It’s a sad but well-known fact that small to medium-sized property management businesses are seldom (if ever) particularly profitable. Sure, they can deliver a reasonable turnover, but increasing that turnover usually comes with an associated increase in overheads, particularly with new regulations adding to the workload.
What does this mean for property managers, James?
Well, the sad fact is that this makes it tricky for business owners to transition from making ends meet to making a real profit.
James! What advice can you give property managers that are struggling be or become more profitable?
I’m glad you asked! Unlocking more value – and more profits – involves some strategic thinking and a willingness to think outside of the box. Luckily, that doesn’t have to be a long, drawn-out and painful procedure. Here’s my advice:
- Make sure you are in a position to scale your business.
How do you do this? A combination of strong teams, smart technology, effective and efficient workflows and choosing your clients and communities carefully can put you in a position to scale your business.
- Hire intelligently
Staff is one of the key areas in which you get what you pay for. It may seem counterintuitive that more expensive, highly qualified staff will increase your profits, but in our experience, a top-notch team is a non-negotiable when it comes to profitability.
- Invest in technology
As vital as it is to have the right people and the right processes in place, you still need to provide them with the right support if you’re going to tap into their full potential and the potential income streams they can unlock for you.
That’s excellent advice, James! So, where does WeconnectU fit into all of this?
Well, at WeconnectU, we’ve created an end-to-end property management platform that facilitates all the necessary workflows – and then some – for fast, efficient and cost-effective property management. There’s no easier way to streamline your operation and scale your book for maximum profitability. With comprehensive reporting available at a click of the button, it’s a simple matter to demonstrate just how much work your team is putting into a community and communicate the true value your services add.
This can be a vital step towards negotiating fair rates for exceptional service and improving the minimal profit margins that have traditionally plagued the industry.
Book a demo: https://weconnectu.co.za/book-a-demo/
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