Getting Aligned With Owners’ Interests: A Conversation With Brad Puckett From Foundation Property Management
Foundation Property Management’s business development manager, Brad Puckett, talks with Jeremy Pound about the Memphis market, how to win with real estate clients, and tips for other business development managers.
Each small market across the U.S. contributes to the state of the property management industry. That’s why it’s always helpful to learn how professionals operate in these markets, discovering the challenges they face and what they’re excited about.
Jeremy from RentScale recently talked to Brad Puckett from Foundation Property Management in Memphis, Tennessee. He shared insight on the Memphis market, how to go above and beyond for real estate clients, and advice for business development managers (BDMs) everywhere.
To start, let’s dive into who Foundation Property Management is.
Who Is Foundation Property Management?
Foundation Property Management is a property management company servicing Memphis and its surrounding suburbs, including the corner of Tennessee and Mississippi. The Memphis market consists of 50% renters and 50% homeowners.
Regarding Foundation’s clients, 90% are investors and 10% are accidental landlords. 98% of the company’s investor clients are investors outside the state, usually in locations like California, Colorado, New York, and Florida. Just 1% are purely local, and another 1% are international.
Their ideal investor has three to five properties, but the biggest thing they look for is a growth mentality. Foundation doesn’t target people who have inherited two properties and that’s all they ever want. Their ideal client wants to continue to grow, at least with one property a year, to build their generational wealth.
As Brad told Jeremy, “They want properties on purpose.”