Real estate is one of the best investments any entrepreneur can make. We’ll show you how to grow a property management company from the ground up.
If you’re interested in becoming a property management company, you’ll be entering a highly lucrative industry. The question is, will you end up with only a sliver of the pie, or will you be one of the few to grab a large piece of it?
Research shows that real estate property management revenue in the United States was $42.95 billion. However, the projected revenue for 2020 is a whopping $70.03 billion.
Without question, real estate is one of the best investments any entrepreneur can make. We’ve compiled a guide on how to grow your property management company from the ground up and enjoy the taste of success that comes with it.
Let’s get started!
Be Strong Digitally
Having a strong digital presence is one of the most important things you can do to grow your property management company. After all, if a landlord or property owner is interested in property management services, he or she will likely turn to Google first to start his or her search.
If somebody were to type in “property management in” followed by the name of your city, would your firm’s name appear at the top of the search result page? A search engine optimization, or SEO, expert can help to make this happen.
Of course, your website also needs to be appealing so that when users find you in their search results, their first impressions of you are all positive. Again, an SEO professional can assist you with this.
Be sure to regularly post blogs on your website, share these posts on your company social media page, and create a solid Google business profile as well. All of these steps will direct more traffic your way and potentially lead to robust sales for your up-and-coming company.
Manage Your Property Management Company Finances Well
In property management, financial issues can arise for a wide range of reasons. These include the following:
- Money is tied up in wage expenses, utilities, and insurance cost
- Your portfolio’s properties feature several vacancies
- Tenants fail to make on-time payments
- Routine maintenance and unexpected repairs are costly
- Your company faces a lawsuit filed by a tenant
That’s why an important step in growing your company is to have a strategy in place for keeping your cash flow strong.
For instance, when it comes to late rent payments, a reputable rent invoice financing service can advance payments on your outstanding invoices. This alone can easily take a huge load off of your shoulders financially.
Narrow Your Focus
Although you might feel inclined to take on every property management opportunity presented to you in a particular region, don’t. The more spread out your portfolio is geographically, the slower your business will grow.
Instead, try to focus on a certain geographical area. For example, Bay Management Group, one of the leading property management companies in Philadelphia, focuses on specific neighborhoods in the city, such as Chestnut Hill and Rittenhouse Square.
You may also want to focus on a certain type of client or property. For instance, focus only on apartment complex management.
This is all a part of building a strong brand — one that clearly defines you and effectively showcases your area of specialty in real estate. This will ultimately make it easier for your clients to find you. And you’ll more quickly enjoy a bigger piece of the real estate pie as a result.
How We Can Help
We offer a range of articles and tips for small business owners and aspiring entrepreneurs.
Contact us to learn more about how we can help you to grow your property management company this spring.