7 figure Attraction Agent
Tom Panos interviews leading real estate attraction agents. These agents share their strategies for writing 7 figures year after year. Simple, powerful and effective - you can apply these tips to grow your real estate business today. For more FREE tools visit: www.tompanos.com.au
7 figure Attraction Agent
How to Structure a World-Class Property Management Business │ Jonathan Bell
In this webinar, you will learn:
✅ What is the ideal number of managements your Property Managers should be handling?
✅ Learn how to structure the perfect day for your Property Manager
✅The essential Dos & Don'ts of Offshoring in Property Management
✅Organic or Acquisition? Which method is better?
✅ Know exactly what to look for before buying a rent roll to avoid costly mistakes
✅ How to manage your tech systems to stay secure
Who is Jonathan Bell?
Jonathan is one of the leading thought leaders in Property Management. As the founder and CEO of Housemark, Jonathan has expanded Housemark into the fastest-growing property management office in Australasia.
Under his leadership, the company has organically grown from 0 to 3,000+ managements, and continues to expand at a rate of 100+ new managements per month.
He is also the founder of Wingman Group, an offshoring solution that provides virtual assistants to real estate agencies. With a team of 900+ remote professionals in the Philippines, Wingman helps agents streamline their operations and improve efficiency.
This webinar is sponsored by Wingman: https://wingmangroup.com.au/tompanos/
Real estate sales agents bring in the luxury cars, but property management makes you safe and gives you an effortless, lucrative, fun life knowing that you've got reoccurring revenue. And, ladies and gentlemen, johnny Bell, who is one of the founders of Wingman, a business that specialises in remote professionals and offshores, one of the companies that I'm actually both an ambassador but I'm also the client, because I use Wingman services, and let me tell you, I love them. I love them. I love them to the point that I went to the Philippines with them last year and I'm going back to the Philippines this year. And Jonathan Bell, to me, is one of the great thought leaders in the PM space. And why wouldn't he be when this man here has built a property management business with 3,000 in only a few years? In fact, what did you do in new managements in April, jonathan?
Jonathan Bell:123 new managements.
Tom Panos:Okay, 123 new managements. Because what they've done is pioneered how to make PM sales right. That's what they've done. They've taken away the model of sales in the world and they have brought it into PM in a time when people thought oh no, it's different. Pm is an accounting job. It's quite different. So, jono, firstly I want to ask you we're going to talk part business development, but also, you know, structuring your property management business.
Tom Panos:Like how long is a piece of string when it comes to how many properties a property manager should do? Like I get different answers. Like I have people saying to me oh Tom, I can't do too much more in sales because I've got this rent roll of 40 properties as well as me doing selling. Then I have other people say, oh, my property manager's doing 150. I never get a standardised answer right, whereas in real estate sales I know that there's certain standardised answers. I know to do a mill, you've got to do roughly 25 appraisals. Standardised answers Like I know to do a mill, you've got to do roughly 25 appraisals. So how many properties does a property manager have the ability to manage?
Jonathan Bell:I think the industry average is around 120 managements per property manager. Our whole model is very much more. We've taken the EBU approach of sales and put it into property management. So our senior property managers to have a role in our business, our senior property managers have to manage a minimum of 250 properties. We've got one property manager who manages just under 400 properties about 385 properties a senior PM in our business. So they're doing about double the workload.
Tom Panos:Okay, One moment. Steve has asked is anyone having audio issues?
Jonathan Bell:No, no one else is having audio issues. Okay, perfect, excuse me, but I hope you can hear us.
Tom Panos:Head back into Harvey Norman. Let's get a system set up. Bang, let's go. Top of the works. Everything Ask for the works. So, jono, so $250?. Top of the works, everything ask for the works, get so, jono, um, so 250. Yeah man, what's do they do? They blow a head gasket to do 250 properties. What's your experience with that?
