Property management in the United States is a $100 billion industry, with no company having greater than 5 percent of the market share. While property management as an industry is resilient, the COVID-19 pandemic has posed significant challenges to large and small businesses.
As a property management business owner, it’s understandable if you’ve experienced slow growth or even a decline in the past two years. Now you’re looking for ways to grow your company, especially seeing that the economic effects of the pandemic are wearing off.
You’ve come to the right place for expert advice. Read on to learn what you can do to take your property management company to the next level.
Understand How the Industry Is Evolving
The property management industry, just like real estate, evolves slowly. It takes years for new property management trends to emerge.
However, with the economic effects of the COVID-19 pandemic, a lot of things are changing – even in the world of property management. In the past, it was not uncommon for property managers to physically collect rent payments from tenants. That’s now a thing of the past.
Like in many industries, everything has moved online. Tenants want to pay rent and interact with property managers digitally.
Having a good understanding of how the industry is changing enables you to make changes and adapt. For example, in 2022, you should be offering digital property management solutions to your clients. If you’re still stuck in the old way of doing things, your business won’t grow.
Find Ways to Get New Clients
The key to growing your property management company is to bring in new landlords who’re going to let you manage their properties. The problem is every company has the same objective, so competition for clients can be fierce – depending on your market.
This is why you need to find effective ways to find new clients. In some cases, a landlord will come to you when they’re looking for a property manager, but most of the time, you’ll need to find these property owners.
You want to start by asking your current clients for referrals. Landlords happen to know other landlords, so if your services are excellent, they can recommend your company to other investors. You can even offer them a referral incentive.
Networking with real estate agents and other industry professionals is a good way to get landlord referrals.
You should also have a digital marketing strategy, especially one that focuses on search engine optimization. Learn more about property management SEO here.
Keep Your Services Impeccable
Landlords hire property managers because they don’t want to do the hard work of dealing with tenants, advertising vacant rentals, and whatnot. This is your job, and you must do it well; otherwise, you will not only have a hard time attracting new clients but also struggle to retain existing ones.
As your company grows, start hiring property managers to work under you. Ensure you’re hiring competent professionals who will offer satisfactory services.
Time for Your Property Management Business to Shine
Your property management business can grow if you embrace the right growth strategies. Stay abreast of industry trends, implement effective ways to find new clients, and strive to offer quality property management services.
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