5 Strategies for Growing Your Property Management Business
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Adding on to a property management business is easier said than done. While there are strategies you can implement, sometimes growth requires the insights of a professional property management coach to get past processes or staffing issues holding you back from managing more doors.
What should property managers do to expand their portfolios and take on more clients? Check out these five strategies to grow a property management company and dominate your market!
1. Improve the Properties Your Currently Manage
One of the best ways to get new clients is by already having existing property owners and tenants that trust and value your services. These people become advocates for your company and services when you're looking for new clients.
How can you build a network of existing clients that sing your praises? Start by improving your current services for properties you currently manage. For example, can you step up your schedule of property inspections or routine maintenance to improve the quality of the doors under your management? Are there property upgrades you can recommend to owners that can improve tenant retention? When you help your property owners make more money through what you already offer, you build resources for positive reviews and references.
2. Prioritize Tenant Retention
Tenant turnover is a costly expense for property owners and often the signs of a professional property manager who isn't doing everything they can to keep good renters for their clients. When you prioritize your existing relationships and invest in positive tenant relations, your property management company builds an excellent record of boosting revenue for property owners.
Sometimes improving your services to renters is the best way to add more doors. When your company offers an online tenant portal to pay rent or submit a maintenance request, 24/7 availability, and other key services that attract and keep quality renters, you deliver what property owners are looking for in your market. Plus, as your operations become more efficient when serving tenants and owners, your team also has more room to take on additional doors!
If you're not sure how to find the best property management software to improve tenant services, work with a property management consultant!
3. Invest In a Strategic Marketing Plan
You might be excellent at marketing rental properties for your clients, but have you also invested in a strategic marketing plan for your property management business? Reaching more potential clients and dominating your market requires a plan to get the word out about your services.
The right property management system also helps you generate leads and empowers your sales team to connect with new property owners and add more doors. Make sure you have the right staff and processes to focus on growing your business.
4. Set Goals (and Stick to Them)
Do you have a business plan for your company? If not, understanding your current operations and how to get to where you want to be becomes a bigger challenge.
Your property management business plan should help you identify goals and the steps needed to meet those goals. Working with a property management consultant can be the best way to map out a plan, analyze your current infrastructure, processes, technology solutions, and employees then identify what needs to happen to build your portfolio of managed properties.
Once a business owner has a plan in place, implement it to make sure you stick to your goals! A good plan helps you scale with the right workflows, software, team members, and training to support new business.
5. Embrace Networking
If you started your career by managing properties for someone else, it can be difficult to transition from "property manager" to "property management company owner." However, to grow your business, you must take on a new role as the "boss" and the tasks that come with it.
Networking can be a growth strategy that's hard for some company owners to embrace, but it's critical for success. A strategic marketing plan is one aspect of getting the word out about your business and services, and an intentional approach to networking boosts the effects of word-of-mouth marketing through relationships building.
Find groups to connect with other real estate or property management professionals. Look for investor groups and business-building groups, like your local Chamber of Commerce. When property owners see you active in the community and connected to industry and area leaders, they see your company as the go-to resource for expert property management services!
Grow Your Business With Insights From a Property Management Coach
As you try to build your portfolio of doors under management, it can be daunting without the right strategies and insights. Pinpoint the ideal areas to start your business growth with the help of a property management coach who has been there before!
Real-Time Consulting Services helps successful property managers grow their businesses by taking them through an in-depth process that includes setting goals, defining success metrics, assessing what's going well, and identifying opportunities for improvement. We work closely with our clients every step of the way to implement customized plans for growth success. If property management coaching sounds like something you would like to learn more about, schedule a free consultation!
Are you ready to grow? Download our free resource, "How Many Doors Can I Manage Per Employee?"