If I Knew Then: Roland Tao

Roland Tao is founder and CEO of Rentalist, an online lettings agent that is looking to redefine how residential lettings work. The startup has grown rapidly since its launch in 2017, and last October became a resident company of the Natwest Entrepreneur Accelerator in Bristol.

After graduating in mechanical engineering from the University of Bristol, Roland went on to own a successful wedding photography business before entering the lettings world.

How did you start out in business?

I first became a landlord in 2011, and then went on to manage several properties. During this time, I had a lot of contact with local high street lettings agents, meaning I experienced first-hand how expensive, old-fashioned, slow and inconsistent conventional lettings agencies can be.

My fellow landlord friends also expressed how difficult it can be for foreign landlords to overcome language and cultural barriers to communicate with tenants. I therefore spotted a gap in the residential letting market for a faster, more convenient and cost-effective way to let property, that would also cater for the international landlord community in the UK.

If you knew then what you know now, what mistakes might you have avoided?

The first thing I would do would be to carefully choose a co-founder, and make sure to put in place a shareholder agreement. I’ve seen how well-matched co-founders can work together to grow a business quickly.

Unfortunately, I’ve also seen how incompatible co-founders can stagnate a business, and so it’s crucial that you find someone who has a shared vision and goals.

What advice would you have given yourself when starting out?

As cliched as it may sound, I would tell myself to not be scared to dream and to take actions to fulfill those dreams. It’s likely that the journey won’t be easy and you’ll face numerous obstacles, but you should be resilient, persistent, and unafraid to take risks, because they can really pay off.

If you knew then what you know now, would you still be sitting here?

I think Rentalist would have grown even faster than it has. The knowledge I have now would have meant I could have avoided a lot of mistakes and wrong turns.

What do you know now that you didn’t know then?

I know now that a successful entrepreneur needs to have a growth mindset. This means that your business intelligence can be developed constantly over time. Having this mindset lets you see obstacles and set-backs in your business journey as opportunities to learn and improve and get better at what you do.

What’s the best piece of advice you’ve received so far?

Your biggest enemy can be yourself. You can be the most difficult obstacle in your progression as an entrepreneur. You need to have self-discipline, self-awareness, and self-control to succeed.

What is your business highlight?

Rentalist Ltd and its sister company, Co&Co Property Management, have both grown by more than tenfold over the past year.

What was your business low-point? 

Having spent several months negotiating an investment, the investor randomly pulled out of the deal at the last minute. It was a disappointing and disheartening moment.

What keeps you awake?

I find it hard to switch off from work. I’ll often be kept awake by thinking through potential investment opportunities, or by brainstorming pitches to get talented individuals to join Rentalist.

What’s changed from when you started out?

Our business model has become a lot clearer, meaning we now have a strategy to continue future success. We also now have a team of five very strong individuals, and a brand-new, fully-functional online portal.

What’s still on your to-do list?

I believe that to grow a business, you need to grow personally as well. I constantly remind myself that just because I’m older, it doesn’t mean I’m wiser! I’m aiming to read one new book every month for the next 12 months. I’m also going to give back my time and experience through a few charities I’m involved with.

What’s next for you in business and personally?

On the business side of things, I’m in the process of raising external investment and grants. I’m anticipating raising six figures in investments and grants in the near future. I’m also looking to get our IT infrastructure ready in order to launch Rentalist nationwide. To allow for this expansion, I’m also going to grow our team by bringing in a full-time marketing officer and a full-time customer service representative.

On a personal level, I’m looking to continue to grow my mindset, eat healthy, and keep fit.

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