4 Ways to a Property Management Startup
Startups are really taking off what with the influx of crowdfunding resources, fresh and raw young talent, and lower overhead made possible with telecommuting technology. Of course “tech” will always play a huge role in startups, but don’t overlook other possibilities. Your best bet is to choose a field you’re passionate about, have some experience in, and where the growth factor is solid (although it doesn’t need to be the highest). Get creative.
Let’s say you have experience working for a property management company. Maybe you were charged with liaising between the company and landlords, or maybe you were an on-site property manager. You know how important high quality management can be, and it’s a field that will always be in demand (after all, there will always be renters and landlords). That’s going to be a better match for you than starting an SEO company.
Property management is in your blood, but how can you get started?
1. Lean on past experiences
There’s no need to reinvent the wheel. Collaborate with partners who all bring something different, yet complementary, to the table. This might be a veteran landlord, a certified maintenance technician, and someone else with property management experience that’s a little different than yours.
2. Know the state and local laws
What you’re legally required to do can vary from region to region. Ensure that you have what it takes to abide by laws and regulations where you’ll be setting up shop. You also need to consider what renters and landlords in your region want from a management company, and see if you can delivery above and beyond what the competition has on deck.
3. Go digital
In a mobile-ready world, you need to make things as convenient as possible for your customers. This means providing every avenue for communication (phone, text, WhatsApp, email, etc.) and cater to customers who may not be in the US. Regular business hours are for newbies, and not being video-accessible (such as with Skype) is going to make things tough for international customers.
4. Don’t forget about SEO
The vast majority of Americans research services and providers on their smartphones before taking the next step. Your web presence needs to be top notch, and that includes SEO. Hire a contractor or freelance company with the skills necessary to make you searchable online.
Most importantly, don’t skip major startup musts like business plans and wooing a variety of investors.