Starting a new business can be very scary at times but if you use the right guidance and coaching you may be surprised how your business will do great eventually. If you want to become the next Brian Setencich, you should know that starting a property management company like any other business can be challenging and you should not expect to make millions within the first 90 days because you might end up being frustrated. However, you can apply the following tips to get started with your property management company and grow it to something big in the future.
Legalize Your Entity
After deciding you want to own a property management company, your first step should be to make your venture a legal entity. If you know how to do it, you only need log in to your state’s official site and fill all the information required to register a Limited Liability Company (LLC). Afterwards, download the template for Article of Organization, fill any information required from you and then file it. However, if you can’t do this on your own find an attorney who will help you in every step.
Get An Office
If you are starting from scratch and do not want to rent an office outside your apartment, you can create your own office at home as long as it will be convenient to meet up with your clients. Also, ensure that you acquire all the equipment and machines required for an office to be fully operational. These include a telephone line, a scanner, a copier, a printer, a laptop, and a desktop among others. You will also need to set up an official website, email account, and business cards. In today’s digital world, it will be hard for any business to survive without technology. This means you will have to acquire the latest software related to your business and embrace online marketing to obtain and sustaining clients.
Start Building Your Client Base
Customers will not discover you without you looking for them, and this means you have to get out of your ways to create awareness of your company and the services you offer. If you can talk to successful people in the industry such as Brian Setencich, they will tell you that customers do not just appear. There are different ways to build a client base for your property management company, and these include referrals by friends and family members, online marketing and media advertising among others.
Networking, in this case, can be very helping whereby you speak to different people including real estate agents in your area. Consider becoming a member of Home Owners Associations (HOA’s) and other real estate clubs, and you will connect with other landlords and potential investors in your business. Make use of online marketing techniques such as social media marketing, search engine optimization (SEO), affiliate marketing, pay-per-click, email marketing, and content marketing. Try every possible way that will help you reach out to customers and once you get them, do not lose them at all.
Get The Right Talent
You must acquire people with the right talent and skills, and this will ensure that your customers are not only treated well but also provided with unparalleled services. Be diligent when hiring your employees and always consider training and development as they continue working in your property management company.
Pricing Of Your Services
Before settling for any price, first, analyze the local market so that you do not charge too high or too low. Again, your rate should not force you to compromise the quality of your services. It is better if you charge a high price and provide value for this price. Reputation and quality should always be a consideration whenever you are setting your prices and as long as you are not making losses, do not be greedy.
If you are confident of your ability to establish a property management company, start small and eventually, you will succeed. These tips will help you to get started and guide you in every step of the way.
