203: How to Grow Your Property Management Business w/ Jeremy Pound
Aug 23, 2024
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Jeremy Pound, the CEO of RentScale and publisher of Strategic PM, shares wisdom on scaling property management businesses. He discusses the significance of goal setting and how it can influence business growth. Leadership strategies are explored, alongside the importance of aligning team motivation with their roles. Pound also emphasizes the impact of sales strategies and defined systems on performance. Additionally, he highlights upcoming events designed to equip professionals with essential tools for success in a competitive industry.
Recognizing and valuing every potential client interaction is crucial for sustaining revenue in property management businesses.
Summer retreats foster collaboration and relaxation, helping teams reflect on goals and strengthen dynamics in a scenic environment.
Ongoing education and adaptation are essential for property management growth, especially through events focused on sales strategy and client acquisition.
Deep dives
The Importance of Revenue Opportunities
Every opportunity in business can mean the difference between generating revenue or facing potential closure. The conversation highlights how having recurring revenue can sometimes numb managers to the significance of missing out on just a few leads each month. For property management businesses, even losing one or two potential clients can have a profound impact on overall revenue and sustainability. This underscores the importance of recognizing and valuing every potential client interaction.
Navigating Company Retreats for Growth
The discussion revolves around the value of summer retreats for company teams, which facilitate leadership meetings and team-building activities in an engaging environment. By gathering at a scenic location outside of Austin, the company is able to reflect on its mid-year goals, fostering a culture of collaboration and relaxation. These gatherings aim to strengthen team dynamics while addressing business objectives in a more informal setting. Furthermore, the anticipation of hosting a larger event, like Sales Mastery Live, showcases the organization's growth and commitment to learning.
Sales Mastery as a Core Business Skill
The podcast emphasizes the significance of focusing on sales mastery within property management, especially for professionals aiming to expand their client base. This annual event brings together sales professionals to share insights on sales strategies, objection handling, and client acquisition. By creating a structured environment for learning, participants leave with actionable plans and a vision for growth in the coming year. This model illustrates the necessity for ongoing education and adaptation in the ever-evolving landscape of property management.
Hiring a Salesperson: Key Considerations
When contemplating the addition of a sales role, it’s crucial to assess readiness beyond just financial stability. The episode discusses the importance of understanding the nature of the business and the potential for growth that a new sales hire could bring. Factors like audience knowledge, product scalability, and lead generation capabilities play a critical role in this decision-making process. It highlights that hiring a salesperson is not merely offloading work but rather an opportunity to drive new business functionality and revenue.
The Critical Role of Availability in Sales
Availability, particularly in answering calls and following up with potential leads, is portrayed as a fundamental driver in the success of property management businesses. The discussion reveals that many property managers underestimate the urgency of responding to inquiries promptly, often missing out on key opportunities. This contrasts sharply with other industries where effective communication channels, like live chat or prompt phone responses, are the norm. Therefore, prioritizing lead engagement can significantly enhance business growth and client acquisition.
Welcome Closers! Jordan’s back with another episode of the Profitable Property Management Podcast. Join him & Jeremy Pound, CEO of RentScale + publisher of Strategic PM, as they dive into a variety of topics, including: setting & aiming at specific goals to grow your business, leadership & coaching, two exciting events happening in Austin, TX the first week of December - LeadSimple University and RentScale Sales Mastery Live, and more.
“The faster you want to grow, the faster you want to pulse.” - Jeremy Pound on what’s required to increase the velocity of your company’s growth. Tune in to learn more about the “how”.
