As a property management business owner, you know that it takes a lot of work to be successful. You worked hard to get where you are today, and you want to avoid any mistakes that could jeopardize your success. Whether you're starting and establishing your new business or you're ready to grow and dominate your market, some missteps can sink your business or stall growth!
In this blog post, we discuss five potential mistakes that many property managers make when growing their businesses and how they can avoid them! Check out our property management consulting insights.
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1. Doing Too Much Before You're Ready
Fast growth can be exciting, but it can also be dangerous. When you try to grow your business quickly, it can be hard to maintain quality. One way this shows up is when a property manager takes on too much at once, whether that's trying to launch a new marketing campaign, add a new real estate service without enough research, or managing more properties than they are equipped for right now! No matter the situation, there can come a point where doing less would be better for building strong customer relationships, increasing profits, and getting ahead of the competition.
Sometimes saying "no" is one of the best ways to avoid these issues in the future and become a more successful property manager. With a growth mindset, make sure you're only taking on projects, clients, or tasks that align with the goals and values of your property management business. Be sure not to neglect other commitments you have made (e.g., family time) for the sake of growing your company. Pacing yourself (and being patient) will ensure long-term sustainability!
2. Failing to Document Processes
Another mistake that a property manager makes when growing their businesses is not documenting processes along the way. When you don't document the way you do things, it's easy for tasks to be forgotten or overlooked--and you lose the ability to scale your business effectively. Undocumented workflows can add unnecessary stress for your team members and also lead to inefficiencies within your business!
The good news is that there are ways around this common issue. Work with a property management coach to help you establish workflows and apply software to streamline and document every process. Property management training can also help your team members get up to speed and understand the process to help your business grow.
3. Going After Every Opportunity for Your Property Management Company
As property management professionals, starting a new company or growing an existing business can make you think that every opportunity is worth pursuing. However, that practice can quickly lead you to do too much at once (a mistake we've already mentioned) or try to grow in ways that aren't the right fit for your business.
A property management coach knows that sustainable growth requires discipline not to chase every "shiny" thing that comes your way. When looking at new opportunities or income streams for your business, do your research and make sure any opportunity for growth aligns with your goals and capabilities. If you primarily serve single-family rental homes and owners, a chance to take on a multi-family property could affect your ability to serve these doors well while still managing single-family homes and current clients.
You don't have to stick only to what you know--but be sure the next opportunity makes sense for your long-term goals in your market! A property management consultant can help you evaluate potential opportunities and equip your team and business to tackle them well.
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4. Not Understanding Your Mission or Goals
How can you know if an opportunity is right for your property management company (or not)? Successful property managers must pause to understand their company's mission and goals in the community.
Creating and following a business or strategic plan is an excellent business-building activity. Choosing ideal opportunities becomes easier when you have a roadmap for growth to lead the way.
5. Thinking Short-Term (Instead of Long-Term)
To reach those long-term goals, property managers must stay focused on the mission! While short-term decisions will help you achieve future growth plans, chasing too many ideas or opportunities that won't deliver a lasting impact on your company can be a costly mistake.
Taking on projects to build short-term cash flow isn't always a bad thing, but make sure these things don't take away from the quality of your services or long-term plans.
Build Your Business With An Expert Property Management Coach
Growth is exciting--but it's not often as easy as doing more things or finding new doors. Without a growth plan and smart decisions that help them stick to their mission and goals, property managers can grow too quickly or risk losing existing business when their focus shifts to being a bigger company.
Property management training with an expert is an excellent way to grow sustainably and set your company and employees up to support more success! With help from Real-Time Consulting Services, you'll be able to make informed decisions about expanding the service offerings of your business, what type of marketing you need, in-house staff training needs, and the best processes and property management systems to support your growth. Reach out today for a free consultation!
We will review your business plan and make sure you are on track.