Running a property management business can be a very lucrative endeavor. Many building owners are too busy to take care of all issues that arise when having to deal with tenants, contractors, bills and emergencies. This is why they prefer to outsource such services to companies like yours, who employ experienced staff to manage all these.
Although setting up a property management business is relatively straightforward, growing it to the extent where you can make a nice living out of it is not an easy task. This article is going to provide you several tips to help you scale your business up to the point you want it to be.
First of all, you should be aware that no business can grow without a solid marketing strategy. You have to invest some money, especially until you manage to get enough clients to allow you break even. If you cannot afford TV, outdoor or print, you should split your budget between online and radio. Since your business is local, you are interested in advertising it to people in the area you can cover. Local radio stations may have affordable rates, so they are worth checking out. Creating a radio ad is also fairly easy. You can come up with a creative text and read it yourself. Add some music, and you are done.
Online advertising can be very effective, provided that you choose the right target market. Try to empathize with your clients, to understand what they would want from a company like yours. Once you have discovered a few benefits they would enjoy, craft your marketing messages and your branding accordingly. If they need trustworthiness, position yourself as the most reliable company in this business.
Reinvesting your profit is another tip that can help you grow your property management business faster. After you manage to get enough clients to break even, don’t rush into spending the extra money on personal things. Take your salary, as you should be able to make a living, but don’t take more than that. Use all the money to hire sales people, to improve your workflow and to motivate your employees to work better. Invest in your clients, keep them close and try to deliver more than you have promised. Help them, and they are going to become addicted to your services. Be proactive, offer them ideas of improving the living conditions in their buildings.
“The secret of growing a real estate management business the healthy way is the right split of the marketing budget. Invest the most of your profit into bringing new clients on board, but don’t ignore the other departments.” states Flora Briggs of Ascent in Vancouver, a successful property management company.
Hire new staff whenever needed, like that you can always offer the high-quality services that brought you all those clients in the first place. You cannot afford to let yourself outgrown by your business. You need to stick to your quality principles, so make sure you always have enough resources to manage an increased portfolio of clients.