The beginning of the new year is a great time to sit down and strategize about ways to grow your business. To that end, here are 5 tips to help grow your property management business and increase profits throughout the year.
- Increase Your Visibility
Marketing is a vital part of every business, and property management is no exception. Getting your listings into more websites, keeping your Facebook page updated, optimizing your website, launching a blog, starting a YouTube channel, updating your company sign on your buildings, writing articles for the local press, sponsoring a local event, offering a tenant referral program – all these things will boost your visibility and get you in front of more building owners as well as potential future tenants.
- Increase Employee Efficiency
One of the largest expenses for any business is its employees. Explore ways to increase your staff’s efficiency. What new training would make them more productive and more valuable to your business? Calculate whether the hiring of a dedicated maintenance worker can save you money on contractors and handyman services. Save money and make your business run more efficiently by finding multi-skilled employees, who perhaps can take on the tasks typically associated with multiple employees.
- Treat Expenses As Investments
When maintaining a property, putting a little extra money into doing a better repair the first time around will save you money in the long run. When updating appliances, get the better version. It will last longer, need less repair, and attract better tenants. Although it may be tempting to cut corners, if you treat expenses as investments you’ll be reducing your effort, time and money on future maintenance needs.
- Reduce Unit Turnover
One of the best ways to grow your business is having a solid foundation of good, steady tenants and minimized turnover. Lease renewal is key to having a predictable and stable revenue flow. Low turnover also frees up your time so that you are not bogged down with cleaning, painting and fixing up empty units, nor with promoting vacancies, nor with negotiating leases. Instead of spending your time maintaining the status quo, you’ll be able to spend your time building your business.
- Develop New Revenue Sources
If you really want to get creative, you can think up clever ways to add new revenue streams to your business. In residential properties you can set up a concierge service. In commercial properties, set up a business center. Be creative and set yourself apart from the competition!