7 Strategies to Build a Better Property Management Business
If you want to build a better property management business so it is successful in the future, you must plan for that success today. Here are seven simple strategies you can implement now, to ensure your property management business thrives tomorrow.
1. Surround yourself with the right people
Your path to a successful property management business can be much shorter if you surround yourself with the right people. This means having the right team, mentors and colleagues around you and your business. Build a team that shares your vision for the future, supports your business goals, aligns with your brand, and is committed to helping your business be better.
Finding a mentor is another important part of keeping you and your business on track. Just like your team, you should find a mentor who aligns with your future goals and vision, and supports you in achieving them. As well, it’s a good idea to network with successful industry colleagues and those also on the path to success. Learning from these colleagues and having this added support can help make your own business better.
2. Create raving fans
Your clients are the lifeblood of your property management business. So, it makes sense to invest in nurturing and maintaining relationships with them. To build a better property management business, you must proactively ensure your clients are not simply satisfied with the service and results they receive from you and your team but are raving fans and loyal to the core clients.
To do this, implement systems, processes, protocols and policies in place to ensure each client receives the best service experience every time and your team deliver on your service and brand promise of results and experience.That way, you will not just retain these clients, you will create raving fans who refer your property management business to others and continue to do so now and in the future.
3. Use video to stand out
There’s no denying that technology is changing the way we do business. One of the key advances is video and how it is now readily recordable and viewable on so many digital platforms. This presents a great opportunity to make your property management business better by improving the way you communicate with prospectives and clients. Start using video to get your message across and reach more people.
For example, why not change your written e-newsletters, market update reports or rental listings to video format, or even live broadcasts. Video makes for engaging content and, when done well, can help your business stand out.
4. Answer your clients’ questions using content
Your business cannot survive today, let alone thrive in the future, if it is not consistently producing helpful and relevant content. To build a better business by winning and retaining more clients, use content to answer prospectives’ questions. To do this, list all of the questions you and your team get asked most often. Next, plan content around these questions.
For example, these could be articles, videos, podcasts, eBooks or social media posts. This evergreen content adds value to your prospectives and clients, helps build relationships, and boosts your business’ visibility in Googles searches.
5. Understand generational differences to remain forever relevant
It’s irrational to believe that you will only ever deal with one generation. Property management is community and community are made up from folks from each generation. To be successful in business, every business owner needs to safeguard their brand, service and reputation from becoming irrelevant and stereotyped. Survey your clients to ensure they feel connected to your brand rather than feeling isolated and old to the younger generations or too techy and futuristic to the older generations.
It’s simple to have a multi-generational business, using technology to achieve multi-generational connectiveness. Each generation has a unique respect and way of using technology and used effectively every generation will align to and with technology tools used in your business.
6. Be ‘Hyper Intentional’ every day and in every way
Every task performed in property management matters with every task having its own objective and required outcome. Every task also has it’s own unique timeline and priority. Not only that, every task has a touchpoint for nearly every member of the property management service and support team. There is a lot happening every day in property management making it difficult to focus on the right task at the right time.
Concentrate on every property management task no matter how insignificant the task may seem and design a team to task workflow so that every team member, every minute of every day and in every task, they perform, work at the highest rate of productivity, performance and accomplishment through being hyper intentional.
7. Know that success may not come today, but it will come
When it comes to building a better property management business, the most important point to remember is that success may not come straight away, but it will come if you remain committed to your future goals and vision. Be a business owner who establishes the foundations for success through proactive planning and long-term strategies.
Set business goals for the next three to ten years ahead and ensure your team shares in this vision.This is how your property management business can become better so that it thrives now and well into the future.
About the Author
CIPS, TRC, Founder and Managing Director — Ireviloution
With almost 30 years’ real estate experience, she is seen as a leading authority on all things property management and regularly speaks at the industry’s top Australian and North American conferences. As well, she was selected as an Industry Thought Leader of the Year finalist for the 2015, 2016, 2017 and 2019 Real Estate Business Awards. Visit ireviloution.com for more information.
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