Jonathan Bell:no, like it's been, um, it's, it's been probably the model that's given us the most the ability to grow the way that we have. So the way that we've structured it is, we've got an average of 600 managements per two seniors, so an average of 300 managements each. They do all of the landlord communication. So really, when you think about it, the as a property manager you get paid by the property manager, you get paid by the landlord to manage the property for the landlord. So basically that is, their job is to build relationships and manage the landlord's investment.
Jonathan Bell:So our two seniors, their role is to be able to manage the property for the landlord. Then we have a junior property manager who basically sits between the two seniors and does all of the entries, exits and routines on behalf of those two seniors. And there's some really good tech around that now you can do 360 reports and be able to manage that. And then basically both seniors then have an executive assistant through Wingman that do all of the tenant communication, all the lease renewals, arrange all the routine inspection reports, arrange all the routine inspection reports, organize all the open homes on a Saturday, do all the lease renewals literally the 90% of the role.
Jonathan Bell:So it frees up the senior property managers to only focus on the relationships, because when you look at like a property manager's job, 70 to 80% of their role is administration. It's not actually relationship building when property management is relationship building. So two seniors junior property manager does all of the out of office because a good senior property manager doesn't want to do routine inspections, like when they get to a certain part of their career. They don't want to be driving around doing routines, entries and exits and then how do you then strip away the 80% of the admin? That's where we've used offshore, that we've fully trained to do all of that backend admin and also reply to all of our tenants. They follow up tradies, they call our tradies, they book in all the maintenance work, they follow up all the quotes. So it frees up the senior and really our senior's job is to be calling landlords and building relationships.
Tom Panos:Okay, so Jason Rose is one of the great real estate agents and a good client of mine in Canberra has just asked the question Jason. I hope that's been answered because I think Jason just said can you explain? Yes, it's answered it. Thanks, jason. Then the next question Oliver has asked would you class them more as relationship managers?
Jonathan Bell:Yeah, literally Like the only. We used to call them relationship managers, but then our landlord said what is that Like? The industry knows them as property managers, so the landlords wanted to think of them more as a property manager. But ultimately they are relationship managers and really like they're actually team leaders because they've got a team under them, they've got their junior and then they've got their two EAs that they manage.
Jonathan Bell:And a challenge in the property management industry is, after about two years, every property manager wants to become a team leader and you can't just have a team of team leaders. So it's a really good way to give your property managers an ability to become a team leader whilst also managing a portfolio and generating revenue. So it creates like a win, win. Win because it means that the property manager wins because you can pay them substantially more. Like our vision is to have the highest paid property managers in the country. If we can pay our property managers more than anyone else, we also.
Jonathan Bell:Then the property manager doesn't have to do out of office activities, so there's a tick there. It means they can work from home as well and have autonomy over their role, which then means you get better staff retention, which means that the clients are really happy because the biggest gripe in the property management industry is they say, I'll get a new property manager every seven months. And then it also means the business is more profitable. Like our PM, business runs over 30% profit margins, including our BDM salary in our profit and loss, so we're a very highly profitable business. Our clients get a really good service and our PMs earn really good money.
Tom Panos:You know what I just thought of when you were talking about relationship manager and I thought are the guys? So I use four different property managers. Part of it's got to do with location right, or I bought them off an agent. It was just too easy, john, I'm not joking. I can't remember one of them ringing me up and asking me to take other managements to them. There's no one that's taken that role to actually look. I'll be honest with you I actually hate it when they ring because it normally means it's costing me money. I actually hate it when they call. When I see their number come up on my screen, I know that at the end of that phone call I will be poorer, not richer yeah right and how do you?
Jonathan Bell:that's our whole model is how do you change that? So we, like our whole model is um, every time we get a lease renewal or we increase the rent, our property managers call the landlord to give them the good news. Um, every time that we do a route, juniors do a routine and the property's in really good condition, our property managers are calling them saying hey, really good news. Your property manager, your tenant, is looking after the property. So the way that we've built it is how do you create that trust? And calling them with good news typically means that they want to answer the phone a bit more and then they're more receptive to the bad news when it comes as well.
