Trim to Grow: The Client-Firing Strategy Behind Lower Churn and Higher Profit | Chase Coleman

A Podcast | Chase Coleman

Pete Neubig: Welcome, everybody, to another episode of the NARPM radio podcast. I'm your host, Pete Neubig, the voice of NARPM. And we got a special treat today. We're in studio with Chase Coleman, co-founder of Rental Management Group, and been a personal buddy of mine here in Houston for how many years now we know each other?

Chase Coleman: Dude, it's been, yeah, I think we met, I think you were still with Empire. And we met at a NARPM local chapter event, from what I remember.

Pete Neubig: Yeah.

Chase Coleman: Yeah. So five, six years now.

Pete Neubig: No, seven or eight. I sold 19, brother. Dude, it's been that long. That's crazy.

Chase Coleman: Yeah. Okay. So yeah, I think we were doing them over there at Willie's. Was it Willie G's? Yeah. The old one, not the new one, because they have the big.

Pete Neubig: That's right. Yeah. So just another, just shows you again, how NARPM brings people together. And even though Chase and I were competitors for a little while, we were friends while we were competitors. We would help each other out all the time. And now that friendship has blossomed even past that.

Chase Coleman: Yeah.

Pete Neubig: We hang out at good dinners now.

Chase Coleman: And then we put y'all out of business.

Pete Neubig: That's right. So I asked Chase to come on because he has a pretty interesting story. So Chase, let's talk about the call you sent me one day where it's like, Hey man, I'm going to start really trimming back. So talk about like, where were you at that point? How many units, maybe talk about a little bit about the infrastructure you had and the reasoning behind that. And then we'll talk about the growth piece of it after.

Chase Coleman: Yeah, I think so when we first started, we started in 2017, me and my wife, I had left real estate sales. I was a REMAX agent. And I just liked the financial model of property management better, the reoccurring revenue model. So it just made sense for me to come help her kind of focus on the growth side while she was the broker PM.

Pete Neubig: Was she running?

Chase Coleman: She had barely started. I was still kind of helping her on the side. She had barely started. She had come from a company that was managing thousands of doors. She started actually at front desk. It was her first job out of college. Started front desk and she worked all the way up to office manager. And the owner kind of had his own ideas of how he wanted the business to go. And she kind of had her own ideas and she was like, let me just do this myself. Yeah. And actually it was actually because she came back from a NARPM conference is when that kind of kicked that off. So NARPM was kind of the catalyst for her starting her own thing because she just realized, hey, all these other people are doing this, why can't I? So she had started the business. We had some partnerships in the beginning. There's been some iterations of the company, but eventually we bought our partner out in 2017. At that point it was pretty small. I think we had maybe 50, 75 doors. She was managing it herself. She was doing everything.

Pete Neubig: Tons of that, right?

Chase Coleman: Yeah. So we bought her out and then we started to hire and kind of start to build a business from there. But at the beginning-

Pete Neubig: You focused on growth. You were just like, hey, let me get a contract.

Chase Coleman: Yeah. Because I was good at the sales side of things. And at the beginning, we were just taking on any door. We'd take on condos, multifamily, duplex, triplexes.

Pete Neubig: Bad area.

Chase Coleman: Yeah. Bad area, good area.

Pete Neubig: This thing hasn't rented for six years. We'll take it.

Chase Coleman: Areas I've never even heard of. So yeah. So we were everything to everyone. And at some point through the years, we actually became really inefficient. We kind of hit our cap because nothing was streamlined in terms of, for instance, with lawns, right? It's like, do we send our landscaper for this one? No, we don't because that's actually taken care of by the HOA. So it's just becoming real inefficient on some of the things. So we decided, hey, look, we're only going to manage one asset class. Only going to be single family. That is it. No multifamily, no condos, no nothing. And then from there, once we started doing that, we have all different kind of single family landlords. We have the accidental landlords. You have-

Pete Neubig: The A-class and the D-class.

