To form a long-term, successful business, your initial period of growth should be followed by scaling. As a result, it’s best to plan and build scalability from the start.
- The desire for growth is high among property management companies
- As a property management company owner, detaching yourself from daily tasks is not as easy as in other businesses
- Learn four tips to help you scale your property management business effectively
- TOPS [ONE] might be all you need to scale right now
Regardless of the industry one is in, the primary goal of most business owners is to build a profitable, sustainable business where they don’t have to manage every mundane, daily detail. This type of business creates an opportunity in which a person has the time to work ”on” their business rather than “in” their business.
This desire for scaling is high among property management company (PMC) owners. According to statistics, the global property management market is projected to grow from USD $19.33 billion in 2022 to $37.25 billion by 2029.
However, for a PMC owner, detaching yourself from daily tasks is not as easy as in other businesses. You’ll find the functional areas of the business need your time in key roles such as accounting and portfolio management.
Is there a solution? The simple answer is yes. Let’s dive in.
But first, scaling is not “growth”
Despite popular belief, “scaling” and “growth” are not synonyms. Generally, growth simply means expansion, like when your company adds new resources (people, assets, or technology), which leads to increased revenue. Scaling, by contrast, is when your company’s productivity increases without a notable increase in resources, which leads to increased revenues without many increased costs.
Every business must start from somewhere. To form a long-term, successful business, your initial period of growth should be followed by scaling. As a result, it’s best to plan and build scalability from the start.
So, how can you scale a property management business effectively?
Here are four tips to scale your property management business:
1. Utilize top technology like TOPS [ONE]
Whether it’s for business or other purposes, technology has changed how we do things. Its impact in different sectors is amazing.
Technology is an essential component of business scaling. It helps streamline business operations across departments. Tech fosters efficiency, increases productivity, and boosts profits.
Enterprise software programs allow employees to process more information with the utmost accuracy. This way, human labor can be decreased and revenues can still increase.
Take TOPS [ONE], for example, a secure and powerful software property management application that offers a variety of features that make all aspects of business easier. This software is all you might need to simplify your property management business scaling.
At its core, automation makes things easier for people. Business process automation leverages the power of computers and technology to streamline business tasks, reduce operational costs, and ultimately maximize customers’ experience.
You can automate tasks like communications and accounting, among others. Automation makes PMC scalability highly achievable as it provides faster information processing and quicker services to customers without the need for your company to invest in additional headcount.
Luckily, automation is at the core of what TOPS [ONE] does. Our software and services satisfy demanding staff and are easy to use and learn for someone with little to no experience.
3. Focus on the customer’s experience
The customer experience (CX) is the new competitive battlefront. According to a survey by Gartner, “more than two-thirds of marketers responsible for CX say their companies compete mostly on the basis of CX.” That means when going head to head with your competition, the customer experience will ultimately be the piece that puts you ahead of the pack.
Good communication, attentive support, cleanliness, and improved security are some of the important practices that bring higher customer satisfaction in the property management industry.
Also, many homeowners love the way technology and automation can make their lives easier. As software programs become more prevalent, many users say they have great experiences with the programs when used correctly.
4. Build a strong team
Property management is a service industry. We hear it time and time again from our own customers. Service is all about people. If you want to scale your PMC, you’ll need a strong team of bright and creative minds with a shared vision of your company’s core purpose.
Ensure the right mix of expertise and skills for the best performance – a team of people who share common values but are open-minded. Strike a balance between seasoned and new employees for quick and smart scaling. Include local and network workers.
Finally, leverage technology to connect the team for the core mission of scaling the business.
This is TOPS [ONE]
At TOPS, we work with PMCs that manage multiple communities along with self-managed associations to run accounting (both software and services), engagement, payments, board reporting, and more.
Everything TOPS does is about simplifying (hence ONE) and we want to simplify your business scaling process.
Utilize top technology like TOPS [ONE], automate your processes, focus on customer experience, and build a strong team. Scale your property management business with TOPS; request a demo today!