Tom Panos:Okay. So I want to repeat all that John's done in his model is use the effective business unit, where you've got the person that's the most skilled at the top as the property manager. He's then got two people, so the pods are made of three people, so two seniors, one junior.
Jonathan Bell:Yeah, so who are all? Three are three people, so two seniors, one junior.
Tom Panos:Yeah.
Jonathan Bell:Who are. All three are onshore. So your seniors, your juniors, you know someone who just runs around, you know field officer and then two EAs in the Philippines where you get highly you know highly skilled people in the Philippines for a fraction of the cost.
Tom Panos:Can you just tell me roughly in terms of and I know that you're in the Brisbane market and I know that salaries around Australia differ Sydney, what have you cost of living In Brisbane, roughly that model? What's it cost for a head property manager? What's it cost for the different roles?
Jonathan Bell:So senior property manager minimum now 90 grand, plus super, and then your junior property manager is 55 to 70 in between that range, and then your executive assistants in the Philippines are 30,000 a year.
Tom Panos:Okay, beautiful. Now what We've heard of ideal days, ideal weeks and in sales, you know, like they're out, there, there's. I mean, I've got in the real estate gym, 20 of them, they're everywhere. You know, ideal weeks are everywhere. But I've always been curious how do you structure a perfect day for a property manager when their whole life is? Hey, the hot water's not working. Whatever you know, interruption after interruption.
Jonathan Bell:We did this. So when we were scaling, we went from 300 managements to 1,000 in one year. It was 2022. And I brought in like I was BDMing for the first three years and bringing all the managements in. So it was really personal to me. So we lost one month. I think we lost about 10 managements from service in one month and I lost it. I was so upset because I brought those managements in. I had relationships with those people.
Jonathan Bell:It was a tough time to see that. So I went into the office and I said to my senior PMs right, you've got one KPI. You just have to call and speak to 15 landlords every day. You can work from home. This is through the COVID. You can work from home. You can do whatever you want. You can have a four-day week, I don't care. You have to speak to 15 landlords a day. That is your number one. And in return, I'm going to give you a junior property manager. I'm giving you offshore support. I'm doing all of the backend for you. That's all I ask.
Jonathan Bell:The following month, when we did that, we didn't lose one management from service. It was the most fascinating thing and when you think about it, if you speak to 15 landlords a day, that's 75 landlords a week, that's 150 landlords of Fortnite and that's 300 landlords a month. So you're speaking to every single landlord once a month. You literally can't lose. And there's all these new automations and systems, but really all that's trying to do is to give time back to the property manager so they can be on the phone to their landlords. And I think if there's one takeaway from today if you get your property managers, if you support your property managers, to be able to spend time doing 15 outbound calls and connects a day, a lot of your problems will go away.
Tom Panos:Now I've got to say Jono, we do a lot of prospecting in the sales side of the real estate gym. So I've got data now that shows that 10 have met calls, people that you've met and have a relationship which is quite different to cold prospecting and yours. They're warm calls, man. Not only are they a have met, they're already a client right. So I think you would knock 10 over in an hour for sure, right In an hour. This is not like a three-, four-hour job. Oh, half my day's gone. There you have a list of people. You can stand up, go through each call three to four minutes. So you're saying for you 15 calls. That was your KPI. That you were saying Was it 10 or 15?
Jonathan Bell:you said 15 a day, that's all. And you'd be surprised, though, tom like you when I said that's my team. They're like I don't have time to do 15 calls a day. I'm doing this, I'm doing this, I'm doing this. So, as a leader, I think it's our responsibility and property management to go okay.
