As a leader in the property management industry, you are already well aware of and probably play a significant role in the organizational goals that include revenue growth. Sometimes this can seem much easier said than done, especially given the amount of competition within the current marketplace. But with numbers to crunch and objectives to meet, there’s little time to waste pondering your options. Here are a few areas of opportunity to consider that may help fast track your company’s success.
This may seem relatively straightforward, but it’s certainly a good place to start. Expansion in property management can be facilitated a number of different ways. For instance, you might consider increasing the amount of services you offer to include additional things, like handling tenant background checks or hiring contractors. Or, you might wish to expand your portfolio to include additional sectors, such as moving from strictly residential to commercial property management as well.
Delivering exceptional client service can really boost your property management company’s performance (and it really won’t cost you a dime to do so). When existing clients begin to recognize how well they are treated, not only will they reward you with loyalty, but they’ll also help you reach more qualified leads through valuable word-of-mouth marketing. Additionally, making sure all properties you manage are always maintained and kept in tip-top shape will help differentiate your brand and grow clientele.
The more value you add to your properties – such as through additional services for tenants – the more you’ll be able boost revenue in the form of rental rate increases. For instance, adding courier or concierge services for commercial properties can attract and retain higher paying tenants. Similarly, adding residential recreational options can make the apartments or condos you manage more attractive to renters who are willing to pay a higher rate in order to live there.
Not only is high turnover costly in terms of loss of rental income, but the expenses associated with constantly having to fill vacant properties can really add up. Stop wasting time, money and resources and focus instead on attracting and retaining quality renters. Use property management software to keep track of things like maintenance requests and provide tenants and clients with convenient options that make their lives easier. As a result, you’ll keep properties full (and money in your pocket).
The property management field can be highly volatile, so it’s important that leaders keep their fingers on the pulse of what’s happening at any given moment. Stay on top of industry trends, such as local rental rates, to ensure that you are remaining competitive. This can help you maximize your ROI, improve your bottom line and demonstrate to clients that you are always ahead of the game, thereby contributing to repeat business and referrals.
Growth and revenue increase are typically at the top of most property management companies’ list of priorities. The five things listed above can drive profits up and help you achieve consistent and sustainable growth.