Are you stuck in a rut, unable to grow your property management business? Or maybe you want to make the move from working for others to starting your own property management business?
Growing a property management company can be a challenge, especially since the average property management business employs fewer than 3 people.
Running a business that lean means you doing more with less and taking advantage of these crucial tips for growing your property management company.
1. Have a Great Website
Social media isn’t everything, especially with more and more consumers being wary of using social media sites due to privacy concerns. However, a top-notch website for your property management business can make a strong first impression. Along with a sleek, user-friendly design, go for on-page or on-site SEO to increase your ranking in organic searches.
Already have a website? Consider hiring a web designer to update the look of your site, plus add any missing functionality, such as an owner’s portal. An owner’s portal makes it convenient for property owners to log in and check their account statements, the rental status of each unit, and see maintenance and repair requests.
2. Automate and Outsource Tasks
Odds are your property management software may allow you to automate some workflows, allowing you to avoid mundane tasks such as sending out inspection notifications or processing invoices.
Struggling to set up your property management software and make the most out of it? Visit balancedassetsolutions.com for help implementing your software.
3. Network With Local Groups
Networking can be hard to embrace, but it’s essential to grow your property management company. Look for local groups of like-minded individuals, as well as business-focused groups such as your local Chamber of Commerce.
Not sure how to network? Start by checking out sites like Meetup. Look for a real estate group in your area, or consider starting your own.
Make sure you know how to network the right way. Be respectful of others’ time, follow up with connections, be intentional, and be a connector for other people too. Networking is an ongoing activity that requires you to give something back in return.
4. Schedule Time for Growth
Finally, don’t forget to schedule time each week for marketing your business and prospecting new properties. This could include cold contacting local home sellers, offering a referral incentive to current clients, and building a content strategy for your website and social media pages.
If you find it absolutely impossible to make the time for this each week, it may be time to hire additional staff.
Grow Your Property Management Company
If you follow these tips it’s possible to grow your property management company. Start small, stay focused, and set measurable goals for yourself. Do that, and your portfolio of properties is sure to grow.
Like this article on running a property management company? If so, check out the rest of our site for more helpful articles that can help your business grow.