Starting a Strong Business: Tips From a Property Management Coach
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You've found success as a real estate investor—and you even enjoy some of the hands-on work required to manage rentals and residents! Is it time to start a property management company of your own?
Shifting from being a property owner (exclusively) to managing properties for other investors can be a natural next step when you love this industry. However, starting a property management business requires a different mindset than handling properties in your portfolio.
What should investors keep in mind when transitioning from a property owner to a property manager? Follow these tips from a property management coach to start a property management company the right way!
Separate From Your Personal Portfolio Goals
You don't have to give up your personal portfolio of investment properties to start a property management company. However, you must separate the financial goals you have for your portfolio from the goals you set for your property management business.
- It's also critical to understand that your investment property goals might not be the same goals your clients have for their rental properties.
- Your job as a property manager will include listening to investors and providing the services they need to meet their long-term financial goals.
- You've probably learned a lot about what's required to manage a successful property by handling the details for your properties.
- When starting a property management company, you'll apply that knowledge and skill while adapting to customer needs that don't match your own.
An experienced property management coach can help you take your personal experience and translate it into what works well for various property owners with wide-ranging needs!
Embrace Your Role as a Salesperson
Starting a new property management business doesn't mean real estate investors will automatically show up at your door to hire you.
- To attract clients, you'll need to develop a marketing plan and sales strategy, then embrace your role as a salesperson for your new company. Selling your company and services can create new challenges for business owners.
- You might have the skills to be an excellent property manager. However, growing a business and successfully serving rental property owners requires sales and marketing expertise.
Working with property management consulting services is the best way to master these different (and new) aspects of your business venture. A consultant helps you:
- Define your brand
- Develop a marketing strategy
- Help position your services within the rental market
- Prepare a sales strategy and manage expectations during the sales process.
Your property management business won't become successful without mastering the marketing and sales aspects of being a business owner. Tackle this part of your business plan head-on, and let an expert property management coach show you the way.
Become Cutting Edge
Doing things the way you've always done them for your personal real estate portfolio might not work forever if you want to build a successful property management company for the long haul.
- The best property managers must continually innovate with the latest technology and process enhancements to stay ahead of the competition and serve clients and renters well.
- Your role as the company's leader means you must lead the way in property management training and technology.
- Networking, joining professional associations, and continuing your property management education is critical for a long future as a successful property manager.
The best property management consulting services help new business owners start with the latest, most effective software platforms and strategies. We also help you build efficient processes that serve clients well while boosting your bottom line. Starting your business ahead of the competition gives you a cutting edge for success!
You won't be able to manage properties for others—and do it successfully—on your own. Building a property management company means you need the best and brightest talent to handle property management tasks, support your marketing efforts, and help grow your business.
A consultant helps you build a team by evaluating your operations, goals, and by working through questions like:
- Who should you hire first?
- What skills and experience do you need to keep your business moving forward?
- What's your hiring and overhead budget?
- What tasks need to come off of your plate so you can focus on growth?
Finding the right people can be challenging if you've never hired employees before. Working with an experienced property management coach can help you avoid hiring mistakes and build the best team for your success!
We're Here to Help You Start (and Grow)
When you love everything about real estate investing, starting a new property management company can be a smart idea. Building your business the right way from the start helps you set yourself up for success—sooner rather than later.
Start your company as a disrupter in your market! Let Real-Time Consulting Services help you build your brand, develop a business plan and critical processes, implement the best technology solutions for your company, and guide you to the best team for success. Contact us to schedule a consultation!