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

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 crisisPurchasing a property management company during the BP oil spill payoutsGrowing to 700 doors then transitioning to focus on quality over quantityShifting to long-term rentals and away from short-term due to burnoutUtilizing technology like Rent Manager to increase efficiencyAchieving work-life balance with a 40 hour work weekAiming to get the business to 1,000 doors then step backDefining success based on profitability and purpose rather than rapid growthResources Mentioned:Main Street Property Management Group - https://www.forrentpensacola.comRent Manager - https://www.rentmanager.comProfit Coach business consulting - https://www.pmprofitcoach.comLeadSimple - https://www.leadsimple.comKey Moments:15:42 - On shifting focus from door count to profitability per door23:49 - On achieving work-life balance through efficiency31:10 - On Rent Manager's integrations capabilities38:09 - On wish he had focused on client quality from the very beginning41:00 - On business goals of getting to 1,000 doors then pulling back43:04 - On not projecting one's own goals and definition of success onto othersIf 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.