Strategies for Reducing Churn

Good Life Property Management

Welcome to the Good Life Property Management podcast! I’m your host, Steve Welty. This is a show for property management entrepreneurs who want to build not only great business, but also great lives. I’m here to help you gain the freedom to live life on your own terms while creating a positive impact in the world. Also, please check out Steve Welty's Music!

Did you enjoy your holidays and New Year’s? I’m glad to be back with you in this episode! As always, if you’re interested in building a bigger future, you’re in the right place. Today, I’ll tell you about what my break entailed, what it did for my business, what I’ve been up to, one of my key goals in 2019, and a strategy I’ll employ to achieve it.

You may know that I took the month of December off to be with my newborn son, Miles. I also took advice from my friend Clint Collins who recommended taking 30 days off to radically change your business. After all, your employees need to learn to function without you! When I got back, I had so much more clarity. This was easily the longest time I’ve ever taken off.

When I got back to the office, you’ll never guess what happened. My team told me that not only had we added more doors, but we had hired two employees and restructured the company. Isn’t that incredible? When I wasn’t present to oversee everything, my team genuinely stepped up and made things happen. This lets me trust them to run these things while I focus on the bigger vision of the company.

As you might have guessed, I definitely recommend taking a month off. It honestly changed my life, and I believe it can change yours too. Another recommendation I’d like to make today is to reduce your churn! After all, keeping doors you already have may be easier than adding new doors. This also means taking clients who are the right fit, not every potential client who you interact with.

Tune into this episode to learn more about these points, as well as my three-point strategy to reduce churn. Let’s start 2019 off on a great note and get that churn percentage down!

In This Episode:

[00:15] - Steve welcomes listeners back to the show after the holidays, and explains the compelling reasons that he took December off.

[02:36] - We hear about how Steve’s return to his office went after his month away.

[04:12] - Steve shares a realization that he had during his month off.

[06:20] - One of Steve’s big goals for 2019 is to reduce churn to 10%. He explains why this is so important, and why it may be a better focus than adding doors.

[07:34] - Steve points out that focusing too much on growth can lead to adding clients who aren’t the right fit.

[09:44] - For existing clients, Steve has three main ways to reduce churn: education, endearment, and great service.

[10:36] - Steve talks about education, the first of his three points.

[12:43] - We learn about the second strategy, endearment, through an example that Steve gives about his dentist.

[15:37] - Steve points out that owners want to be part of a club or feel like part of something, and talks about some ways he’ll implement this.

Links and Resources:

Steve Welty's Music

[e-mail].

Steve Welty on Facebook

Clint Collins

The Fred Factor by Mark Sanborn

The CORE Training