Intro: [00:00:00] Welcome to the Stacey Salyer Show, the podcast for property management leaders ready to think bigger about growth. I'm Stacey Salyer and the only acquisition strategist in this industry who sat on all sides of the m and a table. I've been the buyer acquiring a 370 door competitor during COVID using seller financing.
I've been the seller building and exiting a seven figure business. And I've been the corporate evaluator as director of acquisitions, assessing over hundreds of companies nationally. That means I know exactly what you're thinking, what you're missing, and what actually works when it comes to buying and integrating in this space.
On this show, we dig into acquisitions as a real business tool. Not luck, not someday. You'll learn positioning, strategy, numbers, and integration from someone who's actually done it all. Let's go.
Stacey Salyer: All right. Well, welcome [00:01:00] back my friends to "The Stacey Salyer Show," where we talk about buying and selling property management companies while boomers retire, you acquire. So today I have a special guest on my show. We actually became friends back in 2024 when we both attended Amy Porterfield's DCA class, which is Digital Course Academy.
And this person that's joining me today, it does something really cool and very different in the industry. So she focuses a lot on the real estate sales industry. However, I wanted to bring her on because I think it's very relevant to property management as well, and it's not something we really ever talk about in property management.
So I really wanted to take this time to introduce kind of a new thought process, and I promise it will tie into acquisitions both on the buying and selling side because we're gonna talk about some stats and numbers. But without further ado, I want to introduce my friend Amy Wedek.[00:02:00]
Amy Reddick: Hi Stacey, and thank you for having me on
Stacey Salyer: Yeah. No, I'm so glad you came on. So Amy is a in-person stager. You own a staging company, staging business, but you're also the owner of the Strategic... Oops, edit that. The Strategic... Edit that strategic listing prep system. So I wanted to talk a little bit about that today, and kinda I'm gonna preface this episode with h- you know, basically the rental market, right?
So those of us that have been in the industry for a long time, we understand that things cycle up and down, and, during like our COVID time, things were just kind of flying off the shelf. We're seeing... But now we're seeing a lot of longer days on market for rentals. We're seeing a lot of accidental [00:03:00] landlords re-enter the market.
Again, that's a cycle. And I really thought that this particular subject would be really relevant to the accidental landlords. So t- again, to kind of preface for people who are listening, typically a property management company, when you're listing a tenant-occupied home for rent, you're either waiting till the tenant moves out, or you might be listing, with just kind of like some original photos, and that's fine.
But really, I wanted to kinda touch on what happens when the accidental landlord contacts you, and they're, they're a different type of, uh, landlord, right? They're usually a little bit higher stressed. They have a mortgage that they need to cover. They had not planned on renting out their home, and a lot of times they want to list their home for rent before they're actually out of the home.
And that's where Amy comes in because she's gonna teach us today on how you can work with those accidental landlords when you're setting them up, you're meeting them for the first time, and she's gonna walk us [00:04:00] through a little bit on like how you can have the conversation of, "Hey, you have stuff in your house.
Maybe it doesn't look so great the way it is." And I know Amy's gonna talk a bit more about that. How do you have that conversation, and how could you guide them to maybe move some of their things around and maybe make it look a little bit more magical and then, ease their fears around that, and then get their house rented faster?
So that's the whole game, right? Okay. So Amy, take it away. T-tell us how, how, how to do that.
Amy Reddick: Wow. Okay. That's a big, big question.
Stacey Salyer: I know. I mean, we only have 30 minutes, but you know, maybe
Amy Reddick: Yeah. well, I mean, I will start by saying that like in any, any market, but especially where we're talking about renting and the quick turnover, they don't have time to prepare, those things that you were saying like [00:05:00] you, you really need to work with the sellers from the point at which they're coming in, which like you said, is gonna be that high stress.
And a really, really short time period in most cases as well. So, on the other hand though, you have to think of course about the buyers coming in and everything needs to be about the buyers. And so how they set up their house needs to be what buyers want, and they're gonna pay more for that. They're gonna pay more for like certain features or cleanliness and things set up to really highlight some key features of the house.
They're not going to pay as much or be as interested or drawn into a house that looks very lived in. And so we try to take a house prioritize those main things that need to be done, especially when you only have a short amount of time, [00:06:00] and really put the money and the effort into certain things.
