296: How Invitation Homes CEO Dallas Tanner Scaled a Multibillion-Dollar Home Rental Company at Breakneck Speed

296: How Invitation Homes CEO Dallas Tanner Scaled a Multibillion-Dollar Home Rental Company at Breakneck Speed

CEO Dallas Tanner on the breakneck creation and growth of multibillion-dollar home rental company Invitation Homes. Like a lot of successful businesses, Invitation Homes was a seemingly overnight hit that had been in the making for many years. “We bought the first 30,000 homes in the first 18 months,” says CEO Dallas Tanner, of the single-family home rental company. Based on that burst of early success, it might seem as though Tanner did the impossible—come up with a brilliant idea, instantly get buy-in from an investor, and reap immediate rewards. But long before Invitation Homes launched in 2012, Tanner had already cut his teeth in the home rental business. During college, he bought a couple of houses with his dad and managed them while going to class. He later founded the Treehouse Group Companies, which focused on workforce housing in the Southwest. So, when Tanner set out to start Invitation Homes, he did so with a large body of experience, knowledge, and accomplishments in his chosen field. That could have had something to do with the quick traction he got at Blackstone, his early capital partner and provider of funds for those 30,000 homes. “High speed, low drag,” Tanner says of their initial goal. There was an intense focus on getting out there, scaling up, and achieving meaningful gain in as short a time as possible. Were they worried, though, that the swift pace might blind them to any turbulence ahead? “If you’re building an airplane while flying it, there’s always a risk that you may miss a step. We were lucky to have no major issues and that’s because we were comfortable in the area we were building. We knew it and understood it.” That early work and knowledge of the industry paid off. In 2017, Invitation Homes went public with an initial share price of $20. Two years later, it hovers between $29-30 per share, a 48% increase. Blackstone sold its remaining shares (11%) of the company in November 2019 for $1.7 billion, bringing Blackstone’s total profit from IH to $7 billion. “As we think about our business, we’ve gotten more and more efficient here in year seven,” he says. “We’re focused on the kinds of things that deliver a really good customer experience but make us as optimized as possible.” For example, the inaugural days of the business found technicians switching out locks each time a home got a new resident. New tech eventually provided the option of electronic entry, which Invitation incorporated into its homes. Now, when a resident moves out and a new one moves in, only the code needs to be changed. This made the move-in experience that much smoother for new residents and saved time for the team. Remember, though, that the quest for good systems shouldn’t overwhelm everything. “You’ve got to spend your time being as efficient as possible, but driving growth at the same time,” Tanner says. “It’s always a balancing act.” He acknowledges that it also takes some luck and good timing. “But, the only way those things go your way is if you’re head down and going hard.” Interview by Nathan Chan, feature article reprinted from Foundr Magazine, by Rebeca Seitz

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194: From Zero To $20 Million, A Story Of Courage And Relentless Discipline, with Steve McLeod of Fire And Safety Australia

194: From Zero To $20 Million, A Story Of Courage And Relentless Discipline, with Steve McLeod of Fire And Safety Australia

Former firefighter Steve McLeod turned his passion for helping people into a nationwide business, scaling his Fire and Safety Australia company to eight figures in 10 years. In addition to running a profitable company, McLeod also empowers entrepreneurs by teaching them how to become more courageous and run goal-focused businesses that never give up. According to McLeod, it takes courage to protect and serve, especially when danger could be present at every turn. But it takes another kind of courage to withstand the pressures of entrepreneurship to build and scale a $20 million dollar company. In this inspiring interview, McLeod discusses his latest book, Courage for Profit, and reveals some of the gold he has learned from his own struggles, successes, and failures. He outlines the key principles entrepreneurs need to embody if they want to scale their businesses. We salute McLeod for his passion for serving and helping people. Way to go! Key Takeaways The 4-part formula that fueled McLeod’s massive success The red-green-yellow matrix system for smashing goals (you've probably never heard this before) The key to being super-focused, even if you struggle with constant distractions The two most important things you need to know to scale your company How to hire and keep the employees who will drive your business forward

