Developing a well-informed plan and sticking to it can drive you toward your business goals.
- Growing your portfolio can take your property management company to the next level
- Developing a growth strategy is the best way to achieve success
- Setting goals and striving to reach them is vital
- ’You’ll also need to hire the right people to work with you
The community management industry can be a tough place to establish a business, especially if ’you’re starting from scratch. After all, ’you’ll have to convince property owners that ’you’re the best firm to manage and protect their real estate investments, creating a challenge for newcomers.
Your marketing plan will be a significant part of your growth because ’it’s impossible to attract clients if they ’aren’t aware of your existence. ’You’ll also have to retain the clients you sign by providing value.
Developing and sticking to a plan provides the best chance of success in the community management industry. Here are seven community management strategies to grow your portfolio in the future.
1) Set goals
Before all else, you’ll want to set some business goals. These goals can include how large you want your firm to get, how many employees you intend to hire as you expand, and the speed with which you can execute this growth. You could also define the neighborhoods or communities you wish to serve and the types of properties you’re looking to add to your portfolio.
Setting these goals is essential because growing too quickly can harm your business almost as much as not growing at all. You don’t want to end up with too many properties on your plate without the necessary time to hire and train staff, nor do you want to hire too many employees too early without having enough work for them.
2) Start small
If you’re new to the industry, starting with smaller properties could be the best way to learn. For example, taking on a condo complex with over 100 units might sound like a great way to expand your portfolio, but it could quickly become overwhelming without the necessary experience.
Instead, start with smaller buildings or communities as you establish your own way of doing things and create a culture for your employees. You can then grow into larger properties when you’re ready, experiencing better results as you gain proficiency.
3) Develop an online presence
Creating a marketing plan is vital to growing your community management firm. You’ll struggle to attract clients if no one knows you’re there, so you need to get your name in front of prospective clients as much as possible.
Statista reports that businesses spent over $567 billion on online advertising in 2022, accounting for 62% of all advertising expenditures. That number is expected to grow to nearly $627 billion in 2023, so creating an online presence is more important than ever.
Building a website, writing content, and engaging with potential clients on social media can also help grow your portfolio. The more involved you are online, the better results you’ll see moving forward.
4) Prioritize tenant retention
One of the most critical community management strategies you can implement is a plan for retaining tenants. The longer you keep people living in the units you manage, the happier your clients will be.
Tenant retention is about developing relationships with the people who live in the communities you manage and doing everything you can to keep good renters happy. Property maintenance is a vital part of this process because no one wants to live in a community that’s falling apart. Focusing on communication, technology, and community-building can also help you create a place where people want to live.
5) Network locally
Networking can help any business type, but it’s particularly important in community management, which relies heavily on relationships and word of mouth. You can begin taking steps in the right direction by getting out there and creating relationships or partnerships with people who can help your business.
For example, speaking with some real estate agents and telling them about your community management strategies might convince them to recommend your services to their clients. It could also pay to network with investor groups, lenders, or your local Chamber of Commerce because they may need your services or know someone who does.
6) Offer more services
One way to help your community management firm stand out is to increase the services you offer clients. For instance, handling value-added items like renovations, property inspections, accounting, cleaning, staging, insurance, and legal issues could help get your name out as a viable option for property owners.
You can also make life easier for tenants by offering online rent collection and email or mobile communication options. Disrupting your tenants’ lives as little as possible while providing the services they need is a great way to keep everyone happy.
7) Hire the right people
Of course, you need to be incredibly careful about the employees you hire. Finding the right workers can be challenging in today’s environment, as there are over 9 million job vacancies nationwide. However, taking your time and ensuring your staff can handle the job and fit into the role is vital as you grow your portfolio.
You can also use contractors and other vendors to handle jobs that don’t make sense for you or your staff to take on yourselves. Vetting these workers is also vital because they’ll be working near the tenants you’re trying to keep happy.
Finding vendors to assist with your growth
Technology makes locating the ideal vendors for the communities you manage easier. For example, investing in a vendor management platform allows you to source, vet, and manage your vendors simultaneously, minimizing the problems you’ll encounter.
VendorSmart connects community managers with the ideal vendors to meet their needs through our web-based marketplace. We also vet these vendors before allowing them to advertise their services. Contact VendorSmart to learn more about our platform and for more community management strategies to grow your portfolio.