Taking the Leap ..Launching a new business
- Thread starter rchad
- Start date
Hi Naomi
Yes good point and already noted! We are getting white polo shirts made with logos and once they are completed we will retake the photos
Renee
Great question - I have a strong background prior to HR and Human Services in sales (in another life), in addition to drawing on my skills in Psychology an Social Sciences working with people, combined with experience having managed some of my own investment properties as well as working with over 7 PMs currently managing my portfolio of properties ( am very clear on what works and does not work for a landlord). I also have business process modelling and process consulting skills from working with businesses to streamline business processes hence the transactional side of the business will be managed drawing upon these capabilities. Likewise, I spent several years representing clients at the Guardianship and Administration Tribunal representing vulnerable people winning every case I have represented hence these capabilities will be seamlessly transferred to the RE Tribunal space
I also have a back ground when I was a Masters graduate doing Research on multiple areas of demographic interest for multiple universities of which I will seamlessly transfer those capabilities into the property research agenda
Most importantly as my business expands no PM work will be delegated to juniors, rather one portfolio manager with accountability from the front to the end phase of the PM process.
I will draw on my strong learning and development commitment to continue developing and growing staff who work in our agency within a culture of continuous learning and improvement (I have quals in quality management as well)
Most importantly experience in life has taught me to never under estimate a new venture - I intend to learn as I go through the experience multiple new things and would never under estimate the hard work associated with sustaining a great reputation in the space of PM
Warm regards
Renee
Devils Advocate alert
I can't see any mention of experience at being an actual PM ?
I would think it normal to try the field first before setting up an independent business, what happens if you don't like it ?
Do you have the necessary legal qualifications to run the business, will you be able to obtain government licenses and business insurances without experience in the field.
Will you be able to start this as a part time business while still having income from another job, until you are managing $10k a week in rents you are getting nowhere.
Being an independent minded person I have had a lot of small businesses and I love seeing people "have a go"
I have seen so many people crash and burn and I genuinely feel sorry for them, so I think it wise to start with the basic questions first.
To build up some street cred it may be helpful to spend a lot of time on SS answering questions on QLD management posts, it would also be good practice at problem solving.
Food for thought, good luck
Congrats
Certainly NOT an easy business I find from the peops that I know around the traps that do the work, but can be rewarding in terms of recurring income once you reach critical mass
ta
rolf
Certainly NOT an easy business I find from the peops that I know around the traps that do the work, but can be rewarding in terms of recurring income once you reach critical mass
ta
rolf
Devils Advocate alert
I can't see any mention of experience at being an actual PM ?
I would think it normal to try the field first before setting up an independent business, what happens if you don't like it ?
Do you have the necessary legal qualifications to run the business, will you be able to obtain government licenses and business insurances without experience in the field.
Will you be able to start this as a part time business while still having income from another job, until you are managing $10k a week in rents you are getting nowhere.
Being an independent minded person I have had a lot of small businesses and I love seeing people "have a go"
I have seen so many people crash and burn and I genuinely feel sorry for them, so I think it wise to start with the basic questions first.
To build up some street cred it may be helpful to spend a lot of time on SS answering questions on QLD management posts, it would also be good practice at problem solving.
Food for thought, good luck
Hi there
Great questions and comments again - my partner Martin and I went through and completed our full RE licences; also completed all required training to undertake TRUST accounts including legal implications; we are a full LICENSEE agency and have had experience managing properties as well
Yes I have been participating on the SS Forum answering questions and making comments for five years now and read all posts in the PM section of this Forum, I will also respond where appropriate and relevant with feedback or ideas unless someone else has already responded first
We spent over SIX MONTHS going through RE courses, licencing requirements, building website, talking to landlords, etc and its cost a lot of thousands of dollars to establish ourselves before we officially launched last week so a huge investment in intel, time and financial resources
We have brought along the journey an experienced lawyer to establish our trust, accountant, creative artists with marketing in addition to continuing our work in our current roles whilst doing all this work every night and week end
We have spent over four years discussing establishing a PM business, and the business is an intentional strategy to enable us to work to the goal of leaving PAYE roles to focus full time working together in a business where its relevance is up to us to sustain
In closing, both Martin and I have ensured that we have a very experienced PM mentor supporting our journey (I will leave it up to him to reveal himself if he so chooses to do so - he is running a fantastic PM agency in Brisbane) as it is critical to ensure one sources mentors throughout the establishment journey to offer feedback
Thank you for the 'devil's advocate' input - it certainly has covered many areas that I have mentally ticked through our establishment journey and I welcome any additional thoughts you may have to share to take into account as the real learning happens when 'in the business'
Warm regards
Renee
That's a great start Renee! I'm new to these forums but not new in property and I also have a number of investments.
Your main problems will be staffing as with any new business and maintain profitability with your promised staff / property ratios. I would suggest to go beyond residential and look at commercial property management to boost revenue as this will be more lucrative.
