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(574)

427: How to Pick a Winning Product with The Oodie Founder Davie Fogarty

427: How to Pick a Winning Product with The Oodie Founder Davie Fogarty

Davie Fogarty created Australia's fastest-growing ecommerce brand, The Oodie, which sells wearable blankets and accessories. But success didn't happen overnight. After multiple failed businesses, at 24 years old, Davie had a chip on his shoulder to prove he could succeed. So in 2017, he started 2 ecommerce businesses, and they both took off immediately. In the past 4 years, Davie has grown his company of 5 major brands called the Davie Group to $400M in sales. In this episode, you'll learn exactly what it takes to build an incredible ecommerce brand in 2022 and some of the pitfalls to avoid.    Listen to Nathan and Davie discuss:  Davie's early failed business attempts  The pros and cons of having something to prove Why bootstrapped founders become a jack of all trades  What was special about The Oodie as a product and brand How to create and test ecommerce products  How competition affects your ads  Why good marketing instills trust  Attribution tools and the changes in advertising  And much more ecommerce 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 Sep 202257min

426: How to Open Talent Doors with Jen Proctor of Cultivated Entertainment

426: How to Open Talent Doors with Jen Proctor of Cultivated Entertainment

Jen Proctor loved being a performer. But when her dream to be a professional singer ended, she pledged to be a good person in the entertainment industry, something she knew wasn't a given. So in 2015, she launched her agency Cultivated Entertainment and works with clients like Meta, Pharrell, Drew Barrymore, the Obama Foundation, Stand Up for Cancer, and the Primetime Emmy Awards. She's built her agency based on the vision of seeing a need and filling it. So if you're interested in working with talent from actors to TikTok stars, this episode is for you.    Listen to Nathan and Jen discuss: Her early career as a field producer at Fox Why everything is an emergency in the entertainment industry Cultivating a superpower around talent Myths about working with celebrities and talent Why honesty is an essential part of relationship building Why she'll never forget an hour she had with Betty White  Working on the Dear Class of 2020 project with the Obama's  Negotiating and talent search tips   The three gatekeepers of celebrity talent Short-lead versus long-lead talent And much more talent relations strategies…       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 Sep 202238min

425: Why Kendra Scott Risked Everything on the Customer Experience

425: Why Kendra Scott Risked Everything on the Customer Experience

Kendra Scott started her self-titled billion-dollar jewelry business out of failure. Her first business failed after 5 years, and she started selling handmade jewelry door-to-door as a side hustle. Now, Kendra Scott Jewelry is a billion-dollar business with 100 retail locations across the US. But success didn't come quickly. Through personal struggles, recessions, and rejections, Scott built a fashion business driven by an unforgettable customer experience.    Listen to Nathan and Kendra discuss: What she learned from her failed business  Fundraising and dealing with rejection The best piece of business advice she still follows  Shifting her business model from wholesale to retail The nightclub atmosphere of Kendra Scott stores  How philanthropy creates customer loyalty  How to weather the storm as a founder  Her new entrepreneurial memoir Born to Shine 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

7 Sep 202247min

424: How Dragons' Den Star Michele Romanow is Removing Funding Barriers

424: How Dragons' Den Star Michele Romanow is Removing Funding Barriers

Michele Romanow joined the cast of CBC's Dragons' Den in 2014 after successfully selling her digital coupon business SnapSaves to Groupon. At 28 years old, she was the youngest "dragon" on the show, but that didn't stop her from innovating. During her second episode, Michele decided to flip the traditional Dragons' Den pitch from equity to revenue.    The decision led to the creation of the investment company Clearco and the invention of the revenue-based financing category. The model helps fund ecommerce companies fast and affordable, where founders pay a set percentage only when they make revenue. To date, Clearco has invested $4B in 10,000 founders in 11 countries across the world.    Listen to Nathan and Michele discuss:  Why her first business was a caviar fishery  Acquiring customers through sidewalk chalk  Creating the Clearco model by shifting the Dragons' Den model Accepting rejection as part of the job Taking advice from people that you want to be How to build the relentless muscle  How data removes bias from funding decisions  Stories and lessons from Dragons' Den  And much more ecommerce funding advice… Foundr & Clearco have teamed up to help you increase cash flow & extend payment terms for your online business: https://clear.co/partner/bnpl/foundr/  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

