My name is Paul, & I’d like to officially welcome you to my blog! Property management is a very covetous business, because of the amount of money that can be made running this type of business. I’m going to give you a few key reasons why property management is so valuable as an entrepreneur!
Fantastic Cash Flow
Firstly, because it is a service based business, the amount of cash flow that gets continually injected into the business each month means your business will be very prosperous. Clients will be auto-billed every single month, BEFORE you handle the work, which means you will never lose money and always be able to make a profit from day one. However, we recommend getting your client on an automatic payment solution – trust me, the last thing you want to do is be chasing around payments. That is NOT a fun thing to do.
Once you get this down, you will be able to reinvest the profits back into your business and continue scaling up your property management company. The number one mistake I have seen people make it not re-investing the profits. This can be a BIG MISTAKE!!! Cash flow is king. Trust me. Even more importantly, when a certain opportunity comes your way, you will want the cash to take advantage of this.
Low Barrier to Entry
While property management isn’t the HARDEST job in the world, it’s not very difficult to learn how to do it effectively. There are plenty of free resource materials available on the Internet, especially YouTube that gets heavy into the basic ins and outs of how to do it. I recommend making friends with others in this industry, and networking with people you want to be like. Personally, I manage over 500 rental units for my clientele, and the satisfactory rate is fairly high.
You do not have to go to school to accomplish learning how to do this. Read books, watch videos, consume as much information as you can. Even influencers like Grant Cardone have a ton of free resources available to you so you can start turning a profit in your business.
I personally learned from a friend named Shon who runs his own property management site. Do your best to repeat my strategy, and find a “Shon” who can really hook you up with the best insider knowledge. A lot of the information comes from him, but of course, as you actually put it into ACTION, you will come away with a great amount of learned knowledge that you just won’t be able to learn by watching videos and reading books.
Digital Lead Generation
In today’s world, it’s not hard to find renters FOR the property(s) you will be managing. AirBNB, Google, Facebook and Instagram are just a few of the websites where you can generate a ton of renters for your clientele. Not to mention, paid ads is super powerful, and investing into a paid ads strategy is our number one recommended solution when it comes to this.
Automating Necessary Tasks
It is not hard to handle the most important thing: keeping the unit clean. Also, you will need a handyman on call just in case something unexpected happens (because it always does). You can put these service-men on a monthly retainer, which will usually be cheaper for you in the long run.
When people think of real estate and property management, they always think of tangible properties. But have you considered DIGITAL property management? Right now, NFTs are making a huge wave in the world of business, and because they are technically “units” of things that go for large amounts of money, you can be hired as a “property management” company to handle digital portfolio assets for high-end millionaire/billionaire clientele. This isn’t something I have seen anyone do yet, which means if you are an early mover, you can win big.