Industry veterans discuss growing property management companies, sharing entrepreneurial journeys and challenges. They explore the impact of technology, communication strategies, and business growth tactics. Topics include underwriting processes, property management tech advancements, and building strategic relationships. The conversation also touches on the importance of standardization, equity considerations, and recommended resources for business development.
To effectively grow and scale a property management business, create systems and delegate responsibilities to maintain service levels.
Building trust with brokers for referrals and delegating tasks while standardizing communication are vital for property management success.
Deep dives
Transitioning from Being the Go-To Person for Owners and Clients
To effectively transition away from being the primary point of contact for owners and clients, it's important to decide what kind of business you want to have. If you want to grow and scale, you need to create systems and processes that can be handled by other team members. The key is to provide the same level of experience and service that you have been providing. Clearly outline the traits and skills needed to deliver that experience and hire the right people who align with those requirements. Train them thoroughly, starting with watching you in action, then gradually transitioning to them doing the tasks under your supervision. Spot-check their work until they consistently meet the expected level of service. By effectively delegating and maintaining quality control, you can gradually transition clients to other team members while ensuring their needs are met.
Building Trust and Delegating Responsibilities
One key insight from the podcast episode is the importance of building trust in relationships and delegating responsibilities. The speakers emphasized the significance of forming meaningful connections with brokers or real estate agents to grow their businesses successfully. They found that establishing trust with brokers led to more referrals and increased acquisition opportunities. Additionally, they discussed the value of delegating tasks and responsibilities within their businesses. They emphasized the need to identify the right people and train them effectively to ensure smooth operations and growth. They encouraged entrepreneurs to overcome their egos, not fear delegation, and recognize that others may do certain tasks better. By properly transitioning responsibilities, entrepreneurs can remove some burdens and focus on scaling their businesses.
Effective Communication and Standardization for Success
Another main idea discussed in the podcast was the importance of effective communication and standardization in property management. The speakers highlighted the need for frequent and consistent communication with property owners to build trust and meet their expectations. They recommended setting clear expectations during the sales process and establishing regular check-ins with owners to provide updates and address any concerns. Standardization was also emphasized as a key element in property management success. By creating standardized processes and systems, property managers can ensure a more consistent and efficient experience for both themselves and their clients. They shared examples of implementing systems to address common owner questions or issues, such as non-payment of rent. Overall, the speakers stressed the significance of communication and standardization in delivering a positive property management experience.
These five industry veterans share some of their biggest takeaways after decades of growing property management companies. Listen in to their conversation and you'll walk away with practical things you can implement into your business today.
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Connect with Matt and Spencer at Evernest: Evernest.co
