Do you ever look at other property management companies and wonder how they were able to grow and scale to thousands of doors? 

In this episode of the #DoorGrowShow, property management growth experts Jason and Sarah Hull share insights they gleaned from successful founders and CEOs of multi-billion-dollar companies.

You'll Learn

[00:59 ] Execution is More Important Than Good Ideas

[11:51 ] Narrowing Your Focus to What You're Best At

[19:41 ] Ask Your Target Market

[30:33 ] Everyone Should be Focused on One Goal

Quotables

"There's no shortage of ideas. It's execution that's the hard part."

"Everyone thinks… if I scale, I've got to do more. And actually, you have to do less to be able to scale…"

"A lot of times we get caught up in creating systems, inventory, things that actually cause waste or over-optimizing each individual department or each individual step, but it actually reduces the overall goal of optimizing."

Resources

DoorGrow and Scale Mastermind

DoorGrow Academy

DoorGrow on YouTube

DoorGrowClub

DoorGrowLive

Transcript

Jason Hull (00:00 )

a lot of times we get caught up in creating systems, inventory, things that actually cause waste or over optimizing each individual department but it actually reduces the overall goal of optimizing for making more money.

 

All right, I'm Jason Hull. This is Sarah Hull, the owners of DoorGrow, the world's leading and most comprehensive coaching and consulting firm for long-term residential property management entrepreneurs. For over a decade and a half, we have brought innovative strategies and optimization to the property management industry. At DoorGrow, we believe that good property managers can change the world and that property management is the ultimate.

 

high trust gateway to real estate deals, relationships, and residual income. At DoorGrow, we are on a mission to transform property management business owners and their businesses. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. Now, let's get into the show. Okay, so we recently kind of split paths, right?

 

so that you could go learn some stuff and I could go learn some stuff. So we usually do everything together. So, but we had, which I love, but we had two really cool opportunities. One I was very much more interested in than the other, because I was learning about AI, which I've been geeking out on. And then you went off to go to a profit event. And was really cool. We went to the first day together, but the second and third day I was in.

 

AI workshop, geeking out with some of the best on AI. Cool. I would love to hear what you took away from this event and what you learned, and maybe you can share that.

 

I wanted to go over my notes on one speaker in particular. I was kind of going back and forth between two of them and I think this is the one that I landed on. at a different date I could talk about the other one because you weren't there for either one of them. But on the second day, I'm just gonna call this like notes from a billionaire and not just a billionaire but a multi.

 

Billionaire and not just multi-billionaire but someone who is the founding member and CEO of I think they said they grew it to like it was a ridiculous number like 740 billion or it was a big it was a big number it was a very large impressive number and he was so nice I actually had a conversation with him before I even realized who he was I was chatting with him I wish I would have known

 

Like I recognized the name and then I saw him speak and I went man. I would've asked him a different question So I'll do a quick little intro and then I'll kind of share my notes from what I wrote down while he was presenting so intro his name is Jeff Hoffman and For those of you that don't know the name Like I didn't know the name before as soon as I say the name of the company you'll instantly go. okay No, know the company

 

The company is Priceline. So he is one of the founding members of Priceline. They started it and scaled it to many hundreds of billions of dollars.

 

This is some of the advice that he had shared with us in his Speech because I got to hear him get up and speak and present to the entire room. So The first thing that I wrote down I Don't know if he can be credited with saying this or if he was quoting someone else But he said it so I wrote it down because it resonated very much was ideas are welcome here But execution is worshiped

 

And I think that's really powerful because how many times do we all have this great idea, right? my God, I had this idea. my God, I had this idea. my God, we should do this. We should do that. What if we did this? There's no shortage of ideas. It's execution that's the hard part. It's turning an amazing idea into something and bringing that to life and bringing it to fruition. So I love it so much. That's good. Yeah.

 

too much attention a lot of times on the idea and the planning and all this stuff, but actually executing and actually getting something done, that's really all that matters. It doesn't matter. You can have a million ideas. If there's no execution, then who cares? So, okay. So I think my mom is a great example of this. Everyone, think mostly everyone knows Elf on the Shelf. So my mom, before Elf on the Shelf was a thing, she created it.

 

She just didn't do anything with it. She only used it like for me and my brother, but we had an elf that would come and visit and kind of keep an eye on us. And he would do fun things and he would pop around to different places in the house. So every time in the morning we would wake up and he would be in a different place or sometimes he would be doing like an activity. He'd be like baking or, you know, riding a bike or whatever. And it was so funny because when you look back on it, I went, mom, like,

 

that was off on the shelf and it's like multi-million dollar company. And she went, yeah, I wish I knew that. But she was just trying to do something fun for her kids. So she had taken that idea because it was, it was a great idea. And she executed on it, but she never brought it public. Can you imagine what would have happened if the execution was done on a larger scale? So she'll probably hate the fact that I'm calling her out on that. But I think that'll be her.

 

multi-million dollar missed story. Yeah. Yeah. So some of the questions that Jeff had asked when we're thinking about ideas, because we all have ideas. Some of them are good. Some of them are questionable. And some of them we can say like, yeah, that was a dud. So this is kind of a framework to take you through to figure out, is this worth executing on? One is.

 

Is this a problem? So you have to ask yourself, is this an actual problem? Like what you're doing, does this solve some sort of problem? And then bonus points if it's a big problem, right? So if we go back to the story of Priceline, many, many years ago, those kiosks that are in every airport that you can just check in on, you do not need to go and talk to a gate agent or a ticketing agent. They didn't used to exist.

 

You used to have to go stand in line and wait forever to get your ticket and your boarding pass and perhaps give somebody physically give somebody your bag and a lot of times people would miss their flight because the line was so so so long and you never knew ahead of time like is this gonna be a 10 minute line or is this gonna be a two hour line so people would miss their flight

 

And at one point, he turned around and he was in the airport, turned around, looked at the line and went, wow, this is such a crazy long line. And he decided, I'm going to start interviewing people right here and right now. And he went around asking people individually, how long have you been waiting? Wow, what happens if you miss your flight? Wow, what would you do? Would you think it would be valuable or beneficial if there was some sort of service where you didn't need to talk to the gate agent?

 

And people were bidding on it. They were bidding. They were like, I'll give you $10 if you can get me my ticket without talking to the gate agent. And then somebody else will go, no, forget $10. I'll give you $50 for that. And somebody else will go, oh, I must get there today. I will give you $70 to get there today. People were bidding on it in line. So he realized, one, there's a problem, but actually it's a big problem. So he knew he was on to something right there.

 

The second question is, is there a better way to do this? So is there a better way to check