Chase Coleman: Yeah. The A-class and the D-class. And so we kind of started to figure out, okay, who would we like to work best with? We kind of found that avatar and we started trimming everything else. And the crazy thing is, just real quick, is when that happens, when you give that space out to the universe or whatever you want to call it, it gets replaced with what you want, which is the interesting thing. And there's philosophies behind that. But yeah, so we were floated. We got up to about 230 to 240 doors, but they were all kinds of doors. We scale back, like super scale back. We got down to like 160 and then we started building up again. So not right now, we sit at about 265, 270, something like that. But it's all single family. Most of them are actual investors. So they let us handle the full process. They're out of city, out of state, out of country. There's not a different education process for like an accidental landlord. A lot of them have multiple properties. They want to keep long-term. They want to keep adding to their portfolio. So it's just, you know, in everyone, I mean, you ask pretty much anyone, what's your ideal client? They're going to probably say the same thing.

But I don't think people get to have that many clients of that because they continue to just take on whatever. You have to trim out. And we actually do this thing called Winter is Coming, where everyone from our team, this is not a new idea, new concept, stealing like good ones anyway, where everyone gets to pick a client to fire. So at the end of the year, we're like, okay, when somebody calls, think of that client who they call and you're like, I don't want to pick this up. You pick that person and we'll let them go. So it kind of empowers them and that type of thing. So they love that. So now we're at a point and the benefit to all this really is you lower your team churn, which I think is a bigger pool on people's business than what they account for. Because really, as you grow, you need people. If you're constantly churning people and training and things like that, that's taking time away from your growth.

Pete Neubig: It's giving poor quality service to your clients.

Chase Coleman: Yeah. Yeah, exactly. And so you just never hit that ceiling where you just don't grow like you should. So yeah, I mean, there's obviously a lot that goes into all that.

Pete Neubig: Yeah. So there's a lot to dive in. So let's talk about first. So you got to the two, let's call it like around 260 at the time when you decide, hey man, team stressed, systems are inefficient. We have bad owners, we have bad properties, we have bad properties with bad owners in bad areas. It's still a hard decision because you got revenue coming in. Right. So how did that conversation go with Leslie and with the team and financially, how did you realize, okay, I can do this? There's a lot of factors that go into it.

Chase Coleman: There is. We didn't just fire everyone. You know, we stopped taking on the bad ones. I think that's the first thing.

Pete Neubig: That's the first step. Yeah.

Chase Coleman: The first step is we need to try to replace the doors that we're going to let go. Because at that point, we were financially stable. The business took care of itself. Everybody was getting paid. We were profitable. It supported our lifestyle, which is another conversation. But we were good at that point. So hey, when new leads come in, we need to define our avatar. And if they don't fit that, we just tell them, no, we refer it out. At some point, your portfolio starts to turn over. Now, at the back end, when we did the winners coming, that's when we started to, you know, slowly.

Pete Neubig: So that was like a two or three-year process.

Chase Coleman: Yeah. To really turn over your portfolio. Because right now, I would say, from when we started, we probably only have 30% of who came on with. You know, somewhere around there. And the ones that we... That 30% of that 30%, it's our ideal client. Pretty much everyone else has gone.

Pete Neubig: Did you change your marketing message or change your website to attract the new ideal client?

Chase Coleman: We're actually in the process of that. We're in the process of saying no to the bad ones, saying yes to the good ones. But now really digging into like what the good ones really want. Like, why do they pick us? What do they want? Like, what are something that we don't offer that they do want? What's something that the industry doesn't offer that they want? So we're really trying to dive in and have these deeper conversations with our clients. So that way, we can really start really packaging what they really want. And then we can start marketing that to accelerate the growth. Because, you know, we've done pretty good. But now it's like, you know, when anything comes in, you know, and change that, as you know, when anything comes in, it's going to be less. But the ones that do come in are going to be qualified. And they're going to be qualified.

Pete Neubig: Yeah. So I think you hit on a really important point is you interviewed your A clients, right? People that you want to attract, you interviewed them. And then you're building either a sales system, a marketing system, or a product system around what they're looking for. And now you're packaging that. And now, when leads come in, you have better leads for you, not as many of the leads you would kick off to somebody.

Chase Coleman: Right, right. Exactly. Our offer is attractive to our ideal client.

Pete Neubig: Right. And, you know, I'll be honest with you, I was a benefactor of you guys doing this.

