November 15, 2019  
 
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Articles for Entrepreneurs

 

Starting an Apartment Rental Information Service

 

Interview with Entrepreneur Mike Levy

Mike Levy is a serial entrepreneur operating out of Fort Collins, Colorado. In this interview, he provides some thoughtful comments on what it takes to succeed when you become an entrepreneur.

Starting an apartment referral business can be an excellent business to start.
(article continues below)

We get some perspective on starting such a company from successful entrepreneur Mike Levy.

So, Mike, tell me about your current business. What market need is your business addressing and what were your goals in starting the company?

We found a need in our community (Northern Colorado) for a way to allow people to advertise their rental properties that was far less expensive and more effective than using the local classified ads in the newspaper.

That was the genesis of NorthernColoradoRentals.com, which we started in October 2003.

Our three goals were simple:

(1) Provide an EXTREMELY EASY / SIMPLE TO USE website that is 1/10th the cost versus other advertising alternatives and up to 5 times more effective.

(2) Provide the best customer service and have the highest customer satisfaction versus any other web-based rental listing service.

(3) Guarantee 100% customer satisfaction or give their money back.

What were you doing before this, and is this your first business?

Previous to this, I spent 25+ years working for Hewlett-Packard (HP) in various roles including R&D Software management/development, Marketing, I.T., etc.

In the last five years, I've started three companies and helped someone else start one company.

I'm currently working on starting my fourth company that will be focused on providing local ads for websites and advertisers in Northern Colorado.

Where did you get the startup money?

My business partner and I self-funded the startup.

Who are your main competitors? How do you compete against them?

Main competitors are some of the national rental websites as well as craigslist.org.

Our competitive advantage is the superior customer service we provide (essentially for FREE).

The real proof of our success is the fact that we have hundreds of EXTREMELY SATISFIED customers. Go to our website and you can see all our unsolicited customer testimonials.

How has your experience in running the business been different from what you expected?

I never realized how "superior customer service" could be a sustainable key differentiator and competitive advantage and how really easy it is to provide great customer service.

Is there anything you wish you had done differently?

I would have done more research and investigation before choosing a web development company and internet hosting company to work with.

What have you done that has been very effective in helping to grow the business?

Again, superior customer service has led to a great deal of "word of mouth" referrals.

What advice would you give to somebody else who wanted to start a similar business?

Do a really good business plan and stay focused on key business metrics. Execution is key, and making sure you understand your financials is essential (specifically when will you be cash flow positive, and when will you breakeven on your initial investment).

By focusing on excellent execution, we were able to be cash flow positive from day #1 of our operation and we recouped our initial investment within 6 months (versus our goal of 12 months). We have a nice monthly annuity stream, and the back-office operations take a mere 30-60 minutes per day!

Sounds like things are going well. Thanks so much for sharing your entrepreneurial experience with us, and good luck in growing your business.

Related Articles

Want to learn more about this topic? If so, you will enjoy these articles:

Interview with Robert Jenson, Founder of The Jenson Group


Conversation Board

What's your opinion on this entrepreneurial story? Has reading it inspired you to become an entrepreneur? We welcome all comments, questions and suggestions.

Bryan Patterson 1/16/2010

This was very inspireing to me. I started my first company and I'm learning as much as I can as fast as I can. It will be great when I can retire from my JOB and move to Colorado to do my real estate and Ski with my kids. Bryan


Questions, Comments, Tips, and Advice  Code Image - Please contact webmaster if you have problems seeing this image code
Problem Viewing Image
Load New Code

 

 

Additional Resources for Entrepreneurs

Search Engine Marketing

Social Marketing Optimization

Business Forms

Business in the Jungle - Business in Fiction - Negotiating

Radio Ad Costs

Newspaper Advertising Rates

City-Specific Resources for Entrepreneurs

Small Business Insurance

Global Entrepreneurship

China & Entrepreneurs