The Property Management Coach | Business Coaching Blog
I’m Kathleen and I have been in your shoes as a stressed out property manager running my own business. I'm here to share with you what I have learned from my experience and use that to help you grow your property management business. I offer business coaching and consulting services to fellow property managers in the United States.
Low Cost Ways to Grow Your Property Management Business – Coaching Tips & Tricks - YouTube
There are some low cost ways to grow your business. Iâ€m a huge proponent of going after the low hanging fruit when you want to grow your property management business. So, if youâ€ve already got clients, thatâ€s a good place to start.
Property Management Coaching: Current Clients
Your current clients already know you, and they stay with you for a good reason. Go after your existing clients by offering a promotion or doing a survey. Find out how they found you, why they hired you, and why they stay with you. This will help you market your business. Maybe offer a thank you gift. My business is in a coastal community, and if someone refers a client to me, I give that person a gift card to one of the really nice restaurants in our area. One client likes to golf, so Iâ€ve paid for golf before. Your clients will have great friends and contacts, so itâ€s a smart way to grow your business.
Property Management Coaching: Vendors
Go after your vendors; painters and carpet cleaners can help. My carpet cleaner is my bet referral resource. They are in the properties cleaning carpets after someone moves out, and they start talking to the owner. When they help me get a new client, I give them gas cards, which they love.
Property Management Coaching: Tenants
Reach out to tenants. Just because someone is renting doesnâ€t mean they arenâ€t connected. They might have parents or friends who own rental properties. Gather a network of people who will give you a great testimonial. All these people do the sales for you.
Property Management Coaching: Networking Groups
I belong to a number of professional networking groups, and I do get business from them. These groups include professionals from different business categories, so I am allowed to become an expert in my field. People will ask me for referrals to a CPA, an appraiser, or maybe a flooring person. I can refer all these people who will take good care of my clients. So, they keep coming back to me for information.
These are affordable things you can do to go after that low hanging fruit and build your business. Donâ€t forget the people you serve. Those resources are cheaper than spending a lot of money to get new business.
How to Grow Your Property Management Business without Adding Doors or Units - YouTube
You can grow your property management business without adding doors. Instead of going after doors, you can grow revenue and expand that side of the business. Itâ€s a different approach, but it may work in your market. In todayâ€s property management coaching discussion, weâ€re sharing a few things you can do.
Higher Quality Properties
Start with your certain number of doors that you currently have, and then as you bring on higher end properties or properties that can earn more rent, you have the opportunity to cut loose the lower end properties. You can also begin to eliminate those that have a lot of maintenance needs, especially if you donâ€t have an internal maintenance department. There may be owners who gobble up a lot of your time. Cycle these things through so youâ€re earning more on better properties.
Think about additional value-added services you can provide to your clients. My market is small, and this is how I grew my company over the years. I have an in-house maintenance department, which I did because I wanted to be responsive and maintain control. Santa Cruz is a coastal community, so when surf is up, good luck getting a vendor to your property. Our in-house maintenance department is profitable and generates revenue.
Look at other services you can provide. We have a pet program. This allows owners to open up their properties to pets, and we charge tenants twice a year for services like pet inspections. Owners love it. They are reassured the property is not being destroyed by pets, and they donâ€t have to spend any money on it because we charge the tenants.
Consider Your Competition
Look at the different requests you may get from people that you say no to. Why are you saying no? Look at your competition and set yourself apart. Offer a service they arenâ€t offering. For example, maybe you provide tenant placement services. When an owner calls you because a tenant is moving out and you will be hired to find the next tenant, offer a service to help with the current tenantâ€s move out. You can do the security deposit return and the move out inspection. That means you handle the move in and the move out and finding a new tenant. Over time, that might lead to full management services. Itâ€s a true value youâ€re providing, so start thinking about services you can provide.
For additional tips on services you can provide and ways to increase business revenue, contact me at The Property Management Coach. Iâ€d love to tell you more.
Can You Grow Your Property Management Business in 30 Days? Business Coaching Tips - YouTube
Quick satisfaction is what we hear about all the time in the property management business, or in any business. Youâ€ll see a lot of advice and advertising online that promises you can Get X Number of Clients in 30 Days! Or, Get X Amount of Revenue in 30 Days!
