Why We are Training Our Team to Be Real Estate InvestorsColin Wiel
April 7, 2017
There are so many ways Mynd differentiates itself from other property management companies: through the integration of technology, the use of real-time analytics, building a rock star team of property managers with decades of experience – just to name a few. But we don’t stop there.
Early on, my co-founder Doug Brien and I realized how important it was for all members of the team to understand real estate investing. In order to help you maximize value, everybody at Mynd needs to understand the pain points felt by Bay Area landlords (our software engineers and marketing gurus included!).
So we set out to build a team of incredible people who are passionate about real estate. That was our starting point. But passion only carries you so far. We wanted our team to truly understand the nuances of the industry. How should they be thinking about cap rates? What are the tradeoffs between yield and expected appreciation? How do taxes influence a decision of where and how to buy – and when does it make sense to do a 1031-exchange? Technology is already starting to impact real estate, but how? What does this mean for real estate investors, and how can it help boost their bottom line?
That’s when it clicked: we should be coaching our employees about real estate investing!
Doug and I amassed a tremendous amount of investment expertise founding and running Waypoint Homes, where we bought and managed over 17,000 single family rental homes across 13 U.S. markets. Instead of keeping that knowledge bottled up, we should be sharing it with our team.
We’ve rolled out a series of lunchtime talks to explore questions like those above. We’ve started to meet with each team member one-on-one to understand their individual investment strategies and real estate goals. And we just hosted our first live educational event, “Increase Profits: Tech’s Impact on Real Estate & Property Management,” which brought together some of the Bay Area’s leading real estate professionals to help educate our network, customers – and our staff – stay on the cutting edge of emerging trends.
Once upon a time, property managers could get by on their 20+ years of experience. But today, technology is disrupting the industry unlike anything we’ve seen before. Experience alone won’t cut it. Continual education is key.
And it’s a win-win.
We’re hoping the real estate education helps our team develop their own dual-income stream: one active, the other passive. We already have a team of smart, creative people who are passionate about real estate investing – now we want to teach them how to put their money to work for them and grow that money over time.
Our customers win, too. The ability to think like an investor helps our team take care of our landlords more thoughtfully. The people working on your account know how to do more than just lease properties and manage service calls. They’re also constantly thinking of ways to maximize your value. It’s not just their job. It’s a mindset. And it’s how we help Mynd your business.
Employee education and investor training is just one of the many perks that Mynd offers to its employees. We may be a startup, but we’re in this for the long haul. And that means we’ve got to attract and retain the best people possible. It’s a virtuous cycle. People love it here so they work hard and provide incredible results. Our customers are happy. The word spreads and our landlord base grows. Then we get to add even more amazing, real estate-minded people to our team. It’s how we’ve grown our team from just a handful to more than 40 over the past year, and suspect it’s a leading reason for why the company’s customer base continues to increase by 30% per month.
And just think: we’re only getting started. The best is yet to come.