If you didn't know why Property Management was such a great business for a family, you do now.
DIVERSITY - Plain and simple, it offers numerous streams of income, all of which you can choose to do. Those you choose not to, you sub contract out, or let your children manage. So there is plenty of room for the family to successfully grow.
SOME OF THE INCOME STREAMS
PROPERTY MANAGEMENT - Maintain and look after the homes, villas, condos and townhomes you manage. This provides you a monthly management fee.
RESERVATIONS / BOOKINGS - Supply the properties you manage with vacation rentals, and generate your own commissions.
MAINTENANCE - If there is a problem with a property, you choose whether you can fox it, or does it need a professional.
POOL MAINTENANCE - Once a week, every week those pools need cleaning. Why pay someone else?
LAWN MAINTENANCE - Once a week, every week the lawns need cutting. Why pay someone else?
EQUIPMENT RENTALS - Buy a bbq, rent it out. Rent your inventory to your guests.
HOUSE KEEPING - Every unit needs cleaning on a daily/weekly basis. That's how many cleans ?
TICKETS - CAR RENTALS - REAL ESTATE - Just a few other streams of income to think of.
WELCOME PACKS - Provide welcome packs to your guests, for a fee.
PEST CONTROL - A service provided to each property once a month.
As you have probably figured out by now, if you can provide your guests/ homeoweners with a service, or product, you can earn income from it.
LOW OVERHEADS - Unlike most businesses that carry large monthly expenses, Property Management can be run from your home. THAT'S RIGHT! You can run your business from your cell phone, lap top and a website. So, when your family asks if you can go on vacation, your answer is yes. And only an hour to the East or West of us are some of the best beaches in the world.
Imagine the monthly costs of any small business with a rented unit, or office space. $2, 3 ,6 or even $ 10,000 per month, before you have even opened your doors for business. With management, your owners are charged a fixed management fee every month. That's $ x the number of units you manage in income before you have started the month. Do you get it?
What about the pools and lawns? $ x the number of pools and/or lawns you have, and again these are fixed fees charged to owners each month.
So, before you know it, you have a FIXED monthly income. That is the security any family is looking for.
Now you have your FIXED monthly income, you can choose what other aspects of the business you would like to run yourself ?
For those areas that you don't want to do yourself, you will have either a full time staff member, or a sub contracted/self employed person do. Obviously you will negotiate a price with them which will still allow your company to make a small percentage.
RESERVATIONS - For those of you who are looking to make some serious income, look no further. It is the bookings that carry the most potential for making lots of money. Your owners have set prices for their units, nightly and weekly rates that they will not accept less than. This is to ensure that they can cover their expenses, however when you are advertising and renting the units you have the opportunity to charge 10, 20 % or more, depending. So 52 weeks per year, x the number of units you manage. See the potential!
GROWTH - This can be achieved in so many ways. By forming subsidiary companies, such as pool and lawn companies, reservations and cleaning companies you are not only achieving a higher income potential, but also new assets of value to you and your companies future. As you bring on more accounts, so your companies value grows.