Stop Self-Managing Your Rental Properties: How Professional Property Management Protects Cash Flow

Tommy Kirkland (00:00)
So I would say as an owner, you have two jobs if you’re self-managing, the self-management and the ownership of the actual property. And having consistency in the property management, you’ll see higher margins in income versus vacancy.

Scott Bursey (01:47)
Welcome back to the Real Estate Pros podcast, powered by Investor Fuel. I’m your host, Scott Bursey. And today we’re joined by Tommy Kirkland from Weichert Realtors – The Coffey Group. Tommy is a specialist in the full-service property management and real estate industry. And he is bringing today the drive on how he balances operational efficiency with sustainable growth strategies in today’s market.

Tommy, welcome to the show.

Tommy Kirkland (02:18)
Thank you, Scott. And thanks for such an awesome introduction. It feels great to be here.

Scott Bursey (02:23)
It is awesome having you here, my friend. And to help our listeners get up to speed. Please give us the ninety-second highlight reel and how your career ignited and where you’re pouring your fuel now.

Tommy Kirkland (02:36)
Absolutely. So I have over 20 years of experience in the entertainment business. I’ve graced Broadway, commercials, a few little cameos and movies that I won’t mention. About two years ago, I got into property management for a lease-up down in Orlando, Florida. I loved working in the office with the renters. I found a lot of success in my networking and connecting with the individuals looking for an apartment home.

So from there, I transitioned into property management, where I am now the business development manager for Weichert, Realtors – The Coffey Group.

Scott Bursey (03:12)
That is such a powerful trajectory. Thank you for sharing that, Tommy. And curious to know, what was the specific achievement or project that shifted your perspective on sustainability and proved it was a scalable business model for you and the organization?

Tommy Kirkland (03:18)
Absolutely.

Absolutely. So with that, I have always been passionate about homes. during my performance career, I moved around 27 times. So for me, I was always short-term rentals or in a home for not too long. So once I transitioned out of my performance career, getting into the housing market was very sacred to me. And it’s a pleasure to be here.

Scott Bursey (03:57)
That’s incredible insight, Tommy. And wondering about, you know, the internal processes you’ve built. What is the core strength that sets your property management model apart from the competition?

Tommy Kirkland (04:11)
I would say trust and transparency. Today we are seeing AI trends all over the internet. So I think being able to connect with a human as a human, because it’s becoming so rare, it’s a something that I take a lot of pride in and so does my team.

Scott Bursey (04:28)
Absolutely. Tommy, people do business with folks that they know, they like and they trust. And on that note, how do you continue to nurture, you know, that strength that you just talked about, the human element as you scale?

Tommy Kirkland (04:46)
Absolutely. It’s open communication. sometimes we get jobs where we work nine to five. There are some jobs that require us to be always accessible and available. And that’s something I pride myself on even after business transactions.

Scott Bursey (05:48)
And it sounds like, you know, that’s a real foundational piece of your success. Thank you for sharing that. I’m interested in your experience. Where do you see the biggest friction points in property management today that you’re actively working to improve?

Tommy Kirkland (05:55)
Absolutely.

So it is staying ahead of the trends that are we’re seeing today in almost all fields of work, really. The AI trends, we’re not just doing marketing, now we’re also a spokesperson, a salesperson, communicator, scheduler. being able to be well-rounded and not necessarily excel in one area, but all areas.

Scott Bursey (06:29)
Interested on that note, what’s one internal gap perhaps you’ve closed recently, even though you’ve had a a fairly short tenure to smooth out the process?

Tommy Kirkland (06:41)
Yeah. So in my two months with The Coffey Group, I definitely think visibility and brand knowledge has been something that I have excelled in in my new position. it’s just a matter of introducing yourself, saying what you’re there for and connecting.

Scott Bursey (06:57)
That’s an honest take. And it’s smart to be proactive in that capacity. And Tommy, curious to know with the current shifts in real estate sustainability, what is the biggest untapped opportunity you see for investors in let’s say the next twelve to twenty four months?

Tommy Kirkland (07:16)
Definitely. So within the next 12 to 24 months, I think a lot of investors, and this one I’m going to say directly to my self-managing investors, how you market, how you present your property, and where you price it at. We have to be competitive in every aspect because now the average renter is not just shopping for one apartment or home. They’re looking at 10 different options, looking for the best deal.

