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A little background. My wife and I relocated to the Lakes Region of NH last year from Long Island NY. I sold my well established landscaping company and have been brainstorming for a while now for a type of business I can start (or even buy) here. After running into a few dead ends I decided to take a job with a local landscaping company to keep the cash flowing.
With that said, we live in an area where there are MANY multi million dollar second homes. I am seeing this more and more working at my new job and is where I want to focus my efforts if I start a new company.
My thoughts are to start a company that focuses on caring for these second homes while the very wealthy homeowners aren't here. There a few "property watch" companies here but I feel the idea could be expanded upon far more than what these current guys are offering. After extensive searching I have found only a couple small companies sort of doing what I'm talking about so I don't feel there is a ton of competition. Although I do feel it will be slow to start as I won't have many references, I think with an extensive marketing plan and a professional "image" I think it could get going pretty good.
I was thinking of offering complete property management. Sort of a one stop shop for the out of town homeowner. I would develop a small network of subcontractors that I could hire out for jobs beyond my capabilities but still offer things like snow plowing and "getting the mail" for my clients. I could network with all the contractors I already know as well as hooking up with all the local realtors in the area. I am very well versed in customers service as well as running a successful business. My "specialty" with my old landscape business was quality over quantity. I serviced only 2 large condos and only a handful of residential accounts but gave them complete service. I was always just a call or email/text away from the homeowners and board members and that was truly the key to my success. I dealt very well with the property managers of these condos so I understand somewhat as to what would be involved with my new venture.
Any of your thoughts and ideas would be much appreciated. Do you think this is a viable business idea? Anyone who has been to this area knows how beautiful it is and how many amazing homes are around these lakes.
I think it is something you should look into. If you can identify what these people need done and provide it in a "one stop shop" you might have an idea.
Whether you have identified them or not, you do have competition. Somehow the services these people need are being provided already. You will have to make using your services more attractive than whoever is doing it currently.
I can see providing lawn services, pool services (if there are typically pools on the properties), cleaning services and "handyman repair" type things.
I think most people with multi-million dollar second homes are going to hire out EVERYTHING related to the upkeep of their home so if you can tap into it you should have a chance at building a business.
I think you have a good solid idea. With the landscape background the grounds maintenance and snow moving is smart. Add pool services and sub out the handyman and heavier landscaping work. Keeping as much of work in house as possible for sake of quality control.
I know of a guy who does something along those lines Jackson Hole Wyoming.
Nice to hear some positive feedback. People have responded well to my idea..... on here and also friends/family and some locals I have spoken to about the idea. Our REALTOR who we have stayed friendly with since purchasing our house also felt I had a great idea on my hands. He is a very well respected person in the community and has lived here for almost 40 yrs so he knows the area.
I think I'm going to take the next step in getting this ball rolling.
I am working on starting up with a landscaping and outdoor property maintence business. Around here there is a mountain pine beatle problem in the forest. Instead of mowing I am thinking of working on small tract thinning. Now I am doing smaller landscape projects and love it.
The support and guidence of those in the community is always a great start. Also the ability to fill a niche which you appear to be doing. All the best!
I'd be different- I wouldnt even call it property management- most of those companies are dealing with tenants and leasing
come up with a snappy name like "First Impressions" Professional property maintenance
the more you spoon feed these owners- the more business you will get
say you have a checklist- "home project list"
and list everything from painting, to rock walls-avoid using vague words like "landscaping" be more specific, rock walls, to fountains, to lawn care, to building fences.
the whole key is to get free estimates, and formulate a presentation-this is where you can be very good at this
YOU can actually give free evaluations/assessments of the property and make suggestions, of the landscaping and have an estimate handy
by sub'ing the contractors-this puts you in a position of authority- friend up with the realtors, and contractors like you said-very wise-they can bring you business'
Also consider this -start a companion business called "show-time' to make a property shine when it is listed-
again give free estimates- and presentation
when a realtor shows an expensive property, sometimes the dumbest or smallest thing turns a perspective buyer away- can be a rock wall falling apart, chipped paint on a deck,
much like a staging company does the inside of a house-you can stage and prep the outside so it shines show-time property enhancement services
dont underestimate this next statement-and this reinforces why you can be very successful at this
real estate brokers are pretty good about seeing/identifying potential deal killers- but they have to be VERY careful what and how they say anything-it very easily pisses off a seller- say a sellers favorite color is purple- they painted purple around a swimming pool (accents) it looks hidious- but if the broker brings this up-the owners may get personally offended
in you "show-time" free property assesment, you bring it up and offer a solution-no one gets offended
you can also offer insight to enhance the outside of a property-have the estimate in hand-and time frame of when it gets done-you are the answer man
and when sellers are selling for 100's of thousands of dollars, they will listen and they will spend to sell quickly.
