When you first started out in the property management industry, you were probably perfectly comfortable being small. In fact, starting lean is a great way to establish a brand and build a reputation within the field. Over time, however, you’ve naturally begun to think bigger. You’ve reached the pinnacle of success you’re capable of achieving at the level you’re currently at and realize it’s time to start reaching for more. If growth is something you’re looking to accomplish over the next few years, here are a few strategies to help get the ball rolling.
Cozy up to your customers.
The most successful property management companies are laser focused on their clientele. They know exactly what their customers want, sometimes even before their customers know. If you want to grow your business, start by honing in on what’s most important: meeting (and hopefully exceeding) the needs of your target audience. Collect feedback from your existing book of business. Ask them what they want, what they need and what things they think you could be doing better. Then use that information to identify new areas of opportunity for you to expand.
Keep an open mind.
In business, things change rapidly. What once may have resonated with your customers may have gone stale over the years. When it comes to successful growth, it’s important that you be willing to rethink your brand and be open minded enough to change when and where necessary. Take a step back and examine where you are currently. Could a fresh new look or a different approach open more doors of opportunity? Be honest with yourself and be willing to adapt accordingly.
Get your employees engaged.
According to a recent Gallup poll, only about 34% of workers are engaged, meaning that only 1/3 are committed to and enthusiastic about their work. If your employees aren’t plugged in, growth will be an uphill battle you probably won’t win. Conversely, companies with a highly engaged workforce are significantly more productive and profitable. If you’re unsure of where your property management business currently stands in terms of employee engagement, these characteristics should provide a good baseline.
Giving back to the community in which your property management business is located is a great way to promote goodwill while also raising brand awareness and strengthening customer loyalty. Besides, it’s just the right thing to do. There are plenty of different ways you can make your company more socially responsible. For instance, you could sponsor an event, volunteer your time to a local cause or donate a portion of your profits to charity. Just follow your heart and make sure you’re doing it for the right reasons.
Line up funding.
Growing a business almost always requires capital. It’s important that you plan in advance for funding so you don’t end up jeopardizing your current cash flow. Take the time to figure out how much capital you will need to achieve your goals and then determine which avenue makes the most sense, whether it be a business loan, investors, crowdfunding or something else. Keep in mind, also, that some sources of funding can take several months to obtain, so be sure to plan your timeline accordingly.
There comes a point for most business leaders when growth is the logical course of action. Having a solid plan and being proactive in your efforts can set you up for a smooth and successful transition.