Business owners have revealed how property managers can start their own agencies - a long-term goal for a significant number of employees.
A recent Residential Property Manager poll uncovered that one in four PMs would like to run their own real estate agency.
Pure Leasing director Cameron Ewers told Residential Property Manager when you are preparing to start your own agency, be wary of overcommitting.
“You don’t need a massive amount of infrastructure to start your own business. There is nothing wrong with running a home office,” he said.
“Going to people to meet them to do things where it suits them is actually going to be seen as a benefit and a point of difference.”
Mr Ewers said getting the company structure correct is very important because it can be difficult to change later on.
“Make sure you seek several opinions from appropriate people to get that advice, and perhaps make sure you are working with an accountant that has experience in the real estate industry,” he said.
Jam Property managing director Loretta Morgan said aspiring business owners should strive to learn as much as they can while operating as an employee.
“I would volunteer for as many different roles as I could. If somebody went on holidays and they needed me to jump in and do sales admin, or wages, I was always volunteering to help out,” she said.
Ms Morgan said a whole new level of skills is required when a PM transitions from being an employee to an employer.
“It is alright when you are just a one-man band, but then when you start adding in staff and building a business, the dynamic changes very rapidly and it is totally different,” she said.
Property Management HQ director Kelley-Ann Seaton said it was difficult quitting a paying job to start something with very little income to begin with.
However, she said the benefits of having your own PM business far outweigh working for someone else.
“Yes it’s expensive running a business, it’s also emotional and very stressful at times. But on the flip side it’s rewarding, it’s your opportunity to create something truly amazing and showcase your talent and expertise,” she said.
[Related: Persistence pays in the long term]