Luke Leins is the Senior Vice President of Business Development at ResProp Management, a third-party management firm with over 600 team members and over 23,000 units under management.
Luke’s background includes development, acquisitions, private equity fundraising, and third-party management. Luke’s strategic approach is to partner with ownership groups looking to develop multifamily portfolios by assisting with deal sourcing, underwriting, capital planning, and market research.
Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host, Charles Carillo. Today, we have Luke Leins. He is the Senior Vice President of Business Development at ResProp Management, a third-party management firm with over 600 team members and over 23,000 units under management. Luke’s background includes development, acquisitions, private equity fundraising, and third-party management. Luke’s strategic approach is to partner with ownership groups looking to develop multifamily portfolios by assisting with deal sourcing, underwriting, capital planning, and market research. Luke, thank you so much for being on the show!
Luke:
Charles. Thanks for having me, man. Glad to be here. So
Charles:
Please tell us a little bit about yourself, both personally and professionally before joining your current company. Rest prop.
Luke:
Sure. Yeah. I grew up in Colorado. I’m a Colorado guy now living in Florida. Colorado State University. Got into financial services in my twenties. We started funding mortgages for spec builds in Mexico on golf courses down there through my finance group. And I, I really took to the, the physical asset, the real estate. I enjoyed that. So, gosh, this would’ve been nine years ago now dating myself a little. I decided to make a pivot and get into real estate full-time. Worked for a an a senior living owner operator, buying up long-term care facilities. We were building age in place facilities in Ohio and in Texas. And then found myself with Alliance Residential and a third party management growth role. And I, I probably didn’t know what that meant for the first two weeks working there. It’s such a strange industry. And then res prop called me about a year later. I really liked their vision. The, the founder has a wonderful vision for not only the industry, but for humanity and our role in elevating humanity. And I really bought into that, and I’ve been at res prop for coming up on seven years now. So it’s been it’s been a fun ride. And yeah, it brought me here. Life is good.
Charles:
Yeah, that’s great because property management is a very difficult thankless business. I’ve realized over the years of doing it myself for a few years. I’m a small portfolio of mine, and then also of I mean, I guess 13, 14 years of hiring third party managers for our properties. It’s you only get <laugh>. You only get calls when there’s problems. Usually no one’s calling you and say, thank you so much for doing that.
Luke:
Yeah, absolutely. Yeah. It’s it thankless is the right word for sure. People, people ask me, right? Clients, friends, they say, why are you in this property management business? My my opinion is it’s the worst part of real estate, and I think that’s probably why I am okay at my job, right? Is we, we know that it’s bad and we, we aspire to, to make it not terrible for, for employees, for teammates, for, for clients. But it’s a tough business, right? Owners, owners say, I want more out of my property manager. I want more. And you’ve gotta realize that I think the, the best of property management companies are managing to maybe a 12% margin. So, so people are saying, why aren’t you investing in RD? It’s like, ’cause there’s no money to, right? It’s a very thin margin business. And so we have to be really smart about managing people who make 50 to a hundred thousand dollars running 20 to a hundred million dollars assets. It’s a, it’s, it’s a crazy thing to think about. So we, yeah, we’re, we’re hoping to have some solutions there. Yeah.
Charles:
Makes perfect sense. So can you give us an overview of kind of what rest props business is now what they do, and kinda what your role is at the firm?
Luke:
Sure. Yeah. So we, we were founded in 2010 as a, as a vertically integrated owner operator in, in Tampa, Florida. So the, the company went full cycle on 20 some thousand units from 2010 to call it 2020. Self, self-managed, vertically integrated the whole way through. I wanna say at the, the deal level average, IRR through, through those three funds was something like 23 and some change percent. So did, did very well as an owner operator. So people, you know, the, the question would be, why would you ever go from that to being a peer play third party manager? That’s a really good question. I ask myself that all the time, right? The main reason was there, there is a significant market gap in fee management that you can’t really find in, in private equity, right? Fee management doesn’t have the resources, doesn’t have the talent.
