Last week, Latchel founders sat down with Peter McKenzie of Rincon Property Management to dive into both the challenges and successes involved in starting and growing a property management company. Peter grew Rincon Property Management to an excess of 100 units while working in another career as a firefighter.<\/p>\n
Rincon Property Management is based in Ventura, California with a portfolio mostly made of single family units, and a handful of multifamily or small commercial spaces.<\/p>\n
In the session, Peter lays out his biggest mistakes, biggest successes, and advice for others growing their company.<\/p>\n
You can watch the full session in the video below some of these main takeaways:<\/p>\n
Undercutting the market on pricing when first starting out- the company grew quickly, but with the wrong type of clients that were a huge headache to deal with.<\/p>\n<\/li>\n<\/ul>\n
Outsourcing operational tasks so he could spend more time on growth tasks.<\/p>\n
Sourcing and hiring an executive assistant through a third party that matched Peter with an ideal assistant based on decision making principles and work style – this freed up 50 – 60% of his time that he would spend in operational and organizational tasks.<\/p>\n<\/li>\n
Bringing on Latchel to coordinate maintenance – it was hard for Peter to work on things like lead generation, marketing, and sales when he was bogged down in maintenance operations. This freed him from dealing with work orders, vendor sourcing, coordinating with tenants, and handling emergency maintenance at odd hours.<\/p>\n<\/li>\n<\/ul>\n
Join all of the industry groups – local NARPM chapters, online forums\/communities, etc. and learn from others in the industry.<\/p>\n<\/li>\n
Don\u2019t be afraid of outsourcing – many third party providers have mastered certain parts of the business, and if you can trust them with the process you can save yourself a lot of time.<\/p>\n<\/li>\n<\/ul>\n