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What is the basis for success in property management?

 

As a starter, for a property management business, determine what types of people you should be reaching out to, and what you should be discussing with them.

Building successful business relationships in property management is much the same as building such relationships in other business areas. It’s all about people. How you treat them, how you respond to them and, nowadays, what your online service reviews are like.

Focus on the key issues which are likely to positively affect your business and will help you keep growing. But also focus on the key relationships which you need to be cultivating and establishing.

  •  Keep relations with like-minded business owners

As with many other professions, there will be local associations and community groupings of other property management company owners, possibly a professional body or two, which you should endeavor to join. Then there are the Chambers of Commerce, Rotary Clubs and the like.

Meeting other business owners and professionals such as real estate agents, architects, developers, contractors, lawyers, and accountants can only help your business grow. As an example, if someone at one of your meetings asks how to sell their home you might well direct them here so they can find out the benefits of using Upnest. In return for your help, they may well as you to start managing their commercial property. You just never know!

It’s a very interesting psychology. Most people think of property management involved just managing real estate. However, in reality, it’s more about working and maintaining relationships with and also managing the people who reside in the buildings you manage!

 

  •  Sharing knowledge and experiences can be a positive

No business can operate in a vacuum and there will be times when competitors seek information or assistance.  Initially, you may not want to share your knowledge and information but there will be times when you need something from your rivals or competitors. Maybe working on a joint project in the future where your respective skill sets complement each other.

It pays to be civil and work in friendly competition with others as, as they say: “what goes around comes around”!

  •  Maintain positive relationships with your customers and staff

Obviously, your rapport with your customers can make or break a business. Having good relationships with them is paramount. Demonstrate your professionalism and knowledge, but still keep that human touch Be warm and engaging rather than cold, indifferent and/or aloof. Both with your customers and staff. After all, you want to get the best out of your work colleagues for the benefit of your company and it is they who will get you good service reviews.

  •  Reach out and seek advice when necessary

Whether you are the company owner or a franchisee, there’s always going to be somebody you are accountable to. Maybe a board of directors or the shareholders and/or the public if you are managing a listed entity. Or, possibly, a franchisor if you are operating in conjunction with a national brand.

In short, there’s always somebody who can offer assistance or advice or help you make decisions. Don’t be afraid to ask as you all have a common goal—make and keep your property management company profitable so that you can enjoy the success together!