you can have photo albums of what you have done for others- you can have testimonials
brokers can be your best friend-- work with brokers that work with you
make up some nice brochures, send them to all the real estate companies, see what type of response you get- small investment on potentially huge returns
also start a facebook page-make sure you have FRIENDS, not likes or fans-with FRIENDS you can send out friend requests-cant do that with likes
also start a youtube page, you can stitch pics together in windows movie maker, and there is your videos (at first) you can get any image off google-put many tags in the tag line-this connects your page/videos to others
many many homeowners- are thinking of selling, but know they have "projects" they need to get done, BEFORE they list for sale- this again, is where you come in-get your name out there, and with your free estimates, you may be surprised with the calls you get.
also, make up a brochure, meet with the contractors-even plumbers/painters/septic system co. all the above, and they may start referring business your way quickly.
The network of contractors is the difficult part in New Hampshire. Contractors are very independent and often work on their terms which often translates into long leadtimes.
It's a different way of doing business than how contractors in New York and Connecticut operate. Many contractors take a few projects to work on for an extended period of time to make enough to enjoy their free time. I have several friends in New Hampshire in that situation. They do a lot of hunting, fishing, skiing, boating, snowmobiling etc. They plan their jobs around what they like to do not the other way around.
Property management from the NYC perspective is a company who takes care of rental buildings and properties. Since the tenant will not and is not responsible for the upkeep, and maybe the landlord does not know how or has too many to maintain, they hire someone to take care of it: a property manager.
Are you planning on being a property manager with clients who are just renting out all these mansions to people?
From my knowledge, usually a building superintendant wants to strike out on his own becomes the property management. From being a super he already meets everyone on the block and around the corner and eventually networks with the owners, and mentions, inquires about any management needs and openings. That is usually how they get their foot in the door. Or it is a real estate agent who wants to integrate vertically by networking with the supers whom they probably meet while walking the beat. Then forms a partnership, and acts as the Salesman for the team. As an RE agent already has the necessary skillsets to get the deals. It is really just about selling yourself as the service you provide is not very differentiable (if that is even a word)
Or it could be anyone from any number of different backgrounds who ends up buying a rental property, or a home and rents it, learns how to do all the maintenance, meets others like himself who just couldnt quite grasp the mechanics of plumbing, electrical, construction, and offers to help out for a small fee.
All three kinds have something to show their qualification. That kind of recognition is important. Because a lot of times people with the kind of need, that you are willing to provide will just walk right up to instead of the other way around. That just makes everything a whole lot easier from the sales point of view.
Like is it easier to cold call someone and sell a product, or sell that same product in a store, that the someone must walk into first. And he would not just walk in unless he knew what the store was selling. Well okay sometimes they do just walk in without purpose. But you understand.
The network of contractors is the difficult part in New Hampshire. Contractors are very independent and often work on their terms which often translates into long leadtimes.
It's a different way of doing business than how contractors in New York and Connecticut operate. Many contractors take a few projects to work on for an extended period of time to make enough to enjoy their free time. I have several friends in New Hampshire in that situation. They do a lot of hunting, fishing, skiing, boating, snowmobiling etc. They plan their jobs around what they like to do not the other way around.
YOU SAID IT!!!!! I know all too well with many of the contractors around here. My wife and I purchased a very old house and although I have been doing much of the work I had to sub out stuff that was over my head or I didn't have time for. It has been a challenge but I am definitely weeding out the bad from the good. Thanks for the heads up though!
I'd be different- I wouldnt even call it property management- most of those companies are dealing with tenants and leasing
come up with a snappy name like "First Impressions" Professional property maintenance .................
good luck
This was a very good and detailed response and I thank you. As the ideas have been evolving in my head over the last few days many of your ideas have been coming to mind. The facebook page, mailers to the REALTORS, property checklist, etc......... ALL GREAT IDEAS!!!!
I have actually contacted a marketing firm down in Portsmouth who has branded many successful companies in the area. I too feel for a very "small" investment I could see great returns! With things like a top notch and easily found website along with beautiful mailers/postcards and lots of networking and advertising I think this is something that could evolve into a nice business relatively quick!
I have been bouncing back and forth on name ideas and trying to figure out if it should be "property management" or something different. I'm hoping the marketing firm might open my eyes to some ideas with a name and how to brand it. A name like "Steve's Homewatch" obviously sound to cheesy to attract a high end clientele but I don't want to sound too generic like "Premiere Property Mngt". I'll figure something out and I REALLY APPRECIATE all of your input!!!!!
I am getting excited as coming up with this "idea" only a week ago has been my "why didn't I think of this sooner" moment.......
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