From Startup to Scale-Up: How I Built and Sold a 130-Unit Business

Okay. Welcome to the Boostly podcast. This is the podcast that gives the tools, the tactics, the training and most importantly, the confidence to go out there and get more direct bookings. But we do a mini series on this podcast which focuses on all kind of hospitality stuff. And today I've got a guest with me and we're focusing on management businesses and in particular we're focusing on how to start, scale and then sell a management business. So if you're thinking about doing this yourself, if you're a host and you've got management business at the moment, or if you're thinking about co hosting or managing for others, this you will really need to listen to because you can pick up tips and information that can help you on your journey from somebody who's been there and done that before. So welcome along Sasha. Thank you for joining me today.

Thank you. Liam, you are a master at this. What an intro.

Thanks.

Was that.

It's not my first rodeo, as they say, but yeah. So I know you've been on this podcast before. We talked maybe a year, year and a half ago and we got a bit of an introduction to the business. But for those of you of our listeners who don't know your business, can you give like an elevator pitch as to what it is? And then after that I'm going to dive into how it started.

Yeah, absolutely. So my business, as you said, is Norfolk Holiday Properties. We're a holiday let property management agency based in Norwich. So we covered the entire county. So north Norfolk coast, Norfolk broads east to west and we currently manage about 100.

How did you get started and why and what has the journey been like? How many, you know, how many years and what steps has it taken to get to this size?

I started about six years ago and the way I got started was managing family owned properties and there were two initially. So after finishing uni, I was up in Lincoln, I got my first proper job down in Portsmouth and I lived and worked there for three years as a photographer and videographer. And honestly I didn't see this being a path that I would have naturally moved in, through or into from that point. But ultimately I decided that I wanted to move back to Norwich, which, as you said, is where I'm from. That's where my friends, my family are. So it was at that point that I took on management of these two properties which are owned by my.

So okay, so going back to the. You've got those first couple. Talk us through then obviously you've gone from 2 to 130. What did that look like?

So the first few. So the first two properties were family owned and then some later on down the line some more family owned properties joined as well. We the I remember the first few we had in it would be like you know, connections of a friend of a friend or a friend of a family friend. The first ever property we took on that was a genuine, I call a genuine cold lead client who just found us probably joined when we had, I don't know, five properties on the books. So this is someone that I'd had no introduction to, just found us and I couldn't believe they wanted to sign up with us. But they did and they're actually still on our books right now. Very long term, loyal client.

I'm interested. How did they find you as well as in what, what had you like any social media or is it just website SEO? What, what sort of thing did you.

So interestingly we, we've never. So when I was running the business I never spent on social media ads or Google AdWords. I never did that and I think we did very well. Naturally out of our name we've got a cracking domain name which is norfolk properties.co.uk that's how they, they came across us. So had a phone call. It's just when it was, yeah, it was only me. So I answered the phone and then I remember him saying okay, sounds good. So what would the next steps be? And I said okay, well if you'd like to go ahead, we'd come out and photograph the property. He said okay, you booking a photographer for that? And I was like it's me, I'll come and do that. Nice, nice. And then the next thing you know who's, who's going to be managing the property? Who's kind of doing the cleaning, laundry? Me, I'm doing that. Yeah, that in a way. That was a way. It's quite an easy way to win business. People liked that. And I think the challenge you'll have is that you'll find customers who want to go with you because you are as a one man band or one woman operation and they like that. Then you'll grow and you'll find your initial customers don't like the idea that it's not just you looking after their property anymore. But then you'll start to attract customers who don't like the idea of being with somebody so small. So you attract different clients throughout your growth period and things really started to ramp up for us actually in the run out from COVID there was a property Boom. And lots of people were investing and we had a really, really good couple of years following. I mean, the year leading up to it and throughout Covid was horrendous, but afterwards we did quite well.

