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Liam

27 Sep, 15 tweets, 3 min read

Why would anyone ever be interested in property management?

What a weird thing to be interested in...

Aren't you worried about the headaches? The late-night phone calls?

No...let me break this down for you. 🧵

1/ All businesses have headaches..... I just don't mind the headaches with industries that have very high potential revenue numbers with high net margins and very little expenses.

And that's exactly what property management is.

I am talking specifically about...

2/ the management of short-term rentals (Under 30-day stays).

I am not interested in the long-term, multi-unit, and large HOA/strata type complexes that require large labor leverage and management.

I am interested in short-term guests staying in...

3/ luxury single-family homes/condos, coming in weekly or up to 30 days paying high rates that I can collect 20-25% of the gross revenue generated by the property.

So my main focus: Luxury SFH/Condos Short Term Rentals.

I recommend anyone that is

4/ in a tourist location or that has one within 1 hour away consider this business model... especially if you are a realtor... this is easy money in the bank for you.

5/ "Adopt Tech or get left behind."

That quote is replaying over and over again in my head with this industry.

I see competitors managing portfolios of 100M in the short-term/long-term rental space that have no tech involved besides...

6/ an online booking tool with their website and an excel spreadsheet.

WTF is going on here.....they have...

No CRM

No email campaigns

Horrible delegation skills

No automation whatsoever

Are we in the early 2000s still?

7/ This really will be taking candy from a baby...

I'm going to:

Call every realtor, mortgage broker, interior designer, and title insurance office in town and get the word out to get as many listings as I can.

I'm going to leverage...

8/ channels at the beginning like Airbnb and VRBO for free advertising and gain traction on our listings through those platforms.

Once I gain traction through those large channels I'll begin funneling...

9/ future and consistent guests through my personal business online booking website to collect bookings directly avoiding Airbnb and VRBO fees and creating more of a self-brand.

(Tech does this by funneling guests through personal email and text/phone and collecting it.)

10/ I'll be adopting an amazing tech stack that automates almost all workflows.

Lastly, hire a VA then train them and get them to handle any low-level customer service.

In the beginning, I may be the foot soldier for maintenance, cleaning, and on-call issues, etc.

But.....

11/ over time I am going to delegate this out.

I do not believe you need to be the best business around to become wealthy in this industry.

I honestly believe that this will be one of the easier routes I can take to becoming a millionaire before I am 30.

12/ I'll end on an example:

Average SFH near me: $860,000

Peak Season Nightly Rate: $1400-$1600 Per Night

Monthly Season Estimated Property Revenue: $42,000 - $48,000 (If the full month is booked up.)

Net Margins (25%): $10,500 -$12,000

13/Marketing Expense: Minimal - Using Airbnb/VRBO (Fees) and ZERO cost if using the personal website.

Cleaning Expense: Billed to Homeowner

Maintenance Expense: Billed to Homeowner

Ops Cost? CRM, Website, and some marketing for getting more listings.

14/ Seems like a no-brainer to me.....

AND those aren't even close to the numbers for some of the luxury lakefront single-family homes and condos we have estimated.

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Generating life-changing cash flow at a young age is 100% possible.

The cleaning industry lives under the radar with how lucrative it can be.

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The format of how you can run a residential cleaning business is up to the business owner. There are many different formats.. but...

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$100 discount is eligible just for today!!

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1/ I sat in my car in the gym parking lot crying.

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1/ Transitioning from being solo to multiple business partners makes me spend a lot of my time thinking...

like literally just sitting/walking and thinking.

I also spend a ton of time doing self-reflection and trying to be as self-aware as possible.

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1/ If you want to grow an anon account, do it.

If are someone who has already created a personal brand and all of a sudden you want to pivot DO IT!

This is why the internet and social media are amazing and infinite.

Let's check out a couple of accounts...

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