Luke:
And so there’s a much larger addressable market. We saw that we’re, we’re a very entrepreneurial business. We wanna do things differently. It, it seemed to be the, the greatest area for disruption in real estate. So we, we jumped in, in 2020, what happened then? COVID hit, right? And we were trying to figure ourselves out. COVID, COVID was great to us because it really <inaudible> the playing field. So all of a sudden no one knew what to do with a lot of these things, resident assistants, right? Collections, how those were being managed. So we were able to make a bit of our name for ourselves early on figuring that out quicker, right? Being, being the new guys in town at the time, we had a couple thousand third party managed units. We’ve, we’ve effectively doubled year over year for the last four years.
Luke:
So I, I, I think, I think we’re, I think we’re doing some things right? Right? The one of, one of the big ones is data, right? We we’re in real estate, we’re, we’re, you know, real estate finance. We love and rely on data in everything we do. When we, when we went under the hood on a number of these large property management companies to see what they were doing for their bi, the answer was really no, nothing. Which, which shocked us. So we, we try, there’s, there’s one, one challenge our industry faces is there’s not enough talent in property management to service the properties that we have. Well, right? That’s, that’s the problem. That’s the reason for the talent crunch. We’ve, we’ve been trying to pull talent in from other areas to, to, to help that, at least for ourselves.
Luke:
So our, our managing director actually came from a high level Amazon operations world, right? So why, why Amazon, why operations? Amazon is probably, probably objectively the greatest operator in the world. So why would we benchmark our large competitors if we’re able to benchmark the best operators in the world? So we actually, we hired him over, and it’s been a great hire. We’re looking at things more the way Amazon looks at them, right? And then we brought over a young lady to build out a Power BI platform. Power BI is a Microsoft tool. It’s what Amazon uses for their bi, she came from Whole Foods. And so we built out a an in-house business intelligence platform. So we’re monitoring KPIs, we’re monitoring thresholds. We have daily risk score cards. We’re actually trying to bring data into the business so that instead of the, the success or failure of a deal being based on how good is your regional, right? That’s always the first question is, who’s our regional? How good are they? It’s, it’s, Hey, how good is the data that’s informing decision making at the site level? And I think that’s probably the biggest thing that’s, that’s helped us grow is, is leveraging data and the new economy to, to support property operations.
Charles:
Yeah. No, that makes perfect sense, because a lot of property management firms are very antiquated in how they work, and then also all the systems they have in place. So one of the questions I was thinking about I was asking is what sets you apart from other management firms? But the thing though I found there is that your software and the data that you in, you know, that you’ve kind of integrated with it it allows it to really put a, a step above and beyond other management companies that I’ve seen out there. When they tell us, you know, what they’re really working with, how the application process goes, you know, how are everything, all these different things that have to really line up to give people, tenants, potential tenants, and the new tenants that the application and the onboarding process that they deserve. That’s kind of similar to other businesses and how they work.
Luke:
Yeah. PE people don’t appreciate how many softwares we have to use, right? In order to stay relevant in third party property management. I mean, our software stack has gotta be 50 different softwares we’re using, right? And they’re all, they’re all intertwined and, and tunneled into one another, and they all have to talk. It’s, it’s phenomenally complicated, right? So we, we use a, a smaller property management system mainly because they allow us full open APIs, right? So we’re able to bring in, I’m gonna use the Amazon word again, but we use Coupa for our, for our procurement system, right? Why do we do that? It’s what the best business is used for their bulk purchasing. And so we wanted to actually roll out a PO compliance process, which oddly I don’t think anyone is doing, right? So what does that do? It creates predictable level financials, no, no duplicate invoices.
Luke:
The existing procurement systems through the large three or four competing property management systems that they allow you to use, that they didn’t allow us that flexibility, right? So it’s a, it’s a constant game of plugging in the latest and greatest from a, from a software and tech standpoint, without it being too much of a burden, right? Too much software can definitely just be a, a, a, a derailer and slow you down. So we have to be very, very mindful of how many softwares our site teams are using to make sure there’s not too many, so they can’t actually do their jobs.