Chase Coleman: Yeah.

Pete Neubig: Because I started another property management firm with a buddy of mine called Texas Lone Star. And one man's trash is another man's treasure. We were where you were back in 17, where we would just take anything. And unfortunately for us, we're still in that mode, where we'll take anything. And then we know that when we hit a certain point of revenue, we can do, instead of trimming it, I'd like your idea, stop taking those people first, and then slowly trim. How many people do you trim that first year? Was it a bigger number than the conspiracy?

Chase Coleman: It was.

Pete Neubig: Percentage wise?

Chase Coleman: Yeah. So, the way we do it is, we rate, because there's going to be exceptions to the rules. Because if you have a client that comes in and they have, let's say 10 properties, maybe three of them are in areas that you wouldn't take on as just a single property. Right. But the owner is awesome. So, you'll say yes, because the owner is awesome. So, there's some exceptions to the rule, but to answer your question, the owner would be the first thing that we look at before the property. So, when we started to trim out, it's like, okay, can we deal with this owner? Even if the property is not ideal, we can deal with that if the owner is ideal. So, we looked at the owners first. So, what owners do we not want to work with?

Pete Neubig: So, if this is a great property, you grade it on.

Chase Coleman: Yeah. And they weighted, they had a heavy, yeah, they had- Heavier than the property. Yeah, for sure.

Pete Neubig: It's funny, I had Liz Klayman on years ago. She's past president of Narbem National, and she said, I don't believe in any such thing as a bad property. I just believe in bad owners.

Chase Coleman: Right.

Pete Neubig: And then I said, well, there's some zip codes here in Houston that I might want to send you to that you might change that opinion. But conceptually, it makes sense. If I have a good owner who's got money, who's like, let me manage the property, then you're like, yeah, we can deal with, okay, maybe it's a house that's hard to rent, but we can lower the price. We can add some capital improvements because we have a good owner and we can get that thing used.

Chase Coleman: Right, exactly. Now, there has to be some type of threshold because, especially now, for us, we have a resident benefit package and stuff like that. You get to a point where you're doing your client a disservice if you take on too low of a rent because those people are on paycheck to paycheck. They can't afford a resident benefit package. They see no value. They'd rather put $50 or $25 of food on the table rather than- We just get them to pay online. Yeah, yeah. You get the point. But yeah, the owners, that's the number one factor. We can work around some properties. But yeah, initially, we would look at the owners first and then we would start to trim out the multifamily. Because really, when you look at the economics of it, it really didn't make sense on the larger multifamilies, at least what we were charging. Because we just weren't a multifamily company. We didn't have the volume for it. So, it didn't make sense for us.

Pete Neubig: I think even though multifamily and single family, they're very similar, but they're different. They're different clientele in there. It's different systems. It's different insurance. It's just different. If you're building your property management firm, it's hard enough just to build all this onboarding, the move-in, the leasing, the applications, the lease renewal, just name it, the maintenance, the terms. Now, you have to figure out a whole system for multifamily.

Chase Coleman: Yeah. It's almost a whole other business because you're doing things that are totally different. Lease specials and just all kinds of stuff there. The signage is different. You want the bigger banners. You want an actual property leasing agent on staff so that way they can go. So, it's just a different model. We believe in one asset class and it makes you so much more efficient.

Pete Neubig: All right. So, let's go back in time. You've grown. You're seeing that the team is stressed. You're seeing that the systems are inefficient. So, you make this pivot and you're like, okay, smartly you decided, I'm not going to get rid of any doors right now, but I'm going to not take on new doors. Tell me, what did the team think when you made this decision?

Chase Coleman: Yeah. I think they saw the vision and they saw how we laid it out and how it was going to make our business better. I think they liked that. These days, we have all different generations of people that are in our business. Each generation, I feel like, has a difference. Some are in it for the money. Some are in it for they want to feel appreciated. Some are in it for just to learn and leave. I think it's generational to an extent. I mean, everyone's different, but I think when you are able to cast a good vision of like, hey guys, this is where we're going. This is how we're going to do it and you make them feel a part of that. I think anybody can relate to that. I think that's what really the great companies do and the great leaders. They have this vision. They cast it and people want to come along with them. I think that's really, in my opinion, one of the most important part of the business. They saw it. It made sense to them. They can logically and tangibly explain what we're doing and why it's important, how we're going to become more efficient. Your job's going to be easier. Our margin is going to get better. You're going to get paid more. All that stuff that goes with it. They can see that and they want more. They're fired up.

