The Property Management Business was always of interest to me from the day I started my Real Estate career in sales at 18. I was hired by Greg Jackson, the owner of Metrocity Realty— a boutique Real Estate Business in the heart of West End Brisbane. The office I learnt quickly was heavily Property Management focused, as I was sat in the middle of eight to ten middle-aged and young women. Being surrounded by the young ladies was not such a bad thing considering I was a young single man at that time.
The conversations that happened around me, at times, seemed quite interesting and then at other times, I thought to myself why anyone in the world would want to be a property manager. Between my calls, I would listen and eavesdrop on conversations that maybe I was not meant to hear. The thing that I found funny was watching 10 women trying to get along. I had to get out of there at times because the bitchiness and clucking got too much.
Anyways, enough about that. As I got to know Greg (my boss) more, he really did become a great mentor to me. He was a teacher in his past, so he loves to pass on his knowledge, and I love to learn. Eventually, I asked the question: “Why on earth would you want to own a Property Management business when all you seem to do is listen to people whinge all day long?” He said because when he checks out, it will fill his bank account and the sales team will not.
I asked him to show me how and he explained the asset value plus the multiplier on each rental. It did not seem a lot when he showed me one, but then said, “do the maths on the 800+ we have.” I thought to myself at that point, one day I will build a rent-roll. This was very early on in my career but the dream of owning my own office was engrained and the idea of having a rent roll became a fixation.
So, we fast forward 6 years where the idea of owning my own office became a reality. I started out with just sales and then dived into rentals because that thought about the asset value was firm in my head. However, there was a very big difference in having the idea compared to implementation. OMG! There was so much to learn, and I was busy smashing sales and running my sales team. I thought again: “How am I going to build this and sell at the same time?” Probably a thought that most Real Estate businesses have had. So, can you relate?
The answer, I thought, was just to hire someone who knows how which makes sense. Right or wrong, it did not work long-term for me as I had no idea what they were doing. Soon I realised what they were not doing because my phone started ringing with issues. I had a coach for Sales Mindset at that time so I thought simple, I must learn this stuff myself and I need a coach. The hunt began.
I spoke to many real estate trainers; however, they were all so fluffy and do not know how to grow a big rent roll, until I met Jo-Anne Oliveri. She understood what the goal was for me and what, at that time, were my current frustrations. She showed me how the only way out of it was systems and provide a solid product where everything you say you do gets done! It seemed easy enough, so that is what I did.
Our property management business started to grow as I was heavily involved in enforcing the process but not having to be hands-on. However, like any rent roll, you get to a point where you need more support and there goes the profit until you get to a higher number of managements. At that time, I had two Sales Real Estate VA’s so it seemed to make sense that instead of taking on someone at $70,000 per year, I will hire a Property Management Virtual assistant for $20,000 a year. This worked perfectly but it would not have unless the VA was underpinned by great systems.
Fast forward 6 more years and I ended up sitting over in the Philippines, starting a new venture as I cashed in on my Rent Roll and was looking for new challenges. I was so passionate about how VAs can help a Real Estate Business, so I decided to start my own BPO (as what they call it) supporting Real Estate Agencies. The business really had its ups and downs as I was facing new challenges and not much support to get through them. I helped many clients and learnt very quickly that not many Real Estate Businesses actually had many processes at all. This was not going to work, and it did not for many. I was very annoyed at the failure rate, yet ecstatic with the successes that we did have.
I had been keeping in contact with Jo as I thought she would jump on board and become a great referral partner, however, this never eventuated. She was very hesitant on outsourcing for property management as she had coached many business owners and knew it would go wrong in most cases. Back in 2017 this was, and I floated the idea of a concept where the VA comes fully trained and was underpinned by systems that run them. We both thought, “WOW, great idea,” however, we were both too time-poor for implementation. A great idea with no implementation will just stay exactly as an idea.
Fast forward to February, 2 of 2020, and guess what? The idea has come to fruition at probably the worst time ever to start a business. Anyways, the show goes on and the 1st Fully-Trained Property Management Virtual Assistant whom we call the “Purple Powered VA” is placed for our first client and soon after, there were 4 more! Even through the pandemic, which I don’t need to mention as we are all sick to death of hearing about it, we have had a 100% success rate. The difference really is in the ireviloution training that the VA receives and the calculated approach we take.
Sorry though, I must leave you hanging a little as all I want you to know at this point is that the product exists and how to find it if you want it. Both Jo and I are always available for a chat about it so feel free to head over to www.purplepoweredva.com and contact us. Thanks for reading this article. I hope you found it of interest. If you love it make sure you share it so others can get value too. Stay safe, signing off.