While property management businesses typically target rapid rent roll growth, one agency opted for a slower, more deliberate approach to maintain a focus on high-touch service.
While property management agency scaling abilities have often been a key determinant of success, one business has bucked the trend by prioritising client experience over rent roll growth.
In a recent episode of the PMX podcast, WHITEARCH director Ashby Farrell said that when he first launched his business, he functioned as a “one-man band”, wearing all the hats in the agency. You can listen to the episode here.
“For the first six to 12 months, I was the sales agent as well as the property manager and the office admin,” Farrell said.
Once he had the right systems in place, Farrell then looked to grow the business, while still maintaining its boutique, hands-on approach
“I’m still very much involved with all my landlords. All my landlords know that they’ve got my phone number, they’ve got my email, and they can contact me anytime.”
Taking the slow approach to drive growth
Farrell said that while the goal was to continue growing the business, he didn’t want it to lose the boutique offering that had helped it succeed in the first place.
“From here on out, it’s about continuing to build in systems and processes where we can maintain that level of customer focus where the owners don’t feel like we get big and all of a sudden they don’t hear from me.”
“My focus is to maintain processes and systems where I can continue the business in the same manner as I did when I started it five years ago.”
While real estate businesses often went all out to grow their rent rolls, Farrell said he had opted for a “tortoise and the hare” approach.
By providing a highly individualised service, Farrell said that clients could quickly become a referral engine, allowing the business to prioritise retention over lead generation.
“We know that if we handle their needs to the highest quality, they are going to go and tell their friends and refer them.”
“If I’m working with someone who embraces the way that we do things, more than likely the person that they refer us to will be of a similar ilk.”
He said that while being reachable by clients was vital, it was just as important for property managers to reach out on their own time.
“They’ll receive a call from me at a bare minimum once every three months, just to check in and see how they’re going, to answer any property management questions or give them market updates.”
Why staying small has kept PMs in the business
By maintaining the processes of a smaller agency, Farrell said there was significantly less pressure placed on property managers.
“Of course, it would be more profitable, and we would make more money quicker if we just grabbed everyone we possibly could.”
“But part of the reason my focus is so heavily on making sure that the people align with us is because of the turnover in property management.”
Farrell said that with property managers less bogged down by administrative tasks, they would have more time to dedicate to clients’ relationships.
“If I can build a client base and an environment where the clients are good to us and we’re good to the clients, the likelihood that my property managers and my admin staff are going to be unhappy is lower.”
“So that makes it much easier for our property managers to be happy and want to stay here long term.”
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