Pete Neubig: Yeah, we call that what's in it for them. What I like is you made the decision. That was from the top down, but before you made it, you let them know about it so they can have said it. They feel like they're part of the decision, but unbeknownst to them, you're going with this no matter what, right?

Chase Coleman: Yeah, and I think it was important to let them be the ones to let go of the ones. At the end of the day, operationally, they're the ones that are working with the client for the most part on a day-to-day basis. We might talk to them as they come in on the front end to get them to sign up and check in with them, how's it going, that type of thing, but on a day-to-day basis, they're the ones that are working with them. If they don't want to pick up a phone for a client, that's not going to work.

Pete Neubig: Now, in this situation when you were doing this, were you still doing sales or did you have a BDM? No, we were still doing it. You were still doing sales because operation people love this idea, right? Less doors, less headache owners. I get paid the same. My pay doesn't go down, right? Even though the company's bringing in less revenue potentially, the sales people hate it because they like to get the yes. You were doing sales. You made the decision. You were hitting yourself on here. Did you have any worries about being able to grow the business again? Because now you got a specific set of an ideal client.

Chase Coleman: No, I never really worried about it. I go back to what I said before. I think when you make the room or make room for clients, I believe if you have the right intention, you're working in integrity and that sort of thing, I think the universe rewards you for what you want, for just hard work. At the end of the day, that's what we're doing. We're all working hard for our goals and dreams and that sort of thing. I think in order to grow, you have to trim the fat. Mike McAuliffe has a good book, The Pumpkin Plant. If you haven't read it, read it. The gist of it is the guys that grow the largest pumpkins in the world, like record holders, win all these competitions. The secret to them growing the largest pumpkin is trimming off the bad ones. That's the only way it can grow. I think there's probably a universal law around that. I'm not all into the science around it, but it seems to work.

Pete Neubig: I have a saying that you can't make money in chaos. If you're taking on all these bad clients and you're taking on all these different types of clients, it creates chaos in the back end. If you're doing multifamily and condos and HOA management and creating a maintenance company, but your property management isn't built as the big hub yet and it's running chaotically, you get a lot of churn. You get a lot of churn, not just with clients, but a lot of churn, like you said, with your staff. Every time you have staff, it costs you a lot of money. It costs growth. Of course, churn on the other side, obviously, costs growth. Every property you lose, you got to get another one just to stay even.

Chase Coleman: There's so much chicken costs around the churn with your people that I don't think people realize. The other thing is, I don't know. I'm not trying to get all biblical and it's not even about that. I do think on the other side, as a client, if you're looking at it from their shoes, I think if they are doing the right thing and living in integrity, they're not going to be rewarded with a bad service provider. Does that make sense? You need to make sure that you're doing the right thing and have the capacity to be able to serve them at a high level. I don't even think on the other side, that wouldn't happen to them, if that makes sense. That's probably another universal law or God or however you want to call it. I'm not trying to get all faith and holy here, but I think that's just part of it.

Pete Neubig: Did you change your core values with the company when you made this change?

Chase Coleman: They've always been the same.

Pete Neubig: They've always been the same, but you just really applied some of them to this. Let me ask a different way. Did you change the vision of the company? Was your vision to grow to so many? Because we all get this grandiose idea when we get into property management, we're going to have this many doors, whatever.

Chase Coleman: I think the vision got more defined. I think we still had a big vision of changing lives to real estate. Now, it's changing lives to real estate through 300 high-performing rentals. We got very specific around our vision. That'll change again. We'll have another milestone that we want to hit and we'll change that. Now, everybody's going in the same direction. They understand that high-performing means low vacancies. Everybody's KPIs are on that. We want owners that aren't cheap. We understand how that factors into performance and vacancy. We want actual investors. They're looking at performing assets. They're not just like, hey, I need to do something with my house because I can't sell it. We had the number 300. If you see on my Slack, I got the 300 guy. We've all rallied behind that, but it got more specific and not just, hey, we're going to be the best property management company in the world. It has to be more specific.

