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

Episoder(573)

474: Why Market Uncertainty Is Good for Founders with Sebastian Siemiatkowski of Klarna

474: Why Market Uncertainty Is Good for Founders with Sebastian Siemiatkowski of Klarna

Sebastian Siemiatkowski says financial uncertainty is the best thing that can happen to you. Siemiatkowski is the CEO and co-founder of Klarna, the world’s biggest “buy now pay later” company, bringing consumers a low-cost and low-risk alternative to traditional high-cost credit. Sebastian came from humble beginnings and built Karna into a finance and banking industry disruptor that now has over 150 million users worldwide. Learn how he’s overcome negative public perception, co-founder breakups, and market lows to sustain Klarna’s influence in the industry.  Listen to Nathan and Sebastian discuss:  Starting a tech company with no coding skills Filling a gap of buy now pay for digital businesses Why profitability was their main focus early on  Why financial success ruined his co-founder relationships  What would he do differently with co-founders  Why banking is the perfect industry to disrupt  Dealing with negative public perception  Why economic uncertainty is good for entrepreneurs And much more founder advice… Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode. Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.  Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. Book a call now...  For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

25 Aug 202358min

473: From Internet Sensation to Category Contender with the Co-founders of HiSmile

473: From Internet Sensation to Category Contender with the Co-founders of HiSmile

In just nine years, Nik Mirkovic and Alex Tomic built their smile care brand into a category disruptor on track to earn over a billion in annual revenue by next year. Mirkovic and Tomic don’t want shortcuts, so they’ve remained bootstrapped since they started Hismile at ages 19 and 20. Hismile’s teeth-whitening kit has become an internet sensation, making the brand a favorite among influencers and celebrities. But the co-founders aren’t resting on success. They want to make Hismile a category champion and take on businesses with an extra century of experience. Listen to Nathan, Nik, and Alex discuss:  Why living on the Gold Coast keeps them focused Growing up together and having a passion for competition  Narrowing in on teeth whitening as a problem to solve Formulating their first product and its overnight success Bringing R&D in-house and shifting their business model Why character matters more than experience Taking on category giants like Colgate and Crest Why they have no plans to sell And much more product development advice... Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode. Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.  Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. Book a call now...  For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

18 Aug 20231h 5min

472: Feel Worthy of Your Business with Amy Porterfield

472: Feel Worthy of Your Business with Amy Porterfield

Amy Porterfield’s first two years of starting her own business were brutal. She was burnt out, confused, and contemplating going back to her job working for Tony Robbins. 14 years later, her marketing business has earned more than $82 million in revenue, she’s served more than 50,000 students in her online courses, and her Online Marketing Made Easy Podcast receives over one million monthly downloads. Then she decided to write the book she wished she had after going off alone. In the New York Times bestselling book, Two Weeks Notice, Porterfield walks you through how to leave your 9 to 5 job and create a flourishing business.  Listen to Nathan and Amy discuss: How to “unboss” yourself and build boundaries  Why the death of an entrepreneur is starting from scratch Why your email list is the most important tool in your business Trending marketing tools like generative AI and DMs  Overcoming the fear of leaving your job  How she almost lost her business  Why you need a high capacity for zero How she learned to feel worthy of success  And much more entrepreneurial mindset advice… Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode. Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.  Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. Book a call now...  For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazin

11 Aug 202349min

471: Why Entrepreneurs Will Benefit from AI with Linden Tibbets of IFTTT

471: Why Entrepreneurs Will Benefit from AI with Linden Tibbets of IFTTT

Linden Tibbets believes that with each new tech wave, problems will arise for entrepreneurs to solve. He says the recent AI frenzy will create opportunities for startups, creators, and early-stage businesses to differentiate and scale faster. In 2010, Tibbets rode the wave of API technology by creating IFTTT (if now, then later), an online platform that empowers you to do more with your favorite apps and smart devices by helping them automate and integrate so they can work together seamlessly. IFTTT is used by the world’s biggest brands, Google, Discord, Slack, Dropbox, Alexa, Fitbit, Stripe, Ring, and even foundr.  Listen to Nathan and Linden discuss:  How he started IFTTT with design-centric thinking The emerging gap in entrepreneurship opportunities Using AI to reach more audiences How to start an AI business Leading a tech company in tough economic climates How to reuse tools to develop a new business idea Why you should work with people who care And much more AI and automation advice… Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode. Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.  Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. Book a call now...  For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

4 Aug 20231h 9min

470: Why Passion Is Your Advantage with Holly Thaggard of Supergoop!

