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Did you know the property management industry in the United States generates over $80 billion in revenues every year?
Is your property management business having a good bite at this cake? If you feel that your company is struggling to meet its revenue targets, there are some steps you can take to improve its financial performance. And even if your company might be doing great right now, there’s always room for growth.
Would you love to know practical tips for growing a property management company? Read on!
Revamp Your Company Website
The assumption here is that your property management company already has a website.
If you’re anything like most small businesses that have a website, it’s been a while since you last redesigned the site – if ever. You probably think that as long as your website is up and running, it’s serving its purpose.
While that might be true, there’s a good chance it’s not achieving its maximum potential. Website development and design standards are always improving, so if your website has never been updated, good chance it’s not delivering the results you want.
In 2022, invest in a website revamp. Hire a professional designer who also has a good grasp of SEO. They’ll rebuild the website and ensure it ranks highly on search engine results. More people looking for property management services will be able to find you.
Here’s a guide that’ll help you learn more about property management SEO and how it can boost your company.
Make the Most of Your Current Clients
You have been in this property management business for a while. So, you certainly have some clients locked up.
Those clients are a steady source of revenues for your company, but did you know they could help you increase your revenues.
Of course, a current client can acquire a new property and let you manage it, thus increasing your business. But your current clients can also refer new clients your way – only if you incentivize them into doing so.
Something as simple as offering a 10 percent discount on the property management fee to a client who refers a new client to your company can go a long way.
Network, Network, Network
The property management industry is competitive. Don’t expect property investors to come knocking on your door in droves. You have to go out there and look for them.
This is why networking is one of the most impactful steps a property manager can take to grow their business. Attend events that will get you in the same room with property investors or people who deal with property investors.
For example, real estate agents deal with property investors almost every day. As such, networking with these agents is an ideal way to get your company in the conversation when investors are looking for property managers.
You also want to network and connect with real estate attorneys, property appraisers, and construction contractors.
Grow Your Property Management Business This Year
In many ways, 2022 is the year of growth. The COVID-19 pandemic is on its last legs. The economy is starting to roar again.
There’s no reason your property management business shouldn’t experience growth this year. Put these tips to use and you’ll see real change.
While at it, be sure to keep an eye on our blog for more business management advice.