Part of what I do as a property management coach is help people begin their business and grow their empire. Today, we’re talking about three important steps that you need to take when you’re beginning this process.
What Kind of Business Do You Want?
The first question I like to ask in my property management coaching sessions is: what kind of business do you want? Often, we want to own our own business because we’re looking for freedom and financial independence and more time to spend with our families. But, that’s not always the reality. Sometimes, we get caught up in our work and we find that a 24-hour day isn’t enough time to get the job done. We forget the reasons we started our own business. So, it’s important to spend time thinking about what kind of business you want.
What is Your Exit Plan?
The next thing to think about is your exit plan. It may seem weird to be thinking about your exit plan when you’re starting a business, but it’s critical. You have to know if you’re building a business to ultimately sell it, or if you plan to hand it down as a legacy and keep it as a family business. You may be building it to eventually back out and simply enjoy a monthly revenue stream. All these strategies will mean different things to what you create for yourself. You don’t want to run down the road and realize you should have done something differently.
What Kind of Clients Do You Want?
You need to know who your ideal client is. You may want to be small and boutique and go after high end clients. In that case, you’ll need to be available to them at all times, and a lot of handholding will likely be involved. They’ll be paying you enough that it’s worth it, however. Or, you might want a ton of properties with little hands-on work with the owners. Maybe you’d prefer clients that appreciate having everything automated, and there won’t be a lot for you to deal with. Be clear about your clients so that when you’re going after a new client, you’ll know if they fit in your portfolio. I am not always the right match for the potential clients I talk to, and in some cases I refer them to other people. That’s shocking, but I do it all the time. I look for a certain owner, and they need to fit in my systems and work with my company culture so we can provide the service they are expecting from us.
If you need any other ideas for how to start a property management business empire, please contact me at The Property Management Coach.