Build Your Property Business Support Team
Landlords and property managers are no strangers to the Do It Yourself trend that’s swept most nations, particularly the US, Canada and Australia.
The introduction of self-service models online is definitely a wonderful thing for you. Yet, when business people go DIY for everything to the extreme, we can get stuck in a perpetually limited market with limited comprehension, a limited service and limited results.
It’s one of the reasons some of us attend trade shows, join associations, and delve into marketing. The world won’t come to you. You must venture out to reach the right people and resources and discover what the market really wants.
A good decision might be to augment your DIY strategy (and your property management software solution) with all the key people you need in your business circle. It’s the one thing you don’t have on a spreadsheet yet, but might be the most important.
“it’s who you know, not what you know” — anonymous
You may take pride in handling a lot tasks by yourself, learning on your own, and it saves significant money for sure. However, if your costs are rising, regulatory demands grow, competition is intense, or you raise the number of properties, the “do it all by yourself” strategy becomes an issue. We all need outside help and real expertise to meet business demands, maintain service excellence, keep us on course, keep us informed, and stay competitive.
A part of your time and financial budget has to be set aside for these connections activities.
Admit that You Need More
There’s a point in property management where the work becomes too heavy, difficult, tiring, time consuming and requires the kind of expertise we don’t have. By networking and reaching talented, connected and empowered business people, we might fill in gaps and really key areas that must be optimal. Whatever your Achilles heel is, there is someone who can help fix it.
Successful people always talk about delegating. Just like you, they hit a point in their journey where they realized they didn’t have the skills or resources and that DIY wasn’t the way to go. Take a big enterprise for instance. It’s the opposite of do it yourself. They hire outside consultants for everything now. What if you adopt their model and just downsize it to fit your small business?
In this video, Philip VanDusen of Verhaal Brand Design talks about sharing tactics to reach more people and make an impact to broaden your network. His top principle? Send people stuff via social media that helps them and which they can share and network with. Make others glad to hear from you! Still, finding these key people is the first task.
Who Do We Need?
But who are these “people and connections” we should have listed in our virtual business support team? To identify them all you should list each functional area of your business: accounting, financial management, maintenance, repairs and purchasing, technology, legal, tenant acquisition, marketing, etc.
Here’s many of the key areas of your business you need to enhance with professional connections:
Small Business Software: software consultants who know their property management software, installations, apps, who can resolve issues and who may even provide cost effective, trouble-free services. Hopefully, your own property management software provider can help, but you may need further guidance from an IT consultant.
Small Business Technology: An IT consultant too can help you understand software technology, whether proprietary or open-source is preferable and how you can choose well. Check out those offering seminars or consultations as this is a low cost way to get in the know.
Small Business Accounting: Professional small business accountants are relied on for more than just for accurate accounts, etc., but now for guidance on which expenditures are proven to work and how you can avoid big tax liabilities. They’re vital in helping you get your books in order and keeping sustainably viable for decades to come.
Pricing and Revenue Management: Expert consultants in this area can help you establish good long term rent pricing and revenue strategy. They can help you build the revenue and growth side of you business.
Real Estate Asset Management: If you’re planning to buy new rental properties, a real estate asset management consultant can help you pick good properties and manage them like a pro with any eye on raising profits and wealth.
Budgeting and Financial Management: Your property management software is a great aid in gathering financial intelligence, but interpreting the data just might right data might require the help of a financial management consultant. They’ve got a big picture outlook on what you’re doing with your money. Another perspective helps you get it right.
Banking: A good small business-minded banker might spend more time giving you advice on on streamlining your cash flow, managing debt and credit, and keeping your business solvent. They might have many more ideas on cutting costs.
Maintenance: a reliable, honest property management company and maintenance services contractor contractor with expertise in buildings, equipment, and timely service is essential to helping you keep your assets healthy. Meeting with more of them gives you a better understanding of who provides the best results.
Repairs, rehab and purchasing: Asset managers, contractors, property managers can help you make good choices of everything from flooring to appliances to window replacement choices, and whether expensive upgrades should all be made simultaneously across your properties.
Leasing: Leasing consultants and Realtors know the market and the psychology of keeping good tenants leased and this could take that challenge off your plate.
Tenant Screening: Leasing agents and Realtors can help you optimize screening so you get better tenants and they have much to share about the best tenants for you.
Marketing, Branding and Lead Generation: Marketing consultants who understand web marketing and advertising, and building your brand to attract great tenants are one of the most important assets for a mid sized landlord. Building continuous presence, visibility and demand for your units cuts your vacancy losses and creates better tenants willing to pay more.
HOA: HOA management companies keep your rental developments running smooth and create a sense of community and orderliness that keeps friction and losses to a minimum. Outdoor services are challenging so they help you run your HOA much better.
Tenant Communications: Some rental management consultants understand how to communicate in a consistent clear fashion that gets results so that when you communicate via your property management software platform, your messaging is an asset and tenants appreciate the responsiveness and comfort.
Enforcement management and legal: A real estate related lawyer can help you define your rights as a landlord in this politically divisive time. They might advise on a plan to avoid legal issues and how to demand rent payments and evict non paying tenants when necessary.
Tax management: Tax is your top business issue and optimizing your tax payable is a tricky matter, something a tax advisor can advise on.
Local Rental Market: other landlords, Realtors, and associations. General connections out there in the rental property community shouldn’t be avoided. Take time out of your day to socialize and have some lunch meetings with people who know what’s happening in your market. More conversations give you a broader, more objective view of your market.
Getting Professional About It
Linkedin and Facebook are great digital networking tools that can help you reach the right people and help them find you. Interact with others on social media as a process to learn and discover those who has the skills and knowledge you need. In your profile, let it be known that you interact with serious professionals. Identify talented pros and connect with them. Follow them, like them, share with them, share their material, and comment on their posts. It’s a quiet, respectful way of building connections.
Local Business Associations often have good professional members. You may want to get involved in participating in local events and help draw real estate and property related professionals to the events. It’s a great way for them to become aware of you and see you in a constructive light.
Trade Shows and Conventions are another good source of industry people. They all either exhibit or attend these events, and they’re usually success business people. Have conversations, enjoy listening to their business goals, products and services and understanding what it is about the market that they’re appearing.
Remember, in networking, there’s going to be some chaff to cut through before you get to the whey. Be patient with yourself and you’ll come out connected and empowered, and your business will benefit.
Good luck growing your business, and while you’re here, considering switching over to ManageCasa. Your current property management solution might be closing your world down instead of opening you up to better things. Check ManageCasa out now, and schedule a demo!
Network like you mean it: inc.com/minda-zetlin/8-things-power-networkers-do-make-connections.html
Build Relationships: forbes.com/sites/shelleyzalis/2018/02/23/forget-networking-relationship-building-is-the-best-career-shortcut/
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