The Importance of Baby Steps
Setting up a new Property Management Agency is a big deal.
You may have been working within an Agency for some time and now feel the urge to spread your wings.
Are you seeking the freedom that comes with owning your own business?
Do you want to do things differently?
Whatever the reason, we applaud you for taking the first steps towards your new business – being informed.
Information is Power
When starting out a new business venture, information is power.
Garner as much background info as you can. You’ll be surprised by how much you actually know about operating a good business, simply by working within one. You will have picked up on the things you see that are done well, along with things that can be done better.
But before we get ahead of ourselves, start with the basics.
What is your end goal?
Fast forward five years from now.
How do you see your Agency?
Are you the best Sales Agency in town? Or the best Property Management Agency? Or both?
Figure out where you want to be, then figure out the steps to get there.
Setting yourself up for success
How do you do that?
Ask questions — lots of them. No question is too small, too silly, or too menial.
Consult with people who have been in the game for a long time. Many are happy to share their wisdom and to help you learn from their mistakes (as long as they are not direct competition!)
If your focus is on sales, team up with an established Sales Manager – like a mentor of sorts.
The same goes for Property Management – chances are if you’ve been in the industry for some time, you’ve built up a network of colleagues. Consider who could be a trusted mentor in the early stages of starting your Agency.
Pick someone further afield so there is no conflict of interest or direct competition.
Additionally, consult industry experts like the kind folk at ACOP who can assist you in navigating the many steps to Agency ownership.
Establish your workflows and systems
Know you know where your Agency is headed, it’s time to build your processes and workflows to match.
There are some basics to get down pat right from the beginning including:
- Implementing the right software
- Banking procedures
- Staff policies and procedures
Establish a policies and procedures manual that outlines all the systems in place in your Agency. This handbook will become your bible that you acquaint all new staff with and review on a regular basis.
Your customers
Finally, think about the clientele you are after.
- What type of Landlord do you want?
- Are you looking to stay as a small, boutique Agency or do you have grand visions of big future growth?
Starting out you may not have the luxury of kicking and choosing your clients. But as you expand and become a more established and well-known, sought-after Agency, you will find the ability to pick and choose the clients you take on.
All of these considerations should not be done on the fly. Take time to think them through and put a lot of careful, guided consideration into every step. Your Agency five years down the track will thank you for it.
If you need some assistance in establishing your Agency and working through all the above points, feel free to reach out to us. That way, you can rest easy knowing you have taken everything into consideration right from the start and set all the groundwork for your Agency’s success.
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 26 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.