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Published October 7, 2021. Updated July 17, 2024.
Growing your property company is no small feat. It takes strategic planning and execution to expand your portfolio. Whether you’re managing single-family homes or multi-family properties, staying competitive means constantly improving your processes, services, and marketing efforts.
While these strategies can help, growing your property management company is easier with a property management consultant. They can help you overcome staffing issues, outdated processes, leveraging data analytics, and more.
So, what steps can property managers take to grow their portfolios, attract more clients, and build a thriving business? Read these five strategies to transform your property management business and establish yourself as a leader in your market.
5 Strategies to Grow A Property Management Business
What should property managers do to expand their portfolios and take on more clients? Check out these five strategies to grow a property management business and dominate your market!
1. Improve the Properties You Currently Manage
One of the best ways to get new clients is by having existing property owners and tenants who trust and value your services. These people become advocates for your company and services when you're looking for new clients.
How can you build a network of existing clients who sing your praises? Start by improving your current services for properties you currently manage.
Can you improve your maintenance and inspection schedule to enhance the quality of the doors under your management? Are there property upgrades you can recommend to owners that can improve tenant retention? Improving your current operations makes your property owners more money, leading to positive reviews and references.
2. Prioritize Tenant Retention
Tenant turnover is costly for property owners and signals that a property manager is not doing their job. You can build a record of boosting revenue for property owners when you invest in positive tenant relations.
Sometimes improving your services to renters is the best way to add more doors. An online tenant portal for rent payments or maintenance requests helps attract and retain quality renters. These offerings align with what property owners in your market value most. Plus, as your operations become more efficient, your team has more room to take on additional doors!
If you're not sure how to find the best property management software to improve tenant services, work with a property management consultant.
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3. Invest In a Strategic Marketing Plan
You might be excellent at marketing rental properties for your clients. But have you also invested in a strategic marketing plan for your property management business? Reaching more potential clients and dominating your market requires a plan to get the word out about your services.
The right property management marketing systems help you generate leads and connect with new property owners. Ensure you have the right staff and processes to focus on growing your business.
4. Set Goals (and Stick to Them)
As property management business owners, do you have a business plan for your company? If not, understanding your current operations and how to get to where you want to be becomes a bigger challenge.
Your property management business plan should help you identify goals and the steps needed to meet those goals. Working with a property management consultant can be the best way to map out a plan. They can analyze your current infrastructure, processes, and technology solutions. This helps employees identify what needs to happen to build their portfolio of managed properties.
Once a business owner has a plan in place, implement it to make sure you stick to your goals! A good plan helps you scale with the right workflows, software, team members, and training to support new business.
5. Embrace Networking
If you started your career by managing properties for someone else, it can be difficult to transition from "property manager" to "property management company owner." However, to grow your business in the property management industry, you need to embrace your role as the "boss" and take on the responsibilities that come with it.
Networking can be a growth strategy that's hard for some company owners to embrace, but it's critical for success. An intentional approach to networking boosts the effects of word-of-mouth marketing through relationship building.
Find groups to connect with other real estate or property management professionals. Look for investor groups and business-building groups, like your local Chamber of Commerce. When property owners see you active in the community and connected to industry and area leaders, they see your company as the go-to resource for expert property management services!
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Grow Your Business With Insights From a Property Management Consultant
It can be intimidating to build your portfolio without the right strategies and insights. Pinpoint the ideal areas to start your business growth with the help of a property management coach who has been there before!
Real-Time Consulting Services helps property managers grow their businesses into successful property management companies by taking them through an in-depth transformation process. This includes setting goals, defining success metrics, assessing what's going well, and identifying opportunities for improvement. We work closely with our clients every step of the way to implement customized plans for growth success. If property management coaching sounds like something you would like to learn more about, schedule a free consultation!
Are you ready to grow? Download our free resource, "How Many Doors Can I Manage Per Employee?
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