You're ready to be the boss and start your own property management company. It's an excellent time to be a property manager and build a successful business! Starting off the right way helps you establish yourself and begin your new company as a disrupter in your marketplace.
What's the best way to get started? Transitioning from being a property manager to owning a business requires carrying over your industry expertise and experience while learning how to be a business owner and manage a team. For some, the business aspect of growing a successful company can be challenging—especially at the beginning.
A property management coach is one of the best tools you can acquire when setting up and growing your new business. We recommend these Top 10 Tips for starting a property management company based on our industry experience.
1. Develop Your Brand
What will make you stand out from other property management companies in your market? You don't want to be 'just another' property manager. You want to deliver the best property management services in the area—and your brand needs to communicate that to your audience clearly.
Before you hire a team or open your doors for business, figure out:
- Who you are
- What you do
- How you do it better
- How that defines your brand.
A successful brand identity helps business owners stand out from the competition, attract ideal clients, and build a cohesive team to support the work.
2. Change Your Mindset
You're not a landlord anymore. You're the boss now! While your property management experience is critical for building a successful business, your mindset must change to a position of leadership.
- Developing a successful team and client base requires you to think like an entrepreneur.
- Hands-on property management tasks that you used to handle must now transition to your talented team as you lead the way to success in your market.
- If you struggle to let go of the 'doing' to take on more of the 'leading,' a property management coach can help you make that transition!
3. Set up the Right Business Entity
Opening your doors as a business requires paperwork and legal protections. Setting up the right business entity probably won't be the most fun aspect of becoming a property management company owner, but it's a critical part of your success.
Work with property management consulting services and an attorney to determine the best entity for your business—and get the correct paperwork in place.
4. Define Effective Processes
- How will work flow through your company?
- What's the best way to serve clients and renters well?
Your company needs effective processes to run efficiently and effectively.
- Apply your property management experience to define your workflows.
- Start with basic processes, then adjust as you hire new team members and grow your business.
5. Apply the Best Software and Technology
- Starting your business with cutting-edge software and technology can set you apart from the competition right away.
- If you're not sure what's available and what works best for your company's structure and goals, property management consulting services can help you in this area.
- We can help identify the best software solutions that match your processes, then help you implement the technology.
The best solutions grow as you grow to keep you running efficiently.
6. Build a Successful Team
Processes can't serve your clients without a successful team! Set yourself up for success with the right team members and property management training at the right time. Look for people with talent, experience, dedication, and the ability to grow in their roles.
Establishing your company's culture early—then finding the right employees to fit your culture—helps you create a company poised for success.
7. Create a Training Plan
Team members need to know what to do! The right technology and processes won't do any good if your team doesn't know how to use them.
- An effective training plan helps new employees ramp up quickly to serve clients well.
- Your property management training plan should also provide ongoing development to maximize staff resources and improve your services.
8. Build Credibility
- Acquire licenses, certifications, and build your network by connecting to the most reputable organizations.
- You might offer the best property management services in your market, but new clients look for documentation that you can deliver what they need.
- As you build credibility, display those connections on your website.
9. Create a Marketing Plan
- Tell your market that you're open for business and ready to deliver the best property management services!
- A strategic marketing plan combines your branding, website content, audience definition, and lead conversion strategies to bring more new clients to your door.
10. Hire a Property Management Coach
Our top goal is to make your business a success. Starting your business with the insights of property management consulting services gives you a better jumpstart for success. Applying these top 10 strategies is easier with the right business expert to guide you through the process and establish you as the best property management in town.
Real-Time Consulting Services loves helping new business owners build a company—and helping them flourish! Contact us to schedule a free consultation.
We will review your business plan and make sure you are on track.