11 Huhti 201855min

193: The Power of Empathy in Workplace Leadership, With Gary Muller of The Mill House Inn

193: The Power of Empathy in Workplace Leadership, With Gary Muller of The Mill House Inn

Gary Muller’s company is thriving. His Mill House Inn in East Hampton, New York has been in business for 20 years and recognized by Travel + Leisure and the Travel Channel, highly rated by Zagat, and featured in other prominent publications. His properties have welcomed celebrities and prominent people from all over the world. If you ask Muller the secret to his success, he'll likely tell you that his family is largely responsible. "Family" is how Muller describes his employees at the inn, and he believes all leaders should treat team members as such, displaying empathy, instilling trust, and creating an environment where going “above and beyond” is a daily occurrence. Muller is in the people-helping business. Whether that means serving his cherished guests or connecting with his work family, his care for other people runs throughout his unique leadership style. Learn how Muller has grown such a loyal and dedicated team, and how he fosters a work culture that has led to massive business success. Key Takeaways The most important trait to look for in a potential hire (it has nothing to do with skills) When it’s time to let people go, even if it pains you to do so The difference between leadership and management, and how one is critical to growing a business How to ensure your team is doing their best work, without micromanaging

4 Huhti 201852min

192: Best of Foundr: Gary Vee, Tony Robbins, and More Talk Hustle, Mindset, and GSD (Foundr 5th Birthday Special Episode)

192: Best of Foundr: Gary Vee, Tony Robbins, and More Talk Hustle, Mindset, and GSD (Foundr 5th Birthday Special Episode)

Welcome back to our “Best of Foundr” podcast series! To celebrate Foundr’s 5th birthday, we put together a series of special edition podcast episodes that feature the best snippets from our most popular episodes. We pulled out the gems from each of your favorite interviews and compiled them into a three-week series of pure content gold. This week we are focusing on hustle, motivation, mindset, and getting things done! In this episode, we have one of my heroes and the king of hustle, Gary Vee. We also have memory and productivity wizard Jim Kwik, morning routine master Hal Elrod, and the mindset king himself, Tony Robbins! While I have loved the releases in this special birthday series so far, I have to say, we saved some of the best for last. In this episode, you will be challenged and motivated to seriously move to the next level!

28 Maalis 20181h 36min

191: Best of Foundr: 4 Superstars on Investing, Sales, And Scaling Your Business (Foundr 5th Birthday Special Episode)

191: Best of Foundr: 4 Superstars on Investing, Sales, And Scaling Your Business (Foundr 5th Birthday Special Episode)

Welcome to our special “Best of Foundr” edition of the podcast! To celebrate Foundr’s 5th birthday, we put together a series of special edition podcast episodes that feature the best snippets from our most popular episodes. We pulled out the gems from each of your favorite interviews and compiled them into a three-week series of pure content gold. This is the second week of our three-part series. Last week, we heard from four successful entrepreneurs on how to build an epic online presence. This week we are focusing on investing, sales, and scaling your business. You will be learning from two masters of sales, Ben Chaib and Matthew Kimberley; from the shark himself, Robert Herjavec, on investing and scaling your business; and lastly from Mr. E-Myth himself, Michael Gerber, on setting your business up to scale. These are some of my personal favorites that have had a huge influence on how Foundr is run today! Enjoy listening to the best of the best!

21 Maalis 20181h 27min

190: Best of Foundr: 4 Superstars on Building An Epic Online Presence (Foundr 5th Birthday Special Episode)

190: Best of Foundr: 4 Superstars on Building An Epic Online Presence (Foundr 5th Birthday Special Episode)

