John Barnett: We don’t separate it out all the way down to EBITDA, if that’s the short answer.
Mike Taglich: Okay. Beth, how much money do you expect to spend over the next year or so opening new offices for the real estate division?
Beth Garvey: We’re in the budget process right now and as in the past, we’ve always opened up — we’ve always budgeted maybe six-ish and then ended up doing more. We really are doubling down on this territory mapping in the larger markets. The early signs is that’s going to be super successful. So that’s probably a really good question for next quarter when we have a better idea of how we’re going to be able to penetrate those markets that we’re currently in, because keep in mind that as a reminder, we’ve had one salesperson in Dallas and there’s like 15,000 apartments here, and one person can’t do that. So with this territory mapping tool, we’ll be able to take several more salespeople and have a higher touch value to these customers and get out there more often.
So we think that we’re going to get major benefits from that. We launched it in Houston and have already started to see a little bit of movement in the right direction on that, so I think next year is going to be a little bit more of opening offices as well as penetration into the markets that we’re already in. And the faster we can do that the better we are. Everybody’s goal is to go fast and make sure that we do successfully.
Mike Taglich: If you had to guess, so if I’m hearing you correctly, the better staffing some of the existing offices to flesh out the market opportunities in the area, right?
Beth Garvey: Correct.
Mike Taglich: It’s going to be — if you were spending money on growth initiatives, would that be 70% versus open up another five, six offices which would be 30? Or I mean what are your thoughts on that? I want to get a feeling how much cheaper is that? And obviously, you don’t have to open up the office, it’s there.
Beth Garvey: None of these places have offices. No, there are no brick and mortar. When we open a market, it’s a salesperson. So this is all people. There is no office associated with that. So it’s a matter of whether or not we’re going to hire 10 salespeople, whether or not that’s two new markets, and 8 people in existing markets that we’re in, it’s just what we have to do from that perspective. But it’s really just about being able to manage through that. Like I said, we are just starting the budget process right now, and I’ll be able to better answer that in a little bit later.
Mike Taglich: All right. Thank you.
Operator: This concludes our question-and-answer session. I’d like to turn the conference back over to Beth Garvey for any closing remarks.
Beth Garvey: Thank you, Scott. Thanks for your time today, and we appreciate your continued support. As always, we are available for follow-up calls, and we look forward to updating you on our fourth-quarter results in March. Have a great day.
Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.