And, and part of that too is getting the sellers on the same page as you so that they put the emphasis on those same things as well, and that they actually, do those things that you're recommending. So it's... There's so much to it. Yeah. There, there's a lot to it.
Stacey Salyer: Right. There is a lot to it, and I think too, just for anyone listening too so when we're talking about seller, we're talking about like landlord or investor, and then buyer would be tenant. So kind of going back to that accidental landlord, they're usually on a tighter timeframe. Maybe they've been relocated and they don't wanna sell their house.
It's a 3% interest rate so they need to kind of stage it, making it look good. And then, the tenant coming in, the tenant isn't necessarily gonna pay a higher rental rate. They, we don't-- In the tenant world, it's, you don't have the bidding wars back and forth. But days on market right now are trending really [00:07:00] high, and I think that's where, a lot of us have to do kind of an about face in our marketing and thinking outside the box of, "Okay, so I have this."
Obviously some of us know professional photos, of course, that's a no-brainer, or, some AI edited photos. But why not really take a look at, again, if you're listing that accidental landlord home that they're still living in, like maybe walk us through one main room of like how you would kind of start that conversation of "Hey, hey, I'm so glad that you're gonna use our services for property management.
Let's really put our best foot forward." And we're not just talking about photos, but whether it's a living room, kitchen, primary room, I don't... You can, you tell us which one
Amy Reddick: Nah
Stacey Salyer: with, and h- what kind of conversation should we have? 'Cause it kind, it somekin- sometimes, I can't talk today, kind of be a sensitive topic, right?
"Hey, we need to move Grandma's doily off the, uh, fireplace [00:08:00] mantle." And, maybe there's sentimental bit, uh, thoughts about that. So tell us how, how to start that conversation.
Amy Reddick: So when I first start working with sellers I have the luxury of... Or your landlords, I guess you would say in your case. But I'm able to send them some things ahead of time where it helps them know what to expect and what the process will be like. And so if you do have that time, it really does help to send just a few slides even "Hey, we're gonna come in, and this is the goal, is to make it ready for your the tenant, the various tenants who are looking at the house.
And so, we want to have it present in a way that they're going to be attracted to it, and so there's certain things we're gonna look for," that kind of thing. And so it gets them prepared mentally and gets their [00:09:00] mindset in the right frame of mind to realize that their house is no longer their home.
Their house is now a product that is going to be making them money and needs to be making them money. And so, and like you said, days on market, I mean, if that place sits for a long time, they're out that money that they need in order to make that mortgage payment. Or
Stacey Salyer: I get I was just going to say, can I get like an amen to what you just said? Because that is a, that is a challenging one, and that's kind of really why I wanted to bring you on too, because of the, accidental landlord market. That is a really tough thing, a tough shift for people to be like, "Well, this was my home," and so being able to shift that.
So I love that you're pre-prepping them by sending them some good information. And I, I believe in the show notes you're gonna have a, a hand- handout, like a link to a handout where people can learn a [00:10:00] bit more, and you also run some cool programs. But anyway, okay.
Amy Reddick: Yes. Yeah, I ca- I can, uh, put a guide in there that helps when you're actually speaking with the landlords and explaining how your pricing can be set depending on how the house looks and how it presents to the market. But so in those initial slides that I send them, and then I will add that I also go over this again with them when I meet with them.
So even if you can't send it ahead you can talk about or show them this type of process a- as you're, as you're meeting with them before you get started. And so the other thing I really talk about a lot is what we already spoke a little bit about, but what buyers want or I should say what tenants want.
And I know a lot of times tenants, they need something quick also. And so, but if you look at those photos and what's [00:11:00] going to draw them in, something that looks very lived in maybe looks dirty, looks dark, uh, looks uninspiring, it's not going to attract the tenants that you want to at- attract.
The tenants that you want to attract are going to want something more like a buyer would want, like spacious rooms. They want light. They want to feel like it's very clean. And so, there's, there's some key things that they're looking for that the seller or landlord needs to really keep in mind because it's really all about the buyers uh, or the, uh, tenants.
So you really need to set it up just for the tenants and what they, what they want. So, so we do some mindset shifting so that they can kind of understand that first. And I have found that one thing that really helps is I show [00:12:00] them some photos of some houses that are like, uh, the lived in look
Stacey Salyer: Mm-hmm
Amy Reddick: And then also an after photo, which is like a ready-to-sell look.
