If you’re thinking of starting a property management business; there are some pretty big things to consider—pros, cons and everything in between.
Luckily for you, we’ve been there and got the (G&H branded) t-shirt, so we feel pretty well placed to impart some of the lessons we’ve learned and wisdom we’ve gained on our business journey so far. (You’re welcome!)
As with most things that are logistically taxing and admin-heavy; setting up a property management business can take time, time, and more time. Our best advice with this would be to allow more time than you think you’ll need; there are plenty of variables at play that can cause delays, which in turn can push the whole timescale out significantly. Licensing, for example, can often take months—so it’s best to allow (much) more time than you think.
Okay, so we won’t be winning any prizes for originality; but writing a list is a sure-fire way to keep yourself on track with whatever project you’re working on—whether it’s starting a property management business or otherwise.
We’d recommend considering the business holistically; taking into account what you might need legally, financially, operationally, in terms of marketing, social media and communications, and meticulously listing what’s needed for each area. Consider template and document requirements to make sure you’ve got all your ducks in a row from the outset.
A successful business is based on secure foundations; so establishing a strong inner circle is fundamental to success. Make sure you’ve got a lawyer, accountant, marketing team and copywriter supporting you. Establishing these business structures early on can save you tons of time in the future, and maximise your business’ efficiency from the get-go.
Similarly, connecting with industry professionals is a great way to tap into what’s trending within the property management space. Growing your network is a wonderful way to bounce ideas around with likeminded people—and it gives you access to industry institutes and networking events. At Gill & Hooper, we firmly believe we’re stronger together!
It sounds simple, but make sure you do your due diligence. Check that both the business and domain name you’re set on using is available before spending precious time and money developing a brand you might not be able to use. Scope out what your competitors are offering and work out how to incorporate what unique features you intend to bring to the industry to carve out your own path within the sector.
While staying across what your competitors are offering is important, so too is getting really granular on what it is you intend to bring to the industry. What makes you unique? What’s your why for starting a property management business? Establish an elevator pitch which truly encapsulates the core of what you’re intending to bring to the table—then get ready to shout it from the rooftops!
It’s a universal truth in starting a business—property management or otherwise—that the financial side can be stressful. And when there’s a ton of pressure on getting the money rolling in, it always seems to stagnate.
We’d recommend assessing how long you can afford to trade without any income and work backwards from there, whether its 3, 6 or 12 months—it’s good to know what your break-even is.
We know it’s easier said than done, but remember why you started and do your best to enjoy the journey. Peaks, troughs and everything in between are all part of the story you’re writing with your new venture, and you’ll be learning some seriously valuable lessons along the way.
Remember that you’re laying groundwork for your future; and that good things don’t often come easy. Enjoy the ride