There comes a time in just about every business when things get stale. When this happens, processes can become redundant and sometimes even obsolete, ultimately impacting the company’s ability to compete. If your property management firm is in one of these funks, the time to take action is now. Let’s take a look at three of the most critical areas to focus on that can breathe new life into a struggling organization.
Simply put, if you are not investing in advanced technology, you will undoubtedly fall to the back of the pack in terms of competition. These days, property owners and residents alike expect high-tech solutions to meet their ever-changing needs. That means the ability to pay and manage accounts online, mobile-friendly options and more.
From an internal operations perspective, modern property management companies must invest in automation technology. Not only does this maximize efficiency and productivity, but it will also enable you to better serve your customers without having to beef up on personnel, which is the ultimate competitive advantage.
The importance of managing risk in business cannot be understated. In the property management industry, this entails performing thorough tenant screenings and adequately evaluating other business relationships, such as which contractors or vendors with whom to do business. It also involves the fine line of compliance with laws and regulations pertaining to protected classes and discrimination. Likewise, cybersecurity is something every company should be concerned about – including property management firms.
Your company cannot survive if you are constantly leaving yourself open to potential lawsuits or data breaches. If you haven’t already done so, or it’s been awhile, conducting an internal audit to assess risk and address any vulnerabilities should be a top priority. Also, speaking with a legal professional that is well-versed in the laws governing businesses as well as the property management industry specifically is strongly advised.
Revenue and Growth
The third area where property management company executives should concentrate their efforts is on making money and achieving growth. There are many different facets to this, and no one solution is right for every business. A good foundation for all, however, is company culture. Making your company a great place to work will enable you to attract and retain top talent, which will help you run a more successful and stable business as a result.
Additionally, building and nurturing relationships with the right partners, such as realtors and other industry professionals, can help to increase lead flow. Investing in online marketing, through tools like social media and a blog, can help build trust and establish your company as the premiere resource for property management services in your area.
Once you’ve achieved this level of stability, you can then focus on which areas of growth make the most sense for your business, whether it’s through portfolio diversification, industry expansion, acquisition or something else.
The property management business is so fast-paced and change-driven, it’s very easy to get left behind. If you feel your company has become stuck in a rut, focusing your efforts on the three key areas listed above should help you right the ship and get back on course.