As a property manager, you need to have both short-term and long-term goals. If done well, property management can provide a steady source of income. Therefore, you want to do it well and run the business effectively. Many property managers focus a lot on lead generation and acquiring new landlords. This takes time and money. If you don't do your job well, they you have a leaky bucket. You want to retain happy customers who in turn can be a good reference for you. Your short-term activities have a direct impact on your long-term goals.
Read our article on how to differentiate yourself as a property manager
So, how do you go about setting goals for your business. As Stephen Covey said, begin with the end in mind.
Your long-term goals##
If your end goal is to be a property manager with hundreds of units to manage, then work a plan backwards from there. You want acquire a lot of customers. To accomplish that, you want to build a brand. Your brand is comprised of the things you say, you do, and how you treat the people. People include landlords, tenants and services people. All this helps you to acquire new landlords to build your business. You want to build the foundation on the right software so that you can scale easily. HomeKasa is the best property management software that can help to market your business and manage your properties from one place. Keep the big picture in mind to stay motivated.
How to market your property management business?
Your short-term goals##
You have to treat every property with great care. Afterall, the landlords have trusted you with their investment and a significant part of their live savings. Set goals for each property you manage. You get what you measure, and it reflects on your business. Some metrics to focus on:
Tenant retention rate - how many years do they stay in your property
Expenses - how much did you have to spend to acquire tenants? How much have you spent on property improvements?
Income - Have the rents come on time like clockwork?
Efficiency - are you using HomeKasa to manage rent collection, maintain all documents, send reminders and constantly keep a tab on the profit and loss?
Separately, look into what can you do to improve the overall condition of the property to attract good tenants.
Once you have these metrics in place, you can see how your properties perform in comparison. You'll have a benchmark and you can discuss the value you bring quantitatively. Its easier to show numbers and let them speak for themselves as you try to acquire new landlords and grow your business to achieve your long-term goals.
You can accomplish this easily and run your business efficiently using HomeKasa, the best property management software. Start now to lay the foundation for your property management business.