High on the list of priorities for most property management companies is ongoing growth. Whether it’s adding new properties to your portfolio or expanding into other types of properties, growing your business takes time, patience and perseverance. In the beginning, achieving growth can seem like an impossible goal. The good news is, it’s not. Better yet, it’s not even as difficult as you may think. Let’s take a look at four simple yet highly effective growth strategies below.
Get (and Stay) Organized
Disorganization may not destroy your business entirely, but it certainly won’t lend to its growth. If you are constantly back-tracking, trying to locate that misplaced document, following up on a maintenance issue that slipped through the cracks or chasing down late payments, your property management company simply will not be able to move forward in a positive, productive and profitable way.
On the other hand, developing and documenting policies and procedures and employing the use of property management technology will keep things operating like a well-oiled machine. Your cash flow will be optimized, your productivity will skyrocket and your customers will be happy. All of these things contribute to the ability to grow and become more successful.
Automate (Almost) Everything
You can’t expect to gain traction and push your business forward if you’re stuck in the trenches, constantly putting out fires and bailing out water. Thankfully, there is technology available that is highly effective, surprisingly affordable and remarkably easy to use that can dramatically free up you and your team to focus on more growth-related projects.
Automation shifts much of the grunt work from human to machine. This enables even smaller property management firms to do more with less, maximize efficiency and become more competitive. It’ll also contribute to higher employee morale, which will improve your company’s culture and service levels and also help you to reduce costly turnover. In short, if there’s something that you can automate, do it.
Property management may involve certain business-related functions, like marketing and sales. But while these are certainly a necessary part of becoming successful, they shouldn’t necessarily be the main focus of you and your team. Ultimately, it’s relationships that truly solidify a property management company’s position in the market. This includes both internal employees as well as clients and other stakeholders.
What’s the best way to develop and foster these relationships? By putting people first. Whether it’s going the extra mile to help a customer or taking the time to listen to and implement employee suggestions. When you focus on what matters most, everything else will naturally fall into place. Your clients will appreciate the exceptional, personalized service they receive and your employees will become fiercely loyal. Win-win!
If there’s one thing that businesses across the globe learned over the past year and a half, it’s that working from anywhere is, indeed, possible. In fact, not only is it feasible, but it’s actually a better long-term operating practice.
Embrace the technology that’s available today and leverage it to empower your employees and your clients. Cloud-based property management software, for example, can enable your team to get work done any time, any place while also providing the convenience and efficiency of online portal access to customers, vendors and other stakeholders.
The more agile and flexible your business is, the easier it will be to achieve and sustain growth over the long-term.