Hi Dooley,
congratulations on making the move. I don't think it is an easy business model achieve. It's been a very challenging and rewarding business for us but by no means static.
Leases are forever being updated to account for current legislation. PM services are constantly revewed and improved, property managers are continually trained and re-trained. Our aim is to be THE BEST and there is alot of constant improvement in that.
My biggest advice to you is don't do sales, you either do sales right or do property management right, there are too many variables in property management and you cannot afford to dilute your focus if you are going to get it right.
There are a lot of ways around legislation and wording to better protect landlords, DIY leases just don't cut it, don't bother. You need the right people to constantly be on the ball.
If you want a good working business model, offer a good service not a cheap service, you get a reputation for being cutting edge or you get a reputation for being cheap, you are either a back yarder or a professional whatever you end up being branded for is what you will attract. Most rent rolls are run at a loss (sadly) and the only way to make a profit is to sell the roll or to turn those listings to sales commissions, it also results in under staffing and property management burnout and really bad service. There are enough bad services out there to give the industry a bad name we don't need to ad to it. Just look at this forum and the attitude towards property management. Cheap fees are the cause of that.
Also you need to choose your market at the begining and stick to that. Our market is sophisticated investors, wealthy investors value their time and value good service. DIY landlords value saving money, it is a totally different market. you need to be willing to let go of business that does not fit your working model. We screen landlords just as we do tenants.
Finally, get a good coach and make it happen. Check out my website
www.adprop.com.au everything is automated for tenants and landlords. We went from 0 to 7 staff members within 3 years.
Hope that helps and all the very best.
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