Pete Neubig: Right now, you're like, I want to be kind of boutique-ish. I want to have great systems, great customer service. Because you're dealing mainly with investors, are you doing anything with those investors? Do you reach out to those investors and talk about their portfolio and their assets and how they're performing?

Chase Coleman: Yeah, we partner with Blanket on that. We're able to look at all their performance. We're starting to have more proactive conversations now around like, hey, these are going really well. You should probably look at it. I think we're entering a market here in Houston, at least, where there's some buying opportunities. We're looking at the ones that, hey, these perform well. You have some equity. Maybe we should tap into this or add to your portfolio. We're starting to look at that. There's conversations about, hey, there's been a lot of costs and, hey, I'm thinking about selling. We kind of have those conversations just kind of organically. But now, it's like we're starting to be proactive and reaching out to them like, hey, everything's going really well. Have you thought about adding to the portfolio? That's going to be another pillar on how we grow.

Pete Neubig: Yeah. And you said the magic word right there, proactive. I mean, I can't tell you how many people I speak to in property management that are just reactive, right? I mean, it's a reactive business. Even if you have nothing to do, you wait for the email, the bing, or the phone, the ring, and then you do something, right? And so, again, in chaos, you can't be proactive because it's just like tasks like water. You just keep coming at you and you're like, you're just doing everything to survive. Just get your nose above water, right?

Chase Coleman: Yeah. I think you hit on the head. I think reactiveness is the killer of efficiency. I think it really is. And I think just being proactive around everything in your business, not just with your clients, but looking at how you can solve things. We run on EOS, so we're always looking at how we can solve not just about a single property on the situation, but hey, what's the bottleneck in the business? If we double, where are you going to feel your strain? That type of thing. So, yeah, we're super proactive and making sure we stay ahead of all that and continue to keep our people happy, clients happy, all that good stuff.

Pete Neubig: Now, who's having those conversations with these investors?

Chase Coleman: Is that you having this conversation?

Pete Neubig: Me and Leslie. Yeah, me and Leslie.

Chase Coleman: Yeah, as the broker owner. And I think that's part of being boutique right now. And we'll see. We were both born and raised in Houston. I think this is kind of one of our competitive advantages where we know the city very well. And we're only in Houston. That's our only market. So when people call, we get people. I don't want a big company. I want somebody that has a smaller portfolio size so they can be a little bit more wide-field boutique. And obviously, you guys know the market, so people really like that.

Pete Neubig: Yeah, that becomes your differentiation.

Chase Coleman: Yeah, that's one of them for sure.

Pete Neubig: So if you're going against Mynd or Pure, yeah, they might have the tech. We have the tech too, but we also are boots on the ground and you get us. We get to talk to you. Now, obviously, with your current vision, you can do that. If you get to the vision of like, I want a thousand units, then that's going to be one of the constraints. You and Leslie's time.

Chase Coleman: Oh, yeah, for sure. Yeah, for sure. And we're already starting to feel that to an extent. I mean, I think at the end of the day, people want to set up their business to be self-managed because they want their freedoms. And I'm all about that. But there also is something to say about I like being in the game. I just like being in the game. I like playing the game. I don't want to create something where I'm just completely out of the game. And to me, I don't want to retire.

Pete Neubig: You know, I think those productive conversations do so many things and not enough of us do them. So I applaud you for doing that. Right. So the first thing that comes to mind is it's going to reduce churn. You're going to talk people out of selling a property because they didn't realize how much the asset appraised over time. They just saw the AC bill that came in for the new AC that was six, seven grand. Right. Secondarily, I'm thinking that it increases your portfolio in two ways. They do want to buy more. Right. So you get some people to say, yeah, you know what, this asset is performing well. You guys imagine, well, let's go find another property.

Chase Coleman: Right.

Pete Neubig: And the third one is, because you're dealing with investors, who do investors hang out with?

Chase Coleman: Yeah, other investors.

