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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53: From Monk to Transforming the Lives of Millions Through Meditation, The Headspace Story with Andy Puddicombe

53: From Monk to Transforming the Lives of Millions Through Meditation, The Headspace Story with Andy Puddicombe

The trials of starting a business—even if you forget, for a moment, the typical travails of day-to-day living—often overwhelm entrepreneurs. Late nights, endless work, big choices, and extreme uncertainty can swirl together to form a raging twister that ravages the landscape of life, shredding business hopes and ideas along the way. But the forecast is much better for some, including Andy Puddicombe. Puddicombe is one of the minds behind Headspace, a guided meditation app that’s reaching new users every day. He can also say something that few entrepreneurs can: he’s rarely overwhelmed. In this episode you will learn: What is Mindful Meditation and how to use it effectively The importance of when, and when not, to listen to customer feedback How to improve your product by living in the present How Andy inspires and leads a worldwide movement for meditation and peace Key tips on how to avoid burnout & So much more!

5 Aug 201544min

52: $20m in Sales in 1 Year Using Instagram? - The Frank Body Story

52: $20m in Sales in 1 Year Using Instagram? - The Frank Body Story

Two years ago, the owner of a local coffee shop, Steve Rowley, was asked by a regular customer for coffee grounds to be used as an exfoliate. This simple act was the catalyst for a brand that has experienced amazing growth driven heavily by Instagram. Frank Body creates coffee scrubs formulated with minerals and essential oils and is set to bring in more than $20 million this year. The Frank Body founding team included Bree Johnson, Erika Geraerts and Jess Hatzis of Willow & Blake.   In this episode you will learn: How to find your voice and personify your brand How to turn influencers into brand ambassadors Key tips on speaking to your target market The best ways to generate content for Instagram Hacks to scale your business to epic proportions & much more!

3 Aug 201554min

51: How to Start Your Own Social Enterprise and Make a Big Impact with StartSomeGood's founder Tom Dawkins

51: How to Start Your Own Social Enterprise and Make a Big Impact with StartSomeGood's founder Tom Dawkins

He was told it couldn’t be done. Social good was meant for nonprofits. Businesses were for making money. But Tom Dawkins always felt like there was a puzzle to be solved, that he could put the pieces together and run a profitable business that created change in the world.   A serial entrepreneur from a young age, Dawkins worked in both nonprofits and tech startups before finally solving it. The result was StartSomeGood, a crowd-funding platform for anyone—nonprofit, for profit, or individual—with an idea to make positive change in the world.   In this episode you will learn:   - How to start your own social enterprise - How to measure your impact and why - The true definition of social entrepreneurship - How find a problem that needs solving - Budgeting 101 with a for profit social enterprise - & So much more!

11 Jul 201550min

50: An Inside Look Into Foundr's EPIC Design with Karan Jain Behind The Scenes with Foundr Magazine's Art Director

50: An Inside Look Into Foundr's EPIC Design with Karan Jain Behind The Scenes with Foundr Magazine's Art Director

In this episode we go behind the curtain and shine the spotlight on someone part of the Foundr Magazine team that is an absolute superstar designer, entrepreneur and ruckas maker.   Enter Karan Jain.   You wouldn't probably know this, but Foundr Magazine wouldn't be where it is today if it wasn't for Karan. Karan taught me the power of design and branding. This bold move that we've made with the level of Foundr's design has allowed to build great reputation in the entrepreneurial space. Not just as brand itself, but also as an influencer in the entrepreneurial space.   In this interview you will learn:   - What it takes to have epic design and branding in your startup - The untold foundr story you wouldn't know - Behind the scenes on the creation process of Foundr Magazine - Key lessons from Karan on how to choose a design agency - & So much more!

10 Jul 20151h 11min

49: Changing the World (Wide Web) with Dan Tocchini founder of the Grid.io

49: Changing the World (Wide Web) with Dan Tocchini founder of the Grid.io

Dan Tocchini wants to change how we use the web. His website design startup The Grid have had almost 50,000 founding members and they might just pull it off. For all of the advances in how we use the Internet in recent years, the options for the average person who needs to make a website can still be simultaneously dizzying and uninspiring. It usually comes down to either paying someone a bunch of money, learning to do it yourself, or buying a template.   Dan Tocchini wants to change that. His startup The Grid poses the questions: What if having your own unique website was as easy as posting to Facebook? What if you could just supply the content, and a program just did the rest for you?   The answer he and his team came up with is an automated alternative to services like Wordpress or Squarespace. And if Tocchini’s right, it might just change how people view the web. While the company hasn’t gone live yet, the team has racked up two hit Kickstarters, two rounds of funding, more than 31,000 preorders, and an offer from Facebook (they turned it down). So what’s all the fuss about? Well, the corners of the Internet that are thriving these days have developed fancy algorithms and design features that make it as simple as possible to connect and share information (think of the curated Facebook feed or Twitter’s 140 characters). They take the flurry of anxiety-inducing decisions away from the average person (see Barry Schwartz’s The Paradox of Choice). But website creation has been sort of left behind, Tocchini says, and relatively few Internet users have their own sites. For those who do, it’s kind of a pain. “Websites are like the atomic building block of the web, and they’ve been completely ignored by the big tech companies,” Tocchini says. He thinks the web can do better. His team has spent the past few years creating a platform that starts with content and uses software to automatically turn it into a website. Think of it as having your own web designer that makes all of the decisions for you, except that web designer is artificial intelligence.   If you would like to becoming a founding member of the grid, make sure you go to https://thegrid.io/ to sign up now :)   In this interview you will learn:   - Why you would turn down a buyout offer from facebook - Leadership 101 - How to come up with an epic idea - How Dan's vision is going to revolutionize the web - The problem with websites right now and how the Grid plans to solve this massive problem - What it truly takes to become a successful entrepreneur - & So much more