Jonathan Bell:Well, what can I take away from you to give you more time so you can do that? Because you can't just go to your property managers and say here, you're already doing a thousand tasks, here's one more for you, because they are you know their salary. Most PMs are on salaries, so you can't. You know, at least in sales you're incentivized to make the calls. You're not incentivized in PM to make the calls, so you have to go okay. Well, in return to giving you this task, what will I take away from you and that's something we've done quite well with the Wingman team is like if you give your property managers a support staff member to take away those tasks, in return, they will do the calls, which will increase your relationships. It means you'll bring in way more managements and it means your PMs will be a lot happier and your landlords.
Tom Panos:Okay, rachel has just asked the purpose of the call. What do you say when you're like what's the typical call? Sound like.
Jonathan Bell:Yeah, I don't believe in good. I don't believe in no people call them, no reason calls. I don't like it. Like Tom. If a property manager called you and said, hey Tom, just want to check in, are you having a good day, you'd probably be like I'm a bit busy to chat to you about your day.
Tom Panos:Well, I probably listen because I'm not a confrontational person. I'd be nice to them. But I've got to tell you, I reckon like if I saw them ring my phone again, I probably would think to myself it's a bit of a non-event call, so I wouldn't answer it again. So that's the end of it. So you're saying there's got to be a because, a purpose.
Jonathan Bell:Yeah, hey, good news. Wanted to let you know that your tenants have just re-signed the lease for an extra $50 a week. Quick call While I've got you, Tom. Have you got any other properties or are you looking to buy in the next few months? If you are, we're always looking to support our landlords with their growth journey and in their property investments.
Tom Panos:Yeah, I actually think that a lot of the sales type calls that happen in prospecting which we don't like also, jono, in sales the no reason call or the check in or the touch base call but what they are is things that have come on the market around the area, things that have been leased or sold around the area, things about a new development going into the area, what the marketplace is like at the moment. Right, there's always something that you know you could do obviously the routine inspections and all that sort of stuff but what you're saying is don't get into the habit of calling to say I'm calling for no reason.
Jonathan Bell:Yeah, I'm assuming, tom, if someone called you and said, hey, just once, because when the lease goes out, a landlord usually wants to know what's going on. Have they signed the lease, are they staying? So giving them when it's that like there's that angst period with a landlord, hey, are they staying, are they going, or were they? You know that hot water system? You told me that it was. You know it was broken. Is it fixed? Yet you know, I don't want my tenant not having hot water. So when there's that opportunity where landlords want to know what's going on, that's when you strike.
Tom Panos:And I reckon John, I think I would love it if property managers involved in the offices that I'm dealing with as a landlord rang me up to say hey, tommy, nothing serious, but a property down the road from you has just been leased out. Or hey, tommy, even better. I know that you're not selling, but I want to let you know our sales team sold number 47 in your street for 1.8 mil. Mate, you're looking good. I know that you're not selling right and I really feel like that to me would be added value, even though it's a sales element. But it's my asset and I don't care whether I'm looking at my asset as a rent or looking at my asset as how much equity I'm sitting in. That's still valuable to me. I just want to ask you, jono, can you?
Jonathan Bell:manage. Rachel wants to manage your properties, Tom.
Tom Panos:Rachel. Thanks for asking, rachel. Type out where you are. Yeah, he shared that script. Thanks, conrad. Someone asked before do you use the Manage app for trust accounting?
Jonathan Bell:No, we don't. I won't say it live online, because we have a partnership with a lot of prop techs, so we use one of the prominent prop tech companies and I think that they're all great, and I don't think you should overanalyse which one you choose. I think you should just make sure that you learn it the best you can and don't have 15 different tech subscriptions. Just pick one and nail it.
Tom Panos:Yeah, I always say to people John, with technology and CRM systems, they all work. They need humans to work them. Humans rarely work them. Don't worry about the system, worry about your application to the system. Now Jason Rose has asked do you do your own trust?
