Updated March 28, 2022
Sometimes business growth can't happen until you and your team understand why you do what you do and who you want to serve.
As nice as it would be to provide property management services to every rental property owner in your market, the entire market is not your target market—or even your core customer. How can you determine who to market to and where to find new customers? It starts with you!
If you're struggling to meet your business and financial goals, or you're just getting started with your property management company, pause and define who you are and where you're going. To accomplish this critical business task, follow these tips from an expert property management consultant!
You've probably heard of a 'mission statement,' but what is it? It's not just a few words to describe what you do. It's a critical positioning statement that sets the tone for your business, your team, and the clients you serve.
An effective mission statement defines your company's fundamental purpose and supports your vision statement. Yes, you provide property management services to investors in your area—but why, and how? The right answer can't just be 'to make money.' Your company's mission must have more substance than the result of generating money through your services.
If nothing is driving your mission or compelling you to do what you do, you'll struggle to find clients (and employees) who also believe in what you do enough to partner with you. You won't find success or grow your business if you simply follow a process and collect rent checks for clients every month.
It's a simple statement that packs a punch! Don't be fooled by only needing a concise sentence or two. Take the time to put some serious thought into your statement. When creating your property management company's mission statement, think through:
If that sounds too 'in-depth' for a property management business, think again! As a property management consultant, we often see a clear difference in success between companies that don't know why they started a property management business compared to those who have a clear vision.
Documenting your mission statement is a worthwhile activity to help set (or reset) your course toward success as a property management business owner. Keep it short and simple, and consider including your team or partners in the business as you define your mission.
While your mission and values go hand-in-hand, they aren't the same thing. Your mission tells people what you do and why you do it. Your company's values tell the world how you accomplish your mission and what qualities you hold dear throughout your operations.
A strong set of company values helps business owners recruit the best talent and find the best clients. Again, not every rental property owner in your area will be the right fit as a client—and that's okay! You don't need to serve everyone in your market.
Your business will grow with more success when your mission and values align with clients who value the same qualities that drive the way you work to help clients succeed. Target those potential clients, and you'll experience sustainable growth for the long haul!
You can express your company values through various qualities that resonate with your mission. After deciding on a handful of qualities that sum up your values, many business owners expand on those values to tell customers how you live up to these qualities through your service.
If you want your property management company's reputation to embody integrity, honesty, efficiency, and a commitment to excellent customer service, choose those words and create a short sentence that tells property investors how you accomplish those values. Then make sure everything you do lives up to those standards! Simple, right?
You might have plenty of ideas about what you want to accomplish as a property management business owner. However, perhaps you're not sure where to start. Sometimes the 'business' and marketing side of successful property management is the most challenging part of the job—but a professional property management consultant can help.
The Real-Time Consulting Services team works with many business owners who need a little help defining their mission and values. In our experience, when property managers see their mission and vision realized on paper, it often leads to more success for their businesses!
Contact us to determine how we can help you (and your clients) see your mission and vision.