Itâ€s a good draw. Everyone wants to grow and make more money, and most people want to do it quickly. Our society likes to tell us that we can have a booming business in 30 days. In reality, what you really can accomplish in those 30 days is laying a foundation. Itâ€s hard to grow your business overnight in 30 days. But there are things you can do. Itâ€s astonishing that in our industry, we have a reputation for not doing many of these things well.
Answer Your Phone
Return phone calls! I canâ€t believe that when we call people back at my property management company, they are surprised to get that return phone call. Other property management companies never call them back. Thatâ€s not acceptable when youâ€re investing a lot of money in your business growth. Answer the phone.
Optimize Your Website
Your website has to be optimized. You want videos and ways people can reach you. Include some great photos and a page with transparent pricing. That can be scary and people donâ€t want competitors to know your pricing. Well, yes â€“ if theyâ€re smart, those competitors will know your pricing, and you should know their pricing too. If youâ€re shopping on Amazon and you find a thing you want to buy but thereâ€s no price, are you going to reach out to that company and find out what the cost is? No. Youâ€re going to hop off of that website and go find the product elsewhere with a price. Get your price out there. Be authentic and open.
Write a blog or do a podcast. Address what-if questions that property owners have, and tell them why they should hire you.
These are simple things to do. Have your marketing in place. Sample lease or management agreements are helpful, and you should be prepared to provide anything a potential client needs, including comps. You want to look professional, like you know what youâ€re doing. Credibility is important, and rental properties are a huge part of investment portfolios. Think of yourself as an asset manager versus a property manager. Project yourself differently.
If you need additional property management coaching or ideas for how to grow your property management business, please contact me at The Property Management Coach. Iâ€d love to tell you more.
Property Management Franchise vs. Independent Business: Pros and Cons to Consider - YouTube
When you want to own a property management company, you have the option of buying into a franchise or starting your own independent business. Today, weâ€re talking about the differences.
Pros and Cons of Franchising
I do property management coaching for a few clients in a franchise. One of the things people need to realize before buying a property management franchise is that there may be a misconception about the work thatâ€s involved. People think that when they buy a franchise, they have all the systems in place and it will be easier because theyâ€re working with a well-known name. But remember – youâ€re still an entrepreneur. And, youâ€re still going to have to do the work. Keep that in mind.
Do your research so you know what costs are involved when youâ€re buying into a franchise. One of the great things about being in the franchise is that you have built-in name recognition, and there are often procedures and foundational processes in place. They also have corporate training to help you along. So, if youâ€re a complete newbie to property management and you know nothing about it or youâ€re changing careers, a franchise may be the best way to go.
Pros and Cons of an Independent Property Management Business
If youâ€ve been in the property management business or real estate industry for a long time, you might want to start your own company. Thatâ€s all good and great, too. There is no one way of accomplishing the same goal. Keep your market in mind. In Santa Cruz, we donâ€t have franchises. Itâ€s very local; and business owners know that franchises donâ€t work. We have been trying to get an In- N-Out Burger for ages, and it will never happen. Our market includes independent owners only. So, do your research. Find out what kind of tools youâ€re getting if you do franchise. If youâ€re doing an independent business, youâ€ll need to establish those procedures and systems. Either way, it will take a lot of work to make it happen, so be prepared.
If youâ€d like to talk more about franchise vs. independent business, please contact me at The Property Management Coach. Iâ€d be happy to help you make this decision.
3 Steps to Start a Property Management Business Empire That You Can Handle - YouTube
Part of what I do as a property management coach is help people begin their business and grow their empire. Today, weâ€re talking about three important steps that you need to take when youâ€re beginning this process.
What Kind of Business Do You Want?
The first question I like to ask in my property management coaching sessions is: what kind of business do you want? Often, we want to own our own business because weâ€re looking for freedom and financial independence and more time to spend with our families. But, thatâ€s not always the reality. Sometimes, we get caught up in our work and we find that a 24-hour day isnâ€t enough time to get the job done. We forget the reasons we started our own business. So, itâ€s important to spend time thinking about what kind of business you want.
What is Your Exit Plan?
