How to Build a Successful Property Management Company
If you're reading this article, you're probably about to or have just started your journey as a property management company. Congratulations! Property management can be a daunting industry with competition ranging from minuscule to massive but these tips from a seasoned property manager (that's me!) should help you on the right path to success.
1. Research your Competition
Property management is one industry where there's so much market potential that competitors don't have to battle for their clients. This is good! Why? Your competitors likely won't feel threatened if you ask a question or two if you happen upon them in the wild or on LinkedIn. See how your competition presents themselves to the world and what their clients have to say about them. This will give you some good intel on how to shape your business and what issues you can specifically address.
2. Get Educated
Take courses from your local real estate or property management associations to learn your industry. If they offer certification, get it even if it isn't required. Being certified will enhance your company's appeal and bring you in contact with lots of people in your industry.
3. Do the Groundwork
A great website is no longer optional. Invest in the essentials starting with a great logo and brand. Your website should be professional and focused on generating leads for your business. Get social media accounts and be active in engaging with the community and putting out great content.
4. Join Associations
Join and be an active participant in your local real estate and/or property management associations. This will be a great opportunity to keep educated and meet people in your industry as well as potential partners and clients.
5. Be Organized
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6. Prepare an Awesome Proposal
Take the time to prepare the basics of a powerful proposal. When you start getting RFPs (request for proposals) you'll need to be prepared. Prepare a basic template with information like your services, your general contract and your additional administration charges, if you have them. Then you'll only need to create an awesome cover letter and make small additions when sending out your full proposal. Ensure your proposal is professional and to the point.
7. Make Friends with Local Building Developers
Developers are a property manager's best friend. Why? They are literally building clients for you! Hitting up a few networking events where developer's gather is a great way to develop relationships that could lead to contracts coming your way. All you have to do is go get them.
8. Go the Extra Mile for your Clients
If you completed the 1st step of this list, you'll notice a loooooot of negativity directed towards property management companies. Don't let that be you. Do more than what's asked of you and your clients won't hesitate to extend their contract.
9. Ask for Good Reviews
Since you're doing a whole pile of awesome, don't be afraid to ask your clients for a great review. People don't often write a review unless something bad has happened. You don't want that to be the only thing there is to read about you online.
10. Respond to Negative Reviews
Negative reviews are going to happen, warranted or not. All you can do as a business owner is do your best to keep your clients happy. Always respond to negative reviews (but never in a negative way). This will show people who do see these reviews that you're responsive and always attempt to make things better.
11. Know When to Delegate
As soon as you start feeling overwhelmed, it may be time to hire some help. Ensure your staff member(s) is trained properly and representing your company the way you want. It's your business after all! Check in with your properties often to ensure they're happy with your management and take their feedback to heart. It's never easy to hear what people think of you but being willing to make changes can go a long way to making a client feel heard.
With these steps you'll find you now have a solid strategy to running a successful property management company. No company is immune to negative reviews and terrible customer service. Keeping the small business mentality as you grow will help you enjoy continued success and a healthy client list.
Tell us about your challenges in property management. We'd love to hear from you in the comments below.