Building a Rock Solid Property Management Company: Advice from Business Consultant Deb Newell
May 11, 2023
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Deb Newell, business consultant and property management owner, shares insights on industry regulations, navigating economic crises, and the importance of human expertise in financial planning. The podcast covers her journey in property management, the evolution of consulting, surviving downturns, and balancing technology with personalized service.
Understanding the importance of setting boundaries, maintenance aspects, and steady growth for property management companies.
Staying proactive in influencing regulations, navigating challenges, and actively engaging in business operations for resilience and growth.
Deep dives
The Journey from Renovating Homes to Consulting
Deb Newell shares her journey from starting as a hobbyist renovating homes in 1998 to becoming a successful consultant in the property management industry. Starting with renovating homes as a hobby to buying rental properties to mitigate debt, she learned through mistakes and continued acquiring properties. Through her experience, she learned the importance of setting boundaries, understanding the maintenance aspects, and growing steadily through recurring income and managing third-party relationships.
Navigating Challenges Through Industry Changes
Deb Newell reflects on navigating challenges during the Great Recession of 07-09 in the Minneapolis market. She emphasizes that despite market spirals, property managers are in a position to consider investing due to the necessity for living spaces. With evolving regulations benefiting property experts, she stresses the need to understand legislative changes and advises property managers to stay proactive in influencing regulations and maintaining industry expertise to provide value to owners.
Building Resilience in Property Management Business
Deb Newell highlights the importance of actively engaging in business operations to ensure resilience in the face of uncertainties. She recommends staying involved in understanding key performance metrics, team roles, and maintaining organizational control. By emphasizing the significance of refining internal operations, establishing clear roles, and focusing on KPIs, she advocates for a proactive approach to business management to adapt to shifting industry trends and ensure sustainable growth.
Our guest on The Property Management Show today is the legendary Deb Newell, of Real Time Consulting Services. She has a lot of experience as a consultant and a property management business owner, so we wanted to get her thoughts on the state of the industry and what property management companies need to do to […]