Jonathan Bell:accounting. Wingman does it. So we've got in our business. Because we're bringing on so many managements, we've got a team of three offshore. We've just employed our fourth in our trust accounting division. They do all of the water bills, they do all of the arrears, they do all of the trust accounting, they do all the disbursements. They even do all of our payroll. So they manage all our property managers leave entitlements, they do payroll every fortnight. Accounting is a very popular task. In the philippines having an accounting degree is quite common and there's obviously no language barriers with um, with accounting. So we've we've had some really good success with offshoring that okay, um, hey ben, how you going?
Tom Panos:are the trust accounting people communicating verbally with landlords via Via email? Via email, beautiful Maintenance and bills, is asked by Jason again, all offshore.
Jonathan Bell:And then, when you hear all this stuff, you realise how much stuff your property managers are doing that they shouldn't be doing.
Tom Panos:Okay, conrad's just asked curious in your market, what is the average fee for managements?
Jonathan Bell:Yeah, we're a new farm which is quite an affluent area, so we've got a really good market rent. I think our average rent's $650 to $670, and our average fee is 7% plus GST, which means our double AMIs, which is your average annual management income, which is what your asset's valued on, is $2,200.
Tom Panos:Okay, beautiful. By the way, you know, jono, I don't know. I've never asked you this Do you have, like, if there's people watching this, because I'm noticing Ben, who's a great, you know, ben, that office in Bell actually there's five offices in Bell, they're pretty much all over the Hunter area If these like, do you have a service where, like, if they want to see it in person, do you do that? Or do they ring you up? Or how do you do it?
Jonathan Bell:Yeah, we've actually got a roadshow in Melbourne. For any Melbourne agencies in, I think it's in June. So we're basically flying all of our team to Melbourne and we're hiring out a venue and we're going to do we do a full, we call it a roadshow. We basically do a full day and we talk all about how we've grown, the way we have, how we structured our rent rolls, our BDM speak, our team leaders speak, so we do that. And also, for anyone who wants to come, we we've got um our office. We've got an open door policy. We had a ray white office come in this morning. So, um, people are welcome to come and spend a few hours in the business, because it all sounds great in theory, but I think it's important for people to actually see it in action, um, so we're very open to people coming and seeing how do they contact wingman for these things?
Tom Panos:what's the? What's the? How does that work work?
Jonathan Bell:I'll get. I think Nick Georges is on the call. He might be able to put the link to the Wingman, but basically just register your inquiry on the Wingman website.
Tom Panos:So Susan, just in case Nick's not on there. Susan, do you mind in the chat group just to type in the Wingman? Thanks, Susan, she's put that in there. It's in the chat group, Thank you. What does a full-time trust accounting person cost is a question that Ben's asked.
Jonathan Bell:About $30,000 a year, same as any offshore.
Tom Panos:And then one question, and then I'm going to ask you a couple more myself. What workflow patterns do you use? Or you can't inform, what workflow platform do you use?
Jonathan Bell:So within our software there's a project management tool that we've built out all the processes and the systems in there. Part of what we do at Wingman is like offshoring is only as good as the system behind it, which we've learned. So you can't just put an offshore person in and say, hey, manage all of our stuff. You have to build a really strong process and a system behind it. So we've got 17 staff onshore and basically what we do is we go into businesses and we help them build out their processes and their systems. So we can definitely help with that. But basically, within your property management software you can build out all your processes and systems. If you don't a mondaycom or Trello. They're all very similar, but I do believe that you should try and do it all within the one system. Otherwise, every time you've got a staff member there's double handling and then they won't update one side of the system and then they'll update the other and then it gets really clunky. Okay, Beautiful.
