Most of us would love to be our own boss and be the master of our own professional destiny, right? Now, in order to maintain your professional freedom as a business owner, it would be ideal to build a sustainable and profitable operation, where day-to-day operations run as smoothly as possible and require minimal intervention and interference. If successful, this environment will provide you, as the business owner, with the freedom and time to work on your business, rather than in it.
So, James, do Property Management business owners have the freedom to work on their business rather than in it?
I’m glad you asked! Because the same cannot be said for the Property Management Industry. For property managers, extricating yourself from the daily grind can be tricky, to say the least. If you’re anything like the typical South African Property Management business owner, you’re wearing far more than just one, professional hat. This ends up putting some serious limitations on your ability to scale up your business to become the efficient, profitable and self-sustaining operation that it could be.
That sounds very limiting James. Do you have any tips for Property Management businesses on how to scale up their business?
Yes, I do!
1. Employ the best people
Having the right Property Management team behind you can make an unbelievable difference to the efficiency of your operations. The wrong team, on the other hand, could easily sink any chance of scalability that you had.
2. Invest in the right technology
As vital as people are to Property Management, they still need the right technological support to perform to the best of their abilities. This is even more important when you take into account the “human factor” (stress, illness, maternity leave, staff turnover etc.) that means you can’t rely on your team to be 100% reliable and 100% available 100% of the time.
3. Define A Growth Strategy
Being able to put together a persuasive service offering is very important, but so is finding a way to use that service offering to grow your customer base. If potential clients don’t know you, can’t find you and have no idea what makes you stand out from your competition, they’re unlikely to be knocking down your door any time soon.
4. Maximise Cash Flow
Scaling a Property Management business isn’t just about securing more work. It’s about securing more work while increasing your profit margins. Of course, nothing in life is free, and expecting to scale a business without investing any capital is like expecting to get that beach body without going to the gym.
Thanks James! That’s very helpful. Before we go, can WeconnectU help Property Managers to scale up their business?
Of course! At WeconnectU, we’ve spent years refining our Community Management Solution to support and enhance the capabilities of Property Management teams and business owners. With the help of our platform and the efficiencies it creates, we’ve seen many businesses successfully scale up their operations to become industry powerhouses.
Switch to the most advanced and only end-to-end Community Management Solution built for the Managing Agent.