And I have some, I have some books that I have put together of just of my work. But but you know, once you've done this a couple times, you'll have some photos you could take and use those to show. But that's a huge, a, a huge game changer I have found for for the owners to actually see the difference it makes in another house.
And they can actually look at that photo that's lived in and say, "Oh yeah, that looks, ew, I don't wanna live there."
Stacey Salyer: Bye
Amy Reddick: see, "Oh, Jim, that looks like our living room. I told you we should have done something." Like they kind of start getting on each other about it. Or they'll say, "Oh yeah, that looks like, our dining room before we painted it," or [00:13:00] something like, "Oh yeah, that's not good."
And so they kind of start seeing it through a different lens, and I have found that, that the photos really help. And then on, on the flip side, they can see what it looks like when it's ready to sell, and that they're much more attracted to it. So, so that makes a difference, too. And so, uh, some sellers or, uh, landlords would need a little more hand-holding through that whole process.
We try to make it light if we can and add a little humor. That helps sometimes, too. Oftentimes, one, one person out of the couple will be a little more like wanna hold on a little tighter, and the other is "Oh, come on, we gotta s- we gotta get this thing rented." And so they, they kinda can play off each other.
And you can kinda use that to, just to, again, 'cause it is a very emotional time for some of them, so it does help to have some, some humor and some [00:14:00] hand-holding along the way.
Stacey Salyer: And so, so you start with mindset. You, you personally start by sending like a introductory email "Hey, this is what to expect when I come to your home." And then you, walk in, you st- reiterate kind of that mindset shift, and then use photos, the before and after. And I think that really helps.
A lot of people are very visual, and I think makes it super obvious, especially because you're not necessarily calling out their personal home, but they can usually see their identity in the photos on the
Amy Reddick: Yeah, exactly
Stacey Salyer: I mean, we all are like that. I mean, there's no way I could list my house for sale today. I mean
Amy Reddick: Right. And I tell them that too. Yeah. And I tell them that. I'm like, "If I had to sell my house, like..." And I did sell my house a year ago. I had to change all kinds of stuff around because it's, it's not how I live in the house, it's how buyers are going to perceive it. So, yeah, it's, it's a totally different way of them looking at their house than, than what they're used to.
Stacey Salyer: [00:15:00] Right. Yeah, and I like what you said too, making the house or like the, the rental listing all about the tenant. So it's, it's making them like the hero of the story, I'm assuming, kind of like if you're gonna use that language. Or, because the, the resident, the tenant, they should be, like when they're looking at photos or when they go walk through a rental listing, they should feel like they could, they could live there, right?
And so that's kind of what you're helping them
Amy Reddick: Yeah
Stacey Salyer: And again, these would be for occupied homes, so this would be like accidental landlord needs to move and list it out. So was there any other like conversation that you would recommend? I mean, so beyond, the photos and minds- original mindset, are you using any sort of like specific language when you're walking through?
Are you like point- are you walking through like in a living room saying, "Hey, you could, move this, move that."
Amy Reddick: [00:16:00] Well, yeah, I ease into that. Yeah, we, we ease into that. But yeah, we'll talk about some other things too you mentioned a little bit about this, but just h-how the design needs to be set up for for the tenants not you. So you have to remove that personal aspect. And so one of the first things that that, that they can kind of grasp this easier as well, but one of those first things is any personal items that they have out.
So personal photos, family photos, names of children on the walls those kind of things. So I say like right away, that's going to remind the tenants that they're in someone else's house. We wanna make it where they can feel like they could live there. And so we want to neutralize those personal type things.
And so we talk about that in general also before we even start walking [00:17:00] around the house. And the other thing is also just some very personalized design choices such as like maybe red walls in the dining room or something like that, like that most people aren't probably going to do. But there are some people that have, and I'm sure you all have seen this, but there are some people that have very bright, bold colors in every room in their accessories or their paint.
And those just are things that are very personal style. And so those are the things that we want to try to minimize as much as possible,
Stacey Salyer: What's
Amy Reddick: in the main rooms.
Stacey Salyer: the, what's the craziest one you've ever seen?
Amy Reddick: Oh,
Stacey Salyer: Or on ads
Amy Reddick: So there was a house that had a purple dining room.