Charles:
No, that makes perfect sense. ’cause There’s a lot of moving parts in property management other than just the tenant experience, but also with the property management portion of it in regards to the project management, all these different portions and people and third party vendors and everything else that you might be part of a normal communication from, you know, a property management standpoint have to be connected to make it more streamlined. Yep.
Charles:
So kind of one of the things I’ve seen over the years of working with third party managers is the high churn really with the people on the ground. Like you were talking about before, that 50 to a hundred thousand dollars person that’s actually sitting in the rental desk, right? Leasing office or going to those units and handling handyman or, you know, any type of stuff like that. Service request, let’s say. I mean, how does res prop, you know, foster our culture that drives a higher staff retention, which I see as just a very difficult thing. And we’ve had properties with third party managers and they’ve told us, oh, everybody moved to a different property or something like this, and we had this huge issue with like, staffing for that problem, which is something you don’t think of as a investor on the other side of the table. Yep.
Luke:
Yeah. I mean, I think you used the, the key word, right? Culture, which I don’t know for you, for you and me and most owners, like, it doesn’t seem like a very important word. What we’ve, what we’ve learned is that it’s, it’s the most important part of our business. The biggest, again, the biggest threat to real estate right now at the, at the operations level is human capital. So co culture is where we started. We were very blessed. Our private equity business from 2010 through 2020 was, was consistently named one of the best places to work in Florida. Not, not just in real estate, but in the state of Florida. Period. culture drove that, right? So again, from the beginning, we started comping not just who has the best culture in multifamily, who has the best culture in business, right?
Luke:
So one of the, one of the main companies that we, that we dug into was Ritz Carlton. Ritz Carlton has one of the stickiest most best executed cultures on the planet. So one of the things we stole from them is the culture card. So every day, each one of our site teams, each one of our support teams, they get together, they review one of our operating principles, mission, vision, values. It keeps us all on track to, to remember why we’re doing what we’re doing and what things are most important to us as a business. We, two years ago, we looked at our voluntary turnover. We’re, we’re very blessed. Our, our support average tenure at the support level is five years. We’re we’re a 6-year-old property management group thin third party. Our support turnover has been excellent. Our support teams have really bought into what we’re doing that has not always trickled down to the site level.
Luke:
Two years ago, our voluntary turnover on site was about just under 70%, which means we’re, which is, which is wild, obviously something we had to fix. We, we leaned heavy into culture. We leaned heavy into celebrating our people. One of the, one of the big things we realized was that most of our turnover was the result of few people. Everyone is running around offering a dollar more, a dollar 50 more, right? So we started benchmarking MHC quarterly, making sure that the people on our sites are not underpaid compared to Mark, compared to market, because that create voluntary turnover. One of the biggest things we did, right? We’re never going to be able to, in this industry, a people as much as we’d love to pay them, right there, there is a, an income cap at the side level. That’s how it is.
Luke:
So we, we looked at, if you’re familiar with Maslow’s hierarchy of needs, being part of something bigger than yourself was at the tip of the pyramid, right? So we wanted to really get our site teams involved in the mission and the vision that we had created years prior to make sure that they felt that they were actually a part of the bigger, the bigger mission. That’s worked out well. And then we’ve, we’ve gotten so far is our, our managing director, Jordan, once a month, he does a call called Ferocious Insights with Jordan. That’s actually, we have all of our site teams on, and we talk to them about the financial health of our business at the corporate level, right? What are we looking at? How are we budgeting for next year? What are we anticipating from growth? What are the major risks to our business, both at the financial and operations level?
Luke:
So our site teams know exactly what’s going on at the, at the highest level of our business. I think, I think we’re probably unique in doing that, right? It’s not something that people generally wanna share, but if we believe that they’re part of our business, we wanna make sure that they’re being given the information at every level of our business. So this year, year to date our voluntary turnover is in the mid thirties. That’s darn near market leading. So we, we chopped greater than 30% off in two years, just really leaning into our people, making sure that they were, they, they felt that they were a part of the mission. And, and candidly, like they are right? We just need to make sure they, they believe that too.
