Great Reasons to Start an Apartment Finder Business

Business Overview:

If you’ve got stellar research, interpersonal and communication skills, and real estate is “your thing,” consider starting an apartment finder business. An online business idea like this can be invaluable to people who need to relocate and who don’t have the time or the knowledge to research apartment availability that fits their needs and budget—this is where your business idea would come in. As an apartment finding business, your company would seek out apartments for your clients based on their requirements; you would set up all necessary appointments on their behalf and do all the legwork required to find appropriate living arrangements. Clients who are relocating from a distance might also ask that your company set them up with utilities and even with furniture and home decor, so you would do well to establish some contacts with those industries as well as with building owners and leasing companies. To get started with your business, you will want to have a solid working knowledge of the rental market in the area you will serve. You might also consider how you will run your business: Will you showcase your services online, will you rent a storefront, or will you work from your home office (or a combination of the three)? Additionally, you’ll need to have a solid plan for pricing your company’s service. Fees are often charged to the renter, but you can also look into creating relationships with building managers and owners who want trustworthy people to rent their apartments. You might also think about creating a niche market for your business. For example, if you plan on serving in a college town, you could be the go-to apartment finder for college students. Or you might want to focus on long-distance relocation that enables you to offer your clients utilities setup, apartment furnishing services, and moving and packing services, thereby adding to your value (and your revenue). Actually, there are many niche markets in this business that can allow you to hone in on your expertise and provide living arrangements for those in need (think vacation rentals, business space, and pet-friendly living). The market for a service like this is lucrative and open to newcomers; it’s up to you to determine how you will jump into your new enterprise.

A Day in the Life of an Apartment Finder Business Owner:

In a business like this, each day will bring a new set of tasks. Much of your daily activities will be determined by the type of client you are serving, but you will likely be communicating often with your customers and the owners of apartments in your area. Your daily work will also be determined by the location of your business; an online business will require you to devote some of your time to maintaining your website while a storefront will require you or your employees to be available for walk-in customers during your business hours. As with any business, record-keeping and advertising will be crucial to the success of your venture.

About Your Customers:

Your customers will be individuals or families who need help locating an apartment that fits their living needs—both personal and financial. They may be looking for basic apartment finding services or the whole shebang—packing and moving, home furnishing, and home decorating from your company.

What You Need to Start:

• A business location (home, online, or storefront)
• Business license and insurance
• A business “home base”
• Contacts in the apartment rental industry
• A marketing plan
• Financial-tracking software
• Good people skills

The Good:

• This business is entirely scalable to fit your needs; you can even start off very small and in the end run a multi-person company.
• Your fee scale can go from basic to premium, depending on your clients’ needs.
• It can be very enjoyable work, especially if you’re a people-person and you enjoy looking at living spaces and exploring their possibilities.
• The service you will be providing is very valuable to people who need to relocate.

The Bad:

• Before you create a strong contact list, you will have to work fairly hard establishing yourself and learning what types of rentals are available and worthwhile in your area.
• Basic fees you earn from clients in the beginning might not be enough to cover your bills, but as you expand your business, your profits could skyrocket.

Resources:

• National Apartment Association
• Apartment Association of North America
• American Apartment Owners Association
• Wikipedia on Apartments

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