Stacey Salyer: Okay
Amy Reddick: And well, and another one I'm thinking of too, that had a lavender dining room and, and with, with wallpaper [00:18:00] border. She did not, she did not wanna change it because, she injured her knees and she'll try to get her son over, that kind of thing.
But, really emphasized that painting it would make a huge difference. And and, and we're kind of getting into the paint part, but... And that's something that usually I bring up towards the, towards the end. But but paint makes a huge, huge difference. And yeah. And so the purple, I don't know why I've had two, two purple dining rooms,
Stacey Salyer: Yeah. Well, I was, I, I was laughing because that's actually the craziest one I've seen too. This was in the, mm, somewhere in the 2007, 6? I don't
Amy Reddick: Yeah.
yeah,
Stacey Salyer: but yeah, it was purple, but, but sponge painted. Was that- That was the trend at some point.
Amy Reddick: Yeah.
Stacey Salyer: yeah, it was like a dark purple living room with a lighter, I think it was like a li- lilac, lavender
Amy Reddick: Yeah. [00:19:00] Oh.
Stacey Salyer: Yeah, they didn't wanna change it, and I was like,
Amy Reddick: Oh, so bad, right? So bad. Yeah, I... Yeah, some sponge painting. There was a house I did, a multimillion-dollar house. I did an occupy consult there, and their, their whole one floor was done with sponge painting, and she's "Yeah, I don't know." I'm like, "Uh, you really... Especially at that price point you really need to, to paint it.
At least put brighter lights in first." So, she did do that, and then she did paint it, too, but... And for my purple dining rooms, one lady did paint it, and the other was not able to. So, we just had to go with it, now, that one, I tried to minimize the purple. So, they had purple and white sheers on the windows as well, so I took the purple ones down and just left the white and made sure that there were no accessories in there that were gonna pull in that color as well.
So, you just have to kinda work with it. And that's the other thing I tell [00:20:00] them, too, is that, look if there's anything that I recommend or suggest as we go that you can't do for some reason, like that lady and her knee or whatever, or, or you just don't feel comfortable moving that recliner out because your back hurts and you have to sit in that or, those kind of things.
Mention it, tell me, and then we'll try to come up with another solution.
Stacey Salyer: うん。 Oké.
Amy Reddick: at first, and then as they talk about it or their husband mentions something, they're like, "Well, I guess I could use that other chair instead. Yeah, we could do that." Once they understand why, I've found that sometimes they'll change their minds and stop the resisting as much as, as maybe initially they were.
So, I, I really think explaining the why to them helps as we go through the process also.
Stacey Salyer: Ja,
Amy Reddick: so we'll do all those things as we [00:21:00] start and then start room to room. Mm-hmm.
Stacey Salyer: Well, building that relationship and that trust. And then I'm, I'm assuming you kind of walk through the entire house and you're kind of taking inventory of what you might be able to move around if needed or, and again from what I understand with occupied conversations, it's more, it's like a, you give a checklist or a list to the investor client, and then they would do the, the moving around, and then photos would become like-
Amy Reddick: Yeah, yeah. We're not talking about you, the agent, doing all this, schlepping furniture around staircases and we're not... This is, this is on the seller to do or their family or, you're just the one or I'm just the one bringing it all together for them and making an actionable plan that they can work off of.
That will just, again, just get their house seen by as many tenants as [00:22:00] possible and get that turnover as quickly as possible. So, with that being the goal a lot of sellers, once they kind of see, "Oh, that's why," and, "Oh, I need to think of it this way," then they start to get it.
"This is going to help me make more money. This is gonna help me rent my house faster," and that's what we need. So, a lot of them, at that point, especially when they're under a time crunch, they're just like, "Let's just get it done. Just tell me what to do and let's get it done." And because a lot of times they're already focused on the next place that they're moving.
So, they're trying to find a place to move or they have to find a house in another city or whatever that might be. So, a lot of times they might already be focusing on those things as well. But it... This just gives them that plan that, that they can take and then use after I leave , right?
Stacey Salyer: Okay.
Amy Reddick: Yeah. But, [00:23:00] and, uh, the other thing too is I, I, I have the the, the homeowner write all the notes as we go.
