Most real estate business owners want to grow their rent roll. Not just to pay the bills, but to actually produce profits while their long term goal is to build the asset for retirement, investment and lifestyle.
What we’ve noticed working with agencies following traditional structures i.e. portfolio management style is that they impede their growth and allow daily drama to shift their focus away from their desired growth results. In the meantime their competitors are investigating and implementing innovative ideas such as outsourcing to gain a competitive advantage.
Imagine if each portfolio manager was able to reduce their administration hours by 20% and shift that focus into growth? Almost overnight an agency would see an improvement in their numbers! Not only that but the capacity to handle that growth would also be eased through an effective outsourcing strategy [EOS].
So what does that have to do with New Year’s resolutions? Outsourcing used correctly will force you to scale your rent roll without the hard work and effort you think will be required. It’s the number one hack intelligent real estate Principal’s are deploying to expedite growth even in an economic downturn. Resolutions are just another way to commit to a desired result and if not now, when are you going to make the time to move your business into the new normal?!
Resolution #1 – commit to leverage your time
There are many things we do in our working day that could certainly be done by someone else. Commit to making a list of these. Your time is valuable and identifying mundane and repetitive tasks is the first step in freeing yourself and moving into a growth mindset.
Resolution #2 – commit to Letting Go of the Basics
Everyone wants to let go but that would mean handing over the control. So how do I clone myself and trust that things will get done and to the same quality my clients have come to expect? Start with the basics! Once you’ve leveraged each person’s role you can begin breaking down the Phases of activities to be done through outsourcing by someone else.
Resolution #3 – commit to see the rent roll as a series of processes
property management is a repetitive process driven business model. When you start to see that each process can become organised and effective, you’ll also be able to recognise that each task has a cost associated and understand who should be doing what based on skills, talent and price.
Resolution #4 – commit to measuring results
Commit to measuring your growth and not just on how many more managements you gain! Remember that when income increases so too do expenses! They say the devil is in the detail and that’s why benchmarking the activities and the time taken to produce the results is an essential ingredient in the overall performance. Compare week on week productivity to build sustainable momentum.
Resolution #5 – commit to becoming client focused
At the heart of all property management services is the client experience. Commit to understanding what that really means and what matters most to them. An effective outsourcing strategy [EOS ©] will free your time, maximising client facing and dollar producing time to double or triple your rent roll.
The team at PMVA are committed to helping Real Estate business owners succeed. We wish you all a safe and prosperous year ahead.
