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THE NEW ERA OF PROPERTY MANAGEMENT ENTREPRENEURS
In today’s rapidly evolving real estate landscape, a deep understanding of strategy and execution can be the difference between success and stagnation. Chester, a dynamic and numbers driven property management professional, sheds light on these principles with an approach that’s as practical as it is insightful. His expertise, particularly in navigating the complexities of cold calling and data analysis, offers valuable lessons for anyone looking to build or grow a property management business.
One of Chester’s foundational beliefs is the importance of knowing your numbers. It’s a phrase everyone in business has likely heard, but Chester emphasises taking it a step further. For him, understanding metrics at a high level, especially when it comes to cold calling—is crucial. He shares how tracking each call’s impact on revenue has transformed his business approach.
“Every phone call we make generates $7 in upfront cash, and equity adds about $57 per call,” Chester reveals. This detailed tracking not only motivates but also provides clarity on the effectiveness of outreach efforts. For Chester, the cold calling process may be arduous, but the numbers make it worth the grind. By diligently recording and analysing the results of every call, Chester can measure success in real terms, helping to streamline efforts and boost overall efficiency.
Cold calling is a widely recognised method for generating leads, but as Chester admits, it’s not an easy task. The repetitive nature of the work, coupled with the fear of rejection, can make it challenging. Chester acknowledges this struggle, noting that while many doubt making 100 or 150 calls a day, the reality is far from glamorous. Despite the grind, he stresses the importance of pushing through, especially when armed with data that proves the process works.
While cold calling plays a significant role in Chester’s lead generation strategy, he’s not opposed to exploring other avenues like social media. He recognises that the property management industry is versatile and that different strategies work for different personalities. Chester is intrigued by how a business owner’s personality can often shine through in their marketing choices, noting that lead generation methods are as varied as the individuals running the businesses.
Chester is optimistic about the future of property management, describing it as the “golden age” of the industry. With technology increasing, smaller agencies and independent professionals can now compete with larger, established brands. Chester highlights that with platforms like realestate.com and domain, anyone with a real estate license and a little determination can start managing properties and build a successful business.
For Chester, the opportunity lies not just in the cash flow generated by property management but also in the asset building potential. He’s inspired by the stories of other property managers who have built profitable businesses, sometimes without traditional educational backgrounds. One of Chester’s coaching clients, for example, earns over $200,000 annually and manages 180 properties, all without a university degree.
When asked about personal development, Chester’s advice is simple: find your rhythm. Whether it’s waking up early to tackle urgent tasks or carving out time during the day to make phone calls, Chester believes that success comes from creating and sticking to a routine. For him, exercise in the morning helps clear his head, ensuring that he’s mentally prepared for the day ahead.
This rhythm, Chester explains, is crucial for staying organised and making informed decisions. When he falls out of sync, things can slip through the cracks. His advice to anyone in the industry is to find a routine that works and stick to it, as consistency is often the secret ingredient to long term success.
Chester’s approach to property management is rooted in relationships and client care. He believes that businesses are built on trust and that maintaining a client first mentality is the key to thriving in the industry. For Chester, it’s not just about growth for the sake of growth; it’s about building a business that prioritises people and values.
As Chester continues to expand his property management business, he remains focused on refining his processes, building relationships, and staying open to new opportunities. His journey is a testament to the power of persistence, the importance of knowing your numbers, and the value of staying client focused in a competitive market.
For those interested in learning more from Chester or seeking mentorship, the future of property management is bright, and Chester is more than ready to share his knowledge and experiences with those ready to embrace the industry’s potential.