Stacey Salyer: हम्म
Amy Reddick: and I do have forms that I give them that they really like to use that 'cause it categorizes everything for them, but I have them take the notes. It means a lot more to them if they take the notes versus me take the notes or type them up later or something like that and get them to them.
They're not gonna look at that. So, as we go, I'm just talking about it and I'm telling them what I would recommend and then they're recording it and I'm explaining why as we go.
Stacey Salyer: Okay
Amy Reddick: And so then we're just having conversation and dialogue about it. So, uh, and, a lot of them really, they start getting it by the end.
They're just like, "Oh, okay, yeah, and you're gonna want me to pack this stuff up, right?" "Yeah. You're gonna want me to pack the teddy bears up, right?" I'm like, "Yeah."
Stacey Salyer: Bye-bye
Amy Reddick: [00:24:00] they, they start getting it, by, by the end.
Stacey Salyer: So for my, uh, property management, the, the listeners, so they're probably thinking, "Okay, this sounds awesome. I get it. I can see the value in it." Again, like relating it back to days on market, and I'll... At the end, I'm gonna tie in as to why this is important if you're buying or selling your company.
But the-- So okay, they're listening and they're like, "Well, yeah, that's great, but I don't... i'm not a trained stager. Like, how am I supposed to do that?" So I know I would love for you to talk a little bit about your program that you offer so that you can actually train people 'cause I know you work with people all over the US who can then learn these skills, learn how to have the conversations, and then then go out and implement within their business and make their business better.
So if you wanna just do a little highlight on what, what that looks like so that, people again, they can go to the show notes and download [00:25:00] your your guide, and then, also maybe reach out to you as well and talk to you about learning more so that they can be the best in their community.
Amy Reddick: Right. Yeah. Yes. So I have had people use this this system to go into a house, like you're saying with the sellers or with the landlords and, and using this as their let's call it like a playbook to get them ready to prepare the house. So a lot of agents, they don't have an occupied home stager in their area who can come in and, and do this.
But- but they can follow a framework. They can follow certain steps. And so what I've done is systemized the whole process so that they can go from working with the sellers, working on that mindset, getting that shift in [00:26:00] place getting on the same page, let's say, and then moving into how to get the rooms prepared and the house prepared, but then also elevated so that it really stands out, because that's the part that's going to attract more interested tenants.
It's not just, "Well, clean it and take everything off your counters." That's, that's, that's like kind of basic. That's not really going to draw in those clients or tenants that you really want to attract. So you need to level it up and so that's what this can do. It will help you get the sellers on board, move through the preparation program- uh, process, and then elevate each room so that it really, really stands out in photos and really feels good in showings.
And so in the past, real estate agents there's [00:27:00] no playbook for this. There's no... Like you're saying "I don't know what to do. I'm not a stager, and I don't wanna be a stager," right? And and so there's no playbook for it. Nobody teaches you any of this stuff. It's not, it's not your fault.
You just, you just don't know it because it's not taught. But I did put together, like I was saying, like a listing prep playbook so to speak. And it's just, it's a whole system, a framework that you go through. And then you'll walk into every room, you'll know exactly what to do to prepare the house and improve the presentation for, for the tenants.
And so when you do that consistently, you'll start to be the agent that's known for that. You'll start to be the one that other sellers or other landlords choose. "Oh, hey, this, this agent g- really got my house ready. They told me all these things to do, and it made so much sense, and I did it, and, we rented so fast."
It really makes you [00:28:00] stand out in the market, and it's not really going to be that taxing on you. So, yeah. And so it can really help the agents know exactly what to do in the house but then also helps the sellers not just take your Pre-listing checklist that you might have and shove it in their junk drawer, right?
You can hand them, "Hey, do these things," you've printed off the internet, right? A little checklist before you sell, and they're like, "Yeah, okay, I'll do a few of those maybe," and, and just shove it in the, in the drawer and not think about it again. But I mean, and that, that's really frustrating, and that's not going to get the sellers on board.
It's not gonna get them buy-in into the process. And so if they don't have that buy-in, they're not gonna do the stuff in their house, and you can't make them, right? So, but by using this system, it really gets those sellers to follow through [00:29:00] and do all of... A, a lot of the rec- A lot, or if not most, of the recommendations that you make.
