Thinking of having your own commercial property management company? Well, it’s the best time of the year to make your dreams come true. Promising areas in Sydney are growing such as the northern suburbs like Macquarie Park. Areas that are seeking to build shopping centres and businesses. This gives a great opportunity for commercial property management companies and several new ones are emerging like Niche Portfolio that use a ‘hands-on’ approach. So why not build yours no matter if you’re already an property owner or just completed your educational degree.
Starting out your own company requires research, consultation and of course experience. It’s not an easy process. So here are steps and tips that will help you build a portfolio and achieve success:
- Know your audience: It will help you set up your goals and strategies, a pathway to success. It’s a good idea to cater different types of commercial properties in the future since it will attract a diverse audience, more references, grow stronger against competition and avoid problems in the markets. So keep this in mind.
- Have a marketing plan: This is where you write your goals and strategies, and add things that you’ve researched such as location, statistics, competitors or potential ones
- Know the right time: Before starting, it is important to know the current trends; what people want or need, and in that way it will help you succeed reaching your target market.
- Utilise what you’ve learnt from your studies and professional experiences. You’ve put your time and energy into it so employ them. You would feel that all the studies and experiences were worth it.
- Organise your finances: Know what you have and could afford to avoid big surprises like losing to competition.
- Networking: It’s important. A great way to help build and promote your company and find clients. Look for reputable realtors, owners, investors and other property management companies in the area too, and build a relationship with them. You never know they might give advice and refer you to others.
- Set up the basic elements of your business like email address, website, an office, other contact details, business cards. They’re a good start since they cost little. Don’t rush into things like employing high-standard services during the first days. You can set up your office at home first.
- Find the best real estate portfolio manager: They’re responsible for assessing the value and performance of real estate companies and its investments, and look out for financial trends, making them a great asset. Look for qualifications and interview them. Or you could be your own real estate portfolio manager if you have experience in that area or planning to.
- Get your company out there: Put up an ad on the internet or the old-fashion way on posts or insert fliers in mailboxes. Use social networking sites like Facebook and Twitter to create a business page. Alternatively you could find a marketing company to help you.
- Love your job! It’s important, if not, beneficial if you have a passion in real estate and property management. Note that it’s a people-orientated business.