Brand EditorialEPMEPM: Leadership

From Property Manager to Entrepreneur– what does it take?

For many property managers, the only true pathway to financial independence and success is being provided with a profit share in the Property Management Department or going out on their own.

Is being a great property manager sufficient grounding to go into business for yourself? Or, does it take more than experience, talent and industry knowledge? What makes one business succeed and another fail?

We have all seen evidence of sports stars failing at coaching, or your star residential salesperson not cutting it as a Sales Manager or Agency Principal. So, how big is the leap between performing well at your job and succeeding as an entrepreneur?

If you are an accomplished property manager you will most likely have many attributes that contribute to building a business. You will be well organised, methodical, systems orientated and have good communication skills. You will have an eye for detail, customer-centric and be a pragmatic problem solver. But is that enough?

Successful business people tend to have a common set of attributes that have nothing to do with operational skill or industry expertise. They include:

  • Having a clear vision and well thought out strategy of how to achieve it.
  • Being persistent. Success rarely comes quickly and easily. It takes sustained effort and tenacity.
  • An ability to bounce back from adversity and move on. Wallowing in negativity never helped anyone.
  • A developed sense of self-worth. They understand their strengths and value, build a point of difference and are not timid in communicating what it is.
  • High energy levels and an ability to self-motivate.
  • Being personable and an ability to network effectively. People naturally gravitate towards them
  • A strong inner drive and desire to be the best.

Attributes tend to be inherent – they are things that you can improve and develop, but are not easily taught or learned. In my opinion, these are heavily weighted in determining potential success.

But – even the most personable, enthusiastic and motivated person needs a foundation of knowledge to run a successful business. Most importantly, they need to understand:

  • The numbers – what is break even, how much revenue needs to be generated to make a profit and how to value the services based on their competitive environment and costs.
  • How to operate a business that is compliant, legal and ethical.
  • The market, the economy, the needs of their clients and the competition.

For many people taking the first leap into going into business for yourself can be daunting, but it doesn’t need to be. It’s important to build a great support team around you to help you through the start-up phase and beyond. There is a never going to be a “perfect time” to make the leap. Life has its complications – personal, financial and otherwise but if you feel that you have it within you to challenge yourself and create a life that makes you excited to get out of bed every morning then push past your fear and make it happen. Never think “but what if I fail”, think “how will it feel when I succeed.”

About the Author

Sarah Gray has held executive positions with both the REIQ and REIV and has over 20 years’ experience in the real estate sector.  Sarah now works as a Consultant with Rent360 where her knowledge of the industry and recruitment gives her special insight to help Property Managers make the transition from employee to running their own specialist PM business.

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