They'll take ownership in the whole process. And then the results show up, like when you have the photos done, you'll see the difference. When people come to visit and walk through the house, they'll feel the difference as well. And so again, it just helps you stand out just offering something else
Stacey Salyer: Right. Yeah, and I-- and really the main reason I wanted to have you on, I mean, I, well, I wanted to have you on for lots of reasons, but I really believe in educating, other property managers of how to be better. Because obviously the better you are in your business, the more your business is going to be worth.
So it does matter, because you should be building your business as an asset. I've talked a lot about that. But how cool to have a whole 'nother tool. Like it, it's-- I never even thought of it. I mean, I had the random conversations like, "Hey, you should prob- you know, you need to paint, you need to have [00:30:00] professional cleaning."
But I remember, I mean, gosh, if I had had your systems that I've had the pleasure to learn, 'cause I've gotten to know you, way back in the day that would've been amazing to have those conversations like, "Hey, let's just move, get rid of this piece of furniture 'cause now, I mean, it's making the living room look way too small and we can open it up."
Whatever. Uh, how cool would that be? So I really wanted to bring you on because I wanted, I wanted the property management community to learn about you and your program because I think it works really well and it just puts another tool in the tool belt of the business. And really honestly, everybody that is building their business to, as an asset and you're also looking at acquiring, it's makes your company even more valuable, as you're going out and talking to potential sellers, right?
And the, now I'm talking about to the business owner. But on the, buying [00:31:00] side, it's, it's really important too, like on the days on market right now, like I said, it's, it's tough across the US, there's-- it's tough we're having, tough conversations with landlords, but this would help elevate you in your in, in your market to be kind of the better one, hopefully decrease your days on market and get those homes rented.
Because as you're looking at buying property management companies, that is something that we look at, as pretty quickly in due diligence is, what is your vacancy rate? And if your vacancy rate's really high, that's gonna affect how much money you can sell your business for too. So there's, it's kind of like this whole like spider web effect.
But I thought it'd be cool to have you on so you could explain how-- another trick. yeah.
Amy Reddick: Yeah. I, I like how you call it a, a tool because that, I mean, that really is what it, what it is. Yeah, it's a, it's a whole framework, but all these pieces are in there, and [00:32:00] there's... They're just all so important to having that house have that pulled together look and feel.
Stacey Salyer: Awesome. Well, cool. Well, I really wanna thank you for your time and coming on. Any last, last words of advice you'd like to leave us with?
Amy Reddick: Uh, well, don't be intimidated by preparing a house or elevating or maybe call it staging, if you will. But really it's just a lot of preparing and looking at it through maybe a different lens than a lived-in look would be. And so just looking at it as buyers would, would see it. And and then communicating that to the to the owner.
And get it sold, right? Or get it rented.
Stacey Salyer: Oh, wow. Decrease those days on market.
Amy Reddick: Yeah. Yes, exactly. Let's just
Stacey Salyer: right. Yeah. No,
Amy Reddick: get it done.
Stacey Salyer: yeah, so again, everybody make [00:33:00] sure you go to the show notes, follow Amy on her social media. She's, uh, like very active on LinkedIn and Instagram and Facebook. She puts out a weekly newsletter that's super helpful and be sure and download her guide and yeah, get in her world.
And I, I will tell you that it, it will give you a leg up in your market. It will make your company more valuable. And, uh, yeah, I thank you so much for coming today and, and sharing all your wisdom, and I appreciate having you on the show.
Amy Reddick: Thank you. It was fun.
Stacey Salyer: All
Amy Reddick: Thank you, Stacey
Stacey Salyer: Yeah, thanks for coming in, and until next time, I will see you all again soon. All right. Have a great day
Here we go. I'll stop
Outro: thanks for listening to the Stacey Salyer show. Here's the deal. You can read about acquisitions anywhere, but you can't learn acquisitions from someone who's done it the way I have as a buyer, a seller, and from the [00:34:00] corporate side evaluating hundreds of companies. That's why I need you to subscribe and share this with someone in your network who needs to hear it.
And if this episode landed, leave a five star review. It's how more PM owners find the only acquisition expertise in the space that comes from all sides of the table. And while you're at it, grab my Acquisition Readiness checklist on my website at staceysalyer.com. Then when you're ready to move from Growth Thinking to Growth Building, explore the Built to Acquire program.
Don't leave it on the table. See you on the next episode.
