Earlier this month we bought you Part A of our 2-part instalment of Setting up a New Agency.
Today, we move on to Part B – the next stage in preparing for your world domination in Property Management or Property Sales.
Regardless of which path you choose to go down (as covered in Part A), the next steps are relevant to both business models.
It’s all about building the team around you. Surrounding yourself with an army of experts to guide you through every stage and need of your business.
Sounds simple enough right?
The good news is that once you have the right people in place, the hard work is done.
Your army is now on board to provide the support you need to help your business thrive.
So, let’s start from the top.
How to build your new Property Management business
The thing about an army is that everyone has a role to play. It’s no different in business.
So let’s look at the people you need to consider to build your task force.
The top 3 essentials of any new Property Management agency
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Staff
To be honest, finding staff is the hardest part. We are hitting you with the tough one straight up.
As a new business owner, chances are you will be starting out solo. Taking on the role of Owner, CEO, Property Manager, Sales Manager, Receptionist, Accounts, HR – the lot.
It’s the norm of many new business owners that you will wear many hats in the first instance. Yet, it won’t be long until you are branching out and advertising for your own staff as your Agency grows.
Start by defining the role that will assist you most in the business. What is taking up most of your time that could be better spent building the business and growing your bottom line?
The policy and procedures manual you built in Part A? Now is the time to bring it into action. Set the expectations with your staff that the manual is to be followed to a tree right from the start.
Respect your employees and treat them as a valuable part of your business and pay them their worth. That way, you’ll be rewarded with loyal employees with minimal turnover.
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Contractors
Work on building your database of efficient, reliable and trustworthy contractors. They will be an integral part of your business and their workmanship will reflect on your agency.
So do your research.
Make sure they show up on time, do the job and leave the property immaculate upon completion. Pay them promptly and you’ll have a loyal contracting team for life.
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Your Financial Experts – Bookkeeper, Accountant and Trust Accountant
Now we move on to your finances.
If there is one thing we can confidently say in Property Management that will save you time and stress, is outsourcing your financials. That’s your Bookkeeping, Accounting and Trust Accounting.
These guys work with figures and numbers and books day after day after day. They can do it with their eyes closed.
It will save you time as well and assist you to make the most of your yearly returns and tax breaks.
Even better, you don’t need to hire them in-house. Outsourcing is a great option where you pay based on your Agency’s needs.
Outsourced Business Essentials
Now it comes to the three essential activities to help grow your business.
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Marketing
By now chances are you have chosen your business name and registered it with ASIC and grabbed a domain to match.
Now comes the fun part. Your branding.
Engaging a reputable marketing agency can assist you with designing your new brand. They will work with you on your messaging and desired look and feel to create a brand that matches your personality and desired clientele.
That includes a logo, your fonts and colour palettes, business cards, flyers, signage for a physical building or your car, digital advertising… the list goes on.
A bold and striking brand will help you stand out from the competition and make your mark.
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Website
If you are not online, then where are you?
Getting your business online is the first step in building your business and advertising your properties.
Your first instinct may be to DIY. Seems easy enough right? Wrong. Outsource your web design and development to the experts. Platforms such as Wix may make the process seem simple, yet there is a lot more to it than you think.
A good website is all about creative content that is Search Engine Optimised so that your clients can actually find you. It’s laying out your site correctly with the right navigational structure, naming images and so much more.
Research website designers that match the look and feel you are going for. There are plugins available (web speak for fancy add-ons that allow additional functionality) that connect your website to your realestate.com and domain platforms – so simply upload a property once and the work is done!
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Social media
This is a big one. There are a lot of platforms out there and a lot of noise to break through.
This can also be the place that can suck you in and take up too much of your time than it needs to.
Be smart with your social media management.
Set a strategy including a social media calendar and content schedule and stick to it. Post regularly. Be relevant. Show your personality. Join your local community groups and engage with your community. Don’t oversell or be pushy. Always be kind and considerate.
If you are on one or two platforms and do them well, stick with them. There is no need to be across every single platform. It’s better to be heard on the platforms that your target audience engages with. Research which ones they are and focus your energies there. Forget the rest.
We know that is a LOT to take in! But there are teams of people out there willing to help you along the way. If you’d like to chat with us and find our recommendations on finding all the above people, get in touch.
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.