Charles:
No, that’s great. That’s that’s definitely some progress that’s not seen throughout this industry as a whole.
Charles:
What would you say? I mean, you, you’re doubling year over year with units coming on management, or that’s what you were averaging. So you’ve definitely spoken to investors and property owners that have had, you know, less than ideal, let’s just say management, property management experiences in their past. What would you give some advice for property owners on hiring and managing third party managers?
Luke:
Yeah, so third, third party management, the growth of the third party management industry is, it’s new, right? Really, it was in the nineties that third party management started kind of becoming a thing. And then, and then it’s really only been 10 or fif 15 years maybe, that we’ve actually had these weird dedicated property management business development capabilities, right? Generally it was just the operator, the owner who was going out doing the networking, picking up deals. So the, the industry has evolved a lot over the last 10 years particularly in the how we grow area. So mo most of the large groups have business development teams, client services, biz dev partnerships, whatever they call them. Their, their job is to grow the portfolio. Early on it was really just I used to work at Alliance Residential and Alliance, probably Jeff Kron and Clark McLaughlin probably built out the best biz dev team in the business in the, in the 2010s.
Luke:
Really the goal was go out and golf and have dinners and make friends, and inevitably the business will come. What’s happened is we’ve, we’ve really evolved since then. And now it’s, we’re doing underwritings. We’re we’re being relied on for market information, market intel, right? We’re trying to position ourselves more as a partner than as a sales organization. And I think that that’s really healthy for the business because we do have access to a lot of information that’s very valuable for owners, right? What’s happened more recently is the industry, we’ve kind of taken that partner in the partner aspect really around the proformas, and it’s become another sales tactic, right? So a lot of owners are saying, Hey, y’all go to a couple groups and send me a pro forma, and whoever has the highest NOI number on that pro forma is going to be the group that I’m going to have managed my property.
Luke:
Property managers know that. Now you’re seeing a lot of what we call un unrealistic, almost broker esque, pro formas going out. And so I think the industry in a way has really lost that, that partnership component. So the, the big one is make sure you, you trust and are friends with the people with whom you’re pitching and operating and working with, so that you’re not getting, call it dummy figures that you’re then underwriting to that are really going, I mean, we’ve seen some deal deals really derail. We, there’s a property in Jacksonville we, we lost, we lost the deal to a top, top 10 group. Their underwritten white rents were $400 above ours. And so the owner said, Hey, this group, I’m gonna be careful not to say names can achieve us $400 more on our top line rents. It was like, great.
Luke:
They, they went with them. The property has been in lease up for four months. They, they have yet to sign their first lease, right? This, this group used rent setting as a, as a sales tactic. And now we have a, a, a big pool of investors whose capital’s at risk because of that, right? So that’s very, very irresponsible. But I, I’m seeing it more and more in our industry, and I always tell my guys like, I’m, I’m happy to lose a deal because we’re not aggressive enough. What I don’t want is to have a deal where we’re underwriting to unrealistic numbers, and then we’re going to cause, you know, issues downstream. Because over these last few years, Charles, we’ve seen people lose money, right? We’ve seen people get wiped out. We’ve seen very sad stories, right? And it’s not just wealthy people. We’ve seen a lot of people who are investing in their first deal get totally wiped out. They put all the chips on the table and said, I’m gonna, I’m gonna go deep in multifamily in 2022. And, and over an over ambitious industry, including property managers, really, really put these guys in that position. And a lot of guys lost money. And it’s, you know, a very, a very sad thing to have, have lived through.
