Whether you’ve built your property management company from the ground up or you’ve stepped into an executive leadership role at an existing thriving enterprise, chances are there’s something you and your team are always striving for, and that’s growth. There are a number of different strategies for expanding your business, but for the purpose of this article, we are going to focus on rapid, aggressive or intensive growth. If you are interested in pursuing this type of strategy, here’s what you need to keep in mind.
Market Penetration
This is the area that most property management companies look to first when seeking growth, because since it basically equates to taking on more customers, it involves the least amount of risk. Other ways you can consider greater market penetration is to find new and better ways to package your services to existing clients, improving or expanding on the services you offer or repositioning your services so that they meet additional needs.
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Market Development
Another area where a property management firm has the potential to achieve rapid, sustainable growth is in expanding the area being serviced. In other words, entering the market in another geographical area – such as a different city, state or province – where you’ll essentially be offering identical services, but to a whole new audience of potential clientele. This can be done a number of ways, including the option of franchising.
Alternative Channels
This growth strategy is a bit more complicated and challenging for those in the property management field because it involves changing or expanding the way you actually market your goods and perform your services. Unlike a retail business, which could easily add online sales as their alternative channel, property managers must get a bit more creative. With all the technology that’s available today, innovative professionals may still be able to identify some areas of opportunity to pursue, so for those willing to get creative and think outside the box, it’s worth mentioning.
Product Development
Adding new and different services to your portfolio can also promote growth, particularly in terms of existing clientele. To figure out where you might be able to make headway in this area, start with your list of current services. Sit down with your development team and start brainstorming additional options that might be available to you. For instance, if you currently offer only property management and maintenance, perhaps taking it a step further and also offering assistance with things like evictions might be enough to entice existing clients to invest in your services even more.
Related Post: 3 Proactive Ways to Make Your Property Management Business Extraordinary
New Products for New Clients
Finally, there’s the option to expand to entirely new sectors. For example, you might consider growing from residential to now include commercial property management in your portfolio of service offerings. This tactic can come with the greatest amount of risk, however, but if you’re successful, the reward will make it well worth it in the long run.
This industry is ripe with opportunity and growth is there for those who are willing to put in the work necessary to be successful. If you’re looking to get a relatively quick turnaround on your increased investment, these intensive growth strategies should help point you in the right direction.
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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.
