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For many, the idea of starting your own business is daunting, but what if you found out it wasn’t as hard as you imagined?
Lauren Robinson, successfully founded Rental Results, and her main regret is that she wishes she made the leap sooner.
In this episode of the Elevate Podcast, guest host Steve Carroll, Lauren shares her journey from starting a property management business at 29 to selling it eight years later to Longview.
From hiring the right team, building a standout brand and using content and social media to grow, Lauren reveals the strategies that helped her expand and eventually sell her thriving property management business.
Throughout the conversation, Lauren reveals the challenges and triumphs of entrepreneurship, particularly as a young woman in real estate.
“If you’re thinking of starting your own business, just jump in and do it. Don’t hesitate, back yourself! “The earlier you start, the better. If I knew then what I know now, I would have done it sooner.” – Lauren Robinson
10 things you’ll learn in this episode:
- How Lauren started her business at 29 and why she wishes she’d started earlier
Timestamp: 4-minutes - The importance of getting proper business structure advice from accountants and solicitors
Timestamp: 6-minutes
- Why setting geographical boundaries for her business proved beneficial
Timestamp: 7-minutes
- How Lauren built her team and navigated difficult HR decisions
Timestamp: 14-minutes
- The strategic approach to educational marketing through weekly videos and blogs
Timestamp: 18-minutes
- Tips for becoming comfortable on camera when creating content
Timestamp: 20-minutes
- How to evaluate technology investments for your business
Timestamp: 21-minutes
- The emotional journey of selling a business you’ve built from scratch
Timestamp: 23-minutes
- Recent legislative changes affecting property management in Queensland
Timestamp: 27-minutes
- Lauren’s advice for women in real estate: “back yourself and stay in your own lane”
Timestamp: 25-minutes
Links
Linkedin
Lauren Robinson website
Rented Book
Business Blueprint
Key Person of Influence Program
Detailed Episode Guide
This episode is hosted by Steve Carroll, filling in for Samantha McLean. Steve welcomes Lauren Robinson, the founder of Rental Results in Brisbane, a successful property management company she started at 29 and sold after eight years. Lauren is also the author of “Rented”.
The Entrepreneurial Leap: Starting a Business at 29
Lauren shares that starting her own business wasn’t initially her plan. After working for Pro Rentals for eight years and completing a business degree, she was approached by a developer and a commercial agent wanting to start rent rolls. Despite her nervousness, she took the leap.
“I think if I knew now what I did then, I would have done it earlier,” Lauren reflects. She explains that she was already working extremely hard as an employee, and the transition to business ownership, while challenging, wasn’t as difficult as she had imagined.
For aspiring entrepreneurs, Lauren emphasises the importance of proper business structure from the beginning: “I think definitely speaking to an accountant and a solicitor initially to make sure the structure of your business is set up properly.” She also highlights the value of finding mentors both within and outside the industry.
Building a Successful Business: Lessons Learned
One of Lauren’s unintentional yet beneficial strategies was setting tight geographical boundaries for her business operations. “I was only going to operate within a 15-kilometer radius,” she explains. This decision, initially made due to time constraints, later proved advantageous when selling the business, as buyers prefer concentrated rent rolls.
Lauren also learned the importance of recognising her limitations: “I think the other thing is to realise that you aren’t good at everything.” She describes trying to master everything from MYOB to Zero, which led to exhaustion and nearly caused her to quit. Her advice: “Know where your strengths lie and then hire for those weaknesses.”
Team Building and Leadership Challenges
At its peak, Rental Results employed ten people. Lauren candidly discusses the challenges of managing a team, particularly making difficult decisions about underperforming staff. “In a small business, it’s very obvious to everyone within the team as to who’s actually performing and who’s not,” she notes.
Lauren emphasises the importance of addressing HR issues promptly: “If a HR issue comes up, you really need to resolve it or hit the nail on the head straight away.” While she sought advice from HR consultants and employment lawyers, she acknowledges that “ultimately as the business owner, the decision lies with you.”
Building a Brand Through Educational Marketing
Lauren’s approach to marketing was education-focused, positioning herself as an industry expert through consistent content creation. “For three years, I think it was nearly every week I did videos. We did blogs, we entered every award we could think of,” she shares.
For those uncomfortable on camera, Lauren offers reassurance: “I’m one of those people. I definitely wasn’t comfortable.” She describes her first video as “nervous and uncomfortable” despite hiring a professional videographer and choosing a premium location. Her advice: “The more you practice, the better it gets,” and “It’s got to be authentic. It’s got to feel natural.”
Technology Adoption: Strategic Evaluation
When it came to adopting new technology, Lauren took a measured approach. “I was always drawing that line between do we need it? How’s it going to affect our bottom line?” she explains. Her criterion was clear: the technology had to either save time or “really impress our clients and provide that wow factor.”