Tom Panos:So, yeah, nick is on, but he's put down. Susan was quicker than Nick, that's right, that's not hard. Wow, hey, john, I'm going to bring it up after. I'm going to bring up that video on that pickleball guy. But I want to give you very, very, very briefly the do's and don'ts of offshoring and property management. You've been the subject and the scientist in your own business. You've also been able to get the feedback from your clients over the years and I saw a lot of them I mean guys and girls, we're talking about some serious businesses when I was in Manila I don't normally end up having a lot of time with big property management people, right, because that's not my life but here I was for a week and I'm sitting next to people that have got rent rolls of $1,000, $2,000 that have been using your model, right, and it is absolutely remarkable. But I'm sure you've learned what to do and what to not do using offshoring. So what can you share there?
Jonathan Bell:Just on that, tom, I used to say it's the quickest way to become a millionaire is to have a rent role. All you need to do is sign 200 managements approximately 200 managements and you have a million dollar asset as an asset class. It is an amazing asset. You get cash flow If you're in sales. If you leave that area and go to a new area, your whole IP is gone. You're known in that area, so if you want to move from Sydney to Melbourne, you get trapped because you have to start again. But in property management it's an amazing business model that is cash flow positive and it's not reliant on one person. So being able to surround myself with those people, it is once you crack the code and you can really focus on organic growth. It's life-changing.
Tom Panos:Beautiful. And, listen, I agree with you 100% because I actually think sales, the sales side of real estate, it's got some pretty strong performers, right performers, right, whereas in PM it has never really been, it's never really had that sales element to it. And now if you move in, you're going to have that first move advantage. So the opportunity is golden, tim. I've got to share with this. So I play pickleball occasionally with Nick Georges and John.
Tom Panos:I didn't talk about it, he's an ex-professional tennis player. He used to play the circuit and I was playing and I showed Nick Georges a video. I said this is the guy that coaches here at these pickleball courts. He was. I think he was there that day. Oh, he wasn't there that day, nick, he was there and I showed it to him. I go do you reckon Jono can beat him? And he goes listen, I'll let you know. Jono reckons he can beat anyone in pickleball, simple as that. So I've got to share it with you here. Jono, like this is the guy, the guy in the white cap look at that underneath his legs just making this guy there. So, jono, could you see all of that?
Jonathan Bell:Yeah, you sent it to me. I'm still. Yeah, I sent it to you just before did.
Tom Panos:I, yeah. So I'm going to see him next few days. Can I tell him that you're going to come over and just teach him? I'll say, mate, this guy o'bill, he's in property management, he reckons he goes, I'll come and sort him out. Can I say that to him? 100, okay, beautiful. Is that? Is there any is? Is there anything else? On the do's and don'ts of offshoring, we didn't touch on that yeah, yeah, I mean, um, I've learned the hard way from it.
Jonathan Bell:Like I think that the that it was really interesting. Firstly, you need to make sure you've got really trained staff in the philippines, like you, you, the filipino culture is extremely different. Which thomas saw is they don't know what a landlord is. They don't know what a tenant is. They don't know what a tradie is like that. You need to teach them that. So one thing we learned is we have to build a training academy so they're fully trained. That's number one.
Jonathan Bell:But interestingly, the harder part is actually teaching your Australian property managers how to delegate. For most property managers who have been in the industry for five years, they're very controlling of their portfolio. They're protective of their tenants. They're protective of their landlords. They don't want to delegate. It's their role. So you actually have to teach your own team. Okay, this is what you delegate, this is what you don't delegate. This is how you manage your team.
Jonathan Bell:So you should be having a 15 minute strategy session with your offshore every morning to see what they're doing every afternoon. What did you complete? What didn't you complete? What are your challenges? Like? They might seem simple to a lot of people on this call, but to property managers. They've never managed a team or anyone before.
Jonathan Bell:So it's actually, I think step one is training the offshore and getting them really well engaged, but then also step two is actually teaching your property managers how to delegate and also what the benefit of that is to them. So you need to paint the picture. If you can delegate really well and you can help your portfolio go from 120 to 200, what does that mean your property manager can earn? What's the income for your property manager? And giving them a really clear plan. If you get to $200,000 management, your salary goes from $70,000 to $90,000. If you get from $250,000 management to $300,000 management, happy to pay you $120,000. And if you give them that plan and incentivize them along the way and actually show them how to do it, it's life-changing. If you've got a really good offshore team, every single client that we have who comes on board and does it well says I can't believe I used to run my business without this, but it takes time and you've got to share the vision with your Australian team as well.
