My Story of Business Growth
It may be beneficial at this point to tell you my story of growth. So here’s my story!
I started out in brokerage and bought my first rental property. I fixed them up, kicked people out, and converted it from a cash-based collections system. I got comfortable doing the accounting, maintenance, and leasing myself. This was a great opportunity for me to wear all the hats, because I could do everything for one small property.
I could afford to buy the place, and I was soon able to let it go belly up—should that happened—without going completely broke. I was successful at this point and, more importantly, I had enough income to buy again.
I had gone all in and had found success. So I looked at another venture.
The next purchase was with a partner this time. I operated the asset, improved my systems, and hired a maintenance guy who floated between the two properties I owned. Soon my maintenance guy managed the property and wore multiple hats as I had done before—like leasing and marketing. So I bought another property, grew my income, and took on more on the acquisitions side of things.
My first employee grew and specialized in what he was good at by wearing different hats. Eventually, I hired more employees and put more people in management for me. This enabled me to acquire more, hire more managers, and scale my business.
At the time of writing this, Serene Communities has 400 properties. The most recent spurt of growth is that we started doing our own renovations with our in-house team.
In summary, I learned by experience and by delegating responsibility. This stands in contrast to throwing people at a problem so they can figure it out. At each step of the way I tried to set up my employees for a win.