1 Sep 202242min

423: Making Work Work for Humans with Oyster’s Tony Jamous

423: Making Work Work for Humans with Oyster’s Tony Jamous

After his first startup went public in 2016, Tony Jamous took time off to align what he does with what he believes in. In his previous company, Nexmo, he saw the power of distributed hiring worldwide and how it changed people’s lives. So in January of 2020, he started Oyster, a software company that helps make it possible for companies everywhere to hire people anywhere. The timing of Oyster was perfect, 2 months later, remote work changed forever. Oyster’s raised 230M in 2 years, and its network includes 100 nationalities distributed across 70 countries. The business grew 20x last year and is in the top 2% of all VC-backed companies in employee engagement.   Listen to Nathan and Tony discuss: Growing up during a civil war in Lebanon  What living in 10 different countries taught him about people Taking 10 flights to Casablanca to pay his first employee  Strategies for leading a global and remote business  The perfect timing of Oyster’s launch in 2020 The importance of risk management in decision making What he looks for in companies to invest into  And much more remote leadership 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

26 Aug 202247min

422: How to Put Your Audience First with Lauryn Evarts Bosstick and Michael Bosstick of The Skinny Confidential

422: How to Put Your Audience First with Lauryn Evarts Bosstick and Michael Bosstick of The Skinny Confidential

In 2011, Lauryn Evarts Bosstick was in college and looking for a community. When a sorority came knocking, Lauryn turned to blogging instead, asking herself the questions every entrepreneur asks: How can I create this and do it better? After 3 years of blogging 7 days a week, Lauryn built Skinny Confidential into a community and a full-time business.    Today, The Skinny Confidential brand garners more than 2 million monthly impressions, and the podcast currently boasts more than 90 million downloads. In addition, Lauryn, alongside her partner Michael, launched a podcast incubator called Dear Media, which focuses on women's voices and narratives.    Listen to Nathan discuss with Lauryn and Michael about: How Lauryn built a loyal following as a college student  The early days of podcasting and how it's evolved Launching the HIM & HER spinoff podcast Launching their first branded product  Strategies to focus on your core audience  Why they've never missed a bi-weekly show Lauryn's book The Skinny Confidential's Get the F*ck Out of the Sun Starting their podcast incubator and identifying talent  And much more media business 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 202252min

421: Why People Pay for Time Not Software with Rishi Mandal of Future

421: Why People Pay for Time Not Software with Rishi Mandal of Future

What's the secret to sustain healthy behaviors like exercise, diet, and stress management? Coaching.    Rishi Mandal discovered this while researching the challenges of America's health crisis. So, he started Future, an online coaching platform that connects everyday people to coaches to receive custom one-on-one health training. Since 2017, Rishi and his team have raised $120M in funding and built Future into the largest employer of coaches and trainers in America. Most importantly, they've garnered a retention rate unheard of in the health and exercise industry.    Listen to Nathan and Rishi discuss:  Why his childhood was all about inventing  Lessons from his first 2 businesses, Slide and Sosh  Getting the price point to work for Future Building the company in problem-solving phases  Why retention is the most critical factor for success  Why customers pay for people's time, not software The decision to vertically integrate with their coaches  And much more subscription business 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

10 Aug 202259min

420: Starting a Multi-Million Dollar Swimwear Movement with Erin Deering of Triangl

420: Starting a Multi-Million Dollar Swimwear Movement with Erin Deering of Triangl

In 2014, Erin Deering gifted Triangl swimwear to relatively unknown legacy celebrities Hailey Bieber ( Baldwin) and Bella Hadid. Their friend, Kendall Jenner, loved the products and reached out to Erin directly to get Triangl samples. Then Jenner posted on Instagram and tagged Triangl–that’s when everything went mad.    But the success of Triangl didn’t come from just celebrity endorsements. It came from developing a product that looked and felt like nothing else before. In 2018, Erin exited the business, but that’s when she stepped back and learned more about who she is as an entrepreneur and person outside of the multi-million dollar brand she built.  Listen to Nathan and Erin discuss:  How Triangl started on a second date at the beach When their manufacturer stole their idea  Why businesses undervalue word of mouth  Their “one bikini sale a day” mindset  Connecting with Hailey Bieber, Bella Hadid, and the Kardashians  Dealing with copycats and competitors  How they stayed lean amongst extreme growth  Her mental health challenges in coping with success  Coaching and mentoring women in business  And much more business and personal growth 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 202253min

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