Whether you’re just starting out in the property management industry or you’ve been working your way up for years, it is, without question, one of the most competitive industries out there. As such, it can be challenging for smaller to mid-sized companies to compete with larger organizations. The good news is this doesn’t necessarily mean you’re doomed to always be at the bottom of the pack. To the contrary, if you employ the following strategies, you just might find yourself pulling up the lead.
Offer out-of-this-world service
If there’s one thing a smaller operation has going for it, it’s the ability to deliver service that is much more personalized, so make sure you’re taking full advantage of this. Train all employees that exceeding the expectations of your customers with every interaction is not just a goal, but a part of who your company is. When you incorporate this attitude into the very culture of your business, the results will speak for themselves.
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Focus on ongoing engagement
One area where larger property management organizations fail is that they don’t work to strengthen relationships with their clients much beyond the initial sale. Obviously given the nature of our industry, regular interaction is necessary, but few do much beyond these necessary exchanges to solidify their alliance. To capitalize on this, make it a point to reach out, get to know and truly connect with your customers on a more personalized basis.
Invest in the right places
You may not have a ton of capital to invest, but if you are strategic in exactly how and where you invest what you have, you can still place your company in a competitive position. For instance, by investing in things like mobile technology and property management software that offers cutting-edge and convenient options, you can give your business the boost it needs to outperform the others in your area.
Be agile and open-minded
Another area where smaller property management companies can remain competitive is in finding new and better ways to serve their clientele. You may be successful at what you do presently, but that doesn’t mean there aren’t other ways or additional service options you can provide that might bring your business to the next level. Encourage collaboration and innovation within your team and always remain open to new ideas.
Being a small fish in a huge pond isn’t always easy, but if you have the right attitude and approach, you can still compete with your larger counterparts. Above are just four of the many creative ways that a small to mid-sized property management company can truly shine against the competition.
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Get your free copy of The Property Manager’s Guide to Proactive Management — And make the time necessary to plan for an extraordinary future.
