When I first started my rent roll, I made a bunch of mistakes.
Sure, I’d been a property manager for years, and I’d even owned a retail business. But nothing could have prepared me for being the owner of a rent roll.
And that meant that I made a bunch of mistakes.
But when I look back on all my mistakes, there are 2 that really stand out.
So here they are:
Mistake Number 1
“Waiting” To Use Social Media (in the early days)
I didn’t set up a business Facebook page until about 6 months into starting my rent roll.
Not because I didn’t know how to use Facebook for business (I’d had HUGE success using Facebook for business in a previous business I owned).
But because I didn’t prioritise it.
In hindsight, if I’d set up my business Facebook page, I’d have experienced much greater (free) brand exposure right from the beginning.
And if I’d set up on Instagram, I probably would have been the only agent on there at the time!
I just waited, for some reason.
And it wasn’t until much later that I prioritised a regular social media strategy, and even found a way to generate leads via Facebook Ads (which work really well, I’d like to add!)
Truth is, I regret not starting sooner.
I wish I had taken advantage of the amazing platforms like Facebook, Instagram, Linked In and all the other ones, much earlier than I did!
It would have made my growth in the early days much easier (it’s certainly made a difference for me since then!)
Now, if you’re already on social media (and you didn’t wait the 6 months like I did), here’s a virtual *high five* for you!
And if you’re experimenting on the different social platforms, but you’re not 100% sure where you should be focusing your time, come to my Masterclass on 5 Ways to Grow Your Rent Roll and pay close attention to way number 4 when I talk about social media.
Mistake Number 2
Not Setting Up My Company Structure Correctly
When I first started my rent roll, I didn’t work with a business lawyer on entity structure.
Truth be told, I wasn’t excited by the idea of sitting down with a business lawyer as well as my accountant to figure out the best structure for my business and my long term plans.
But, when it was time to sell my rent roll, I discovered that I should have set up my structure differently. I realised that, if I’d had a different entity structure, the sale of my rent roll could have been much easier for me (and for my buyer as well!)
Do I regret it?
Selling a rent roll is stressful.
So, realising that there could have been an easier way made me wish I had spend the time (and money) on getting this legal advice.
And, just for the record, if you’re looking for someone who can give you great legal advice, talk to Kristen Porter from O*NO Legal – she’s all about rent roll owners (tell her I sent you!) and she’ll get you sorted.
So that’s it.
They’re my 2 big mistakes I made in my own rent roll (and what I’d do differently next time).
Want to avoid some mistakes in your growth strategy? Join my on my upcoming Masterclass: 5 Ways To Grow Your Rent Roll and learn my 5 favourite strategies for growth.
And if you haven’t read my last blog Why you need to delete (some of) your Instagram followers be sure to check that out next