Charles:
So when you are, ’cause on your websites, one of the things, like you’re talking about, you’re becoming more of a partner. And if you look at your website, I found it very interesting. It doesn’t mention management really at all. It’s really about partnering with owners. And I thought those a very interesting kinda stance that you take about working with different investors and property owners and assisting them throughout the process of, you know, buying, owning, and maybe disposing of that property in the future. But one of the things you said is that how early in kind of really the acquisition process, should investors include their property managers or be looking for property managers before? I mean, even putting it maybe under PSA,
Luke:
Yeah. The, the, the fir the first thing I’ll say. And, and, and you know, I, I know you have a lot of seasoned and a lot of new investors who, who, who listen and follow you listen to and follow you. The, the, the first thing, if you’re, if you’re bidding on deals and you don’t know who your property manager is going to be take a take a step back, right? As, as you enter a market, the, the first thing I would be doing is figuring out who the players are in that market. Talk to brokers, right? Talk to vendors, talk to anybody. You can see who’s doing well, right? Grab a CoStar report. If you’re looking in Tampa, grab a CoStar report of everything that fits your buy box in Tampa and look at the names of the groups that are managing those deals.
Luke:
Reach out to them. Get a feel for them. Meet the operators, meet the support teams. Figure out how they work before you go in. The one, one of the big things that, that I, I love about, about my team is they, they really understand their markets. Generally, when a deal hits the market, we know something about it. We know, we know the history of the deal. We’ve been seeing this deal listed for four years, right? This deal was flooded in Hurricane Ian. The owner of this deal, we, we know the owner profile, they’re going to be very challenging to deal with, things like that, right? So before you even underwrite, there are a lot of things that property managers can tell you about a deal and about a market that might make you want to want to hit it hard and really dive into it.
Luke:
Or that might make you say, Hey, you’re, you’re right. You know, this deal does have poly plumbing. I don’t want to deal with that, right? It’s got fedback panels, you know, all sorts of things that we can help save time, which is a big part of what we do, right? We’re, we’re not an extension of an analysis department. We don’t want to be the underwriters for our clients. We, they’re churning through a hundred deals, and we’re just underwriting that first pass. But let us, let us at least give an opinion on a deal before you go in if it fits the profile. And, and the other big one is a lot of groups, their property management partners, they don’t know their buy box, right? To share it, right? Let your, let your property managers know that I’m, I’m really hot and heavy on these markets, on this product, type on these deal sizes anything like that.
Luke:
Because if, if they see something selling, if they, if they hear rumors, you’re gonna be on that list of groups that hear, right? Oh I remember Charles said he wanted nineties you know, life value at nineties and in this market. And I think, oh, I’m gonna send this to Charles, and at least he knows that this deal is either up for sale or maybe going up for sale so that he can work his process on it. And, and then, you know, generally once, once you, once you know that a deal fits your box and you’re gonna be in, you know, in, in the running from a price standpoint, that’s when you engage property managers, the, the big ones, right? We, we, we underwrite revenues. I’ll say we underwrite revenues. I, I don’t think it’s our job as a property manager to be be economists, right?
Luke:
That’s the big one, is guys will say, Hey, why did you underwrite market rent growth X? And it’s like, well, we’re gonna, we’re gonna default to what CoStar says, or we’re gonna, we’re gonna run something sort of generic, but I don’t really want to be the one with the liability of saying, this market is going to improve by X. What we, what we can’t underwrite well is renovation costs, right? What sort of premium we think we’re gonna see based on renovated comps? And the big one is expenses, right? And this is the one, again, where you really careful with expenses is making sure that the property manager’s not selling you a bill of goods on the expense side. So payroll obviously a huge one. You, you see a lot of people coming in low on payroll and they say, this is what the T 12 says, right?
Luke:
T 12 control has, if you’ve, if you run through the T 12 up in detail, you know, you might see four or five months of being short staffed in multiple positions, right? So a stable or, or they’re underpaid, whatever it may be, bonus line of market. So property managers should be able to give you a full payroll breakdown, base, salary, commissions, bonus burden so that you can really understand how we’re looking at staffing that property. GNA obviously a big one, marketing obviously a big one. So asking for more granular detail in those areas is really going to give you peace of mind that you’re not just be being sold on the, on an arbitrary number punched into a model. So I’d say that’s the biggest one. And then obviously the big one is where can we layer in ancillary revenues? That’s, that’s, that’s a big one because ancillary revenues are reasonably standard. You know, bulk, bulk internet is the new big one. Valet trash charging pests, all these items is making sure that’s being maximized. Property managers are a great resource for that, right? Making sure that you’re not doing things that are not allowed while also maximizing achievable ancillary income is, is a big one.
