#mowebsite

[mowebsite]

[topicprinter]

Fellow Entrepreneurs,Thought you would be interested in a detailed financial breakdown of the first 30 days of existence of my new property management company. I'll try to keep up with these every 30 days so you can follow my journey. Would love any feedback on what I've done so far and where to go from here.BackgroundI invested in a few residential properties in my market (large U.S. city) over the last few years. Being in the industry- I noticed a glaring need for a reliable, modern, transparent property management service. Many other investors burned through management companies and couldn't seem to find a quality professional solution. My entrepreneurial spirit lead me to do some research and a few months ago I decided to take my experience and dive-into the journey to start a company to answer this apparent need.I work as a contractor with a lot of flexibility in scheduling, so incubating a company like this works well with my current professional set-up. I plan on growing the company over the next few months with the hope to run with the project on a full-time basis later this year.Initial CostsI will say I'm pretty proud of myself for keeping overhead low. I'm not shilling any specific products, but if you're interested PM me and I can provide more detail.ExpenseCostNotesEducation Certificate$50Required for license in my stateLicense Application Fee$191Required for license in my stateExam Fee$98Required for license in my stateStudy Program$79Wanted to increase chances of passing license exam on first-goLogo Design$200Paid a freelance artist to create my company logo. Made sure to get a couple different orientations, color codes, font, etc.Website Theme$68Paid for a theme. I'm not a Wordpress expert at all, so this theme made building the website easy enough for an amateur.Business Cards$45500 high-quality business cardsDomain$1/moPurchased a domain centered around company name. I don't think you should buy a premium domain plenty out there to get the job done.Website Hosting$4/moWebsite hosting. Paid the full year up frontVOIP Phone Plan$33/moVOIP provider- paid the year up front. This gives me a business phone line forwarded to my personal cell. Customers are greeted and offered extension options, etc.Insurance$52/moBusiness insurance. My industry requires both GL and EO insurance. Required two months up front.Management Software Provider$56/moThis will increase as I add units to my portfolio. This is the engine behind everything I offer.Rent$480/moMy state requires me to maintain a physical office. I used one of the major office-share spaces in my city at $480/mo. They required three months up front and a small deposit.​So now, in theory, I have my total foundation built to operate the company. I will have roughly ~$615 in monthly operating costs (excluding marketing) going forward in the immediate future.Next StepsI need leads. I plan on running a Google Ad, although others have suggested this will be "throwing money away". I have been approached by some sales companies trying to sell me leads at roughly $36 each. Before I start throwing money at marketing I want to narrow down my targets and sales techniques. I plan on embracing the fact that I am a low-volume startup management company and assuring owners that their properties will have my undivided attention.I have joined some investor groups online. I'm thinking I should target out-of-state investors who definitely need an in-town manager to handle their properties. One issue I've run into with a couple leads has been contractual agreements with their current managers. They are often locked-in for a year at a time. So I can rarely convert this type of lead anytime soon.ConclusionI'd love any feedback on what I've done so far and how I should get my first few customers. Hopefully once I update again in a month I have at least 1 or 2 clients under contract. The first few should be the hardest as I build the foundation. Hopefully...