Notes

Property Management Owner's Dilemma: Get Bigger, Stay the Same, or Sell Out?
"There are merely two directions; you're either growing or you're dying. There ain't no third direction." (Tommy Callaghan, Sr. in "Tommy Boy")
Business is a funny thing; an example may be never allowed to be satisfied. If you take up a company, grow it, and start to cashflow it, then that's good, right? Isn't that the theory? I thought it was, at the very least.
However, it really isn't in the event you look at news, view television, or attend any company get togethers. The things that people need to speak about are:


What are the growth figures when it comes to revenue? Projected over to 2015?

Is your social media and digital strategy sound? Have you made enough time and financial investments?

Have you seriously considered geographical expansion? Franchise? Office openings?
And property management carlton and on. There apparently isn't any downtime allowed! If you sit pat, you're going to fail. You must grab the celebs of worldwide domination! The purpose of earning money is usually to reinvest it! Get on it! Get bigger! Now!
So rapid growth is left because the only option, if you don't want to be considered a "burned-out" property manager. If you choose to pursue slower, organic growth, you will be called "uninspired", a "non-visionary", and lazy. No one writes articles on business owners who stay the course! Those stories got chopped out early in the editing room. But despite many loud naysayers to the contrary, staying the same is certainly an extremely viable option. It's just the "keeping on, keeping on" strategy. Nothing is wrong with that!
But think about in case you are really "uninspired" now? You are burned out! You are a property management company owner (or agent) who doesn't need to deal with the company anymore. You are looking to escape and then sell out. How would you do this?
You could work with a business broker to find somebody who really wants to add property management for their real estate brokerage company, or maybe really wants to own a stand-alone property management company. These instances are pretty rare and also the business broker would truly be earning their money whenever they found somebody that will purchase smaller firm (under $1M in revenues)!
What is much more likely is that you simply would sell your management accounts to another property management firm. For example, I received correspondence the other day in one of the largest property managers in town; this letter was undoubtedly provided for every property management company in your neighborhood. The letter inspired to buy the property management accounts we had.
In mergers & acquisitions speak, we were holding by using a typical roll-up means of buying up every smaller company in the area to accelerate their growth. They had no interest in our systems or procedures; they merely wanted to throw our management clients within their management machine. This would be a fast opportinity for the crooks to grow rapidly. It also would be a quick method for "uninspired" property managers to escape in the business and earn some quick money away from their company. A true win-win? Possibly!
To grow, stay, or go- it's a personal decision that really should not be the consequence of other's expectations. There are solutions whatever both you and your company's approach is!
My Website: http://www.masonre.com.au/