Mark Homer: How to Scale Up Your Property Business
DESCRIPTION
In this episode of the Progressive Property Podcast, learn how Progressive co-founder Mark Homer started and grew his own property business, Progressive Property. From his bedroom alone buying single-lets to a company who has now more than tens of thousands of members, Mark’s journey is something to hear about.
Just like other businesses, Mark and his partner Rob Moore face challenges. Unforeseen encounters are likely to happen no matter what preparations you put in place. Learning, re-evaluating, and tweaking the system when necessary can make the tasks and processes run as smoothly as possible. Progressive Property grew before our own eyes and is now one of the established property investment companies in the UK. Learn more today how they did it so you can do it also, even on your own, when you listen in.
KEY TAKEAWAYS
How important are systems and processes in a property business? It’s difficult to find the best model that will work for your business. So, at the beginning, it’s advisable not to overthink about this—just go with it and you’ll see what the perfect system is for your business as you go along. Should you own your investment property personally or via a limited company? Mark says to be careful of the high taxes that will be incurred. Consider how small or how big your portfolio is before deciding what’s suited for you. It’s best to ask your accountant or financial adviser. It’s the planning consultant you approach first, not your architect. You can get more units, prevent inflated prices, and have more interested vendors when the design, which can become inflexible or inefficient for some, is already placed. Tips on finding the right builder: Go around the site, look for buildings of the same standards you want, then ask who the builder is. Take lots of pictures that you can show the project manager. What are the core things you need to consider when you build systems in a property business? Establish good relationships (partnerships, teamwork, customer service, etc.) Be flexible. Testing in different environments. Who inspires your business in a daily basis? Warren Buffet and Charlie MungerBEST MOMENTS
"You need to find the right person for the job.” “Test them for 3-6 months working with them reasonably to see how your personalities fit.” “There is a risk in responsibility.”VALUABLE RESOURCES
Progressive Property HMRC - https://www.gov.uk/government/organisations/hm-revenue-customsABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
https://www.facebook.com/kevinMcDonnellProperty/ https://kevinmcdonnell.co.uk/ http://progressiveproperty.co.uk/