Also, it's not enough that property managers take rents, manage leases and co-ordinate maintenance. You have to add value to the owners investment. The highest thought in a good property / asset managers mind should be, how can I make my clients property worth more today? One of my pet hates is the silence down the end of the phone when I ask what do you recommend I do to the property to achieve a higher yield.
I wish you success with your business and hope it becomes everything you envision it to be and more.
Rudugger.
Your main problems will be staffing as with any new business and maintain profitability with your promised staff / property ratios. I would suggest to go beyond residential and look at commercial property management to boost revenue as this will be more lucrative.
Also, it's not enough that property managers take rents, manage leases and co-ordinate maintenance. You have to add value to the owners investment. The highest thought in a good property / asset managers mind should be, how can I make my clients property worth more today? One of my pet hates is the silence down the end of the phone when I ask what do you recommend I do to the property to achieve a higher yield.
I wish you success with your business and hope it becomes everything you envision it to be and more.
Rudugger.
Thank you Rolf it is the critical mass that is the key point to achieve - whilst balancing working with an initial small rent roll it is a goal to achieve a high standard and offer a great service as experience unfolds before things really start to move at critical mass phase
Thank you for that generous comment
Thank you Rudugger - excellent points - yes, our IP Inspection Report proforma is very thorough (what I would like to see offered for my IPs) and we will most certainly identify ways a landlord can add value to improve yield from what we observe about the property and what tenants (core customers) tell us - the issue is ofcourse that not all landlords have the same commitment to maintain a property hence it becomes run down inviting poorer yields and tenant profiles
Hi Renee
Well done for taking the plunge! I did this almost a decade ago now and have no regrets. Running a business is certainly not easy, highly challenging at times (and damn hard work) however can be very rewarding if you are genuinely enthusiastic and knowledgeable about what you do, get it right and you have a faithful client base. I am immensely proud of our buyers agency and what we have achieved and wouldn't go back to work for anyone again. If it's to be it's up to me
Most of the essential questions have already been asked, so I will desist from repetitiveness here but curious to know if you've purchased a small rental roll to get the ball rolling or are acquiring rentals organically? I know from other colleagues that this can be a good way to grow as a small PM firm initially.
Your website looks nice and clean so well done
Well done for taking the plunge! I did this almost a decade ago now and have no regrets. Running a business is certainly not easy, highly challenging at times (and damn hard work
) however can be very rewarding if you are genuinely enthusiastic and knowledgeable about what you do, get it right and you have a faithful client base. I am immensely proud of our buyers agency and what we have achieved and wouldn't go back to work for anyone again. If it's to be it's up to me Most of the essential questions have already been asked, so I will desist from repetitiveness here but curious to know if you've purchased a small rental roll to get the ball rolling or are acquiring rentals organically? I know from other colleagues that this can be a good way to grow as a small PM firm initially.
Your website looks nice and clean so well done
Congrats for the leap Renee. This is my 10th year running a pm business.
I still have a temporary website that I have been meaning to turn into a proper website at some stage lol.
Yours looks awesome and good for you for doing it now before you get too busy Managing properties.
All the best to you and partner
x
I still have a temporary website that I have been meaning to turn into a proper website at some stage lol.
Yours looks awesome and good for you for doing it now before you get too busy Managing properties.
All the best to you and partner
x
I think the website looks good.
I'd get some professional agent profile photos done though, the quality is lacking there.
I also spotted this "a re-letting fee (one week's rent) is charged"
I assume it will be + gst? you may want to mention that.
I'd get some professional agent profile photos done though, the quality is lacking there.
I also spotted this "a re-letting fee (one week's rent) is charged"
I assume it will be + gst? you may want to mention that.
Congrats Renee, website definitely looks great. You and your partner do seem to have planned very well, good luck to both of you!
Perhaps I missed it, but do you have a marketing strategy? The referral program sounds like a good idea, but what will you be doing to reach the critical mass or accelerate the timeframe to get there?
I suspect given market conditions, there'll be growing demand from interstate investors into the Brisbane market - could be something worth targeting as they may not have established relationships just yet.
All the best.
Cheers,
Redom
Perhaps I missed it, but do you have a marketing strategy? The referral program sounds like a good idea, but what will you be doing to reach the critical mass or accelerate the timeframe to get there?
I suspect given market conditions, there'll be growing demand from interstate investors into the Brisbane market - could be something worth targeting as they may not have established relationships just yet.
All the best.
Cheers,
Redom
Sounds similar to Mortgage Broking
Starting a business from my experience was the hardest yet one of the most rewarding pursuits I have undertaken.
Go for it I say!
Sounds similar to Mortgage Broking
xcept I believe that building a large PM business requires something in addition.
In a PM role, your primary clients are at "competing commitments" ann are both sides are driven more by human needs and emotions .......... and the PM is in the middle looking to mediate
ta
rolf
I did a quick Google for Diligent Property Management on facebook and it comes up with this one based in Florida
https://www.facebook.com/DiligentPMgmt
Understandably I thought the logo plain until I looked at your website
https://www.facebook.com/DiligentPMgmt
Understandably I thought the logo plain until I looked at your website
