10 Reasons Why You Should Start Your Own Management Firm

Every management company owner has a different story about why he or she decided to start a business. Some knew from the outset that they would eventually work for themselves. Others come up with ideas while working for someone else and decide to take the entrepreneurial leap.

Every owner will agree on one thing – owning your own firm has many rewards. There are endless reasons for this, including taking charge of your own future and managing properties the way you know they should be managed. Here are 10 reasons why we think having your own management firm can be rewarding.

  1. You get out what you put in. If you are willing to work harder than anyone else, you will be rewarded accordingly. Want to experience more growth and opportunities? Your efforts will directly impact your business and income.
  2. Choose your own clients. When you work for someone else, you rarely get to choose the properties you represent and the people you work with. That’s not the case when you own your own management firm. You become the decision maker on both the clients you represent and the employees that staff each property.
  3. The satisfaction of owning your own business.  It is a great feeling to be able step back and say, “this is my company,” while proudly holding your head up. Entrepreneurship isn’t for everyone. If you are disciplined and self-motivated, you have great opportunities for success with your own firm.
  4. Find your own work/life balance.  Modern technology allows you the freedom to be on the move while still running your business.  Owning you own business gives you the flexibility to manage your own schedule.
  5. Opportunity to make a better mousetrap. Have an idea to do something better or more efficiently? Make it happen!
  6. Create your own corporate culture. You get to create a corporate culture based on your beliefs. Want to allow your employees to work from home on Fridays? How about providing in-office daycare to allow your employees to bring their children to work? You get to develop the corporate culture that you believe will provide the best environment for success and excellence.
  7. You will never hit a ceiling. Some jobs have a growth cap and you can only advance so far. When you own your own firm, there is no ceiling.
  8. You get to push the envelope. There are no boundaries — create, invent and disrupt as you wish. This is how brilliant ideas are born.
  9. Create a legacy.Creating a successful brand to the point where it leaves a personal legacy behind serves as motivation for many top entrepreneurs.
  10. You Can Make Great Money. If you build the right team and run your operation efficiently, it doesn’t take many properties to significantly increase your income.  Put your experience and knowledge to work on your own behalf, and enjoy the income potential that comes with it.

One of our favorite business quotes, “If you don’t work on your own dreams, someone will hire you to work on theirs,” is especially true in property management. You’ve worked for others for years to build their companies.

Isn’t it time you chased your own dreams?

If property management is your calling and you’ve dreamed about breaking away to start your management company, an outsourced accounting firm like Ascent Multifamily Accounting can be a perfect partner for your new management company.  We’ll handle the business side to let you focus on what you do best—managing properties.

“I started my multifamily management company in early 2017, most recently having worked for a large firm where I had responsibility for more than 14,000 units.  I never thought I would have the opportunity to form a management company, largely due to the overhead expense of corporate payroll to sustain standard functions.  After reviewing third party management options, I had an “aha” moment and realized I could outsource many back office departments to minimize overall operating expenses.

I highly recommend Ascent Multifamily Accounting.  I trust them and they have proven to be reliable, diligent and true to their word.  Outsourcing to Ascent has simplified our processes, allowed us to focus on managing our assets, and provided us the opportunity to maintain reasonable corporate expenses.”

Michaela Daniel Smith, Founder and President, Upland Residential

With just a few properties, you could make $20,000 or more per month.  Click here for case studies, testimonials and to learn more about the potential to start your own firm easily and efficiently.

One thing that stops some property management executives from starting their own firm is the thought of figuring out the “back office.” These are things like accounts payable, payroll, benefits, office space and financial reporting.

Ascent Multifamily Accounting does everything the traditional in-house accounting department would do. With Ascent, each property’s accounting will be managed by CPAs and accountants with an average of 10 years’ experience in property management accounting.

Call me at 702-467-0789 if you would like to have a confidential conversation about how Ascent might be able to help you start your firm.

Comments are closed.