HOW TO START
A
ROOMMATE FINDING SERVICE
The average income for owners of this kind of business in
California is $65,000 a year. Best of all, here's a business that
you can start with an absolute minimum investment. Practically
anyone who lives in a city anywhere in the country can expect to
do just about as well, and with a bit of imagination, mixed with
some business "moxie", you should be able to do even better! Income and market potentials for a service such as this are
truly fantastic! Rent increases that have far outpaced wage
increase have brought about a tremendous need for a method to
alleviate the cost of housing. Also, many apartment complexes are
being converted into expensive condominiums. These two factors
have created a problem of gigantic proportions for millions of
people who are concerned about keeping a roof over their heads. You can make big money solving the problem with your own
Roommate Finding Service. We're going to tell you how. Many of the nation's leading economists are predicting this
kind of living arrangement to be the "money-saving answer" for
apartment dwellers for the rest of this century. Others are
predicting the roommate finding service to become as popular as
the employment agency by 1995. This is an ideal absentee owner business. Most of those
operating on the West Coast have a woman doing the managing.
Sometimes she is just the manager and other times she's the
owner-manager. This apparently has something to do with the
nature of the business, and how most people seem to naturally
trust a woman to find the right roommate for them. As to the fee structure, I suggest something similar to the
successful employment agencies. Charge everyone a $25
registration fee to start the ball rolling toward finding them a
suitable roommate. You take a Polaroid snapshot of each
registrant, have them fill out an appropriate application card
which will indicate the kind of roommate they'd be happy with,
and start searching through your files for people with similar
likes and dislikes. To get started, you'll want a bank reference; a legal
reference, a telephone; a business name, letterhead paper,
envelopes and business bards; and office supplies such as a
3 x 5 index cards; typewriter; file cabinet; and a printed
questionnaire-application form. You'll also need a responsibility
disclaimer, which can be combined with the applicant's agreement-
to-pay contract. Once you've found a roommate for your
prospective client, you should have it spelled out in your
that each of the "matched room mates" will pay you 15% to 20% of
first month's rent. You could charge a bit extra for particular
requirements, and perhaps somewhat less for older persons, or for
persons with handicaps. The approval or disapproval is left up in the parties
involved. You simply look through your registration card file,
pull out five or six apparently suitable roommates, call each of
them on the phone and arrange separate meetings for them with your
client. Your client reports back to you, and tells you of his or
her decision, and you call the person chosen and finalize the
deal. Good advertising will play a most important part in getting
this business off the ground. Make up a good circular or "flyer"
detaining your roommate finding services, and listing your phone
number. Get these flyers on as many bulletin boards in your area
as possible. Get them in grocery stores, barber shops, community
colleges, beauty salons, bowling alleys; the list of places to
"billboard" your flyers is endless. Another idea is to set up
"take-one" boxes in as many retail places of business as you can.
Don't overlook the value of placing your flyers on car windshields
- particularly around apartment complexes, and in the parking lots
of the colleges in your area. You might even pay the downtown
parking lot attendants to slip one under the windshield wiper of
each car he parks on Monday. If you do a good job with the make-
up of your flyer, and use your imagination in getting them into
the hands of your prospective clients, you'll have no trouble
moving your new business into the black quickly. Even so, you'll need to run regular ads in your area
newspapers. The best headings to run your ads under is the
Personals Column. Your ad might read: Need A Roommate? We'll find the ideal roommate
for you! Everything handled on a strictly
confidential basis. For details, call Jan, Mary, or
Carol. Within only a couple of months, you should be well enough
established, and with an income large enough to afford an office
location. When you establish your office, do some publicizing of
your business with press releases to all the media in your area,
and plan some fanfare that will bring attention to your services.
Tacking up on your office walls the enthusiastic testimonials of
people you've matched with roommates is a very good idea. Later
on, you might want to input all your client information on
computer, and take video pictures of each client for showing to
prospective roommates. In the final analysis, once you have your
business underway, your further success will be limited only by
your imagination.