Steven Shannon is the Principal of Shannon Property Management, a Houston-based company that manages single-family residential homes, small to midsize family assets, and commercial business parks. He descended from a family with strong Houston routes tied to real estate and construction. Before founding Shannon Property Management, Steven was a Project Manager at CASCO Industrial Builders, where he managed industrial construction projects and real estate development.
Greg Shannon is the Principal of Shannon Property Management, where he oversees all property management aspects, including new owner sales, leasing, accounting, and maintenance. He launched his career in real estate as a Project Sales Manager for Concierge Auctions, a luxury residential auction house where he sold multi-million dollar properties. Before joining the real estate industry, Greg was an Audit Associate at KPMG.
Here’s a glimpse of what you’ll learn:
- How Steven and Greg Shannon co-founded Shannon Property Management
- Steven and Greg share anecdotes from their father’s construction business
- Advice for acquiring and managing your first rental properties.
- Improving services and streamlining processes when scaling from 100 to 400 properties
- How can EOS (Entrepreneurial Operating System) help create a framework for business growth and management?
- The benefits of hiring a business coach for EOS implementation
- Shannon Property Management’s approach to property acquisition, inspections, and maintenance
In this episode…
Property management is a demanding yet rewarding business. Going from zero to 100 properties is no easy task and takes time, dedication, and effective processes. So what is the best way to scale your property management company?
Brothers and business partners Steven and Greg Shannon emphasize seizing every opportunity. This “yes and” mindset creates recurring revenue and allows you to hire property managers. Once you’ve acquired enough properties to establish a reputation, it’s essential to implement systems to improve your services, delegate tasks, and streamline business communication. EOS (Entrepreneurial Operating System) helps you develop a sound organizational structure to prepare for the next stage of growth.
In today’s episode of The Same Day Podcast, Mat Zalk chats with Steven and Greg Shannon of Shannon Property Management about their journey of creating and scaling their property management company. Together, they share anecdotes from their father’s construction business, advice for acquiring and managing your first properties, and how EOS helps create a framework for business growth and management.
Resources mentioned in this episode:
- Mat Zalk on LinkedIn
- Keyrenter Property Management
- Keyrenter Property Management Tulsa
- Keyrenter Property Management Oklahoma City
- Keyrenter Property Management Arkansas
- Keyrenter Property Management email address: [email protected]
- Steven Shannon on LinkedIn
- Greg Shannon on LinkedIn
- Shannon Property Management
- Traction: Get a Grip on Your Business by Gino Wickman
- “Property Management FAQ: How Keyrenter Handles All Aspects of the Process” with Yonatan (Yoni) Schmidt on The Same Day Podcast
- “Paving the Way for Affordable Housing in Urban Communities” with Devin Howland on The Same Day Podcast
- “HVAC Systems: Maintenance Considerations and Pricing” with Kevin Evans on The Same Day Podcast
Sponsor for this episode…
Chris Lile at State Farm Insurance:
This episode is also brought to you by Chris Lile at State Farm Insurance.
Chris Lile at State Farm helps you protect your most precious assets and investments, including home and auto.
To learn more about how you can save double digits on all your insurance needs, visit diallial.com or call Chris’ office at 918-878-7771.
Keyrenter Property Management:
This episode is brought to you by Keyrenter Property Management.
Keyrenter Property Management is a full-service property management company who helps their clients buy, renovate, and operate real estate assets.
They help clients build wealth while taking the headache out of property management.
That’s why, no matter what rental you have — single-family homes, condos, townhomes, or apartments — they can give you the management solutions you need.
To learn more about their services, go to https://keyrenterpmc.com/ or send them an email at [email protected].
Episode Transcript
Intro 0:05
Welcome to The Same Day Podcast where we discuss driving incremental business growth and other topics related to real estate, property management and entrepreneurship. Now to the show at hand.
Mat Zalk 0:20
Mat Zalk cam hosted The Same Day Podcast where I connect with top business experts and real estate leaders. Best guests include Devin Howland, talking about economic development in Fayetteville units Yoni Schmidt of the Keyrenter team talking about property owners frequently asked crushed questions. And Kevin Evans of Liberty Air Services talking about HVAC systems, how they work, how they should work and why they’re so darn complicated. Today’s episode is brought to you by Chris Lile State Farm. Chris Lile State Farm helps you protect your most precious assets and investments whether it’s your home and auto investment rental properties or valuables called Chris Lile State Farm for a quick and painless phone call to potentially save you double digits on all of your insurance needs. Visit diallial.com That’s diallial.com or call his office at 918-878-7771. Today’s episode is also brought to you by Keyrenter Property Management and Keyrenter Property Management. We are a full service property management company helping our clients buy renovate and operate real estate assets. We help our clients build wealth while taking the headache out of property management. Greg, Steven you guys know this probably better than anybody but it’s super hard to line up contractors. If you’re, you know, just a mom and pop operator and you’re trying to do a make ready trying to get to make ready done it in a reasonable amount of time after a tenant leaves the property. Contractors are busy the work seems to drag on forever. And all that leads to lost rental income. A Keyrenter we line up our dedicated vendors so that turns can happen super quickly and we get more money back into the pockets of our owners. That’s why no matter what rentals you have single family homes, condos, townhomes, apartments, we have the management solutions you need go to keyrenterpmc.com or [email protected]. Boys, we know for a long time. So I want to be I want to like send a shout out to a Milan and linear Middle School for putting us together back in the day. The old friends, let me introduce you real quick Stephen and Greg are brothers and owners of Shannon Property Management based in Houston, Texas, Steven began his career in management consulting and Greg in accounting before moving on to real estate, but they always wanted to do something entrepreneurial together. Growing up with a small family Construction Company, the idea of taking care of property seemed like a natural fit. They learned about the property management industry from an old industry vet launched Shannon Property Management just over three years ago and haven’t looked back since. Steven Greg, welcome to the show.