Charles:
Yeah. And also, if they’ve had their managing properties nearby and they’ve had experience with whatever this ancillary income you’re adding in there, right? This other revenue they’ll know how it was accepted by the tenants, and they know kind of like how successful it was too. And then they can present that to you as kind of really almost a case study of what happened with other other clients of theirs. But one thing that I found when working with property managers have been very helpful for us over the years has been obviously assisting with the underwriting, but really the renovation budgets and really putting that into like true light because you’re working around it every day. And I think people with the proforma, they, they start putting in numbers as they think, or that they saw somewhere or that was before somewhere, and it’s just not accurate anymore.
Charles:
And I find that as one of the big things that comes off. And then the other thing too is if you’re seeing operators that are really, or managers that are showing that there’s a gonna be a lot of decrease in expenses, it’s always a red flag for me. And I think you have the property managers that come in and kinda like, whoa, whoa, we, you know, this is why there’s bad reviews, like you said, or short staffed or whatever it was, or people aren’t staying or renewing. This is because that T 12 says that, and that’s what you’re supposed to be fixing. So you’re gonna, might have to put more money into this, not decrease. Yeah. You might change two vendors and save a little bit money, but you know what I mean? Yeah. On
Luke:
It’s funny, on on acquisitions, right? So on a, on a change of management, things aren’t going well in your deal. You wanna change managers owners generally ask for a lot of information. How are you going to market? What’s your marketing strategy? To whom are you marketing? How are you going to improve the reputation of the property? It gets really granular around these change of management pitches on acquisitions. Generally, it’s just pro forma, and then there are no more follow up questions. So have having a bank of questions about how are you going to achieve these things that you’re putting in, in the pro forma is, is always huge, right? Make make them prove it. One of the, one of the things I always suggest doing is, let’s say you’re using, I I’m in, I’m in Tampa area, so you’re, you’re, you’re buying a deal in Tampa and you have a property manager who manages stuff and they send you a pro forma, it’s okay to ask, you know, go on CoStar, pull their, pull their portfolio in the market, grab the deals that are most similar and say, Hey, can you either give me a, a summary of, you know, a, a roll up of your per unit expenses in each of these items, or individual p and ls, which some, some will do, some won’t to, to see if the way they’re operating their existing deals aligns with the way they’re telling you that they’re going to be operating your deal.
Luke:
Right? Oftentimes you’ll see you’ll get a, you’ll get a proforma and it’ll have payroll at 1350, and then you grab their portfolio and all of a sudden their payroll across the board is 1650 to 1850, right? And you say, well, how are you gonna manage my deal? $500 a unit cheaper? And they say, well, and there’s, there’s never an answer, right? So trust, trust with actually don’t, don’t trust your property managers, right? And until you have a great relationship, don’t trust your property managers. Because we and ke keep in mind, we have owners saying, make it cheaper constantly. So we’re, we’re reacting, saying, you want lower numbers? Sure, here you go. But there, there is, you know, there, there are bounds of reality that we need to stay within. And it’s, it’s, it’s always good to, to make sure that you’re verifying how they’re actually operating on existing deals today.
Charles:
That makes perfect sense. When we brought in property managers early to do due diligence and like walk the property with us and everything like this during that process on your side, what are some common unexpected property issues uncovered during the inspection period?
Luke:
I mean, we always look for the big ones, right? Units, units are generally units. We don’t see a ton there. We’re always looking for water gen generally. Generally the unit walk is, is, is as much an inventory so that we can be ready for a renovation program as anything inventory of age, condition, renovation level of each unit. The, the big ones, I mean, I, it’s the big ticket items, right? It’s, it’s roofs, it’s deferred maintenance, plumbing. I was, I was just touring a deal, man. We were in we return a deal and in the parking lot, the main waterline was leaking into the parking lot on our tour, and we were probably the 20th tour on this deal, and we were the first ones that found it. That’s, I mean, I, I don’t, I don’t even know how much we were talking 20, $30,000 to fix this thing.
