Few other businesses face the reality of managing the relationship between potentially rival constituents (i.e. tenants and property owners); have to adhere to local, state & national regulations; handle substantial sums of other people’s money, and provide oversight to a plethora of vendors. Add to these normal business management activities, and a truly complex business exists.
As a result, most property management offices get stuck at a certain size – 100, 250 or 500 properties under management. Getting to the next level is stymied by static revenue per property and declining margins. Attracting and training competent staff is a constant problem. Changing systems and processes to achieve growth is extremely challenging, especially when one is unfamiliar with the numerous options. With all these demands, finding new customers takes second place to managing existing customer relationships. Meanwhile, competitive pressures continue to mount.
There are ways to break out of this “no growth” trap. Learn about them during our free webinar about how to expand your property management business.
Interested in growing your property management business? Register to view our free webinar: Grow your property management business!