Updated 6/6/2022
Do you want to know the secret to property management success? It's not really a secret, it doesn't cost anything, and is something that property managers should be doing regularly. What could it possibly be? Diagnosing what isn't working!
We all know property management can get complicated from time to time. However, if property managers don't take the time to diagnose what's going wrong with their company when things are going south, and clients leave, how will they ever fix them? In today's blog, we'll show you why property managers need to diagnose money-losing issues with experienced real estate business consultants and get on a path toward better health.
Property Managers Can't Fix Anything Until They Know What's Wrong
Doctors never assume they know what ails you or prescribe a treatment without a thorough diagnosis! Your HVAC repair person can’t fix the ac in a rental until they take a close look under the hood and diagnose what’s wrong.
When your team isn't working efficiently, clients aren't happy, and you're losing money, you can't fix the symptoms contributing to those issues until you stop and diagnose the problems. While you're probably not in a life or death situation as a property manager, the future of your company could be hanging on by a thread without taking the right steps to improve efficiency and bring it back from the edge.
What Are the Signs That Something Is Wrong?
Maybe you've been operating for a while without realizing your company could do more. Or, perhaps you've recently lost a few clients, but you haven't figured out why. Continuing to operate as though nothing is wrong could lead to losing more real estate owners and tenants before you no longer have enough clients left to survive!
While losing business is a pretty big sign that something is wrong, there are subtler symptoms to watch for. If your business isn’t meeting the goals you have in mind, or worse, you’re losing employees, it’s time to find out what’s wrong and fix it. Just like your health doesn't improve without a diagnosis and treatment plan from a medical professional, your operations, team's skills, and client satisfaction won't magically improve on their own.
Clients Don't Hang Around Unhealthy Companies
No one wants to be around an unhealthy person, which is true for a property management company. If you don’t have finely-tuned operations, skilled staff, the best technology solutions, and the property management experience to attract more business, rental real estate owners won’t stick around for long.
However, a company that's in excellent health will attract more business! Your services glow in your market, employees are excited to come to work every day, and tenants and owners are happy. When you have a healthy operation, your reputation proceeds you, and new doors are easier to add to your business.
Admit Your Real Estate Rental Management Company Isn't Well (Then Get Help)
We don't mean to sound like a property management "intervention," but if you need to hear it, here it is: Admitting your company isn't well is the first step! Successful property managers can only ignore problems for so long before they lose significant amounts of business and quality employees.
What does a good property manager do? The most successful real estate management companies didn't dominate their markets with only upward momentum and no setbacks. The best in this business take hard looks at their processes, technology solutions, employees, and customer satisfaction to fine-tune operations and services to clients, boost morale, and deliver excellent experiences for property owners and tenants.
Taking a Look Under the Hood Is Challenging
It can be hard to look underneath the hood and peel back layers of your operations with the sole intent of finding problems. Looking at what's not working well is never pleasant--but it's necessary for success!
However, you don't have to do it alone. A real estate consultant serves as a "doctor" for property management business owners ready to pinpoint problems and implement solutions to get on a healthier path toward success. As with a physical illness, it can be hard to point to where it hurts without experienced real estate consultants to help you figure out that the pain is really in a specific area (and not where you thought it was), then deliver plans to eliminate pain points and dominate your market!
Experts Help You Find More Property Management Success!
If you've been in the property management industry for a while, chances are that your real estate management team and processes have grown stale. Change is difficult to implement without outside help, which is where a professional coach can be invaluable.
Real-Time Consulting Services put together a 10-Point Inspection Checklist to help property managers diagnose (and fix) what ails their companies. As a real estate consultant, this resource comes from Deb Newell's extensive experience in the industry and working with property management companies throughout the country. If you know your business is not quite well, but you don't know where it hurts, this guide is an excellent start toward isolating problems and finding solutions to help you become a more successful property manager and support your company's growth!
After you download and work through our free checklist, help is available to help you return to better health! Let Real-Time Consulting Services help turn your property management company's ailments into better success.
A good property manager can always use some help to become a "great" one! Download our free resource, the "10-Point Inspection Checklist."
We will review your business plan and make sure you are on track.