Taking a leap of faith to start a property management business

Grace Wu, Managing Director at LJ Hooker Mount Albert and mother of two, spoke with Head of Property Management at REINZ, Joanne Rae, about her journey of moving from employee to business owner and mustering up the courage to pursue her passion.

It’s almost two years since I started my own property management office at LJ Hooker Mount Albert. Whilst it was indeed a journey, it was my best career move so far because it has enabled me to have a healthy work-life balance with my family. Working in the real estate industry and meeting other likeminded people gave me the confidence to embark on this business opportunity.

In my previous role, I drove back and forth from Mount Albert to South Auckland for eight years — stuck in traffic for several hours, always with the fear in the back of my mind that no one would give me business if I moved from where all my connections and networks were. However, with constant encouragement from extraordinary people in the industry, including my previous employers, teammates, clients and friends, I decided to begin my own property management company.

Building a brand

By getting advertisements in the paper, making cold calls and using good old-fashioned word of mouth, we began to build the strength of a great brand. I was lucky to have previous employers pass me a few managements along the way in the early stages, for which I’m incredibly grateful.

Additionally, I was fortunate to have many great connections before starting this office, which has kept me up to date with the latest laws and legislation.

When starting my office, my priorities were being a REINZ member and connecting with TPS and Palace. The LJ Hooker brand gives us a marketing advantage as it’s well known and trusted. Our team prioritises having the best software and tools to be more efficient with what we are doing.

Adopting a growth mindset

We always gave ourselves plenty of capacity to grow and maintain the momentum. We have never let ourselves be in a situation where our team is too busy with too little administrative support.

I believe if you want to grow your business, you must make sure the capacity is there. For each milestone we reached, we had planned for a new member to come on board.

When I was in the planning stage of the business, I already had two people in my mind who I felt would be an excellent fit for the team. I invited them to join me right from the beginning.

A top salesperson once told me that real estate is all about teamwork, and with this in mind, our team conquered challenges and worked tirelessly to grow the business. We celebrated every little win.

Now, we are a team of five and looking to recruit again. The team knows they are well-supported and that we will all help each other.

I believe if you want to grow your business, you must make sure the capacity is there, for each milestone we reached, we had planned, for a new member to come on board.

Opportunities for improvement

During the COVID-19 lockdowns in 2020 and the change in tenancy laws with emergency legislation, we realised we needed to increase our knowledge, systems and procedures to deal with a multitude of challenges. These challenges enabled us to be a better team. While we all have property management qualifications, we regularly enrol for training and conferences to relearn and retrain — we believe you can never be too experienced to learn more.

Looking forward

Looking back, you may wonder would I do it all again if I had the choice?

I have absolutely no regrets. There is always business for those who offer outstanding customer service and are passionate about what they do. Recently, we were awarded Best Property Management Office at the national LJ Hooker Awards, and I am so proud to work in a business that helps both our landlords and tenants daily. So, the answer is yes. I would absolutely do it all again.

Grace Wu

Managing Director, LJ Hooker Mount Albert