Entrepreneurship in Real Estate Management
The idea of creating a small boutique property management company had always been in my head, and for many years it would stay just an idea. I knew there was a niche for boutique property management services for private owners/investors, but I had to figure out how to find them and how to show them my specific expertise was exactly what they needed.
In 2018, I took the leap and founded Personal Properties. My initial fears, unsuspected hurdles, and the obvious learning curve of entrepreneurship combined to create such a great challenge, I came very close to failing. But instead of giving up, I started to develop a deep sense of motivation and began educating myself on things like LLC vs LP, business insurance, EINs and loads of other items which were needed before I could confidently obtain clients.
Here are just a few tips and tricks that helped me launch a boutique management firm and could help others with this same entrepreneurial spirit:
- Mentoring Group - I found a fantastic mentoring group, SCORE, which offers mentoring to business owners, and was teamed up with a fantastic mentor who helped me effectively strengthen my earnest yet thin business plan. There are many other networks available that provide a conduit for mentorship, including associations like IREM.
- The Internet - I created my own webpage (thank you Word Press!), subscribed to LoopNet, and pored over the listings. For any listings not held by a well-known realty company; I would send out an introductory email along with the link to my website. The world of real estate is at your fingertips with the connectivity of our digital world. Don’t be afraid to leverage it in growing your business and reaching new clients.
- Use Your Network - Reach out to people in your industry whom you respect and are business owners – how did they begin, what was the hardest lesson to learn, etc.? Let their mistakes teach you and keep you from possibly doing the same. Most entrepreneurs are happy to share and support others who share the same business ownership dreams.
- Be Your Own Biggest Cheerleader - Everyone wants the decision to be easy or great timing, but it will never be. Do the work. Prove you’re going to keep doing the work because it’s your passion. Don’t give up, and don’t take anything personally. While owning a business means you take on all of the risk, you also stand to reap the most rewards. Let the latter be your guide and always be your biggest fan.
When I launched my business I had no capital backing me, just my checking account and my passion for property management, but I knew if I did not quit, I would succeed. Congratulations for believing in YOURSELF. You can do this!
To learn more about starting your own management firm, check out IREM’s three-part online series How To Start A Property Management Company.
About the Author Kelly O’Meara: Early in my career it was my desire to create a service oriented role which focuses on ownership and tenant needs. My enthusiasm for property management began in small office buildings and grew to include retail centers, class-A office buildings and industrial sites. Throughout my career, I have managed all aspects of real estate and continue to enjoy being of service to both the owner and tenant, excelling at providing oversight for daily operations, while ensuring management business is conducted with a sense of urgency and diligence.