Growing your property management company is likely one of your top objectives, but how? And more importantly, what’s the best way to achieve not only steady growth, but rapid increase. This can be particularly challenging in areas where competition is fierce. There are, however, a few secrets that can help position your organization as a clear front-runner where sustainable growth is part of the culture. If you’re looking for these kinds of results, here are four key areas to focus on.
Grow through acquisitions
Most property management leaders focus all of their efforts on expanding their offerings or entering new markets in order to achieve growth, and while these are certainly viable methods, they’re not the be all and end all. In fact, there may be a number of lucrative business opportunities in the area of acquisitions. Make connections and do some networking to find existing property managers that have built a strong portfolio but are now seeking a career change such as retirement.
Rely on technology
With so much incredible technology available today, it’s never been a better time to be in business. Yet, many in our industry are still lagging behind in this area. The fact is technology, such as property management software, can really revolutionize how your business is run, maximizing efficiency, cutting costs and allowing you to do more with less. This facilitates a much leaner operation that is better positioned for growth. Focus on adopting one central system and automate as much as possible.
Never stop learning
The property management business is always changing. As the audience you’re marketing to evolves, so must your approach to doing business. Being agile and always willing to learn and adapt is absolutely essential, not just to keep your organization afloat, but to ensure that it’s capable of growing. Stay “in the know” by attending industry-related events, investing in continuing education for yourself and your staff and keeping an open mind at all times. This will keep you ahead of the curve and make you the obvious choice for new clients.
Finally, be intentional about the people you hire to run your company. We always recommend hiring for attitude and cultural fit first. The rest can be achieved through training. Be sure that everyone in a hiring position within your firm clearly understands the company’s culture and core values so they’ll know what to look for in candidates. By carefully selecting a team that closely aligns with the direction your company is headed, you’ll end up with a unified force working toward the same shared goal: sustainable growth and ongoing success.
What did we miss? Do you have a growth success story you’d like to share? Please comment below.