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Lately, I have been having some great conversations within my property management network about how and why property managers should start thinking like business owners.
Adopting a mindset focused on profitability, strategic planning, and growth, will enable property managers to provide better services to their clients and gain a competitive advantage in the market.
This entails getting property managers to better understand their value, paying closer attention to the time tasks are taking, and then ensuring the correct fee is applied.
Here are some steps they can take:
- Develop a business plan: A business plan is a roadmap for success and every business owner should have one. Property managers should develop a personal business plan that outlines their goals, strategies and tactics for success.
- Focus on the bottom line: Property managers should always be thinking about profitability, both for their clients and their agency owners. By maximising revenue and minimising expenses, property managers can ensure that their clients’ properties are profitable and sustainable in the long run. In addition, they should also be focusing on how long certain tasks are taking to complete, and then ensuring that the agency fee reflects this.
- Stay on top of industry trends: Property managers should stay up-to-date with the latest trends and developments in the industry. Those that do will stay ahead of their competition and provide better services to their clients.
- Build a strong team: Business owners know that their success depends on the strength of their team. Property managers should build a strong team of professionals who are committed to excellence and customer satisfaction. This can be applied more widely to their business network and could include finance brokers, sales agents, buyers agents, accountants and other property managers.
- Be innovative: Business owners are always looking for ways to innovate and improve their operations. Property managers should be no different. By embracing new technologies and processes, property managers can improve their efficiency and effectiveness. For example, AI language models like ChatGPT, may have some very useful applications for the property management industry.
Integrating some of these broader business principles will allow property managers to streamline their day-to-day operations, provide a more competitive and comprehensive service to their clients and achieve greater success in their careers.
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