Luke:
No, no one had found it. It was, it was wild. So we’re plum plumbing is a big one. It, it costs a, it costs a little extra money to camera lines. We think that it’s more than worth that money. So yeah, camera, I mean, plumbing is probably the big one, right? We’re gonna, we’re gonna pull some panels, we’re gonna make sure electrical is fine, deferred maintenance. Generally, landscaping sprinkler systems don’t work as often as they do, right? Those, those can be six figure repairs. So we, we try to be really diligent and make sure that we’re covering as much as we can in that three or four day period. Because yeah, we, we uncover a lot.
Charles:
Oh, and after 20 tours, they still didn’t see that hunt into the parking lot. That’s amazing.
Luke:
I don’t know, man. I mean, they, they said it must have just happened. I don’t know. We’ll never know.
Charles:
<Laugh>. So as we’re kinda wrapping up here, what would you say are some common mistakes you see real estate investors make regarding property or asset management? I, I
Luke:
Would, I would say the, the big one is choosing, right? What, what is it, it’s interesting if you, if you ask the top five property management companies, right? What do you do differently? What sets you apart? What’s your value proposition? They’ll probably all tell you, we have the best people and we have the best process, right? It’s like, well, we can’t all have the best people. That means that means that, you know, there are no best people. So everyone’s gonna say, we have the best people and we have a great process. And you go into the hood in that process and you find out that there’s a lot of Excel spreadsheets being used and, and they’re probably not gonna let you under the hood too far, right? So there, there aren’t any clear differentiators among property management companies among the N-M-H-C-T 50. There are some that have some neat things.
Luke:
You know, centralization is cropping up. The use of AI is today a lot more buzzword than anything. Be careful of that one. I don’t think there’s a whole lot being done in the AI front to actually improve NOI today. I, I would, I would say make sure you’re, you’re really trying to figure out who you can trust, who you can partner with, and you’re not just hearing pretty things, right? There’s a lot of pretty things that people can say. Make sure that you really believe in the process and that you’re meeting all the people from the head of the business down to again, that regional that you’re gonna be working with to make sure that you’re comfortable with the people over anything else. ’cause Today, that’s, that’s what you’re gonna have in, in, in the industry. You know, a a lot of groups will, they’ll get a nice pitch, they’ll really like their biz dev guy, whatever. Make sure you’re getting behind the curtain and meeting as many people as you can and getting as much information as you can before committing to someone. Luke,
Charles:
A lot of great information. Thank you so much for coming on. How can our listeners learn more about you and and rest prop? Yeah,
Luke:
Absolutely. And I guess I’ll say always here with, this is a long game, right? We, we really are just here to build relationships and help people. So if there’s anything I’ve ever I can ever do from a, from a market standpoint, from a, from an assistant standpoint, I’m happy to reach out. It doesn’t just need to be about new business, right? Linkedin is a great way to get ahold of me. Linkedin Luke, LUKE, lions, L-E-I-N-S or via email L-L-E-I-N-S at resp, R-E-S-P-R-O p.com. But yeah, we’d love to we’d love to hear from
Charles:
You’all. Okay, sounds great. We’ll put all those links into the show notes, and I wanna thank you again for your time and coming on the show. Yeah.
Luke:
Thank you very much. Charles.
Luke Leins oversees platform growth and expansion for ResProp Management, a rapidly-growing property management group. Luke’s background includes development, acquisitions, private-equity raising, and third-party management. Luke has been an active investor across many asset types from a young age and is passionate about helping others identify and maximize investment opportunities. Luke resides in Bradenton, Florida, with his wife. In his free time, he loves to scuba dive, fish, and travel. Luke holds a BSBA from Colorado State University and is a Certified Commercial Investment Member (CCIM) and Accredited Investment Fiduciary (AIF).
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