RE #182: Peter Lohmann -CEO of RL Property Mgmt -Building a PM Biz, "Tasks at Scale", Airbnb in PM?

Peter Lohmann is the founder & CEO of RL Property Management, a residential property management company in Columbus, Ohio. Peter graduated with a Bachelor’s in electrical engineering and spent 5 years as a control systems engineer before founding RL Property Management in 2013. RL Property Management now manages over 500 units for central Ohio real estate investors.

On this episode, Chris and Peter deep dive into the operations of a residential PM business. They discuss his thoughts on Airbnb entering the PM space, What technology the PM industry needs, and how he bought & valued 2 PM companies.

Follow Chris on Twitter: https://www.Twitter.com/FortWorthChris
Follow Chris on LinkedIn: https://www.linkedin.com/in/chrispowersjr/
Learn more about Chris Powers & Fort Capital: https://www.FortCapitalLP.com
Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital/

Listen & Subscribe on Spotify: https://open.spotify.com/show/7oIeNSaSJ4zkTQOXiedyOr?si=dEM48cSPQ9OIQ1HiD8sjrg

Listen & Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-fort-with-chris-powers/id1410549811

00:21 - What brings a person to own a property management business in Ohio?

02:55 - Peter’s Pathway to Breakeven & Profitability

05:04 - What do you mean by “spending time on bigger pockets”?

06:22 - Who was your first hire?

08:09 - Where do you stand today since starting in 2013?

09:43 - Peter’s Flat Fee Model

14:53 - Are there other revenue line items you’re charging outside of that flat fee?

17:03 - Does the client expect you to get a property ‘rent-ready' or is that on them to do and then come back to you?

18:10 - How much maintenance do you have going on at any given time and what do their days look like?

20:21 - Are the techs jack of all trades or do you look for specialists in electrical or plumbing?

21:07 - Thoughts On The Current Labor Market When It Comes to Blue-Collar Trades

25:22 - How do you approach maintenance when it comes to accountability? Is this a landlord responsibility or tenant?

27:50 - Dealing With Owners Leaving You and Then Coming Back

33:30 - What are you doing with automation and technology in your business?

39:48 - Who contributes to the company Wiki and how do you keep it from getting bloated?

42:31 - Is it better to own 5 SFR’s or one 5-unit building?

44:07 - Is your management radically different based on the number of units a client owns?

46:04 - Is there anything that really needs to be built on the software side to better streamline your industry?

51:03 - Peter’s Experience & Processes for Buying Other Property Management Businesses

57:17 - Do you get to speak to clients of a prospective business during due diligence?

58:09 - Was there high churn from the acquisitions?

59:09 - Thoughts on Airbnb In The Residential Property Management Space

1:05:45 - Twitter: What lessons did you takeaway from Scott Crabtree & What was the conversation like when your partner stepped away to run your engineering company?

1:11:47 - Peter’s Side Hobby of Restoring Historic Windows

1:15:03 - What’s the best way for people to get in touch?

Twitter: https://www.Twitter.com/PSLohman

Website https://www.Peterlohmann.com

Owner occupied Podcast Episode 1: https://youtu.be/MAjT2iluXjM

The FORT is produced by Johnny Peterson & Straight Up Podcasts