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DGS 149: 13 Common Mistakes To Avoid When Starting A Property Management Business
Description
Most property management businesses suck because they have miserable business owners, but it's not because of the industry. There are unhappy business owners in any business, in any industry, or in any business category. What would you do differently now that you run a property management business?
Property management growth expert and founder/CEO of DoorGrow, Jason Hull talks about 13 common mistakes made and tips on how to avoid them when starting a property management business. These are things that you should know or wish you had known. Some are really practical and some are a bit more high-level recommendations.
You'll Learn...[02:23] Out of Alignment: You're in the wrong role, doing wrong things in the business.
[04:00] Mistake #1: Not using or choosing cheapest property management software.
[05:49] Mistake #2: Don't give out your real direct cell phone number to tenants, owners.
[07:03] Mistake #3: Learn how to win the online reviews game before starting to play it.
[08:17] Mistake #4: Do not be the cheapest in your market. Price yourself at the top.
[09:51] Mistake #5: Your business name should always end with property management.
[10:50] Mistake #6: Save time and money - grow a business without paid advertising.
[12:39] Mistake #7: Cycle of Suck - don't take on shady clients or properties.
[13:57] Mistake #8: Do not hire until you're clear on what matters - culture, values.
[16:36] Mistake #9: Everybody has a fantasy when starting a business. Kill the fantasy.
[19:20] Mistake #10: Make property management the focus, especially in startup stage.
[21:24] Mistake #11: Protect your time; offload emergency/after-hours calls, eventually.
[22:27] Mistake #12: Distraction of Opportunity - reduce variations and focus on niche.
[24:48] Mistake #13: Don't be a know-it-all; collapse time by getting a coach, mentor.
Tweetables"Choose property management software that you can live with forever."
"You need to insulate, protect yourself, and not be reachable all the time by cell phone."
"It's better to be the most expensive than the cheapest, in my opinion."
"There's one thing that without it you don't have a business—clients."
"When you start to value yourself and value your time, other people will start to value you and value your time."
ResourcesThe Myers and Briggs Foundation
National Association of Residential Property Managers (NARPM)
TranscriptAll right, we are live. Welcome, DoorGrow hackers, to the DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, you are interested in growing your business and life, and you are open to doing things a bit differently, then you are a DoorGrow hacker.
DoorGrow hackers love the