In this episode of The Same Day Podcast, Chad Franzen of Rise25 interviews Walter Bowser, Business Development Manager at Keyrenter Property Management, about why you should build relationships with real estate agents. Walter talks about the tools Keyrenter offers realtors, how they support realtors, and how the relationship between the property manager and real estate agent benefits everyone involved.
How Property Managers Can Form a Mutually Beneficial Partnership With Real Estate Agents
Walter Bowser is the Business Development Manager at Keyrenter Property Management Oklahoma City, which provides property management solutions for homeowners and real estate investors. He is primarily responsible for driving growth and ensuring the organization’s long-term sustainability. As an entrepreneur, he has experience in sales and product research and development. Before Keyrenter, Walter was the Co-owner of Bubble Calm, a Resident Services Manager and Housing Assistant at The Scion Group, and a personal banker for Simmons Bank.
Here’s a glimpse of what you’ll learn:
- Why does Keyrenter Property Management support real estate agents?
- What fee do real estate agents receive when they refer investors to Keyrenter?
- Tools that enable real estate agents to provide better service to their clients
- Walter Bowser talks about situations where Keyrenter may intervene in the realtor-buyer relationship
- How a partnership between Keyrenter and the real estate agent is mutually beneficial
In this episode…
Property management companies and real estate agents can foster a fruitful relationship that benefits both parties. What can property managers do to build relationships and support real estate agents?
Walter Bowser shares insights on how property managers and real estate agents can develop a mutually beneficial relationship. By offering realtors tools to grow their businesses, property managers can attract new clients, which is profitable for both sides. At Keyrenter Property Management, Walter supports realtors in many ways, including providing a rental analysis that helps buyers determine rate expectations, offering an investment performance analysis, and recommending prime purchase locations where buyers can maximize their ROI. Through this partnership, realtors may refer their investor clients to Keyrenter and, in turn, receive a referral fee. Keyrenter helps realtors provide exceptional service so they can acquire more buyers and sellers. It’s a win-win situation!
Resources mentioned in this episode:
- Chad Franzen on LinkedIn
- Rise25
- Mat Zalk on LinkedIn
- Yonatan Schmidt on LinkedIn
- Walter Bowser on LinkedIn
- Keyrenter Property Management
- Keyrenter Property Management in Tulsa | Oklahoma City | Arkansas
- Keyrenter Property Management email address: [email protected]
- “DIY Plumbing: What Owners Should and Shouldn’t Attempt Alone” with Aaron Wynn on The Same Day Podcast
Sponsor for this episode…
Keyrenter Property Management:
This episode is brought to you by Keyrenter Property Management.
Keyrenter Property Management is a full-service property management company that helps clients buy, renovate, and operate real estate assets.
The team helps clients build wealth while taking the headache out of property management.
That’s why, no matter what rental you have — single-family homes, condos, townhomes, or apartments — they can give you the management solutions you need.
To learn more about their services, go to https://keyrenterpmc.com/ or send them an email at [email protected].
Episode Transcript
Intro 0:05
Welcome to The Same Day Podcast where we discuss driving incremental business growth and other topics related to real estate, property management and entrepreneurship. Now to the show at hand.
Walter Bowser 0:20
Walter Bowser here, I am the host of The Same Day Podcast where I connect with top business and real estate leaders. wanted to give a quick thank you to the last guests we had on with me here in Oklahoma City, Aaron with Wynn Plumbing, where he walked us through the insides of the plumbing industry. Today’s episode is brought to you by Keyrenter Property Management. At Keyrenter Property Management, we are a full service property management company, helping our clients buy, renovate, operate real estate assets. We help our clients build wealth while taking the headache out of property management solutions that you need. If you need anything, go to keyrenterpmc.com or email us at [email protected]. Today, I have Chad Franzen here of Rise25, who has done 1000s of interviews with successful entrepreneurs, investors and CEOs. We have flipped the script where he’ll be interviewing me, Chad, it’s great to have you on.
Chad Franzen 1:13
Hey thanks so much, Walter. Great to be here. Hey, I have talked with Mat Zalk a few times before, but this is my first time talking to you. If you could just tell me a little bit, a little bit about yourself and what you do for Keyrenter.
Walter Bowser 1:24
Yeah, absolutely. I am the Business Development Manager out here in Oklahoma City, our Oklahoma City location, we do have four regional branches of Keyrenter. So I do the business development management for, for us here in Oklahoma City. Been with Keyrenter for two years now. I just love it. Super exciting. Yeah.
Chad Franzen 1:47
I know, you guys obviously have plenty of clients who are property investors, things like that. But you also work with real estate agents. And that’s kind of what we’re going to talk to you about today. How does Keyrenter support real estate agents?
