While survival may be on the immediate list of priorities for business leaders in 2024, the bold ones are still thinking about growth. Fortunately, despite the current state of the economy, there are still several ways a property management company can grow over the coming months. To help you better define your goals and strategies, we’ve narrowed down four key areas where you can grow your portfolio and your revenue in the new year.
Land New Clients
It may seem counterintuitive, but times of economic downturn can actually be quite lucrative for savvy real estate investors. And as these investors take advantage of the circumstances by buying up additional properties, it will open new doors of opportunity for property managers to land them as new clients. This year, focus on building and nurturing relationships with local real estate agents who can refer you to their buyers in need of help managing their new properties.
Adopt New Technology
Spending money at a time like this may seem frivolous, but if you do it strategically, you can get a return on your investment that is multiple fold. For instance, with the right technology, you can run your property business much more efficiently, maximizing output while simultaneously cutting expenditure. You can even expand your offerings without having to increase your headcount. And when you shift the routine, manual work to automation, your existing team will be free to focus on more growth initiatives.
Provide New Owner Services
If you are currently only offering the bare minimum in terms of services provided to property owners, then now is the time to start upping the ante. The more value you can bring to the table in 2024, the more likely you’ll be to not only retain your current book of business, but also attract new clients in the process. Consider expanding your owner services to also include things like property renovations, investment advice and even legal guidance. You’ll likely have to add to your team, but it’ll pay off.
Add Residential Benefits
As a property manager, your service doesn’t end with your owners. The people renting the properties you manage are also technically considered your customers, and they represent the opportunity for additional revenue streams as well. Think about what kind of add-on services you can offer to residents that they’d be happy to pay for, such as concierge services, package storage, utility management, and even pet care services. These can all bring in additional income, which can be reinvested for growth.
What’s on your list for growth strategies in 2024? If you’ve got some creative ideas you’d like to share, let us know in the comments below.