Running a business is a lot easier when you start on the right foot. Now, the main reasons why most businesses fail are that they don’t do market research and don’t raise enough funds. However, these two risks are something that every guide will warn you of.
Still, what if you have enough money and know that there’s a healthy chunk of the market for you to take over? Does this mean that your success is guaranteed? Not exactly!
So, in order to increase your odds even further, here are a few tips and tricks that can make the launch of your property management business a lot more successful.
Come up with a good name
The first thing you need to do when making a business is to come up with a good name. Sure, when you become a conglomerate like Apple and Google, having a catchy or powerful (awe-inspiring) name is great. For a small business, however, having a field that you work with might be a better idea. What’s wrong with having “real estate” or “rental in your name?
Also, think about keywords and turning the name into URL. This will make your marketing much easier and more impactful. Still, it’s important that you pick something that’s both catchy and has this “URL value.” It can’t be one or the other, it just has to have it both.
Moreover, you should try to envision it in a logo. Integrating a word in a logo or considering calligraphy is a huge part of your branding, and it’s something you should never underestimate or downplay.
Lastly, you should try saying it out loud. This will be so important for oral content forms like video. It will also play nicely into IRL word-of-mouth. Most importantly, it will help you avoid instances where your brand name comes out as unintentionally inappropriate. It’s even better to show the name to someone else and have them read it.
Handle the paperwork
Next, you need to start with the paperwork.
You need to register your business in order to get your tax ID and start actually working. This is also why you need to have the name of the business in advance. Also, keep in mind that all of this is done online, which doesn’t mean that all of the registration processes will be instantaneous.
One of the most important things you have to do is pick the right business structure. Are you going in as an LLC, sole proprietorship, or a partnership? This determines more than just the structure of equity in your business; it affects the way you pay taxes.
Now, what we described previously is true for any business (not exclusive to property management business), what’s different here are the permits you need. The sooner you start working on getting them, the better. After all, you can’t get into business before you get licenses and certificates.
It’s also essential that you protect your IP. This is not just about your logo or slogan; it’s also about your business model. The use of your name for marketing purposes is very important, and you have to protect it as soon as possible.
Find some help
Previously, we talked about the importance of picking the right structure, and one of these structures is a partnership. This is not just about splitting liability and cost. It’s about getting at least one other person in your firm who’s as invested (has as much skin in the game) as you.
Next, you need someone to help you handle all your day-to-day tasks. This is why you need to get an assistant. Fortunately, in 2024, you have the privilege of hiring a remote employee for this task. Not only that but thanks to the expansion of the industry, you can even find a specialist. Instead of just looking for an assistant, you can actually get a property management virtual assistant.
You can’t do it all on your own, which is why you need to hire the right people. In the property management business, roles are split pretty evenly; however, since you’re probably running a small firm, everyone will have to fill a few different roles.
The key thing to remember is that even people who fit your requirements perfectly won’t be 100% fit. This is because every firm does things differently. So, if you want them to come up to speed as quickly as possible, you need to prepare onboarding materials as best as you can.
Think about marketing
The first thing you have to do in order to promote your business is to create a website. This website needs to be functional, optimized, and a perfect representation of your efficiency. Just think about it: they have no previous experience with you, so they’re jumping to conclusions. If your website is slow and clunky, they’ll assume that the same goes for your business.
Next, you need to focus on SEO. Ranking well on search engines will increase your visibility and boost your reputation. Not only will your audience be able to find you, but they’ll automatically trust you more (believing that you’re not ranking well without a reason). Just keep in mind that you play for the long run and use exclusively white-hat SEO.
The next thing you need to take into consideration is the fact that social media marketing is more important than you think in this field. All your audience is on social media, and they spend a lot of time interacting with ads and sponsored content. You have to use this opportunity but this means that you first have to establish a solid online presence.
Lastly, email marketing is still a staple of the industry. You’re always looking for new clients and partners. Even today, most business is done via email.
Wrap up
The last thing you need to keep in mind is the importance of handling some things early on. The majority of problems scale with the size of your business. Early on, picking the right name is easy, however, changing it when everything else is set can be a nightmare. This is just one example. You need to think of these things as early as possible in a field as competitive as property management.