Walter Bowser 2:00
Yeah, absolutely, you’re 100%, right. You know, we really work with a lot of real estate agents, and that’s one of our favorite things to do. You know, we really try to support them in a bunch of different ways that can, you know, be different for every single real estate agent that we work with, but we really try to support them on with really anything that they might need with an investor clients that they have, for example, we can send them, you know, rental analysis for their clients. So what these rental houses are, or their, their, you know, a, a, you know, glimpse into the market of that particular property that their client is looking at, kind of show you what the property should rent for, in a very, you know, kind of accurate way to give you a true, you know, meaning or not true, you know, what we’re looking for here a true guess or estimate, not guess, an estimate that shows comps on the market, that have previously been rented out. So that way, they can have a good idea of what on their property or should rent for it. Of course, you know, we also provide them with, you know, full investment analysis that will dig into, you know, you know, what the cap rate is on the property, you know, how the property should be performing, and go into a really deep, you know, analysis of the property and the investment for that client. I mean, also, you know, we have a pro forma tool, we also like to partner with them with, you know, thought partnership about, you know, the local market, and every specific neighborhood, about that area, because, you know, we do manage so many properties, and in almost every single neighborhood, and really, that, you know, we have a pretty good idea of, you know, how the tenants are there in that area, and kind of, you know, what it’s like to really own a property there. And then, of course, you know, just insight into the pm industry, the property management industry, and then of course, you know, we always give a referral fee to all of our real estate agents that send us a investor client, our way that that needs management services.
Chad Franzen 4:05
If a, if a real estate agent makes a sale of a property, and then the property buyer wants to rent, it decides they want to rent it out, you know, it’s an investment property. How do you guys kind of approach that?
Walter Bowser 4:16
Yeah, absolutely. So we were approached this, you know, very simply wouldn’t be, you know, as smooth as possible for, you know, that real estate agent to go ahead and refer that client over to us. So we set them up with a specific referral link that they have, that’s, you know, specific to that real estate agent. So what they do is they pass that over to their client for them to you know, fill out, it’ll come into us as a as a referral partner, link so that way we reach out to them to their client and say, hey, you know, we saw that, you know, John, or whoever the real estate agent is referred you over to us, you’re looking you’re needing some property management services, and then we can You know, walk them through, you know how we approached property management services and what we can do for them. And then, of course, you know, since they came through that referral link that we provide the real estate agent on, it makes it very easy for us to go ahead and pay out that, that that referral fee, once we have the property rented out, we pay a referral fee to the real estate agents worth, you know, two months management fees. So once we find in place a tenant and manage that property, we send them over that referral fee that that percentage of that client.
Chad Franzen 5:33
So you mentioned the tool, the online pro forma tool, are there other tools that you provide? When real estate agents?
Walter Bowser 5:45
Yeah, absolutely, We try to, you know, provide, you know, a plethora of tools over to those real estate agents, whether it be, you know, the the online pro forma tool, the rental analysis, the investment analysis, of courwithse, we send out monthly rental market summaries with key takeaways on about, you know, certain locations in the property. So, we can send that on a monthly No, you know, basis up to them. I mean, what that does is it shows, you know, where’s the honest market, and where is the the most, you know, traction for tenants currently, um, it’s super helpful, especially if you have a client that’s looking for investment property, and they’re worried about vacancy, you know, we track that stuff, you know, very thoroughly. So we can say, hey, you know, we have a hot market right here, we’ve noticed that there’s been a need for housing for tenants, for example, here in Oklahoma City. And we’ve noticed that Noble Oklahoma, which is just something Norman has done really well. So we’ve had a plethora of real estate agents, you know, send us referrals for clients that have properties on their noble, and we’ve been able to sort them out, you know, rather quickly, along with, you know, to a good tenant at a good rate. So we’ve seen, you know, really great traction down there and noble, and it’s been a hot market. So we track that very thoroughly and send that out to, you know, real estate agents, so they can pass that information along to their investor, investor clients. And then, of course, you know, we also have, you know, investor guides, as well to that, that showed them you know, about, about the city about, you know, where they should be, you know, kind of approaching, you know, good rental properties.
Chad Franzen 7:29
Let me ask you this, have you got Have you ever encountered a situation with a real estate agent, where you’ve been working with an agent, and their client is looking to sell their property, but the asking price is too high? Is that a situation where you guys could get involved?
