Whether you’re just starting out or have been in the business for years and haven’t yet experienced a lot of growth, being a small player in the highly competitive field of property management isn’t easy. In fact, it can sometimes feel as though competing with the larger firms is downright impossible. After all, they have access to things you simply cannot afford, right? While that may be true to some degree, there are other things that you can do to position yourself as an equal…or, better yet, come out on top despite your size.
Assemble a quality team
Even if you can only afford to employ 2-3 other people, make sure you’re choosing team members that possess excellent skills and a strong work ethic. With a smaller crew, problems can be much more noticeable and can negatively impact your bottom line. Once you locate and hire excellent employees, give them a reason to stay by showing how grateful you are and offering non-cash incentives, like flexible hours.
Get your free copy of The Property Manager’s Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.
Build relationships
The one area where a small firm can outshine a bigger one is customer service. In fact, many consumers prefer to work with smaller businesses because they feel that they can really get to know the people who work there and will therefore receive a greater level of service. That said, if you want to stand out, focus on making every single interaction an outstanding one, no matter how minute.
Leverage technology
The tools available to property management firms today have opened countless doors and leveled the playing field tremendously. Things like property management software now make it possible to do more with less, provide a greater level of service and maximize efficiency. Invest in the right products to help give your firm the boost it needs to remain ahead of the competition.
Add a personal touch
Another benefit of running a smaller operation is the opportunity it presents to connect with owners on a more personal level. By adding this extra touch, you’ll demonstrate to your clients that you value their business. In turn, they’ll be more likely to stick with you for the long haul and refer you to others.
Whether you happen to have 20 employees or are running a one-person show, with the right attitude and tools, you can still compete with larger firms. Put the four things above to the test and you’ll be off to the races. You may even find yourself taking the lead.
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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.