The next thing to think about is your exit plan. It may seem weird to be thinking about your exit plan when youâ€re starting a business, but itâ€s critical. You have to know if youâ€re building a business to ultimately sell it, or if you plan to hand it down as a legacy and keep it as a family business. You may be building it to eventually back out and simply enjoy a monthly revenue stream. All these strategies will mean different things to what you create for yourself. You donâ€t want to run down the road and realize you should have done something differently.
What Kind of Clients Do You Want?
You need to know who your ideal client is. You may want to be small and boutique and go after high end clients. In that case, youâ€ll need to be available to them at all times, and a lot of handholding will likely be involved. Theyâ€ll be paying you enough that itâ€s worth it, however. Or, you might want a ton of properties with little hands-on work with the owners. Maybe youâ€d prefer clients that appreciate having everything automated, and there wonâ€t be a lot for you to deal with. Be clear about your clients so that when youâ€re going after a new client, youâ€ll know if they fit in your portfolio. I am not always the right match for the potential clients I talk to, and in some cases I refer them to other people. Thatâ€s shocking, but I do it all the time. I look for a certain owner, and they need to fit in my systems and work with my company culture so we can provide the service they are expecting from us. Â
If you need any other ideas for how to start a property management business empire, please contact me at The Property Management Coach.
Property Management Growth Tips for Small Businesses: Grow Fast vs. Grow Slow - YouTube
Property management growth is getting tremendous attention lately. A lot of people in the property management industry are talking about doubling their doors and dramatically increasing the number of doors they manage. You need to stop and think about whether this is right for you.
Property Management Coaching: Preparing for Growth
Thereâ€s a lot behind the scenes that needs to happen when youâ€re growing a business, and it doesnâ€t always mean youâ€re making more money. Growth comes with the requirement that you hire more people and make changes in your business systems. So, be clear about what kind of business you want so you can move forward. Make sure you have your foundation and your systems in place for that growth. Itâ€s terrible to put in all the money to get the business, and then you earn that additional business, and you struggle to manage it. People wonâ€t be satisfied with the way youâ€re working, and that will ruin your reputation. Itâ€s harder to fix that reputation later. Plan your business and remember that itâ€s okay to grow slowly.
Property Management Coaching: Advantages to Slow Growth
If you end up needing a loan to help with your plans for business growth, I can tell you from personal experience that banks actually like it when you can demonstrate a controlled growth. It means you have good systems in place and you can control the flow of business as you build your capacity and bring on more staff. Youâ€ll also need some time to train your new staff, and they will appreciate having that opportunity to help you build the business slowly. If you spend a ton of money on marketing, and you bring in a lot of business, but then youâ€re not be able to manage it, your employees and your clients will be demoralized.
So, decide: do you want to grow or not want to grow? Either choice will work. If youâ€re going to grow quickly, make sure everything is in place to manage it and meet the needs of your business.
Hiring the Right Employees to Grow a Property Management Business - YouTube
You may be in a position that youâ€re growing very quickly, but you donâ€t have the money to hire someone, or you donâ€t know who to hire. Maybe it should be a marketing person or an administrative person or a sales person. Today, weâ€re discussing some tips to help you assess when to hire employees and what to do first.
Property Management Coaching: Evaluate Yourself
First, analyze yourself. What are you really good at? If youâ€re great at sales, donâ€t hire a salesperson. Hire a support person instead so you can be out in the field managing the sales part of your business. If youâ€re an amazing administrator who can handle logistics and operational details, hire the salesperson who can help you grow property management business leads.
Affording an Employee
Can you afford someone? You can try a few things by taking baby steps. I like to coach people around finding out what it would cost to hire someone. Once you know what youâ€d need, set aside that money every month. Youâ€ll figure out pretty quickly whether you have the resources to pay someone. If you donâ€t, cut that amount in half and still build up a reserve so eventually you have the money to hire someone.
Be Creative with Hours and Employees
People often think they have to hire a full time person. Maybe you only need someone 20 hours a week. Itâ€s enough help to get you over the hump so you arenâ€t working 24 hours a day. Get creative. We hear about interns and college students who can do a great job for you. Ask around; you may find professional people who are looking to just work a few hours a week.
