Posted on Sep 25, 2024
Property management companies in Kenya are not that hard to start, when you think about it. It's time to let go of the fear and start it. Like someone, somewhere once said, we miss the shots we don't take. Property management has gotten easier especially with Silqu, that automates the whole process. Now, it's easier than before to start and scale higher.
This year has realized an incredible growth in the real estate industry especially in Kenya prompting a growth in demand for property management companies. Silqu has sort out to address the 8th Sustainable Development Goal (SDG) on creating decent work and economic growth. We are coming up with job opportunities for people creating an easy foundation on becoming an agent or starting a property management company.
Having years of experience, we wish to share our knowledge on how to begin a property management company while at the same time equipping you, as a property manager with a state of the art system that has automated the whole process, creating a seamless property management ecosystem.
HOW TO START A PROPERTY MANAGEMENT COMPANY
“Research is to see what everybody else has seen, and to think what nobody else has thought.” - Albert Szent-Gyorgyi
Market research is paramount in starting any business today, property management included! Learn from the mistakes of the predecessors, to prevent a repitition of the same. Many companies fail to flourish because of lack of research, leading to incredible losses, followed by a total shutdown of the company. From this, a gap in the market is noticed and a business plan is drafted, beacuse now you understand the past, you can use the knowledge gained from previous property management successes and losses, to build your own.
Now that you have done your research, your vision must have begun crystalizing. It's quite clear where you want to see your company 5 years down the line, who your target audience is and which market you want to serve. For sure no one starts with one shoe fits all, this is not a supermarket. That's why the likes of greenspoon and zuchinni do better, because they have clearly defined their niche is groceries. Does anyone know a supermarket called Kassmat? If yes, 1 out of 100 know the local mart. You get the target audience wrong, you will not flourish. Know the plan and drive towards it, always put the eye on the ball.
Licenses build credibility in the real estate business. Let everyone know you are a legit, registered business in Kenya authorized to practice property management.Credibilty makes it easier in gaining clients, as there is already proof you are a professional in the field and are licensed to practice it.
A property Management system AKA Silqu, automates your whole property management ecosystem. How? You wonder:
This is how Silqu has automated property management operations:
A customized dashboard with your company logo
Property Managers profile with the multiple properties overview and access control available anywhere in the world
Landlord profile with the ability of your landlord monitoring his property from anywhere in the world
Rent Collection automation
Automatic Reconciliation
Enhanced financial control.
Advanced security features such as parking and visitors management
Transparency
Detailed Reporting
2-way communication
Tenant Management
Now work is easier once you start obtaining clients, leverage the system to scale higher.
Branding and Advertising
Now develop the necessary brand assets and the brand guideline that will dictate all promotional materials. I reckon it is similar to having a unique language for your company. Remember to match it to your target audience. Now that everything is set, remember the foundations of marketing applies in property management as well. Product, Price, Promotion and Position. Ensure you have ticked all the other 3 off before proceeding. Product is what you have come up with after the market research, an example is: A property management Company that targets diaspora landlords. Price is what the value of your company is to your landlord, remember to do an assessment of what other companies are offering. Postition: Understand your product's position in the market and ensure it stands out from competitors, i.e leveraging Silqu, by providing to your landlord a system he can monitor his property from anywhere in the world. Then Promotion: what are the marketing strategies you will put in place to ensure that you reel in the diaspora landlords. Would you market in Kenya or in foreign countries? Where would you run the ads? Digital, Print or Billboards. Well, we'll leave the rest to you. But remember, you'll need to invest in order to get returns. We say 'No risk, No reward!'
Godspeed!
Text start to 24295 or give us a beep on 0787888828 to get started.
Posted on Sep 25, 2024
