I started LEAP in February of 2012 with $7,000 in my account (on loan from my father).
My first office space was in a spare room at a nearby church that was nice enough to give me their wifi password — since I clearly couldn’t afford luxuries like wireless internet on my own.
I started with a single property in Denton. I had no idea what to expect or if I’d be successful. But once I took the leap (pun intended), things happened quickly.
I added 100 houses to our portfolio the first year. The next year, it was 200. It just kept growing.
Fast forward to 2018, and today, we have a team of 11 and manage over 600 houses (I’m also proud to say that these days, I purchase my own wifi). I’ve learned a lot these past six years and today, I thought I’d share some of the biggest lessons I’ve learned along the way.
Here are five lessons I learned while growing LEAP to 600 rental properties:
Don’t Forget What Got You to This Point
One of the biggest lessons I’ve learned? Never forget what got you here.
Our first year in business, we followed what we called the “10-second rule.” Anytime we got a lead, we’d follow up with them within 10 seconds — and we always provided more information than what the prospect would expect from an initial correspondence.
And because we were so on top of our leads, we grew — quickly. But once we hit 500 properties, we let the 10-second rule slide a bit. We took a little longer to get back to people. Because we had a huge portfolio, we weren’t as helpful as we could have been on the initial call. And our business suffered as a result.
Today, we’re back to following the 10-second rule to a T. Moral of the story? Never forget the things you did at the beginning that got you to where you are today. Because it’s those things that will keep propelling you forward and take you where you want to be.
Always Be Improving
Another key lesson I’ve learned growing LEAP to 600 rental properties is there’s always room for improvement.
When we first started out, we were building the foundation of our business. We were establishing systems, finding new tools, and figuring out best practices.
But just because those systems, tools, and best practices worked well then, doesn’t mean they work well now. And a huge part of our success has been our ability to adapt our strategies and improve on what’s working.
No matter how well things are going, there’s always room for things to be better. And if you can accept that and look for areas to improve, things will continue to get better.
Remember Why You’re Doing This in the First Place
When you own a business, it can be easy to get so caught up in day-to-day craziness that you miss the forest for the trees.
In other words, it’s so easy to get caught up in the “what” of your business that you forget the “why.”
I got into this business for two reasons: to help people and to build a better life for myself. But if I’m spending all my time working, I can’t do either of those things.
Taking care of your health, spending time with family and friends, and taking time to rest and recharge are all incredibly important parts of running a successful business. All of those things enable me to be better at my job, and if I don’t make them a priority, I’m not effective.
So lesson learned: don’t work so hard you burn out. Remember your why and take the time you need to take care of yourself. Your business will thank you.
I got into this business for two reasons: to help people and to build a better life for myself. But if I’m spending all my time working, I can’t do either of those things.
Put Yourself in Other People’s Shoes
One of the most valuable business skills I’ve gained over the past six years — and one of the key drivers in building LEAP to over 600 rental properties — is the ability to put myself in other people’s shoes.
Let’s use repairs as an example. Back in the day, when I had to send in a bid for a repair, I would just send it in and hope for the best. But now, I try to put myself in the shoes of the client receiving the bid. What do they need to see in order to make a decision to move forward? Will they want to know how that bid breaks down and where their money is going? Do they want to know what vendor we’re working with? How can I put them at ease?
Being able to see things from other people’s point of view — whether it’s a client, a prospect, a tenant, or a vendor — has been invaluable and has made every single working relationship a more positive one.
Set Expectations From the Start
Obviously, a huge part of our job at LEAP is dealing with tenants. And the biggest lesson I’ve learned about tenants in growing our portfolio to over 600 rental properties is, without a doubt, to set expectations from the start.
When everyone is clear on what’s expected from the start — whether that’s how and when to pay rent, the process for filing a repair request, the property condition, or anything else — it helps to avoid wasting a crazy amount of time, energy, and frustration.
Growing LEAP over the past six years is something I’m incredibly proud of — and I can’t wait to see what lessons I learn as we grow over the next six years (and beyond).
