Notes

Property Management Owner's Dilemma: Get Bigger, Stay the Same, or Sell Out?
"There are just two directions; you're either growing or you're dying. There continue reading this 't no third direction." (Tommy Callaghan, Sr. in "Tommy Boy")
Business can be a funny thing; an example may be never able to be satisfied. If you take up a company, grow it, and commence to cash flow it, then that's good, right? Isn't that the thought? I thought it was, a minimum of.
However, it isn't in the event you look at news, view television, or attend any organization get togethers. The things that people desire to discuss are:


What will be the growth figures in terms of revenue? Projected in the market to 2015?

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

Have you contemplated geographical expansion? Franchise? Office openings?
And all night and on. There apparently isn't a downtime allowed! If you sit pat, you're destined to fail. You must reach for the celebrities of worldwide domination! The purpose of creating wealth would be to reinvest it! Get on it! Get bigger! Now!
So rapid growth is left as the only option, unless you desire 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 identical is undoubtedly a really viable option. It's just the "keeping on, keeping on" strategy. Nothing is wrong with that!
But think about if you really are "uninspired" now? You are burned out! You are a property management company owner (or realtor) who doesn't want to deal with the organization anymore. You are looking to get out and sell out. How would you make this happen?
You could engage a business broker to locate someone that desires to add property management on their real estate brokerage company, or just would like to own a stand-alone property management company. These instances are pretty rare and the business broker would truly be earning their money whenever they found someone that will get your smaller firm (under $1M in revenues)!
What is a lot more likely is that you simply would sell your management accounts to a new property management firm. For example, I received instructions a few days ago in one of the largest property managers in town; this letter was undoubtedly delivered to every property management company in the region. The letter inspired to buy inside the property management accounts we had.
In mergers & acquisitions speak, these were having a typical roll-up strategy of buying up every smaller company in the region to accelerate their growth. They had no interest in our systems or procedures; they merely desired to throw our management clients inside their management machine. This would be an easy method for these to grow rapidly. It also has to be quick opportinity for "uninspired" property managers to escape with the business and make some quick money off of their company. A true win-win? Possibly!
To grow, stay, or go- it is a personal decision that must not be the effect of other's expectations. There are possibilities open whatever both you and your company's strategy is!
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