Scott Bursey (07:42)
Good point. What’s the first step an investor should take to capture that value from your lens?

Tommy Kirkland (07:50)
Honestly, I think that the investors should have their ducks in a row before going live on the market. They should always have an advisor, they should have a property manager, they should have a lender, just kind of having a team already put together before we take on our residents.

Scott Bursey (08:07)
That’s great perspective, especially for those looking to stay ahead of the curve. And it’s really clear you’re staying ahead of the curve. What does your professional network look like right now, Tommy?

Tommy Kirkland (08:21)
Absolutely. So today I am connecting with real estate agents, lenders, videographers that specialize in real estate media. I am pretty big on LinkedIn. I am starting to grow that as well, getting a part of more groups, Facebook groups as well, of course. so yeah, it’s just meeting everybody who wants to talk to me.

Scott Bursey (08:43)
Awesome, awesome. And Tommy, wondering about the macro environment, what do you see as the biggest regulatory or market threat to property management? And how are you protecting your clients against it?

Tommy Kirkland (08:56)
Absolutely. So with today’s rental market, we’re seeing a lot of people wanting shorter terms, less commitment. However, we have to create that foundation of a safe space or comfortable space for the renter so that they want to stay long-term.

Scott Bursey (09:13)
Are there specific data points you’re watching closely and protecting against on that very, very through that lens?

Tommy Kirkland (09:23)
Absolutely. So our independent landlords are competing a lot with new developments in apartment communities, especially. So things like lease-ups that are offering concessions. So, you know, the renter’s like, do I get the first two months free or do I have the backyard?

Scott Bursey (09:42)
That’s a prudent approach. appreciate you highlighting that. And if our listeners are thinking to themselves, hey, this is somebody that I really like, what would you like them to know first about Weichert Realtors – The Coffey Group?

Tommy Kirkland (10:32)
Absolutely. Our team is always available for any type of questions. I have hundreds of conversations today and some of them might not turn into, you know, strategic partnerships or turn into owners that decide to pick us for property management, but I am always free to share knowledge.

Scott Bursey (10:51)
That’s awesome. Tommy, we’re curious to know if you had to pivot your entire focus to one pillar of your business for the next year, which would it be and why?

Tommy Kirkland (11:04)
I would say online presence because much like today where we’re shopping for our clothes and things, people are also shopping online for their homes, their cars.

Scott Bursey (11:17)
And how does that pivot affect the day-to-day for your current clients?

Tommy Kirkland (11:21)
Absolutely. So this creates more visibility. It also builds that trust because all the information that they could ask in person is readily available right in front of their eyes.

Scott Bursey (11:32)
That makes perfect sense. You know, focus on what drives scale. That’s awesome. And Tommy, wondering about the why behind the numbers, what is the most effective piece of advice you could give to a property owner who wants to transition to more sustainable practices without sacrificing their cash flow?

Tommy Kirkland (11:54)
Absolutely. So I would say as an owner, you have two jobs if you’re self-managing, the self-management and the ownership of the actual property. And having consistency in the property management, you’ll see higher margins in income versus vacancy.

Scott Bursey (12:10)
That’s absolute gold. Tommy, practical and profitable. You know, my favorite combination. And you have given us so much insight here today. But is there any additional advice that you could leave with our pros?

Tommy Kirkland (12:17)
Ha ha ha.

Absolutely. I would say trust your instinct and know your resources before you limit yourself.

Scott Bursey (12:33)
Awesome. Awesome. Well, thank you for that. And for our listeners that want to keep this conversation moving, Tommy, you know, stay in your lane or collaborate with you. What’s the best way for them to reach you?

Tommy Kirkland (12:45)
You can either reach me by email, which is [email protected], or you can reach me by phone, (904) 869-0029.

Scott Bursey (12:56)
Awesome. Well, thank you for joining us today, Tommy, on the Real Estate Pros podcast. Yes, it has. Appreciate you. And to our listeners, we appreciate you. If you receive value from today’s episode, please subscribe. We’ll be filling your tanks with a lineup of elite guests just like Tommy Kirkland, who are accelerating and setting the pace for the rest of the industry. Until next time, keep your standards high and your vision clear.

Tommy Kirkland (13:01)
It’s been a pleasure, Scott.

Scott Bursey (13:24)
We’ll see you in the next episode, everyone.