Steve Welty, Founder & CEO of Good Life Property Management, improving the lives of property owners, tenants and everyone in between since 2013.
The core purpose at Good Life Property Management is “Life Improved.” They believe in creating opportunities, fostering enjoyment, and making a positive impact in their community, which is what matters most to them.
Good Life Property Management has been on a mission to make owning rental property a hassle-free and rewarding experience for over 1,000 homeowners in the vibrant community of San Diego where they are managing over $1 billion in property assets.
For more details, visit their website here.
Here we sit down with Steve to learn a bit more about his journey as an entrepreneur.
Q. What inspired you to become an entrepreneur?
Steve: My dad actually inspired me to become an entrepreneur. My father is a real estate broker who specializes in land. Growing up, I was inspired by his freedom and flexibility. I realized that many people don’t have this freedom and that it is a luxury, and I wanted to create my own business so that I could be my own boss and have control over my time.
Q. How did you get started?
Steve: I began my career in real estate sales in 2007 and was named “Rookie of the Year” at my office. However, the 2008 financial crisis made it difficult to sell real estate, and I found myself broke. I took a job as a personal assistant to a French entrepreneur, where I learned about property management. I realized that I could provide better property management services than the entrepreneur’s current manager, so I started my own property management business.
I partnered with a friend in college, and we quickly grew our business to over 300 units. We eventually decided to split ways due to different work ethic preferences. I was more interested in hustling and working all the time, while my partner was more focused on lifestyle and work-life balance.
In 2013, I started Good Life Property Management with a fresh slate. I wanted to build a company that provided the best possible service to my clients, and I was able to do so by focusing on freedom and flexibility.
Q. What was your biggest startup challenge? What steps did you take to overcome it? What did you learn?
Steve: The biggest challenge I faced when starting Good Life Property Management was the personal cost of having relationships and a personal life outside of work. Starting a business is all-consuming, and I had to be clear with my wife, Courtney, that I would be working long hours for the next few years. I am grateful for her support and understanding.
I overcame this challenge by having good mentors and reading books about how to keep my priorities in order, communicate effectively, and stay on the same page with the people I care about.
My biggest challenge today is maintaining our company’s vision, energy, and excitement as our team grows. We started with three people and now have 30. I need to train leaders and create a message that is easy for them to translate to others. I also need to put the right processes and systems in place to build a culture that is worth working for.
It is easy to keep a team together when it is small, but it becomes more challenging as it grows and not everyone has a direct relationship with me.
Q. What is the most memorable thing you’ve done since you started your business?
Steve: The most memorable thing I have done since starting my business is taking 30 days off when my son was born. I was the bottleneck for the company at the time, and it was scary to give up control and delegate tasks to my team. However, I knew it was important to take time for my family, and I was confident that my team could handle things in my absence.
I unplugged completely during my 30-day break. I didn’t read any business books or check into the office. When I returned, I was pleasantly surprised to find that the team had risen to the occasion. My phone no longer rang constantly with questions, and nobody came to me for help because they had figured things out on their own.
This experience taught me that it is important to empower my team and trust them to make decisions. When I give them the freedom to do their jobs, they thrive.
Q. What is one book you recommend, and why?
Steve: I recommend the Bible because it is a foundational text for Western culture and society. It contains a wealth of wisdom and insights on topics such as leadership, relationships, and personal growth. Even if you are not religious, I believe that the Bible can be a valuable resource for anyone who is looking to learn more about themselves and the world around them.
I encourage readers to approach the Bible with an open mind and to read it critically. Not everything in the Bible is meant to be taken literally, and it is important to consider the historical and cultural context in which it was written. However, if you are willing to put in the effort, the Bible can be a rewarding and transformative experience.
Q. What are your top 3 favourite online apps, tools, or resources and what do you love about them?
Steve: My top three favorite tools to use are ChatGPT, Google Suite, and Trello. These tools help me to be more productive and efficient in my work, and they are also versatile and easy to use.
ChatGPT is a powerful language model that can be used for a variety of tasks, including generating text, translating languages, writing different kinds of creative content, and answering questions in an informative way. I appreciate ChatGPT’s versatility and its ability to help me with a variety of tasks, such as brainstorming ideas, creating content, and researching topics.
Google Suite is a suite of productivity tools that includes Gmail, Google Docs, Google Sheets, and Google Slides. I like Google Suite because it is easy to use and it allows me to collaborate with my team members easily. I also appreciate the fact that Google Suite is cloud-based, so I can access my files from anywhere.
Lastly, Trello is a project management tool that helps me to stay organized and on track with my work. I like Trello because it is customizable and easy to use. I also appreciate the fact that Trello allows me to collaborate with my team members easily.
Q. In terms of legacy, what is the mark you’d like to leave on the world?
Steve: I’ve never been a person who has been obsessed with leaving a legacy. I think it’s important to be humble and to remember that even the most impactful people eventually fade from memory. However, I would like to be remembered as someone who helped others and made a positive impact on the world. I would be grateful if people could say, “Hey, this thing happened, and Steve helped me with it. And it made a positive change in this way.” To me, that would be the best legacy I could ask for!
Q. In one sentence, what’s the best advice you’d give to someone just starting out on their entrepreneurial journey?
Steve: Focus on becoming an expert in your field and serving others more than anyone else!
To keep up to date with Steve and his journey, connect with him on Instagram.
