All Forum Posts by: C. Lowe

Thanks Jon Holdman, good advice.

I have never started a business. Zero experience. However, like most people, I think I'm the exception to the norm, and am atypical when it comes to my ability to possess a high level strategic vision and a tactical, detailed view simultaneously. Strongly agree that operating a business varies greatly from managing properties. I have seen The E-Myth Revisited recommended in the past, and I'll give it a read. I envision running a successful business as being successful in multiple quadrants. There is Sales/Networking/Marketing; there is Accounting/Tax/Capital Management; there is HR with Employee retention/satisfaction/development, and then one I call Time Management. To be successful, you must achieve great results in each category, and also be mindful of friendships, family, and other key components of life away from the requisite long hours.

Education and experience builds a strong foundation of knowledge. Reading, learning, listening, and adapting are the keys to a pathway to success. I intend to blaze a trail, and hold on to hope that it doesn't take me off the edge of a cliff. Good news is there aren't many cliffs where I am. ;)

Thanks so much for the insight. Valuable input for sure.

Chris

Thanks for the input Yulissa Candiotti, Ann Bellamy, Ira Smith!!

It's a tough question to answer, esp. without knowing me. In the past, I owned and self managed 4 single family rental properties; now I manage one from out of state and employ a property management firm to assist with the others. I started purchasing income properties because I wanted the challenge and have always had a love for it.

I'm probably a glutton for punishment; I believe I'll enjoy walking that line between keeping a tenant AND owner happy simultaneously. I believe property management may require some political tap dancing at times, but I think through honesty, integrity, and strong interpersonal relationships, people will respect my decisions and my good intentions.

Additionally, my friend, acquaintance, and property manager who manages my properties out of state has a thriving property management business with hundreds of properties; he's grown this business organically over nearly a decade. He's kind of my inspiration and mentor, and has shown me the innerworkings of his business and has figuratively given me the keys to his kingdom. This fact only makes me want to take on property management from the start even more.

My conservative nature makes me lean towards joining a large real estate company and obtaining the big box training. Learn the lay of the land locally and then leverage the networking and sales skills as I roll out my own property management company in couple years when I obtain my broker's license.

Also, I can look to invest in properties, which is also a passion. But...that's another story!! ha ha ha.

Thanks for your input you all!!! I love the feedback and the time you've invested in me, a complete stranger. If you are ever down in the Sarasota area (Siesta Key was recently voted #1 Beach in America), look me up if you care to!

Have a great one.

Chris

Hello to all my fellow BP members-

After 16 years, I've left accounting and finance to pursue a career in real estate. I completed my Florida real estate sales associate licensing exam on Saturday, and now it's time to make some decisions. I'm looking for some guidance here, so please don't hold back.....

My dream:
To start my own property management business.

My reality:
In Florida, to own a property management company, my understanding is a broker's license is required. This requires 2 years experience as a sales associate, which I don't have.

[u]My options and my What would you do?

1. Work as a realtor with a local real estate company and gain valuable training in sales, networking, and real estate in general. This will give me time to build my knowledge of the local market and obtain 2 years of experience, so I can obtain my broker's license later.

2. Attempt to find a broker to be my broker of record, and to try to live my property management company dream right now, without delaying 2 years. My thought here is the time is so valuable, and it will take years to reach critical mass (if at all), so starting now is so important.

3. Something else???? One of the biggest challenges here is finding people with experience in sales AND property management. Those I know have done one, but generally not the other.

This is a tough decision for me. I've given up a comfortable income to pursue a career I will love. I've moved away from the numbers and spreadsheets in favor of building relationships, helping others, and interacting with great investors, real estate professionals, and people wanting to buy or sell a property.

It's an exciting time for me, so your input is valued tremendously. Don't hold back!

Finally, thanks in advance for everyone's time.

WHAT WOULD YOU DO????

Chris

Hey Brandon Turner and Hey Dev Horn-

Thanks for the input. So far, I must admit, this is fantastic. I am looking forward to putting in my time and working harder than ever to be successful. It's so reassuring to know that there are others who have blazed trails and are willing to share their stories: the good ones...so I can model them and learn from their wisdom; the bad ones...so I can hope to avoid the same hurdles and pitfalls. All in all, this is and will be a great adventure. If only my income wasn't less than the price of a cup of coffee......ha ha.

Live everyday...no dress rehearsals in life!

Chris

Jimmy- Thanks for the kind words. Yes, we go to Siesta Key often. It's a great place. If you are ever in the area and want to talk real estate, look me up. Take care!!
Chris

Thanks Zach for the words of wisdom. It's reassuring to hear thoughts that echo mine at the moment. I've met with several brokers in the area, and it's really interesting to hear you suggest KW; I'm leaning towards joining their team for the reasons you've suggested. There are others with great formal training programs as well.

I've focused on talking to brokers on the sales side of real estate, not property management. Would you recommend talking to companies like Keller Williams and their property management division? I notice that several companies in the area keep residential, commercial, and property management separate entirely.

If you ever have any questions on Sarasota, please let me know. I've lived here for about a decade, and am somewhat familiar with many of the areas.

Thanks for your time!!

Chris

Sounds like you have some great ideas Mandy. I just completed the Bob Hogue review class (in St Pete) and passed the exam on Saturday. Best of luck; it's not easy in Florida these days. Drop me a line if you care to; I'd love to pick your brain on your planned career path. I'm developing mine at the moment!!!

Hello everyone! What a fantastic site! I'm impressed already.

I'm seeking some wisdom to help guide my career path. I passed my Florida real estate associate exam on Saturday, and now am at a crossroads. Do I sign up with a broker to gain sales experience, or do I follow my dreams and attempt to start a property management company without a lot of prior experience? There are a million variables here I'm aware, but if anyone can weigh in, I'd appreciate it greatly!