7 Ways to Drive Business Growth
After a stellar year in 2018, many property managers might be thinking of coasting for 2019. Is complacency ever good in business though? Does the status quo actually even exist in modern property management?
Have pro sports teams ever kept winning championships without continuous improvement? Conversely, will a growth strategy give you immunity to threats and give you more flexibility? Just a few questions for context for today’s post.
If you read this post from Inc, you recognize that most businesses fail. They speak of cash flow, financing, and controlling costs as critical factors.
Yes, those key challenges are addressed when you use property management software and adopt a progressive approach. You can’t outrun the cost side of the balance sheet, but with growth strategy, you’re shedding the poor performers and opening up to new high profit opportunity.
Experts Say Grow or Die
Just a platitude? Or did they find some very compelling data telling of us who went under and who survived? The data suggests to them that businesses which grow thrive. But what does growth really mean? Is it about more doors, more landlords, and more of everything? Associating progress with the word more, isn’t really fair.
Just Like Taxes, Costs Will Rise
Whatever growth as a driving concept does actually mean, those who don’t move forward seem to succumb to some evil. The wolves are always hungry and ready for a wrong move, one slip up.
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How Long Can You Outrun Costs?
Those who grow might outrun costs through higher revenues and newer and better clients and properties. Progressive, growth oriented companies have a positive vibe about them that you can sense right away. They’re not outrunning, but they certainly do look at the revenue side.
We’re into 2019, so where are the growth opportunities for you? What will your story be for 2020/2021?
You’ll want to keep up on the latest property management trends which means cloud software adoption, automated financial management, online payment, mobile management, and marketing and promotion. There might be opportunities available right now, and you just need to jog your memory.
But more likely, you need a strategy. How can we build our opportunity growth pipeline? Try these 7 ways to achieve growth as a basic progressive strategy:
1. Growth Through Larger Multifamily Portfolios
Are you prepared for larger multifamily projects? Are you connecting with landlords by making news, building a highly visible website, advertising online, getting social on Facebook, writing articles for leading industry portals?
2. Growth Through More Properties
Growth Happens. And it happens via landlords and investors. You need more properties and better properties. Can you open your business to new types of rentals and reach owners who need other properties taken care of?
3. Growth through New Landlords
Broader exposure through your own networking. Attending trade shows, blogging, interacting on social media, and giving workshops for landlords helps you reach more landlords. It is difficult to get in front of landlords so broadening your reach makes good sense.
4. Growth through Better Properties
Do you have a lot of skunk properties? Are you losing money on some of them? Improving your portfolio means sourcing new properties which generate more revenue, have lower costs, and lead to more, better opportunities. You are your portfolio, so find better properties.
5. Growth through Reaching more Investors
Your biggest weakness might be that you’re not connecting with excellent investors with big property portfolios. One connection could change your business and your life forever.
6. Growth through New Cities, States or Countries
What are employment and population trends in your city? How about out of state? Are there new developments that are growing the market there? If you’re in Los Angeles, can you serve the burgeoning Phoenix rental market? Are there new California cities in your future? Keep current on the best cities to invest in real estate.
7. Growth Through More Amenities
Take a look at the building amenities that landlords and property managers are offering. Now look at the new trending amenities such as digital technology. These new amenities can really make a difference to Class B properties and old developments where costly building rehabilitation/upgrades don’t make financial sense.
Have a good read of other growth related blogs here on the ManageCasa blog. Just a quick scan of our blog home page and you get a good synopsis of growth, opportunity, new tech, and property management trends.
Drill down to the specific areas you’re struggling with. And especially review areas of property management business you’re not strong in. Because these voids are your biggest threats going forward into the next 10 years.
There’s never an end to education in property management, and finding new ways to create value and make you more effective.
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