Thankful for Each NARPM^® Convention: Our Story of Success

Thankful for Each NARPM^® Convention:

Our Story of Success

The NARPM National Conventions offer a number of benefits for attendees. I have certainly benefited  from these events over the years. My entire experience with these Conventions began with a friend named John. Through his help, our property management team has enjoyed a track record of success. Each NARPM^® Convention has further reminded me of everything for which we have to be thankful.

At last year’s Convention in Hawaii, I went to the new class, Finance: Cash Flow Analysis, instructed by Mike Nelson, MPM RMP. It was full of great information. These educational classes were perfect to pick up new information. Sometimes, I have even attended the same class multiple times. While I never forgot the class material, I always want to go to the classes again to continue learning, and best of all, to share ideas with other attendees.

One time, I attended a class instructed by Vickie Gaskill, MPM^® RMP^®, for the second time. When I showed up at her class, she turned to me in surprise. “Dora, are you still taking classes?” By that point, I had been a NARPM^®  Member for five years. I already had my RMP^® and had taken all of the required classes. Smiling, I told her, “Yes, Vickie. I always pick up useful ideas for my business.”

The most profitable idea from any class came from the Finance: Cash Flow Analysis class. In this class, I learned how to run a proper cash flow analysis and project a return on the client’s investment. It combines topics like figuring tax benefits, cash flow, mortgage down payments, appreciation, and equity capture. As a result, we can give our investors a complete picture of what to expect from their investment in two, three, or five years from now.

I left the Convention filled with new ideas and excitement on how my business was going to benefit. When I arrived home from Hawaii, we incorporated all of these ideas into our monthly newsletters. We offered our investors an analysis of their existing properties to help them decide on their best course of action.

His best and only piece of advice for us was to join NARPM^® and go to the National Conventions.

This new approach became so popular that we could barely handle the extra workload at first. With all of the analyses and meetings we had to do, we were constantly busy. As a result of this work, we gained a number of impressive results. We appeared more knowledgeable to our customers. The expert advice ensured increased customer loyalty. Additionally, we retained tens of thousands of dollars more from current owners. Previously, they wanted to sell their homes. After seeing the analyses, they realized that waiting would be worth it. Despite the low cash flow, they would still make a return from their properties. We saved our investors from listing their homes and helped them earn money. In return, we profited  from having more homes retained with our company.

Our investors now viewed us as the experts, and they were more willing to stay with us. With only one piece of information from the Convention in Hawaii, we made tens of thousands of dollars.

Let’s get back to John. John Prescott is a fellow Property Manager in Phoenix, Arizona. My partner, David, met John forty years ago. At the time, David was working as a real estate agent for Century 21 in Tempe, Arizona. John was the office’s Property Manager. Thirty-five years later, when David decided to leave the resale side, we started our property management business together.

The first person to whom David reached out was  John Prescott. We all met up together at a diner to pick John’s brain on how to set up our property management business. We hoped he would give us good advice that would help us avoid any potential pitfalls along the way. His best and only piece of advice for us was to join NARPM^® and go to the National Conventions.

We followed John’s advice exactly. When the next Convention showed up in San Diego, California, we were there. Throughout that first Convention, I filled three legal pads with notes. As soon as I returned home, I started to break down the information. Over the next twelve months, we began putting that advice to work.

Five years later, I only need to take a few pages of notes at each Convention. We have never forgotten the amazing advice that John gave us. We are grateful for  his help because it enabled us to make the best business decisions we have ever made. When we go to speaking events now, we are often referenced as a good example to follow. All of this success is not from our decisions though. I credit all of our profits to what I learned from NARPM^®. Over the years, I have shared John’s story again and again.

For anyone else working in property management, my advice is the same as John’s earlier advice. Go to as many NARPM^® National Conventions as you can. No matter what you spend on the trip, you will quickly earn it back in profits from everything that you have learned.

Take Finance: Cash Flow Analysis

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Current editions of the award-winning Residential Resources magazine is sent eleven times a year to members. Join NARPM to receive all of the benefits of membership and receive current editions.

Residential Resources: October/November 2017 Issue | Volume 28 | Number 10