That's the, the ying and the yang of stuff, isn't it, where you, you know, like, there's bad times and good times and once you've gone through that cycle, you can actually go, oh, hang on, this will probably happen again. So I can't let the bad time, as in Covid, hopefully won't happen again. But yeah, in general, something else something will happen, won't it? And where you go, oh, regulation, something will happen, won't it? And where you go, oh, hang on, it's not so booming on the other side of whatever that challenge is, you know, there's going to be another growth spurt, isn't there? And this is how markets work. But it's really interesting what you're saying there about the, you know, you start to scale up at that time, so. And there are definitely people who like small, smaller entities and where they know one person saw in it. But did you, as you were growing to hang on to that client you mentioned there, did you have to kind of like, hey, we're bringing on people to actually make it better for you? You know, like was. Did you have to resell this, you know, like to hold on to people, or is it just a case of naturally there's going to be churn? And actually you just accept, hey, as long as we onboard more than what leaves us? Because it's a bit like a car mechanic, once they've found a good one, you don't really swap, do you? Like, a lot of the time, what did you find? Did you have to work hard on retaining, or was it just a case of there's natural churn and you just accept it?

I mean, we didn't have any churn at all back in the first few years. And I think it's much easier when you haven't got a very big portfolio.

And like you say as well, because obviously you're doing a good job of managing that relationship as well.

Yeah, well, we like to think so. I mean, but it is, it's on your side, the circumstances surrounding it, because it is a massive job for them to move to another agent and people don't naturally want to do it. So as long as they're happy, it's unlikely they are going to leave. What you'll find, based on my experience, is that you'll have your early customers who bought into you and they only want to deal with you. So even then, if you do expand, you start employing people, you have a team. Those initial clients, they're still going to ring up and they'll ask to speak to you. That happens to me even now. So as hard as you can, try to start putting them through the proper communication processes. I occasionally still get whatsapps on my phone. I set that. You know, they're loyal customers of mine, I don't mind, I know them all really well. But that's. Yeah, that's a challenge you have. So then focus on your team. They can serve the new customers which come in, they'll be their point of contact and it will actually work out quite well.

Nice. That's a great. Your loyal customers who have got your. You don't want to lose the trust of your loyal customers who have got your, you know, sort of where you are and grow in the business. But like you say, all the new ones don't know any different. So if you've then got a member of staff as their point of contact, that reduces your engulfing workload as the company gets bigger. At least you can spread that. Yeah. How did you decide that you know what, it's actually worth spending the money on the office? Because potentially that money could be a member of staff, presumably depending on the rent, couldn't. It could be a small wage, part time wage for people. But also, do you look back on that and go, actually, do you know what? The money I spent, it saved me spending on marketing ads. Because once you've got Shopfront, you've got a shop front.

It's a really good question and a.

Bit loaded that is as well. Sorry.

So I think it's important to remember that we set it up just before lockdowns ever became a thing. And prior to that, remote working was not commonplace in the same way that it is now. So my whole thought process I had on it was that we need an office. So we, me and Joe was my first hire. So we used to work out of the tiny spare room at my dad's house because that was the only place we could have an office. But we still went there every day. If you were to start the business again now, you would just work at home remotely. But that just wasn't, that wasn't even in my. On my peripheral, we had to have an office as far as I was concerned. And then by time Covid actually hit, we were already paying for our first office in the shared unit. So I had a different mindset, perhaps to what some people would do now. But having that. That office front on the street has been really important for us. I also think we'll come on to this more, but I think it also makes you look quite attractive if your goal at some point is to sell a business. If you've got that. That presence. I think that's. That does help.

Yeah, it's optic sometimes, isn't it? Because it's like, I mean, we've met operators and there's operators probably listen to this, where you haven't got your own website or you haven't got yet. You know, every asset that you build which has your brand on it gives you more trust and more credibility. And certainly if you're selling the business, they can see what they get and, you know, the premise, you know, like that, that sort of thing. It's been a pleasure listening to this, Sasha, and thank you so much for sharing your journey on here. I've certainly learned a lot and hopefully our listeners have learned a lot if they want to reach out to you. Is there anywhere you want to send them? Is there a website or certain social media that people should go and check out?

Yeah, me on Instagram is best. So it's Sasha Tucker.

Awesome. Okay, thank you so much, Sasha. And yeah, look forward to seeing what the future holds for you. And congratulations on the little one coming along. And, yeah, maybe if we change the podcast in the future to other businesses and stuff like, then maybe we'll chat again. But thanks again and we'll see you on the next one.

Thank you so much, Liam.

Having a blast. Gonna get it on the Bruce Lee podcast. Bruce Lee, like Bruce Lee. Cause it's so hard and the tea is loose leaf Making up those rhymes don't write it, just do it loosely.