24A, Venture Concept #1, Quality Property Management

Opportunity
There is an opportunity to create a property management company that is designed exclusively for short-term rentals along with investors with the intent to lease and individuals with second homes.  The unmet need is that many of the aforementioned individuals do not have the time nor the desire to maintain these properties, especially if they are revenue producing properties.  While there are many property management companies, both large and small, there is an opportunity to exploit the markets by providing efficient, cost effective, and quality service.

The market will typically be a middle-aged individual who is looking for investment diversification and reliable growth.  The customer is currently satisfying this need with current vendors that are available in the region.  Not many of the customers are loyal and therefore an opportunity for entry into the market exists.  The opportunity is quite large in the South Florida area as there are many individuals and corporations who have investment properties within the region.  The opportunity within the region should remain open for a significant amount of time as investment property ownership is not a new idea and it is not expected to loose favor with investors.

Innovation
The innovative piece of this business concept is incremental, but focuses on the quality aspect along with the ability to schedule, check on progress, pay invoices, and manage other account options online.  While the innovative part of the business is geared more towards quality and user interface we believe that this will set us apart from the competition.  Therefore, we are not charging the cheapest labor rates, but are at the higher end of the spectrum.  This is in order to provide the ability to ensure that quality remains at the forefront of all of our work.

Venture Concept
Our market is the middle aged individual who is an active investor, snow-bird, or corporation looking for quality craftsmanship and doesn't mind paying a premium.  For example, luxury hotels, even though there are cheaper options available, many customers are willing to spend more if they feel there is value involved with paying a higher price.  Therefore, during our prelaunch, we will be actively seeking individuals who are unhappy with their current vendor and will be aiming at properties with a value of over $500,000 or higher.

There are many competitors in the field, but many are led by owner operators who are not skilled business owners.  Additionally, many of these same owner/operators do not focus on quality as we are proposing, but more on speed of service without regard to quality as they are looking to squeeze in as many jobs as possible as they are charging by the job and not by the hour.

We would initially launch with just one manager/employee and one employee who would focus on completing the work.  However, if a job would require a quicker turn-around time, we would hire subcontractors that we know are capable of working with our team to provide the highest quality of service.

Most important Resource
Our most important resource will be the attention to detail and quality that we provide to the customer.  As previously mentioned, we are looking to attract clients with high net worth that is focused more on quality than on the price of our services.

What's next for the Venture?
The next step for the business is to continue developing a synopsis of a business plan that will allow us the ability to start marketing to customers.  If we are successful in our marketing campaign and are able to obtain some customers we will begin working immediately.  Additionally, if we are extremely effective and quickly obtain some large accounts, we may hire some sub-contractors and then supervise the day to day activities to ensure that the work is being completed as agreed upon with the client.

What's next for me?
I will continue to develop a plan for the business while actively seeking clients.  This will  allow in getting our business known while we continue to plan, grow, and learn from our mistakes.  Within five years we envision ourselves with a substantial portfolio of customers with two individual teams that consist of one team leader and five laborers.