470: Why Passion Is Your Advantage with Holly Thaggard of Supergoop!

Holly Thaggard is passionate about sun protection. That passion drove her to create her multimillion-dollar skincare company, Supergoop!, which started turning the world of suncare products on its end when it launched in 2007. Last year, Supergoop! reached $250 million in sales. She combined her sunscreen with a curriculum on the importance of sun protection, which she launched in private schools. At the same time, she kept building a luxurious yet fun brand that consumers really wanted to make a part of their morning routines—both for themselves and their children. Listen to Nathan and Holly discuss:  Her background in education Starting Supergoop! in response to her friend's cancer diagnosis Writing a curriculum instead of a business plan Speaking to the U.S. Congress about skin protection  Pitching her products door to door at private schools The unexpected partnership with Sephora Solving a problem for a customer that they didn’t know existed Having the founder of Burt's Bees as a mentor   Why you can't manufacture authenticity And much more beauty industry advice...  Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode. Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.  Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. Book a call now...  For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

28 Jul 202359min

469: How to Beat a Monopoly with James Chin Moody of Sendle

469: How to Beat a Monopoly with James Chin Moody of Sendle

James Chin Moody became an entrepreneur by accident. While on sabbatical from his engineering career, he developed a donate marketplace inspired by trying to donate outgrown baby clothes to those in need. While optimizing local delivery logistics, he unintentionally created a model that rivaled the national post office. In 2014, out of that happy accident, Sendle was born, unlocking the power of big business delivery networks for small businesses to make delivery simple, reliable, and affordable. Moody is an expert and thought leader on the interface between sustainability and innovation and is the co-author of The Sixth Wave: How to Succeed in a Resource-Limited World. Listen to Nathan and James discuss:  The accidental origin story of Sendle Commercializing an untapped logistics solution  Value creation milestones Creating an eco-friendly business  Why Sendles can compete with delivery monopolies  The three levels of product market fit  The philosophy of one-way decisions The 5 “H’s” of Sendle’s virtues  “Hell yeah” recruiting  The competitive advantage of value-driven business And much more business innovation advice… Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode. Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.  Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. Book a call now...  For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

21 Jul 20231h 1min

468: How to Fall in Love with a Problem with Uri Levine of Waze

468: How to Fall in Love with a Problem with Uri Levine of Waze

There are not many interviews where Nathan Chan is speechless, but this is one of them. If you want to learn how to find product market fit, build a successful team, and create a lasting business, then Uri Levine has the map. Levine is the co-founder of two unicorn startups–Waze and Moovit. He’s been a founder, investor, and chairman for more than ten successful startups focusing on solving big problems. His new book “Fall In Love with the Problem, Not the Solution-a Handbook for Entrepreneurs” was called “The Bible for entrepreneurs” by Apple co-founder Steve Wozniak.  Listen to Nathan and Uri discuss…or Nathan learn:  How to start with solving a problem Why it took four years to get Waze right  Why you need to learn how to fire before you hire Why value creation is the purpose of entrepreneurship How to measure product market fit Convincing the “holy grail” of customers  Why most startups fail Why there are only right decisions And much more product market fit wisdom… Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode. Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.  Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. Book a call now...  For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

14 Jul 20231h 2min

467: Accelerate Your Marketing Efficiency with Manuel Mueller of Emma

467: Accelerate Your Marketing Efficiency with Manuel Mueller of Emma

Manuel Mueller started his first mattress company when he was 19 years old, and since then, he has never stopped iterating to create the perfect mattress. In 2013, he launched sleepwear company Emma, one of Europe’s fastest-growing sleep innovation companies, with mattresses, beds, and pillows sold in over 30 countries to 4 million customers. Learn the marketing strategies and mindset that allowed Emma to endure the DTC mattresses boom and continually have 30% year-over-year growth.  Listen to Nathan and Manuel discuss:  Starting his first mattress company at 19 years old  Finding product market fit by doing customer service  Standing out in the competitive DTC mattress boom Approaching product development research as a startup Why you shouldn’t raise money to raise money Advice on entering a new national market  Marketing attribution hacks for small businesses How your mindset can overcome your competition And much more DTC marketing advice… Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode. Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.  Speak with our friendly course experts to get clarity on the next steps for your idea, business or career. You will get tailored insights from results achieved by our proven practitioners as well as thousands of students. Book a call now...  For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

7 Jul 202344min

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