This article is #6 of a 7 part series . For additional suggestions checkout the rest of the Growing Your Property Management Business series.
This article is #6 of a 9 part series . For additional suggestions checkout the rest of the Keeping Rental Property Owners Happy series.
Growth: it's the desire and goal of any successful business owner, and it's what your property management business strives to achieve. But is your growth sustainable in the long term? To develop a solid and reputable property management company, start with a deeper understanding of how your business works.
Take the Pulse of Your Property Management Business
Any strategy begins with a hard look at your business as it now stands. Infoentrepreneurs says that it's easy to get caught up in the day-to-day management of the business during those early days of start up, but "once you're up and running, it can pay dividends to think about longer-term and more strategic planning." If your business has been growing steadily, you may have become more distanced from the everyday workings of your employees. Complete an analysis of your business strengths, weaknesses, opportunities, and threats (SWOT) and consider how your business is performing, whether you're acting on new opportunities, and how streamlined your business is in pursuit of your goals.
Craft Your Vision
Next, determine where you want to go. According to Fast Company, "visions should provide a sense of aspiration, they should stretch the imagination." What are your desired markets and planned directions? What unique skills and experience does your business bring to this area? Consider the processes, products, and people that your business needs to achieve this vision.
How to Grow a Property Management Company
What are the tools that will lead you into the future of your property management business? How do you attract leads? Now is the time to consider your support structure. Adopt property management systems to streamline your listing processes by adding all of the information that you need in a single portal, then customizing it for different listing sites. Hone your SEO so your website naturally draws in new leads. Develop a strong blog that outlines issues that are relevant to your tenants' and owners' concerns so that people will head to your site to learn more from your expertise. Look at the data around your property management marketing and develop reports that can update you frequently on how well your newest strategy is working.
Keep Your Property Management Leads Flowing
After your leads walk in the door, you need them to walk through and sign the contract or lease. Track and manage your leads in real time, with custom forms to collect data and help you build a unique relationship with each property owner and suitable prospective tenant.
Develop tenant screening protocols that send you qualified tenants to fill the vacancies that you have available. Focus on keeping the tenants you already have as well. With exceptional property management systems that allow tenants to pay rental fees online and help you keep a rigorous maintenance schedule, you'll keep existing tenants happy and encourage them to spread the word about your property management company. A similar system can be valuable in developing and maintaining quality relationships with property owners.
"It seems that everywhere, in every situation, Propertyware is keeping us organized." - Dave Barron / Husky Property Management, LLC
As you're developing your property management marketing plan, you need an ally that can help you manage your processes and your data smoothly and efficiently. Put Propertyware's experience to work for your business: sign up for a free trial today.