Tom Panos:Beautiful and I'm happy that Steve Hatz is back online because he's replied. Great advice which says to me that you were able to pick up the volume and sound. Great to have you back. Steve Jono, what would be your best piece of advice this has come from Oliver in getting those systems for offshoring in place. So let's assume the theory is there and let's assume someone's sitting there thinking that's it. I'm sick and tired of being sick and tired and not having my rent roll being biw best in the world. This sounds attractive to me. What would be your best piece of advice in moving forward?
Jonathan Bell:yeah, I mean it sounds biased, but I've done it before and it works really well.
Jonathan Bell:I'd have a strategy session with the wingman team, um, talk to them about what your goals are and, um, and build a really good strategy over the next 12 months about how you're going to improve your processes, improve your systems, go for little wins. Like you know, don't don't try and revolutionize everything tomorrow, like, all right, let's nail the lease renewal process now. Let's nail the lease. Let's nail the arrears process. Let's find a champion in our office who's who wants to drive this and wants career growth, and let's try it with them first. So I would do a few little things like that, but the whole you know, the whole idea of wingman is for um, you know, property management's changed my life and and I get a lot of joy out of helping other people do the same. So it's something that the Wingman team actively do every day. So I'd book a strategy session in and share where you want to go in your business and they do that through that link, that, susan there, they can do it through there.
Tom Panos:Yep, okay, finally, and I'm so excited it's in my diary. Okay, finally, and I'm so excited it's in my diary, in fact, jono, let me make sure it's in there because I know the dates have changed to make it really friendly for people to be able to go there and not, you know, because there's a lot of business owners that are on this right now and I want them to be able to attend this event. So, off the top of my head, the event for Manila, the retreat which involves Manila, then goes to a regional area to get a real feel of what the Philippines is like, and then to finish it off at Boracay, and this is all layered with learning and networking throughout, and it's tax deductible. And let me tell you, you're not going to Monaco or you'll get incredible bang for buck in that country, right? So the event, jono, is Susan, maybe Susan's done that already about the retreat Beautiful, sorry, nick. Nick, if this was sale of the century, you wouldn't be invited back next week. You haven't pressed the buzzer, you haven't pressed the buzzer right.
Tom Panos:And then Alan has said how great is property management? That's what we wanted to do. We've got to make it where, man, people are saying it's great. And I've got to tell you why it's great. Because at the end of a 30-year real estate career, I've got to tell you you won't have a single commission left in your wallet but you'll have a big rent roll that's worth millions and squillions of dollars. That is seen by a bank to be nearly equivalent to actual real estate as an asset base, right? So the conference, jono, is in fact. What am I doing? Mid-september, it's mid-September, in fact. Here it is there team, let's bring it up here. That is the conference Philippines 3.0. Jeez, I had a good time there.
Jonathan Bell:So, tom, we rented. This year We've gone big, we rented a whole island. So when we get there, we spend one night in Manila and then we catch a bus to a place and then we get a boat to an island, so that we've got the whole island. Um, and it's pretty cool. Like we we've already figured out, there's going to be I think it's 10 of the 20 biggest real estate property management businesses owners are all going to be there. So it's going to be like from a networking point of view, because there's not many, not many um industry events that are only, like, really focused on PM or have a lot of PM leaders there. So it's a big focus of ours to make sure that sales is. There'll be a lot of sales people there, but also a lot of business owners with big rent roles, like last year.
Tom Panos:You know, together with the remote professionals and the contingent from Australia, slash New Zealand. We're looking at what around 700 people, you reckon.
