Chambers Theory Property Management
Chambers Theory Property Management – At, we aim to expand the wealth management industry and help the best wealth management entrepreneurs win. We love gathering new strategies and ideas to help savvy asset managers grow their businesses.
In this episode, asset management growth expert Jason Hall interviews Tommy Chambers from Chambers Theory about his secret to success.
Chambers Theory Property Management
“It’s not just about growth. It’s also about keeping the customers that you have and that you’re satisfied with. So our strategy is to take care of our people.”
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“If your churn rate is high, that means you have to replace all the doors you’re losing every month. If you’re replacing every door you’re consistently losing, then you have consistency.”
“Hiring is hard. One of the hardest transitions I’ve seen entrepreneurs go through is from a solopreneur to forming a team.”
[00:00:00] Tommy: We said, “Hey, we don’t have to stop your services when you come to live in your own home. We can be your property manager even if we don’t collect rent.
[00:00:08] Jason: Okay. Welcome, hackers to the #show. If you are an asset management entrepreneur who wants to add doors, make a difference, increase revenue, help others, impact lives, and you want to grow in business and in life, and you are open to doing things a little differently. Then you are a hacker. Hackers love the opportunities, daily variety, unique challenges, and freedom that asset management brings. Many in real estate think you are crazy to do this. You think they’re crazy because you understand that property management is the ultimate, high-trust gateway to real estate deals, relationships, and residual income.
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At [00:00:46], we are on a mission to transform asset management business owners and their businesses. We want to transform the industry. Eliminate BS, build awareness, change perceptions, expand markets, and help the best asset management entrepreneurs win. I’m your host asset management development expert, Jason Hall, Founder and CEO. Now let’s get into the show.
[00:01:25] Tommy: We started Chambers Theory in 2018. It was my old company that was sold to a big broker and saw an opportunity to start fresh and bring my theory to the market on what asset management should be. As it may seem.
[00:01:42] Jason: Cool. Well, welcome to the show. So you reached out to friends and wanted to be on the show, I guess you’ve been listening to the podcast for a while. We’ve never worked together, have we?
[00:01:52] Jason: Not yet. not yet right very good Well, I’d like to hear how many doors you have now.
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[00:02:01] Jason: Okay. That’s a good number since 2018. So what’s your biggest strategy for adding doors? How have you progressed the business so far?
[00:02:08] Tommy: You know, there’s a lot of different ways that we’ve approached that. There is only a growth strategy from organic growth. All those doors are organically grown. Of course, we also look at acquisitions. And then, there’s also customer retention. It’s not just about growth. It’s also about keeping the customers you have and satisfied. So our strategy is to take care of our people, use and try new technology, be early adapters with some new technology, and when we take care of our people and tend to some great new products and leading-edge technology, the word gets out. Out and about when we are effective and take care of our people, people want to follow suit. Customers like to follow companies where there is consistency in the people they are dealing with and especially if they are happy with their work, it works really well.
[00:02:55] Jason: I like what you said. One of the big things that a lot of businesses fail to look at is churn, you know, and retention. And your churn ratio or churn rate is basically the number of customers you have at the beginning of the month. And then, you divide that by the number of customers you have at the end of the month, basically how you calculate churn. And so if your churn rate is high, that means you have to replace every door you’re losing every month, if you’re consistently replacing every door you’re losing, you have consistency, and a lot of business. Bosses try to drive growth, then drive leads, and they don’t focus on churn or retention. And they wonder why they are not making any progress. And it’s like trying to run uphill while someone is pulling you back. So what have you done to reduce the churn rate and prevent customers from leaving? And one of the customers who leave the most are casual investors. Do you ignore them or are you good at persuading them to stay longer?
[00:03:56] Tommy: I like the analogy too. We actually use the analogy of pushing up the rope when you have a high churn rate. It doesn’t make much sense to re-introduce a new client to what your program is like and set expectations and agreements on it, but also to find them, so keep and keep the ones we have. What we are happy with is important to us. And we have a really high churn, natural high churn kind of customer base. A lot of our clients are military and US foreign service, which usually means we know when they sign on with us, they’ll be back home in three years, which makes it really interesting… um, I’ll call it that. A vocation or genre of residential property management. When you know your customer will be back in three years. You know, you have to plan for that replacement, and you also have this high-care call where: Geez, it’s not just anybody’s investment property. This is their house to which they are going to return and when they come back and say, “How did you take care of my house?” Not just, “How much rent did you make me?”
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[00:05:08] So some of the things that we do is actually to increase the level of care and communication over time that the customer feels that we know we have, and we call it building or losing trust equity. interaction. So the way we describe trust equity is that you have gas in the tank and you’re going on a trip. You’ll only go as long as you keep filling that tank with gas. And for us, that gas in the tank with the client is trust equity. So in every interaction, we see it as either building a relationship, building equity of trust or losing it, or missing an opportunity to build it. So a lot of our practice is focused on: How do we build trust equity through their journey and make it the full three years? And the positive side of the community we work with is this: despite the high natural churn, there is also a high referral rate from one landlord client to another to use our services if we have done a good job for them.
[00:06:11] Jason: Yeah. I liked that. yes You know, filling the tank with fuel or recharging a cell phone or, you know, anything. As if nothing is continuous. right? And I like the idea of trust equity. I have said many times on the show that I truly believe that sales and deals happen at the speed of faith.
[00:06:30] Jason: And, you know, keeping customers is also related to trust. As you will keep customers if they trust you, and that trust is everything you do in your business, everything your business puts out there is either creating trust or taking it away to some extent with your customers. And so, one of the main things we focus on with clients is taking all the major leaks related to trust in their sales pipeline and helping to shorten those leaks and that’s the language we use around that. Sure they are reducing leaks. And there are many things in the sales pipeline that can destroy trust. It could be a brand. It may be that they do not destroy, but they leak in faith. Like they can trust a property management company over a real estate company when it comes to more branding.
[00:07:21] And there can be leaks just at the branding stage, when it comes to your sales process, there’s leaks, there’s leaks when it comes to your website, there’s leaks when it comes to your pricing, and all these different things that go into the sales pipeline. Their experiences throughout can either add value and add trust and build it, or it can take it away.
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