These are some ways to manage your professional growth. If you need help hiring the right employees, contact Kathleen at The Property Management Coach.
Cultivating Leadership in Your Property Management Business: It’s Easier Than You Think - YouTube
Developing a culture of leadership in your property management business is easier than you think. Many people who own their own business feel like they have to do everything themselves. But thatâ€s not true. When you have strong leaders within your company, youâ€ll manage a more successful business.
Delegate to Your Employees
The first step is to start delegating to employees. You want to train the people who are working for you so they feel comfortable and capable in the things you ask them to do. Empower your employees to make decisions and offer solutions.
Stretch Your Employees
Start assigning higher level tasks to your employees. Give them projects that are a bit more complicated than their everyday work. This will stretch what they can accomplish and youâ€ll allow them to be more responsible for the work and the success of the company.
Make Training a Priority
Provide training to your employees at every level. Ask them to cross train each other so when one person is out, someone else can cover that dayâ€s work. This strategy also builds team cooperation.
Solicit Input from Employees
Ask employees for ideas. You donâ€t have to be the only one solving problems and handling issues. Itâ€s easy for the owner of a company to be the one who fixes things all the time. But you want to get your employees involved as well. Get curious and ask questions. Find out how would they do something, what solutions would they recommend, what outcomes they would expect and how they will know when their process was successful.
A property management team that is staffed will leaders will be more successful than a team that has one leader and several employees. If you need help building a team that has more leadership, please contact The Property Management Coach. Iâ€m here to help you, and Iâ€d love to support you as you build and grow your property management business.
Why Focus is the Key to Property Management Business Success - Advice from an Executive Coach - YouTube
A lot of importance is placed on focus in the running of a prosperous property management company. When you are focused, you know where youâ€re going and how youâ€re going to get there. That part is obvious. But that focus will also help you in other ways. Most importantly, it will help you know when to say no and when to say yes.
Focus Helps You Make Decisions
In the property management field, there are a lot of things we do every day. Our attention is always needed somewhere, and distractions are easy to find. But those distractions can take us away from our focus and our primary goals. When you are able to remain focused, decisions come easier. You know that things either work in the plan youâ€ve set up or they donâ€t work in that plan.
Focus Simplifies Your Life
A focused person will also be able to simplify his or her life. You will be able to accomplish more, and youâ€ll find yourself more energized. This will create momentum in your business, and it will help you to move forward and have more successes.
Choose Something and Focus on It
I love the book The One Thing by Gary Keller. In that book, he says to choose the one thing that matters most and to put all your focus on that one thing. This will have a huge impact on everything else that youâ€re going to do. So, block your time, close your door and tell your staff you donâ€t want to be disturbed. Then have only your one task to focus on, or maybe give yourself three things to do. Get those done and focus your energy.
Use Focus to Find Flow
Get into the flow with focus. When youâ€re in the flow, business and life are easier. Things fall into place and youâ€ll naturally start a business that helps you thrive.
How to Run a Successful Property Management Business – Expert Advice from a Business Coach - YouTube
If you want to run a successful property management business, there are a few questions you need to ask yourself first: What kind of business owner do you want to be? And, what kind of business owner are you currently?
Understanding Your Values as a Business Owner
These questions get down to what your values are. The answers to those questions are important because everything you do; from the people you hire to the clients you take, reflects your values. Itâ€s what makes you unique and different than all of your competition and all the other property management companies around. So you need to know that.
Pay Attention to the Law of Attraction
Thereâ€s something called the law of attraction. My mother used to say that â€œbirds of a feather flock together.â€ That sentiment describes the law of attraction perfectly. Whatever you put out into the world is exactly what you will attract back to you. So if you feel stressed, overwhelmed and out of control and youâ€re not sure what kind of business you are â€“ guess what? Youâ€ll attract crazy, stressed out owners who arenâ€t organized and will suck up a ton of your time. Thatâ€s not what you want. So be clear about what kind of business you are and what you want. Once youâ€re able to adjust your values and be proactive about who you are and what you want, youâ€ll be able to attract it to you.
These are just a few tips for how to be a successful property manager and how to run a successful property management business. If you need help figuring out what kind of business you want to run or you have any questions about your professional development as a business owner, please contact me at The Property Management Coach.
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