187:Getting to Stable at 700 doors: How Luke Street Transformed His Business

The Profitable Property Management Podcast

Welcome Closers!

In this episode of the Profitable Property Management Podcast, host Jordan sits down with Luke Street to discuss his background and experiences in the property management industry. They talk about Luke's journey into property management, his decision to transition away from short-term rentals to focus on long-term rentals, optimizing his business for profitability and quality of life, the role of technology and integrations, and his vision for the future of his business.

Topics Discussed:

• Getting into property management after college during the 2008 financial crisis
• Purchasing a property management company during the BP oil spill payouts
• Growing to 700 doors then transitioning to focus on quality over quantity
• Shifting to long-term rentals and away from short-term due to burnout
• Utilizing technology like Rent Manager to increase efficiency
• Achieving work-life balance with a 40 hour work week
• Aiming to get the business to 1,000 doors then step back
• Defining success based on profitability and purpose rather than rapid growth

Resources Mentioned:

Main Street Property Management Group - https://www.forrentpensacola.com

Rent Manager - https://www.rentmanager.com

Profit Coach business consulting - https://www.pmprofitcoach.com

LeadSimple - https://www.leadsimple.com

Key Moments:

15:42 - On shifting focus from door count to profitability per door

23:49 - On achieving work-life balance through efficiency

31:10 - On Rent Manager's integrations capabilities

38:09 - On wish he had focused on client quality from the very beginning

41:00 - On business goals of getting to 1,000 doors then pulling back

43:04 - On not projecting one's own goals and definition of success onto others

If you enjoyed this episode, be sure to subscribe to the Profitable Property Management Podcast on YouTube for more content and insights from Jordan and guests of the show.