:53:52.021 --> 00:53:53.523
Here's to your success.