Welcome to our special “Best of Foundr” edition of the podcast! To celebrate Foundr’s 5th birthday, we put together a series of special edition podcast episodes that feature the best snippets from our most popular episodes. We pulled out the gems from each of your favorite interviews and compiled them into a three-week series of pure content gold. This week we are focusing on how to create an online presence with content marketing and Instagram. We are featuring some serious advice from our conversations with Gretta Rose van Riel, queen of Instagram and Influencer marketing; Darren Rowse, the OG of the blogging world; Deonna Monique, Instagram millionaire; and content king Derek Flanzraich, founder of Greatist. Enjoy listening to the best of the best! Key Takeaways The influencer marketing strategies behind Gretta van Riel’s multimillion-dollar ecommerce brands How to build a successful content-based business with Darren Rowse The branding and traffic strategies behind Greatist’s massive success How to use Instagram to generate millions of dollars in your niche with Deonna Monique

14 Maalis 20181h 14min

189: Foundr Community Member Shifts His Business Into High Gear With Help From Mentors [Foundr’s 5th Birthday Special Episode]

189: Foundr Community Member Shifts His Business Into High Gear With Help From Mentors [Foundr’s 5th Birthday Special Episode]

Welcome to Foundr's fifth birthday celebration! Over the past five years, we’ve been blessed to interact with an awesome community of passionate entrepreneurs who are making it happen and turning their dreams into reality. We want to honor these inspiring entrepreneurs in our community by sharing their stories and highlighting their successes. In today's special episode, we talk with Austin Peterson, a rising entrepreneur who is working in the trenches daily to build his vintage truck restoration business Black Dog Traders. Austin reached out to me for advice in early 2017, and it's been amazing to watch him build his business to new heights. In this episode, we're airing a one-on-one coaching session with Austin and mentor David Brim, founder of Tomcar Australia, who is helping him take his business to the next level. In this episode, get the inside scoop on the advice that is helping Peterson optimize his production, streamline his processes, and continue to scale his company in the coming year. Well done Austin! We look forward to your continued success! Key Takeaways: David Brim’s advice on how to optimize production and streamline processes How Tomcar acquires leads and funnels them through its sales process Why offering too many product options can hinder a sale When and how to outsource to speed up your results

7 Maalis 20181h 1min

188: Stop Trying And Start Crushing It: Our In-Depth Interview With Gary Vee

188: Stop Trying And Start Crushing It: Our In-Depth Interview With Gary Vee

“I’m not crippled with being perfect. I’m crippled with not doing,” Gary Vaynerchuk says, and that about sums up the philosophy that propels him ahead in life and business—avoiding hesitation and seizing the moment at all costs. To many, Vaynerchuck (aka Gary Vee) needs no introduction. He’s a serial entrepreneur, four-time New York Times-bestselling author, venture capitalist, popular podcast host, and sought-after public speaker serving an audience of millions. And he's showing no signs of slowing down. How does this guy accomplish so much? Vaynerchuk doesn’t agonize or hesitate when starting something new. He dives in voraciously, working his tail off and learning as he goes. He also never aspires to "have it all." Too often, entrepreneurs strive for some lofty material goal as the finish line, but for Vaynerchuk, having it all begins on the first day we embark on our entrepreneurial journeys. The reward is in the process itself. In this interview, Vaynerchuk shares tidbits from his new book Crushing It! (an updated version of his 2009 bestseller), unpacks epic branding and marketing tips that have led to his success, and reveals his personal philosophy on GSD. Gary Vee wants aspiring entrepreneurs to crush it with him. Are you on board? Listen in and get inspired. Key Takeaways What it really means to “have it all,” and why you may already have it Why trying instead of doing leads to stagnation Why all businesses need to be media producers, regardless of their business models Insights on the personal vs. professional brand debate and how to decide what's best for you Why omni-channel branding draws more people to your company

28 Helmi 201827min

187: Fighting Global Poverty by Breaking Entrepreneurial Rules, With Jacqueline Novogratz of Acumen

187: Fighting Global Poverty by Breaking Entrepreneurial Rules, With Jacqueline Novogratz of Acumen

Key Takeaways - Acumen's trailblazing vision on global poverty eradication - Why it's better to invest in people first, then ideas - The companies Acumen has invested in and the depth of impact they have made - Key advice from Novogratz to anyone interested in pursuing social entrepreneurship

21 Helmi 201837min

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