I started in property management when I was only 18 years old, but I always knew I wanted to own my own agency.
I wanted to be the boss, the girl in charge and the one making the big bucks.
When I imagined starting my own agency and going out on my own, this is what I imagined: I imagined Iโd arrive late to the office after picking up my morning coffee.
Iโd work until about 4pm, and Iโd oversee my amazing team of property managers.
Iโd have landlords queuing up to work with my company, and Iโd charge higher fees than anyone else in my market.
Iโd take long holidays, where my team would run my business without me, and Iโd return to a business that was happy, profitable, and Iโd never have to go to the tribunal (because all my tenants would be perfect).
But thatโs not exactly how business goes.
When I first went out on my own, three things surprised me about business ownership.
Let me tell you what they were.
Surprise 1: It’s not a field of dreams
When I started my agency, I focused on building my website, getting business cards and setting up my logo and branding.
I honestly thought that if I built it, they would come.
So when my phone didnโt ring (not even once in the first six weeks), I started to panic.
I built it, but they didnโt come! My business was not a Field of Dreams.
It was a total surprise that, even after starting my business, landlords werenโt queuing at my door to use my property management services.
A total surprise, and a rude shock, if Iโm honest.
It turns out, having a website and a phone number is not enough to grow an agency.
Not enough at all.
You must be extremely proactive in your approach to prospecting and growth in the first year or two of business.
After sitting and waiting for landlords to call me for the first six weeks (and nearly going broke in the process), I realised that I would run out of capital if I didnโt spring into action.
So I took action. I joined networking groups, met other business owners for coffee, did letterbox drops, sent direct mail, started a newsletter, and tackled my social media.
After all, I had nothing else to do except focus on growing my rent roll.
That became my full-time job.
Surprise 2: I had to wear ‘all the hats’
When I first started my agency, Iโd been a property manager for many years.
But I had never overseen the reconciliation of a trust account, Iโd never been a receptionist in a real estate agency, Iโd never receipted rent, and Iโd never been a licensee in charge.
Stepping into my own agency meant that I had to step into several roles Iโd never fulfilled in my entire career.
This was a pretty steep learning curve for me.
I was a great property manager but a terrible trust accountant.
I dreaded doing bank reconciliations, and I loathed the end of the month.
I had panic attacks whenever my trust account didnโt balance, and I never enjoyed the numbers side of my business.
But it wasnโt just trust accounting that surprised me about going out on my own.
I was surprised to discover that, since I was the only person in my business, I was also responsible for everything else.
I had to wear ‘all the hats’ in my business.
This meant that I was responsible for being: the leasing consultant, the routine inspection officer, the trust accountant, the BDM, the property manager, the receptionist, the marketing manager, the administrator, and everything else in the business.
I was horrified to discover that, because I was in charge of all tasks and responsibilities in the business, I was much busier than I expected to be.
Not only busier, but I struggled to do some of the tasks in my business that werenโt ‘property management’ tasks.
I honestly didnโt realise that Iโd be responsible for everything in my business for the first year or two.
Over time, I learnt how to do all of the tasks in my business, and Iโm sure it made me a more well-rounded business owner.
But it was a surprise and a struggle for me indeed.
Surprise 3. Calling the shots
This one was a good surprise.
Soon after starting my agency, I realised that I got to call all the shots in my business.
I got to decide absolutely everything: the landlord gift packs, the trust accounting software, the open home brochures, the website design, the tenant welcome gifts, the business card design.
But hereโs what I loved the most.
When something went wrong, even when I stuffed up, I got to decide exactly how to fix it.
Thatโs why I decided to offer a money-back guarantee on my property management services.
My promise was, โif youโre not totally delighted with my property management services, Iโll refund your last three months commission, and youโre free to transfer your management to another agent with just 24 hours noticeโ.
Want to know how many landlords asked me to refund their commission? Zero.
Not a single landlord asked for their money back (although I did use this guarantee as a way of sacking a bad landlord!).
Even though I never had to honour the guarantee, I loved that I got to decide exactly what the guarantee was.
Iโd never had a property management job where I could offer such a strong service guarantee to my clients.
I loved calling the shots and making all the big decisions in my own agency.
It meant that I had control of my business and the freedom to steer my business the way I wanted to.
There will always be surprises
If youโre thinking of taking the leap and starting your own agency, I highly recommend it.
But be prepared for some surprises along the way.
It may not be exactly as you expected, and thatโs OK.
The journey of business ownership is one that makes you a business owner.
It empowers you to take ownership of your future and demands that you step up as an individual.
Youโll have moments where you want to sell your business and walk away, and moments where you wish you started it sooner.
But the real value in your business is who it makes you in the process.