Pete Neubig: Other investors. Right. So I'm assuming that you've probably got a referral to over the last year or so when it's like, hey, I'm not buying right now, but my buddy Pete is buying. He's looking right now. Let's get him.

Chase Coleman: Yeah, for sure. I know like one of the terms that's kind of going around the industry is asset manager, where it's not just you're collecting rent and coordinating maintenance. Like you're really being proactive around like the performance of the assets and I think that's such a big, that's such a-

Pete Neubig: It's a need.

Chase Coleman: It's a need because-

Pete Neubig: It's a need. Now again, you've got an investor, he's got 20 doors. He knows, but if the guys were like one to five, one to 10 doors, they're just buying stuff. They don't even actually know like how to look at a performer or how to look at the performance of an asset.

Chase Coleman: And here's the thing though too, like a lot of management companies, they don't even, they can't talk that lingo. They just don't know how to do- Because they never bought. They've never had an investment property. They don't know what a DSCR loan is. They don't know what cap rate or cash on cash return is. They don't understand all that. So I think that's one of our differentiators too, because we've been in that game. We can talk the talk and we're super confident around it. And we can tell you like, hey, this is a good deal. You're getting a good cash on cash return as opposed to like, hey, you're putting it in the market right now and you're getting a twice E. So you can really have an intelligent conversation with the owners or the investors. And it's like, some people, they just know how to be a PM.

Pete Neubig: And that's great. And the world needs good PMs.

Chase Coleman: Yeah, they do.

Pete Neubig: You know, the other thing that the proactive call that I see is it allows you to get potential deals.

Chase Coleman: Yeah. And that's, we've actually, we've gotten some deals. You got to be careful about that. I know Tracy, a good friend.

Pete Neubig: Tracy Strike out of Tulsa, Oklahoma.

Chase Coleman: Yeah. Tracy's really good about that. You got to make sure that you're covered. Like for us, like we make sure that, hey, here are all your options. Like we are fiduciary to you as your broker. Like we are not just like throwing an offer.

Pete Neubig: Yeah. We're not just, we're not trying to sell.

Chase Coleman: Yeah. We're not just trying to, yeah, just low ball you and get the property out from underneath you. So you got to be a little bit careful about that. But we have had deals through, you know, through our owners.

Pete Neubig: My good buddy, Sean Johnson used to be in New Mexico. Now he's in Orlando. He bought like almost a hundred homes from people. And he did a lot of them with seller finance.

Chase Coleman: Yeah. Seller finance. Yeah. Cause you don't have to go to closing and you, or I'm sorry, you don't have to pay the closing costs on a loan.

Pete Neubig: Right. And the seller now, he's getting money on a property that maybe never, maybe he never had gotten before.

Chase Coleman: Yeah. He's basically, he's getting the best benefit of being a landlord without all the worst benefits. He's getting his monthly paycheck, but he doesn't have to worry about the maintenance. He doesn't have to-

Pete Neubig: Tax his bills, not his property.

Chase Coleman: Yeah. He doesn't have to worry about all that. So yeah, it's very attractive to the owners. And that's, it's a very good way to, you know-

Pete Neubig: Well, it's a great way to build your net worth. Right.

Chase Coleman: Right.

Pete Neubig: It's like, you know, too many people, their whole net worth is in their property management firm and they're working and they're not paying themselves maybe a comparable salary.

Chase Coleman: Right.

Pete Neubig: So they're taking his pay cut. And then you talk to them 10 years later and they're still at 200 or 300 units. Well, if you're still the same amount of units, you might be making a little bit more cashflow because you've trimmed some of the bad stuff off, but you, you didn't really increase the value that much of the PM firm, right? Cause, cause a lot of PM firms right now, this could change. They're not selling off a profit. They're selling off of top line revenue, right? 1.5 X of top line revenue.

Chase Coleman: Right. Yeah. Yeah. I think, um, man, there's so many different directions that we can go, but, uh, but yeah, I mean-

Pete Neubig: So let's, let's talk about what does the business look like today? So now you're, you're back up to where you were a little bit more at two 60s, go between two 60, two 70. Um, the team is happier than when they were originally with the two 60, the systems are working much better. Churn rate is churn rate down.

