Growing a property management business

Property management companies throughout New Zealand are facing the same challenges of growing. Having just come out of a housing boom and seeing a levelling off in most of our cities now’s a great time to take stock and look at growth strategies.

There are seven basic steps to setting a plan for that growth.

 

1. Forget the others

The first step is to not think of your competitors.

Don’t worry about what they’re doing – focus on your business and where you want to be.
 

2. Create a vision

Who do you want to be now and in the future? A vision statement should come from the business owners/team leaders, in consultation with the whole team.

Things to consider could include profitability, quality of service, team member commitment, a supportive environment, education and training, and being compliant.

Everyone should own the vision and everything that’s done within the business should be complementary to it. 

 

3. Develop values alignment

Work with your team to identify the values that make your company tick. Document these.

Principles like integrity, excellence, commitment to growth and empowerment are all values that can be used to ensure everyone is working to the same outcome, with a shared approach. 

 

4. Find your positioning statement

In an open market with many property management companies, sometimes it may seem difficult to know what separates one from the other.

To develop a positioning statement, engage your team in a SWOT exercise examining strengths, weaknesses, opportunities and threats.

Working through these will help you find your niche in an increasingly competitive marketplace.
 

5. Have clear goals

Without goals and accountability, nothing will be achieved. Walk the talk by working with your teams to create a set of goals for 12 months, monitored quarterly to ensure that progress is being made.

Goals may be financial, growth targets for numbers of managements, system improvements, education, improvements in technology, ensuring properties are advertised well, limiting vacancy rates, reducing or eliminating arrears, just to name a few. 

Develop a plan but be malleable enough to allow for a change of direction if an opportunity presents itself. All goals should relate back to your company’s original vision.

 

6. Create an action plan

How are you (and your team) going to achieve your goals?

Do you have the skills, technology and resources needed to meet the objectives you’ve set? How will the action plan be carried out, in a way that enables both the business and its team to grow? Who is responsible for what?

Ensure that there is accountability as what gets measured will get done.

 

7. Develop a reward strategy

This can be either individual or team based. It can be financial or not.

Work with your team to create a rewards structure with incremental and achievable steps to bigger and more audacious goals. 

All of this can be captured on a one-page plan that each team member can have at their desk. This means everyone knows the direction of the company, their contribution and engagement in the process.