Manage episode 245336651 series 2516289
Running a successful investment operation, even in property management, requires a consistent and effective business mindset. Why is it important to plan ahead for any potential challenges or crises we may face? What does it take to maximize our profitability? When it comes to partnerships, how can we make sure we’re working with the right people and planning for the future?
On this episode, we’re joined by expert investor, broker, property manager, and speaker Mark Ainley. He shares his personal journey in building his successful business, appearing on The Deed and how best to approach working partnerships.
Property management is becoming its own sector, and with technology and different efficiencies, it’s becoming scalable. - Mark Ainley
Three Things We Learned
Too many partnerships can erode any success faster than a bad deal
It’s better to partner up with a few select and trusted partners on all of our deals. Otherwise, we end up with an extremely messy business, and a lack of consistency can harm our profitability and trust with our clients.
Plan ahead for partnership challenges
Partnerships don’t always end well, and these splits are often complicated and costly. It’s critical to plan for the potential end for a partnership from the onset, with operating agreements beneficial to all parties. We need to know the procedures, and inevitable consequences, of dissolving a partnership.
Overspending on property will destroy our profitability
Following a max-offer model and buying for the right price will always put us in a more financially stable position. Overpaying, even by just a small amount, will add up across our property portfolio and hurt our bottom line.
Mark’s success as a property manager is that he thinks and operates like an investor. If we’re not thinking like business owners with a long-term vision, we can create many challenges for our business. A visionary entrepreneur will partner up with the right people to facilitate long term success, not short term profits. Planning for potential challenges ahead of time, allows us to maintain a high level of service for our customers.