Season 1 Episode 7
The Hot Seat with Michael Furlong
Damien and David interview Michael Furlong from Rent Roll Maximiser who shares his journey from hospitality to Property Management.
This is a very controversial hot seat where Michael explains why purchasing his first 13 investment properties prompted his career change, Why most PM’s are just rent collectors that don’t add any value to the industry, why most property managers don’t understand Investment, tax, don’t understand how to fill in an authority or how GST works and why this needs to change for the industry to grow. Why PM’s make the mistake of positioning themselves as a replaceable services like Jim’s Mowing as opposed to a real profession like a GP and why you should never cross the path of a chef that is holding a knife.
Michael takes his sharing to the NEXT LEVEL and you can feel Michael’s passion for the industry.
2:48 – Why Michael moved into the coaching space
4:08 – Why you should never cross the path of a chef that is holding a knife
6:07 – The problem with switching from a Sales Agent or Property manager to a business owner and how it can negatively impact a business
6:57 – How trialing your business owners skills can create employee casualties
7:29 – Michael’s first business venture – how he didn’t understand, like or want the rent roll, but understood it was the only asset he had
8:12 – The Journey from Real Estate agent to Business Owner through listening to his staff and why all 12 staff said he was the problem with his business
9:09 – The importance of anonymous staff feedback forms and how it’s an opportunity to improve your business
10:27 – The flow on effect from a lack of systems in a business
11:04 – The 10 year journey of the Michael’s business, why the first 5 years were so hard and how Michael created a great business in the next 5 years
13:08 – Moving from Chaos to Award winning in just 2 years
15:08 – Why real estate agents are their own worst enemies and how to look at your own business as the top 10%
16:48 – Developing a PM business based on what the customer wants
17:34 – Why Air Bnb and Air Tasker are NOT disruptors and why it’s really just PM’s not valuing themselves as a real profession as opposed to a service
18:43 – Why most PM’s just rent collectors and don’t add any real value to a business
19:29 – How Michael had a strong enough relationship to ring his clients to tell them “Here’s the next property you’re going to buy’
20:46 – The importance of asking whether your landlord talks about you favourably to other people or doesn’t even know your name
22:19 – Michael’s 20 year journey and why he still sees property managers undervaluing themselves
23:50 – The importance of work life balance and why most principles don’t value their life balance with family
You can contact Michael on Facebook.