Steven Shannon 2:37
All right. Thank you. Thank you.
Greg Shannon 2:40
When we look back, but not not very frequently.
Mat Zalk 2:45
There’s pain in this business. There’s pain in this business. I want to talk about some of this year,
Steven Shannon 2:49
we’re definitely looking back. I mean, there’s
Mat Zalk 2:53
there’s so much so I want to talk about I want to talk about what you’re doing now. But I also want to talk about how you got started. I mean, tell me a little bit about your Steven, you’re working at Dead Casco for a period of two. Let’s let’s talk about how you guys came together and started the property management business. What are we doing before? And what was yeah, it was important. So we
Steven Shannon 3:11
Yeah, they I think yeah, it kind of was a bit of an organic process. For us, we both kind of took divergent career paths to start things off on a grid, but we kind of developed complementary skill sets that both just happened to fit really well being running a property management company. So we both grew up, our father had a small construction company that he ran with his brother, so we grew up just, you know, working summers, you know, with a hammer, you know, just kind of in that environment of construction. So learn the lingo learn how to, you know, do some basic things with our hands. And so got that experience. I spent probably more time in that field. I did it. You know, really like through college during summers after college, I worked with them, ended up wanting to branch off and do my own thing. And, you know, worked in management consultant, consultant for several years. also spent a couple of years in Mexico teaching English, learn some Spanish, which also pretty good skill set, or maintenance. So yeah, I kind of built that skill set, Greg, maybe you can talk about yours. And then we can have we joined forces.
Greg Shannon 4:27
Yeah, we both studied business at University of Texas in Austin and both worked in corporate America world for a bit. I did accounting at KPMG Steven was doing some consulting before Casco in San Francisco. And you know, we’ve always been super close and always wanted to do our own thing and start our own business. And as Jack Black said, stick it to the man and switch career paths. And then you know, eventually we did we’ve decided to do so.
Mat Zalk 4:55
But growing up I mean, Steven, we’re kids, your dad always had these wild stories about it. I’m actually I think you had wild stories about things that were going on on job sites. I mean, industrial construction, I mean big jobs. And they’re always they’re always these funny stories. I’d love to hear one funny story from your childhood of like, the craziness of stories, but I think it’s worth setting the picture that these are like industrial jobs, big projects. You know, crews can be tough crews are these are, you know, these are these are guys that are working for probably at the time 1215 $20 an hour. And you know, it’s it’s just it’s a, it’s a world that Prime’s you for property management for sure, because you know, the ins and outs of buildings, but also, I want to hear about some of the fun stories when you were a kid man,
Steven Shannon 5:44
I don’t know how much I should divulge here. I could just, you know, because he was an industrial construction company. He wasn’t he wasn’t working on houses, you know, the complete opposite metal buildings and things. Obviously, there’s, we’ve been putting in bathrooms and there’s complimentary components to all different types of buildings. But so I think one of the one of the most wild times was just a small building is a compressor station or something, really in the country out inside of Bowser city in Louisiana, it says mean two guys, who’s going to be like a two month project over the summer to like, basically, the three, I think we were doing mostly the build out so the show was there and we’re gonna be putting sheetrock and doing things so and we’re gonna just be pretty much live and out there. So I just, I mean, just these guys, I think they knew I was the owner’s son. And instead of like, putting on their best behavior, I think they wanted to show me how wild they could get, you know, one of the guys that have, you know, beard down to his belly button and had legitimately previously been in the Bandidos biker gang, and other guy was, you know, so it was just want me to every night, party and crazy and but we would get up at six in the morning and work our tail off from seven to 630 or something like that. But then after after work, just like casinos in Louisiana, we’ve got these guys. It’s a rough and tumble. Just like that. While they were good. I mean, these guys, they were still I mean, they were really they worked their butt off during the day, but they let
Mat Zalk 7:24
was it what was it like payday would come and they would, or they would be like would allocate a little bit of cash every day. Today, it was by the
Steven Shannon 7:33
paintings for the casino days. Let’s just say one day, the day after payday, right? One of the guys named to be withheld. I ended up coming home at about four in the morning with like, we lost like 800 paycheck and he was he locked himself out of his room in his boxers, it was cold in the morning. You couldn’t get back in anyway, it was really
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