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 really a funny thing; you are never allowed to be satisfied. If you find a company, grow it, and commence to cashflow it, then that's good, right? Isn't that the thought? I thought it was, a minimum of.
However, it isn't should you read the news, view tv, or attend any business group meetings. The things that people need to speak about are:


What are the growth figures regarding revenue? Projected out to 2015?

Is your social websites and digital strategy sound? Have you made some time and financial investments?

Have you contemplated geographical expansion? Franchise? Office openings?
And on and on and on. There apparently isn't a downtime allowed! If you sit pat, you're determined to fail. You must grab the heavens of worldwide domination! The purpose of making money is usually to reinvest it! Get on it! Get bigger! Now!
So rapid growth is left as the only option, unless you need 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 at the start of the editing room. But despite many loud naysayers to the contrary, staying a similar is certainly a really viable option. It's just the "keeping on, keeping on" strategy. Nothing is wrong with that!
But how about should you are actually "uninspired" now? You are burned out! You are a property management company owner (or realtor) who doesn't wish to deal with the business anymore. You are looking to escape and then sell on out. How would you do that?
You could work with a business broker to discover somebody who would like to add property management to their property brokerage company, or simply desires to own a stand-alone property management company. These instances are pretty rare and the business broker would truly be earning their money when they found someone that will purchase your smaller firm (under $1M in revenues)!
What is more likely is you would sell your management accounts to another property management firm. For click to read , I received correspondence yesterday from one with the largest property managers in the city; this letter was undoubtedly delivered to every property management company in the region. The letter inspired to buy up the property management accounts there was.
In mergers & acquisitions speak, they were employing a typical roll-up technique of buying up every smaller company in your neighborhood to accelerate their growth. They had no interest in our systems or procedures; they simply desired to throw our management clients inside their management machine. This would be a fast way for these phones grow rapidly. It also would be a quick method for "uninspired" property managers to move out with the business to make some quick money away from their company. A true win-win? Possibly!
To grow, stay, or go- it's really a personal decision that must not be the consequence of other's expectations. There are possibilities open it doesn't matter what your company's approach is!
My Website: http://www.masonre.com.au/