Tell us your bold boss story!:
Brio Properties is an evolution from my high school internship. Yes, way back then, over 15 years now! As a senior in high school, all I knew was I wanted to get out of school 3 hours early and a business internship was the way to do that! I asked a family friend if I could intern at their office for the school year. I was the Personal Assistant to the Director of Operations (think coffee drinks, licking envelopes, phone screening, etc). By the time the company closed its doors 10 years later, I had tried out many different roles: Receptionist, Assistant Director of Operations, even a vacant unit cleaner (eek). I was also ready to start my own company. Five years after forming, I have a staff of 6 employees and manage over 130 units.
Even before the high school internship, I had been involved in rental investing. My grandparents and parents, and sister all owned rental properties. Having this experience has given me a unique perspective where I see both sides of owning a rental property: the ownership part and the management part. I recognized that not all their experiences with property managers were good. In fact, I watched bad property managers nearly sink some of my relatives into failure. When I started Brio, I didn't forget the things I saw and what I heard. I knew that being a good property manager was more than recording transactions and reacting. It was being proactive and a true ally to the rental investor (the origins of our tagline). It means knowing how to assist budding investors to grow their portfolios successfully by listening their goals and needs, and maintaining the properties in a manner that provides cash flow and equity build up.
We're all about bold boss moments, tell us about one of yours!:
I have two rental investors who have personally thanked me for turning around their properties after years of poor management by a previous company.
One gentleman came to me in dire straits with a 30-unit property already for sale but couldn't sell it because it was so poorly managed. All that he knew was the property had negative cash flow and he couldn't afford to carry it any longer. Vacancy was high, rents were low, and few tenants had year-long leases, all of which was preventing him from selling. In four months we had rented all but 2 vacancies, increased close to 70% of the rents and gotten tenants to sign year leases with the rent increases. I guess you could say unfortunately we did our job too well because he was able to sell it 6 months after we took over. When everything was done, he did say that if he had met us sooner he wouldn't of sold and that if he buys again he's coming back to us. Those are the stories I love!
What advice or words of encouragement do you have for the Bold Boss Tribe?:
Be bold, passionate, and courageous. Life doesn't have to be spent working for someone else for 40 years hoping to have time to yourself in retirement. Take the initiative to find your passion and educate yourself on building that into a business. Be courageous and don't fear losing the "security" (ha, false classification) that your job brings you. Owning your own business is rewarding and gives you the most control over the direction of your life. If you are able to grow it, build systems, and hire employees you can have a fulfilling life with freedom of time. Go get 'em and don't let anyone tell you otherwise!
P.S. Exciting news! We launched a free #BoldBossTribe Facebook Group and would love for you to join us! Come on over!