Lauren remains curious about industry innovations, currently taking courses in interior design and AI. However, she cautions business owners to be selective: “Every subscription you add costs money. So you need to work out what’s going to suit your business.”
Selling the Business: An Emotional Journey
In early 2023, Lauren sold Rental Results to Longview. She describes the sale as an emotional process: “That was essentially my first baby, the business. And I’ve put a lot of blood, sweat and tears into it.”
The hardest part, she reveals, was relinquishing control: “Operationally, you no longer have a say in how things are run, which is a hard pill to swallow because you’ve run it a certain way for so long.”
Looking Forward: What’s Next for Lauren
Just a week after leaving Longview at the time of recording, Lauren is exploring various opportunities. She’s keeping her real estate license, has speaking engagements lined up, and is studying interior design. She’s also considering board positions in real estate.
“I think once real estate’s in your blood, it’s very hard to just walk away completely,” she reflects.
Advice for Women in Real Estate
When asked what advice she would give to young women in real estate, Lauren emphasises self-confidence and focus: “Back yourself and stay in your own lane.” She credits her success to maintaining a clear vision and not getting distracted by competitors.
“If you’re staying in your lane, you’re focusing on your goals,” she explains, referencing the 90-day goal-setting approach she learned through Business Blueprint. “When I look back at the visions I wrote when I started the business, three, six years later, they all came true.”
Industry Updates: Legislative Changes
Lauren highlights recent legislative changes affecting property management in Queensland, particularly around water charges and lease break fees. As of September 30, property managers can no longer charge tenants for water unless invoiced within a four-week period, and lease break fees now follow a tiered structure based on remaining tenancy length.
She emphasises the importance of staying informed: “It’s constant at the moment. I feel like there are a lot of changes happening in the legislation. It’s just making sure that as an agency, you’re staying abreast of exactly what’s going on.”
Summary
Lauren Robinson’s journey from employee to entrepreneur to successful business seller offers valuable insights for anyone in the real estate industry. Her focus on service excellence over rapid growth, strategic approach to marketing and technology, and commitment to building a strong team culture all contributed to her success.
As she embarks on the next chapter of her career, Lauren’s story reminds us that with clear vision, determination, and the courage to take calculated risks, it’s possible to build a business that not only succeeds financially but also stays true to your values.
FAQ with Lauren Robinson
1. What motivated Lauren to start her own business?
Lauren didn’t initially plan to start her own business. After working at Pro Rentals for eight years and completing a business degree, she was approached by a developer and a commercial agent wanting to start rent rolls, which led her to take the entrepreneurial leap.
2. What does Lauren consider the most important advice for new business owners?
Lauren emphasises getting the business structure right from the start by consulting with accountants and solicitors, finding mentors both within and outside the industry, and recognising your limitations by hiring for your weaknesses.
3. How did Lauren approach marketing for her business?
Lauren focused on educational marketing, positioning herself as an industry expert through weekly videos for three years, regular blogs, and entering industry awards. She also wrote a book called “Rented” to help rookie investors and to promote her brand.
4. How did Lauren decide which technology to adopt for her business?
Lauren evaluated technology based on whether it would save time or provide a “wow factor” for clients, always considering the impact on the bottom line. She was selective about subscriptions, recognising that each one added to business costs.
5. What was Lauren’s approach to growth for her business?
Unlike many businesses focused on rapid growth, Lauren prioritised service quality. At one point, when they had too many clients coming in to maintain their service standards, they raised their fees rather than compromising on quality.
6. How did Lauren handle difficult HR decisions in her small business?
Lauren acknowledges that HR issues were challenging and sometimes she let problems go on too long. She relied on HR consultants and employment lawyers for advice but recognised that ultimately, the decision rested with her as the business owner.
7. What was the most challenging aspect of selling her business?
Lauren describes the emotional challenge of letting go of a business she had built from scratch, particularly relinquishing operational control after running it a certain way for eight years.
8. What advice does Lauren have for women in real estate?
Lauren advises women to “back yourself and stay in your own lane,” focusing on their own goals rather than getting distracted by what competitors are doing. She credits her success to maintaining a clear vision and setting 90-day goals.
9. What recent legislative changes should Queensland property managers be aware of?
As of September 30, there are new rules around water charges (tenants can only be charged if invoiced within four weeks) and lease break fees (now on a tiered structure based on remaining tenancy length).
10. What is Lauren doing now after selling her business?
Lauren is keeping her real estate license, has speaking engagements lined up, is studying interior design, and is considering board positions in real estate. She’s also working with her husband’s building and construction business.