Chase Coleman: Churn rate is up a little bit. People are starting to sell. We're trying to, um, because just across, well, really across the board, just anything like rents are starting to some markets decline, um, their, their things are staying on the market longer. Insurance costs are going up.

Pete Neubig: So yeah. So in any way, taxes are going up.

Chase Coleman: Yeah. So people that are, um, highly leveraged, um, and usually you find the ones in usually these are like the, um, you know, Hey, real estate is a good investment. Let's get into it. And then they really didn't know what they were doing. And now they're just a little bit over leveraged and now they're getting squeezed. So they're trying to sell. And we're trying to have these conversations like, Hey, hold as long as you can. Like this is a long, long term rental.

Pete Neubig: So long is it 20?

Chase Coleman: It's a long game. Like, yeah, this is not, yeah. In and out. This is not, you know, the stock market, like, you know, this is not Robinhood, you know, or whatever this is. Yeah. This is like you buy a rental property and really should keep it forever to go. And, and generally pass it on

Pete Neubig: Because it goes back to those proactive calls.

Chase Coleman: Yeah.

Pete Neubig: Right. Sometimes you have to talk people down from the ledge and if you don't have those relationships, a lot of times those people won't even call you, they'll call their agent.

Chase Coleman: Right.

Pete Neubig: We'll put them in a bad deal in the first place. Now the agent is like, Oh, awesome. Now I get to sell the asset that I helped you buy.

Chase Coleman: So, so, um, yeah, I lost my train of thought there. But Oh, 15% is our turn rate, which is not bad. Uh, yeah, it's below average. Uh, but not, not where we, not where we want to be.

Pete Neubig: Well, let me ask you a different question. What's the churn rate of people that are unhappy with the service? So your, your churn rate is, is basically market conditions, right? And that churn rate, again, if you didn't have that proactive call, I bet you would be close to that 20% range. You probably saved about 5%.

Chase Coleman: Yeah. Yeah, for sure. Yeah, for sure.

Pete Neubig: Yeah. So chase, if somebody wanted to reach out to you and just pick your brain on how you check trend and how you grew and how you make all your people super happy, what's the best way they can reach out to you?

Chase Coleman: Honestly, I have a link tree, um, and it's Chase E Coleman.

Pete Neubig: Um, so I don't know how to respond to that. You probably don't even have an iPhone.

Chase Coleman: I do have an iPhone, but link tree, it has like, it has everything in there, like all your socials, like, so what, however you want to reach out to me, you can do it through there. But I mean, chase@rentalmanagementgroup.net, you can email me. Um, yeah, I'd love to help other, other people like getting started in the business and, you know, me and my wife are in the business too. I think that's the other thing. Like I know a lot of people get into the business with their spouse or their family, like there's a whole dynamic around that, that we didn't talk about today and maybe we can have Leslie on here at some point, but, um, but yeah, we can, I can dive into that with anybody. Like I'm just, I'm an open book, man. I believe in collaboration and not competition. And, um, yeah, if you want to reach out to me, if anybody's out there that I'm not picking my brain, I'd love to do it.

Pete Neubig: I mean, again, NARPM is a organization that is a giving organization. And so you find like, this is not abnormal having somebody like chase, but like, Hey, reach out to me. I have nothing to sell you. I'll help you in any way I can. I'll give you anything that is more common than uncommon in, in NARPM. I appreciate you putting that out there. And, uh, if you are listening to this and you're not a NARPM member, shame on you, NARPM.org we're giving them a call at 800-782-3452. And if you have a need for remote team, go check out our site, vpmsolutions.com. There's 46,000 plus people looking for jobs. It's a free platform for you to use. So you can create a free pro, a free profile. You can browse all of the, uh, all the talent out there. And, uh, we also have a VPM Academy where, uh, it's all free. So you can have your team take the courses there, uh, all the courses have an exam at the end. And so, uh, yeah. And if you want to learn more about that, you can email me direct pete@vpmsolutions.com Chase. Thanks so much for coming into the studio today.

Chase Coleman: Yeah. My pleasure, Pete.

Pete Neubig: All right. See you guys.