9 Jul 201549min

48: How to Make $1m in 1 Week Online, The Secrets of a Product Launch with Ed Dale

48: How to Make $1m in 1 Week Online, The Secrets of a Product Launch with Ed Dale

It is with great pleasure we bring you this interview with the one and only Ed Dale.   If it wasn't for this man, Foundr wouldn't exist. I've been lucky enough to learn a lot of my marketing and online business chops from Ed Dale, so I thought what better reason to bring him on the show to share with us the infamous secrets to doing a $1 million launch.   Ed Dale is the creator of The Challenge and co-founder of MagCast. He's helped over 300,000 entrepreneurs start online businesses and is a world re-knowned online marketer.   The best place to find Ed is at eddale.co   In this interview you will learn:   - The processes that Ed goes through to prepare for a $1m launch - What is good will, and why it matters when it comes to doing a $1m launch - The secrets to getting other people to promote your products/services when it comes to getting affiliates - What it takes to create a successful digital product - & So much more!

21 Jun 20151h

47: The Art of Asking with Amanda Palmer

47: The Art of Asking with Amanda Palmer

In business, in music, or in life, there are few people you will meet as unapologetically honest as Amanda Palmer. A lifelong nonconformist, Palmer has evolved from living statue to award-winning musician—as one half of cabaret rock duo Dresden Dolls and soon to hit the stage opening for Morrissey and Blondie—from TED-talker to esteemed author, and now thought leader. Palmer’s Twitter bio colorfully advertises a performer, writer, giver, taker, yeller, listener, love-lover and rule-hater to her one million-plus follower base. And from our own conversation with Palmer, all of these qualities seem fairly apt.  But there’s one thing this self-account fails to capture, and that is how authentic she is. Palmer has built legions of passionate fans—and certainly her share of detractors—by having a unique voice that is louder than her music ever could be. And by simply asking.  And the answer for many is a loud and resounding YES. Ask, Don’t Tell Being a born storyteller has perhaps taken Palmer in directions even she did not foresee. As an arts graduate Palmer began her professional life as the Eight-Foot Bride on the streets of Cambridge, Mass. During this time she honed a deep curiosity for genuine human connection that has been the underlying theme of all her achievements.  It is this story that Palmer shared on the global TED stage in 2013, when she spoke of the profound encounters she experienced with people from all walks, often people who Palmer sensed were very alone. In her recollection, they would momentarily enjoy very intense eye contact and “fall in love a bit.”   In seeking this connection with others, Palmer and her Dresden Dolls bandmate Brian Viglione made a habit of always spending time “signing and hugging” with fans after each concert, and from here, the story takes off. In the past decade, Palmer has couch surfed the globe several times, sourced music, food, instruments and a hundred other forms of support from her loyal fan base, crowdfunded a cool $1.1 million to produce an album, and whipped up a good deal of controversy along the way.   In this interview you will learn:   - How to embrace your audience - How to endure criticism and become a revolutionary in your industry - The importance of asking for help - How to build an extremely strong community - Breaking the rules and why they were created - & So much more

17 Jun 201526min

46: Seth Godin on Why You Shouldn't do What You're Told

46: Seth Godin on Why You Shouldn't do What You're Told

Marketing guru and multiple New York Times bestselling author Seth Godin explains why you should focus less on doing what you're told and more on doing work that's worth doing. In order to take advantage of the unique opportunuties afforded by our times, some rules just have to be broken. Some people just get it. They grasp the spirit of the times in ways that ordinary people don't. They understand the patterns and progression of history, and can interpret current events and trends with rare wisdom and insight. Seth Godin is one such person. You might say his knowledge about the world of business borders on the prophetic. You could also safely say Seth Goden is a man who sees the world not for what it is, but for what it could be. He's in the business of change: predicting it, implementing it, and watching it unfold. You've probably seen his TED talks, his books, his blog, his podcast; he's the one of those characters who are grounded, yet somehow still larger than life. For those late to the Godin party, he's a marketing guru, founder of Squidoo.com and world-renowned author of 17 business bestsellers including Linchpin, Unleashing the Ideavirus, Tribes, and Purple Cow. For a man who understands tribes, he has proved time and again that he can walk the talk, building, in the process, a legion of raving fans-people who thrive on his entertaining blend of business and sociology.   In this interview you will learn:   - How to when to ship a project and when its ready to be released into the world   - Why perfect doesn't exist - The best analogy we have ever heard for good marketing - Seth's failures - Why it's YOUR turn!  - The importance of blogging every day - & So MUCH MORE!

15 Jun 201536min

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