Walter Bowser 7:44
You know, absolutely, it’s funny that you asked that, you know, we’ve seen that a lot more recently, you know, I was talking with a real estate agent the other day, and they came, they came to me and said, you know, my client, you know, has this idea that, you know, the comps are showing a certain price, but we’ve seen inflated real estate prices, since you know, we’re still kind of coming off those low interest rates, and now that interest rates are higher that the consumers propensity to spin is a little bit, you know, tighter now. So not as though, you know, prices aren’t going for as high as they were. But the consumer or the seller, excuse me, still has that, you know, idea that the property should be worth, you know, somewhere, you know, higher than what, what is realistic for the, for the economy right now, with the current market conditions. And so we have been able to, you know, kind of help and jump in on that. And what we’ve been able to do is say, hey, you know, normally the client had bought their, their property, you know, when their interest rates were low, so they have a low monthly payment for their mortgage, and we said, hey, you know, we can help, we can, you know, rent it out, so that way, you guys can hold on to this property for a little bit longer. And household in that property, you know, paying the monthly mortgage building equity for you. So that way, you’re still building, you know, wealth by having someone pay that equity, you’re building equity. And let’s go ahead and you know, put someone in there to rent, the real estate agent still gets paid the referral fee, so they’re still, you know, making some sort of income off of that relationship. And then when that time comes for, you know, the property owner to sell that property, later on, you know, we send them right back to that agent and say, Hey, know, that that tenant has cycled out now, the interest rates are changed, you know, that price should be able to be met that they were, you know, wanting to original time, and, you know, send them back to them, and let them you know, sell the house then. So it’s a really good opportunity for us to help real estate agents that might not be able to find the right price or sell that house. But instead, you know, put a tenant in there, let that owner build equity and then you know, sell a little bit later on.
Chad Franzen 9:49
Yeah, it sounds like a very valuable service. Hey, a couple more questions for you, Walter. Once, once you guys are working with a real estate agent, what are some of the things that they might they’d be able to expect kind of just in their relationship and their partnership with you, in terms of working with Keyrenter.
Walter Bowser 10:05
Yeah, absolutely. I mean, that’s, that’s a really great question and and calmly answer it on two different levels. The first level is, you know, what can they expect the real estate agent expect and, you know, that’s from us is just full transparency. And of course, you know, we always are going to pay a referral fee for any client that they send us. But then also full transparency that we’re gonna send that, that that that, you know, client of theirs back to them when it’s time for them to, you know, sell or buy more real estate. And then, of course, most importantly, with their clients, you know, what our clients can expect us, we have some really cool tools for that investor themselves, when they signed up for key Winter Service, they’ll have a full dashboard on that they can log into, it’s like a checking account experience for their investment property, where they can log in and put in their information, and it will show you know, their net worth through the real estate. And it will show you know how their property is performing in real time. So for example, you know, if it’s a maintenance request comes in, normally, before we had this platform, which we just got this platform, I’d say you know, about six months ago, you know, before that, they would have to wait until the end of the month to see those maintenance requests come in and how much they were on on their other statement. But now we have a real like checking account experience where they can see that in real time, once that work order comes in, and in the work has been done, I’ll show Hey, you know, you had a, you know, a plumber come out and Snake the drain, it was $150. And you’ll see that come in. And and so when you can see what your your income for that month should be, they’re really, you know, transparent, quick way. So that way the client feels comfortable and everything like that. But also we just really push communication with our investors. So that way they know what’s going on, they’re in the loop, they feel like they’re never in the dark, we want to make sure that we’re communicating at a very high cadence with them, but also know that, hey, you know, we’re taking care of things, it’s not something that they had to deal with. It’s not their headache, we’re taking that headache away from them, and really helping them you know, build and continue to build wealth through that real estate.
Chad Franzen 12:04
Okay, beautiful. Hey, last question. So let’s say I’m a real estate agent working with a client and I, you’ve kind of sold me on some of the benefits of working with Keyrenter. And now I’m working with you and working with my clients as well, should I be concerned that I’m gonna maybe get lost in the shuffle and all the clients attention? All the clients attention will go to Keyrenter and not me?
Walter Bowser 12:27
Now that’s a that’s a really good, valid question. And no, you shouldn’t be worried about that, I want to express that and make sure that you know that, you know, any real estate agent that we work with, we want to be in the background and support that real estate agent to grow their business, and really help them support our clients. You know, that’s something I get all the time is, you know, hey, you know, what should this property rent for I have a client that, you know, is interested in this property for an investment, I’m not sure what should rent for it, you know, that’s what we weren’t provide them as the real estate agent, not their client, we want to give that client the information through then. So we provide them that rental analysis, which then they can pass along to their client. And really, you know, make them look like they’re knowledgeable, they know what’s going on, they have good information. And most importantly, it’s going to make that real estate agent look like the hero because you know, that real estate agent can say, hey, this property isn’t going to perform up to what you want it to perform to. And we know this because I have the rental analysis, I have the pro forma, I have the investment analysis. And all this stuff is correct, because that’s what we do every day. And maybe they say, Hey, this might not be the house for you. But if you know, we could find one later down the road and really show that client that they’re in it in the long run and really going to help support them and, and show them hey, you know, this is valuable information that we can use to really feel good about the investment that they’re going to make.
Chad Franzen 13:49
Okay, well, hey, Walter, it’s been great to talk to you very interesting and informative. Thanks so much for having me today.
Walter Bowser 13:55
Yeah, absolutely. Chad, it was great to talk to you as well. Thanks so much.
Chad Franzen 13:59
Thank you so long, everybody.
Outro 14:05
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