Jonathan Bell:Yeah, I think we'll have 600 Filipinos there, which is really special, and then between 150 and 300 Aussies and New Zealanders.
Tom Panos:And let me tell you, outside of real estate, there is something invigorating, inspiring and really motivating to go to another place to have a look at certain things like time it takes to get to work there, what living conditions are like, what cost of living is like, what you get for your salary. And then when you come back and you land at your airport, you come back thinking, man, my life is made, I've got it made here. What am I complaining about? What am I whinging about? Because you're able to actually feel, smell, touch what it's like for others and let me tell you they would swap spots in an instant.
Tom Panos:And for me, one of the real big values I've noticed about offshore workers is that you get and right now I accept that part of it has been our economic conditions which have meant that we basically had, for many years, hardly any unemployment. So you weren't getting that committed. I'm all in employee for you. You were getting that employee. Oh, if you're going to say that to me, I need you to know I have options. Right. The fact that in Manila they don't have that many options, the value of that role is like. I will treat this like it's the best job in the world and I say that because I look Princess might even be. Susan is Princess on here?
Jonathan Bell:Yeah, she is. Do you want to bring her on?
Tom Panos:It's not necessary because I've realised I've got to rush to get somewhere. But listen, I feel guilty now. I mean we might be putting her on the spot. If she wants to come on, she can come on. Susan, maybe you?
Jonathan Bell:She's the co-host, so she can come on if she wants to.
Tom Panos:Right, yeah, she can come on if she wants to. Right, I'm putting her on the spot there. She actually was one of the people that was involved with the Wingman Conference in September, which was called Profit, which, by the way, I've had a lot of people say very, very rarely in real estate do you actually have you know? Someone asked me the other day Jono, he goes, everyone's happy to punch their GCI on their social media posts. They don't like putting their profit up there. What's the reason why I said, listen, I'm not quite sure. I think no one really talks about profit that much. But what's Jono done here? He's admitted someone in.
Jonathan Bell:I think he's frozen and he's rejoining oh right, he's rejoining, Got it.
Tom Panos:So, Susan, you want to have a look out for him While we're on there. Ladies and gentlemen, it would be remiss of me not to show you what the EBU model, what the EBU model, looks like in real estate, right? So I'm just going to quickly just share that while Jono comes back on. So what you're doing, this is an effective business unit model in real estate sales, right? It's got roles of team members. So Jono's back right.
Jonathan Bell:Sorry, Tom, my computer carved it.
Tom Panos:Johnny, I was just buying some time there, so I basically just returned to them. So I want to let people know this is I've got to tell you you can get a wingman person to do a lot of middle row, some of right row, and I've got to let you know that I have never, ever seen a real estate agent have an epic business without an epic team. It's like there comes a time in life, you know, like when it's to get a mobile phone, there comes a time in life where you thought I better get a mobile phone right. Like I reckon that's where we're at with that assistant man, like that's a no-brainer.
Tom Panos:Now, I know that we're talking about sales, but you know the average salesperson's getting fees of 15 or 20 grand. I reckon you pay for your assistant or associate remote professional within the first two weeks out of a 52-week year, like there are certain things that are 50-50. There are certain things that, oh, that's a good idea and there are certain things is that's a no-brainer and that's what it is. Thank you, Jason. Jono, it is just about quarter past five. Thank you so much.
Jonathan Bell:Thanks Tom. Thanks guys Appreciate it. Anyone who wants more information or any checklists or task lists, please reach out. We're happy to share everything we've got.
Tom Panos:Well, there you go. Sarah says thank you. Steve says can I just say congratulations on your success, Jonathan, Thank you for sharing, Wishing you the best. You got it all together. You're a very inspiring guy. Yeah, we'll see how inspiring he is on that pickleball call. Kyle's going to be waiting for him. Thank you a lot, Jason. Listen, it's all positive. Thanks a lot, Jono.
Jonathan Bell:Thank you, tom, appreciate it, see you guys. Thanks a lot.