5 Tips for Managing a Growing Property Management Company
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Your property management company is undoubtedly important to you, and you want to keep it growing in the future. To do that, you need to have a plan and a strategy, along with the right people to help. Knowing where to start and how to move toward being an even better property manager can make all the difference.
Before you set up your company and start looking for clients, make sure you're prepared. Get the basics down and formulate a plan to move beyond them as soon as you can. Then you'll be ready to create a long-term business. Here are five tips to help your growing property management company continue to succeed.
1. Get Started With the Basics
The first thing to do is understand and acknowledge the basics. That starts with creating a business plan. If you're not sure where you're going, it's tough to get there. You could struggle more than you need to or miss out on important opportunities. Rather than deal with that, create a business plan that's solid and secure.
It's also very important to study the market. Business owners should avoid making assumptions about the specific services needed in the market or what clients or tenants are looking for. Even if you've developed specific property management operations for your company in the past, the market is always changing and evolving.
Another aspect of setting up the basics is creating a budget. You'll need to be able to fund what's required for your business to serve clients successfully while making sure you're not overspending on frivolous items or areas. Especially when you're just getting started, you want to watch your costs without compromising quality.
Once you've tackled the basics of setting your business up for success, it's time to hire the people you need and build a good team. Your property management company structure matters, so be sure you have the right people on your side. Don't settle for less than professionals who clearly understand their job duties and how to deliver excellent customer service.
2. Create the Right Infrastructure
Setting up your business entity the right way needs to be done from the very beginning. It can be harder to make changes later, so work with a property management consultant or your business advisor and attorney to set up the right legal structure from the start.
As you set up your business, make sure to define and develop your organizational chart. This is where you'll see the layout of your property management company structure and determine how each one of your employees fits into the company.
Then you can set goals for your business. With goals, you'll have a better idea of the level of growth you can achieve and how long it will or should take for you to reach specific milestones. Once you set those goals, market your business to focus on achieving them. You may find that you surpass them instead!
3. Make Adjustments and Improvements
Even with a great business plan and realistic goals, you'll likely still need to make improvements and adjustments over time. As you grow, for example, you'll need to add more team members. A growing property management company can't be expected to keep the same number of employees as it expands and adds more clients.
Your team members will need ongoing training to continue as the support your property management company needs for long-term growth. Plan for recurring training opportunities as part of the improvements you'll make for growth. The more your employees learn to do, the more they can contribute to the company's and your clients' successes.
Property managers must also consider upgrading their tech stack as part of the growth plan. The technology you use as a small startup company probably won't serve you well long-term as you start managing more doors and bringing on additional employees.
4. Develop a Work Environment Full of Positivity
There's no need to fake positivity or act like everything is perfect all the time, but you can get a lot more done when your overall work environment is positive. Your team will enjoy a more rewarding experience when they feel valued and happy, which translates to better treatment and support for clients and tenants.
You can also expect to see more business growth when you have a dynamic environment where employees can ask questions, be appreciated, and feel like they're truly part of a team. No matter where they fall in your property management company structure, they're important parts of your business.
Listening, responding, guiding, and leading are all aspects of being a good leader and successful property manager. Let your team members know they matter, and they'll be more willing to give their all when they come to work each day.
5. Optimize Your Company for Success
Learning from the wins and losses of your company is very important as a property manager. You want to have the best chance of success in the long term, and that means continuing to improve processes and learn from any mistakes you or your employees make with tenants and owners.
One crucial thing to do is set important KPIs and monitor them at regular intervals. It can be easy to forget to do those things, but they're important for success. Your property management business can thrive if you plan and execute it correctly, and optimizing for success is a big part of that.
Worth With an Experienced Professional When Growing a Property Management Company
Remember: you don't need to try to do everything on your own. By reaching out to a property management expert like Deb Newell and Real-Time Consulting Services, you can get support and guidance to fine-tune the processes your company uses and experience more growth. You'll also learn how to implement quality technology and train your team so that you can be ready for future growth.
By incorporating these tips and working with a property management consultant, you'll enjoy watching your company grow! We help property management companies develop the right structure and optimize operations for more success. Reach out to learn how we can help.
You can also request a free copy of our insights into property management operations! Get "Property Management Business Insights" today.