Growing your property management organization probably ranks among your biggest goals, year after year. The more you invest in landing more customers, increasing portfolio size and offering additional services, the more you’ll see your profits rise. Of course, listing out these objectives and actually achieving them are two entirely different things. If you’re in the process of developing or improving your growth strategy, here are a few helpful things to keep in mind.
Draw it out and make a commitment
First and foremost, you can’t drive your property management organization forward if you’re not fully committed to doing so. This includes developing an action plan with real, measurable goals and obtaining full buy-in from leadership, employees and stakeholders.
Focus on people
Many otherwise savvy executives make the mistake of focusing on numbers and strategies to help them achieve growth. What they forget about is the actual people who execute those plans and strive every day to make those numbers a reality. Invest in the happiness and development of your employees and they will pay you back with an unmatched dedication to the cause.
Identify and address weaknesses
A race car can’t make it to the finish line with only 3 properly inflated tires. The same concept can be applied to your property management company’s growth strategy. You can’t move forward and achieve your objectives if there are problem areas that need to be addressed. Be honest and willing to make the changes necessary in order to drive forward toward your goals.
Think big and take chances
Playing it safe may work if you’d like to stay exactly where you are today, but if growth is what you’re after, you’re going to have to be willing to take some chances and set some lofty goals. To make things more manageable, break larger and/or longer-term goals into multiple short-term objectives. Over time, these little things will add up to big accomplishments.
Promote and foster strong leaders
Having a vision of where you’d like to see your property management organization in the next year, 5 years or decade isn’t going to do much in terms of actually getting you there. For this, you need strong, effective leaders at the helm. Identify those who are passionate and can motivate and influence others, and then invest in honing those skills. It’ll pay off in the long run.
Developing a strategy to expand and grow your property management company is only half the battle. To actually see those goals come to fruition, you must take the appropriate steps. The ones listed above should provide a solid foundation upon which to build.
What did we miss? What areas would you recommend focusing on when working toward ongoing and sustained growth? Please share in the comments below.